If you’re considering pursuing an MBA degree but are concerned about the cost or the prospect of taking the GMAT, plenty of programs can accommodate your needs.
While many MBA programs require you to take the GMAT, it’s becoming increasingly common for universities to waive this requirement to make higher education more accessible to more people. With careful planning and a proactive approach, you can pursue an online MBA program without taking the GMAT and achieve your academic and career goals.
To help you get started, here’s an overview of the cheapest online MBA programs that don’t require GMAT scores.
How To Get Into an Online MBA Program
While the GMAT is often a requirement for admission into MBA programs, many schools have waived it, making admission more accessible for aspiring students. However, it’s important to note that these programs still have other admission requirements that applicants must fulfill.
Typical admissions requirements for online MBA programs include:
- Bachelor’s degree: Most programs require applicants to hold a bachelor’s degree from an accredited institution. The field of study is often flexible, allowing applicants from diverse academic backgrounds to apply, but generally, it should be related to business or finance.
- GPA requirements: Many schools have a minimum GPA requirement for admission. This requirement varies among institutions, but a competitive GPA is generally expected. Admissions committees consider the GPA to indicate an applicant’s academic preparedness and ability to handle the program’s rigor.
- Work experience: Some online MBA programs prefer applicants with professional work experience, while others may not have strict requirements. Work experience can demonstrate practical skills, leadership abilities, and industry knowledge, enhancing the learning experience and contributing to a diverse cohort.
- Letters of recommendation: Online MBA programs often require letters of recommendation from individuals who can attest to an applicant’s academic abilities, work ethic, and potential for success in the program. These letters should come from supervisors, professors, or professionals who know the applicant well. Strong letters of recommendation can provide insights into an applicant’s skills and achievements.
Some programs may also require a statement of purpose or a personal essay where applicants can explain their career goals, motivations for pursuing an MBA, and how the program aligns with their aspirations.
Another important note — some universities make submitting GMAT scores optional, meaning that you may be competing against other students who have submitted test scores for admission if you don’t submit test scores. As a result, if you haven’t or don’t plan on taking the GMAT, take your time to make sure the rest of your application materials are as good as they can be to improve your chances for admission.
By ensuring you meet these requirements and submitting a compelling application, you’ll be better positioned to get accepted into an online MBA program, even if it doesn’t require the GMAT.
How To Reduce the Cost of Your MBA Program
Attending an online MBA program can be a significant financial investment. Education-related expenses, from tuition and fees to books and supplies, can add up quickly.
However, there are various things you can do to reduce the cost and make your education more affordable.
Find scholarship opportunities
Scholarships are a valuable resource for funding your MBA program. Several organizations and institutions offer scholarships specifically for MBA students. These scholarships help offset the cost of tuition and other expenses associated with pursuing an MBA degree.
Here are a few examples:
- Forté Foundation Scholarships: The Forté Foundation offers scholarships for women pursuing MBA degrees. These scholarships aim to increase gender diversity in business education and support women in pursuing leadership roles in the business world.
- The Consortium for Graduate Study in Management: This organization offers merit-based scholarships for underrepresented minorities pursuing MBA programs. The Consortium partners with prestigious business schools to provide these opportunities and promote diversity and inclusion in business education.
- Military MBA: Military MBA offers scholarships to any U.S. resident who has an undergraduate degree and served in the military. These scholarships recognize the unique experiences and leadership qualities that veterans bring to the business world and support their transition into civilian careers.
Researching and identifying scholarship opportunities that align with your background, goals, and circumstances is important. Explore additional scholarships through your chosen MBA program, professional organizations, and external sources to maximize your chances of securing financial assistance.
Remember to apply for scholarships as early as possible, as scholarship funds are often limited.
Enroll full-time
While many online MBA programs offer flexible schedules to accommodate working professionals, it’s worth considering enrolling as a full-time student. Some schools provide lower tuition rates for full-time students compared to part-time students.
By dedicating yourself to full-time studies, you may complete the program more quickly and save on overall tuition costs. However, carefully considering your ability to balance the demands of full-time studies with your other commitments, such as work and family responsibilities, is essential.
Take advantage of work-study programs
Work-study programs offer an excellent opportunity to gain practical experience and earn income while pursuing your online MBA. These programs typically involve part-time work within the university or affiliated organizations. By participating in a work-study program, you can gain valuable insights, apply classroom knowledge to real-world situations, and establish professional connections. The compensation received can help offset the cost of tuition and living expenses, making your education more affordable.
It’s important to note that work-study opportunities may vary depending on the online MBA program and the resources available. Research your chosen program’s work-study options and explore how they can benefit your educational journey.
By implementing these strategies, you can significantly reduce the cost of your online MBA program and make your education more affordable. Remember to thoroughly research and compare different programs to find the one that aligns with your goals, budget, and preferred learning format.
How we rank schools
This list features some of the cheapest online MBA (no GMAT) programs in the country. Each school featured is a nonprofit, accredited institution — either public or private — with a high standard of academic quality for post-secondary institutions.
We evaluated each school’s program on tuition costs, admission, retention and graduation rates, faculty, and reputation. Then, we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared this comprehensive list of the cheapest online MBA (no GMAT) programs to a list of aggregated college rankings from reputable publications, such as U.S. News & World Report, to simplify a student’s college search. We pored through these rankings so students don’t have to.
The 50 Cheapest Online MBA (No GMAT) Programs
