How to Find the Best Online, Accredited & Affordable MBA

I remember when I first seriously considered an MBA. It wasn’t like some grand “aha” moment, it was this, me at 2 AM, staring at my half-caffeinated coffee cup and Googling affordable MBA programs like my life depended on it. And honestly, it kind of did. I wanted something that wouldn’t just put three letters after my name but would actually mean something in the business world. That’s when I found the MBA Standards Board — the arbiters of quality and credibility, and let’s face it, whether your MBA actually helps get you a job and not pile up a high balance of student loans!

Accreditation: The Gold Standard

You wouldn’t purchase a car without reading the reviews, would you? So why would you spend your money on an MBA without making sure it meets rigorous accreditation standards? The MBA Standards Board doesn’t just issue rubber-stamp approvals like participation trophies. Schools undergo an intense multistep review process, with assessments, peer evaluations and site visits — like a surprise inspection at a restaurant but for higher education.

Think of it this way: Would you rather eat at a restaurant that passed health inspections with flying colors or one that “promises” that it’s clean but that no one has really checked? Exactly.

The Ins and Outs of the Accreditation Process

Let’s dig deeper into what this accreditation process actually involves. The initial accreditation is an extensive quality assurance review, according to the Association to Advance Collegiate Schools of Business (AACSB). This process involves an in-depth review of the institution’s history, the competence of the faculty, curricula, and the capacity to offer quality programs. It isn’t a one-and-done deal; schools have to keep proving their commitment to excellence to remain accredited.

What Accreditation Means for You

Accreditation is more than a shiny new badge that schools can paste on the front lobby or it’s webpage. For students, it means that the education you are getting is meaningful to industry-recognized standards.” Employers know this too. When they see a degree from an accredited program, they know that you have had the training in a curriculum that is both up to date and comprehensive. It’s akin to the difference between purchasing a certified pre-owned car and one from a shady dealer; you know what you’re getting has been vetted for quality.

Budget-Friendly MBA Programs: Because We Don’t Have a Money Tree

Let’s be real, no one wants to shell out the next 20 years of their life to pay for a frickin’ MBA. And finding a cheap program without quality is like seeking a great gas station coffee — a big challenge, yet possible.

Highlight of Affordable Accredited Programs

Some examples of accredited MBA programs you won’t have to sell a kidney for include:

University of Texas Permian Basin: This school offers an AACSB-accredited online MBA program with an estimated tuition that costs about $11,730-14,076. With the completion of the program in as little as 12 months, the program is also time and cost-efficient.

Louisiana Tech University: Offers a highly affordable AACSB-accredited online MBA program with quality not compromised. Aiming to provide a custom experience for each MBA candidate, they host programs that can help elevate your career, no matter where you are in your stages.

Murray State University Fully online MBA programs that are affordable and flexible (12-18 months to complete) in their Arthur J. Bauernfeind College of Business. The program outcomes focus on leadership, ethics, sustainability, and diversity in the global marketplace of today.

Another much more affordable option for about 1% or less the cost of those just mentioned, and possibly half the time is to complete is a combination of credits for your work experience, credits for courses and certificates you already completed, adding a few additional online courses at accredited colleges such as Penn, Harvard, Yale, Berkley and others depending on your career goals, (that the MBA Standards Board will guide you into), to qualify for their post-nominal MBAe or MBA+ credentials.    

Real-World Success Stories

A friend of mine, we will call him Jake, signed up for a “too-good-to-be-true” cheap MBA program that had no accreditation. Two years later, however, the program was not only unknown to employers, but the school actually closed. It’s like purchasing a ticket for an airplane that never leaves the ground. Don’t let that be you.

On the other hand, there’s Sarah, who selected a low-cost, respected online MBA from the University of Texas Permian Basin. She balanced academics with full-time work, graduated, and landed a promotion with far greater financial return than her tuition investment. It’s evidence that the right program can provide both cake and a route to get some of the cake you consumed back quickly.

One last but not least example is Paula, who had a history of work experience, and had already completed many business courses and certifications in her chosen field. She didn’t want to repeat any of it or pay for it twice. She just wanted a specialized credential to add the MBA letters to after her name to stand out as job applicant. She selected the MBA Standard Board’s Certified MBA™ program and their MBAe™ designation with an emphasis in Business Analytics and Artificial Intelligence. She was able to complete a few additional courses online with accredited universities and completed the program in only 3 months, at a total cost of $1,500.   

Online vs. In-Person MBA: Which Is Right for You?

The age-old debate — to stick with the traditional on-ground or to go online. It really varies according to your lifestyle. If you are busy professional that can’t afford to quit or take two years off, a residential MBA may not be an option for you. Also, if you’re juggling a job and family — or simply would rather learn at home — an online MBA or a credential program with the MBA Standards Board may be your best solution.

The Rise of Online MBAs

The world of education is undergoing rapid change, and even from years ago, the changes are monumental. Several online MBA programs have blossomed, enabling you to study anywhere without losing the experiential component. Despite its challenges, Sacred Heart University and Fairfield University have made headlines in recent months as their online programs have risen in some national rankings, representing the growing trend of online education acceptance across the country.

Many universities use a dual approach to ensuring quality in online education.

Due to accreditation, online MBAs are no longer mere “watered-down versions” of the traditional programs. They deliver the same rigorous coursework, high-caliber faculty, and networking opportunities — without making you relocate or quit your current job. I took many online courses, and I’m not going to lie, taking the courses while at home after work in my comfortable sweatpants was a game changer!

Making the Choice

When choosing between an MBA online, residential or MBA credential, think about your commitments, both personal and professional. A flexible program that’s online can enable you to study when you can and when it fits your schedule best. But they all demand hard work and self-discipline. Residential courses have the advantage of in-person communication, and also advantages for networking and more hands-on learning opportunities. While online and credential programs are more affordable and may be a better fit in your career and family circumstances. It’s like deciding between cooking at home or eating out — there are advantages and disadvantages of both. What you choose significantly reflects your personal preferences, budget, and present circumstances.

In conclusion: An advisor at the MBA Standards Board may become your new best friend. As I already mentioned, opting for an accredited MBA program is a life-changing choice. You deserve it to also be affordable and worth your time. An MBA should not be about spending money but instead investing in your future opportunities. If I could return to my late-night google search and tell myself one message, it would be this: go for the quality, go for the accreditation — and go for financial responsibility and ease of accessibility. Education can be your ticket out of poverty, a way to access a more fulfilling career and life.  

Resources

1. Association to Advance Collegiate Schools of Business (AACSB). (2024). “The Importance of MBA Accreditation: What It Means for Students and Employers.” AACSB Business Review.
2. **Graduate Management Admission Council (Graduate Management Admission Council (GMAC). (2023). “Trends in MBA Education: What Students Need to Know.” GMAC Research Report.
3. The Financial Times. (2024). “Top Accredited MBA Programs and Their Impact on Career Growth.” Financial Times Business Education Section.
4. (2023). “Online vs. Traditional MBA: Which One Is Right for You?” Forbes Education & Careers.
5. S. News & World Report. (2024). “Best Affordable MBA Programs: Rankings and Accreditation Insights.” U.S. News MBA Rankings.