Getting an MBA can be expensive, and even less-expensive online degrees vary in cost, so what will you pay for the average online MBA in Marketing program? What makes these programs so costly? Are MBA degrees worth the expense?
Average Cost of Programs
The average cost of a traditional MBA program varies from about $30,000 to $90,000. Online programs average between $10,000 and $50,000 for tuition. The “sticker price” of a degree may only include tuition. In addition, there are fees, required textbooks, software, mandatory journal subscriptions and other charges. Course packs may tack on another $100 per course. Traditional programs may also add housing and meal packages.
Why They Are So Costly
Why are the programs so expensive, and why do the costs vary so much? The answer is that MBA programs are like luxury cars. When you drive one, people make certain assumptions about you. The most expensive programs are usually at the most prestigious brick-and-mortar schools. In addition, there is generally a lot of “elite” research that goes on in these business schools, especially in the MBA programs. An MBA may also help you get a job. Most MBA degree programs are “corporate driven.” That term means they are designed by business for people who want to work in corporate industry. Because of that focus, HR departments routinely interface with business schools to recruit “talent.” An MBA earned from a lesser-known school might not be as expensive because it isn’t as “flashy.”
Value Versus Cost
Most business executives do not have MBA degrees. That may be because if you invest the two years of study it usually takes to earn the degree, you sacrifice two years of salary and accrue a lot of debt. Still, the increase in salary you might realize with the degree could be a good return on your investment. An easier approach may be to pursue an online MBA. The cost for the degree is basically the same for any concentration and much less than traditional programs. The median cost for your online MBA in Marketing, for instance, is $30,000. That amount may vary slightly from other concentrations because of course-specific charges, but will stay close to that average. In addition, you will have no extra living expenses while you study. Many people have also found that you can integrate your class material with your job. That allows you to advance your career while you learn, using class skills and knowledge. Whether you are considering a traditional or an online program, the best advice is to research the school and the program completely before applying.
Related Resource:
The Top 10 Best Online MBA in Marketing Degree Programs
Offsetting the Cost
There are not as many scholarships available for MBA students as for some other degrees. Even so, business schools usually have special loan programs, grants and scholarships that target this student population. Some schools have access to international financing as well. If you intend to work for non-profits or in public service, there are loan forgiveness programs that may assist you.
An MBA degree is a serious investment. If you are considering getting your degree online, you will definitely save some money. Still, your online MBA in Marketing program costs may vary widely by institution, and you will need to research the schools you are interested in before making your decision.
Follow