People who want to climb the corporate ladder need to be equipped with the proper knowledge and information to do so. A professional education in a relevant field can prepare you for this kind of future. One of the best ways to set an edge in the industry is by completing an online MBA degree.
Apart from the convenience and flexibility it offers students and interested individuals, an online degree provides an affordable alternative to traditional brick-and-mortar schools. Read on to find out how you can prepare for the costs of this type of online degree.
What Is an Online MBA Degree?
An online MBA degree is a type of education program designed for professionals and individuals who intend to develop their careers in the industry. Offering graduate level education in an online setting, this program offers coursework and other learning opportunities via the Internet.
Online MBA degrees allow interested students and professionals to study in their preferred out-of-state institutions without incurring on-campus housing and transportation expenses. It is also a convenient method of getting a Master's degree for individuals who have other daily obligations, like parents or those who must keep their day jobs.
Average Cost of an Online MBA Degree Worldwide
In the coming year, the median cost of an online MBA degree in the United States ranges between $35,489.27 and $39,842.20. In Canada, the average cost comes up to $24,500. Meanwhile, in the United Kingdom, an online MBA degree costs £4,800 per year and €15,000 in Ireland. In Australia, the average cost is $57,960.
These costs are relatively low when compared to the cost of a traditional, on-campus MBA degree, which comes in at a total of around $140,000.
Online MBA Degree Cost Breakdown
The cost of an online MBA degree usually already includes the tuition and the credit charge per hour. Depending on the online facility and the location of the institution, this charge per credit hour can range anywhere between $630 and $2,000.
Apart from the tuition and fees, these online MBA fees may include technology fees, instructional support fees, and charges for student services. Books and learning materials may or may not be included in the tuition.
Factors Affecting the Cost of an Online MBA Degree
Some of the factors that affect the cost of an online MBA degree include the main expenses outside the tuition and fees noted by the college. The main expenses are textbooks and other instructional materials, application fees, and technology fees. Should the online MBA degree require a period of residency, students will also be shouldering some travel fees throughout the year.
Besides these factors, another factor that can affect the cost of this degree is the area of concentration a student chooses to focus on, such as finance, international business, or marketing.
The price of online MBA degrees may depend on the credit hours required by a specific course or program. Some programs are more lengthy and intensive, and thus, they will likely cost more.
Additional Costs Associated with an Online MBA Degree
Additional costs associated with an online MBA degree often fall in two compartments. One, the cost depends on whether or not the program is coursed through a private or public institution. And two, additional costs will be incurred if you pay in-state or out-of-state tuition.
Bear in mind that some online MBA programs now offer the same prices for their students as they would have to pay on-campus, so it’s best to review your options and speak with the school's advisers.
Conclusion
Getting an online MBA degree is a great choice to help you further your career in the field for an average price of between $35,489.27 and $39,842.20. Aside from gaining more opportunities, you will also be able to experience a comfortable and convenient learning environment at your own pace.
