If you are a business professional seeking career advancement, higher pay and increased job satisfaction, then a Master of Business Administration may be the right choice for you. There are many factors for you to consider as you look for an MBA program best meets your needs.
For example, Metro Media says prospective students should ask themselves several questions. Are you willing to quit your job to attend a brick-and-mortar campus? How soon do you want your degree? If you decide to go the online route, do you have the discipline to juggle job and family responsibilities with time spent online in class and studying?
Online MBA cites other considerations. Employers view a school’s accreditation when hiring MBA graduates. Accreditation by the Association to Advance Collegiate Schools of Business (AACSB) ensures that the curriculum gives students the tools to excel in the workplace. The AACSB is considered the gold standard of accreditation for business schools.
Other elements include admission policies, curriculum and program length. Perhaps one of the most important factors is cost.
Compare Costs of Online MBAs in Virginia
A report by Online MBA found that the majority of programs cost $20,000-$30,000 with figures at the most expensive schools touching $100,000 or more. Much lower prices are available if you are diligent in your research.
Two online MBA programs at Longwood University in Farmville, Virginia — MBA – General Business and MBA – Real Estate — fall well below the $20,000-$30,000 mark. The programs cost $12,338 total tuition each for Virginia students.
That amounts to $398 per credit hour, or $1,194 per 3-credit-hour course. Tuition for out-of-state students is slightly higher at $12,648. Application fee is $40, and all other fees for 31 credit hours are included. In addition, the Longwood University online MBA programs have AASCB accreditation, placing them in the upper tier of programs in the nation.
Compare the tuition costs at Longwood University with those of other MBA programs at schools in Virginia.
- William & Mary charges $1,300 per credit hour for the 49 hours required for the degree, bringing tuition and fees to $63,700. Additional program fees apply, including an application fee of $100 and a residency fee of $600. A nonrefundable graduation fee after a candidate has filed a “Notice of Candidacy for Graduation” may also apply.
- The Old Dominion University online MBA with 40-45 credit hours is $547 per credit hour ($21,880 for 40 credit hours and $24,715 for 45 credit hours) for Virginia residents and $595 per credit hour for out-of-state students. A variety of fees also are charged, including a technology fee of $30 per credit hour, general services fee of $9 and the possibility of course-related fees.
- The online MBA program at Radford University is set up on a semester basis and costs the same as the on-campus MBA. It can be finished in two years or four semesters, or students can take up to six years. In-state tuition and mandatory fees for 12-18 credit hours is $6,171.50 per semester, or $12,343 per year (two-year program cost of $24,686). In-state tuition and fees for 1 to 11 credit hours per semester are $514 per credit hour, plus there’s an online program fee of $25 per semester hour.
The above costs were sourced from university websites as of March 2020.
Prospective online MBA students should quantify programs to meet their needs. Measure the time spent to obtain the degree, the number of semester hours needed to complete the degree, and the cost, not only against competing degree plans but against the potential salary of a job you might obtain with an MBA.
The Longwood University online MBA programs — both General Business and Real Estate — measure well against competing online MBAs in Virginia with the lowest cost, fewer credit hours needed for graduation and AACSB accreditation. Also, the Longwood online MBA is ranked No. 90 nationally for Best MBA Programs of 2020 by U.S. News & World Report. For the same year, Longwood University was named one of the top universities in the Southeast by The Princeton Review.
Learn more about Longwood University’s online MBA programs.