You don't need to break the bank to get a decent MBA.
If you plan to go into business, cutting expenses should always be a priority. A good place to start is obtaining a cheap MBA. Bear in mind, however, "cheap" does not necessarily mean low-quality. Also, tuition is only one factor in finding the least expensive MBA. The objective should be to get the most bang for your buck through a combination of financial strategies.
MBA Cost Factors
Tuition is just one element in the cost of getting a degree. If you have a job, a full-time program will result in lost wages. In that case, a program with part-time study may be the answer. Further, MBA programs that require relocation will involve significant expenses besides tuition. For that reason, the cheapest MBA programs are usually online. Using instant messaging, podcasting, video lectures, videoconferencing and other technologies, you may complete the degree in the comfort of your home. Finally, make careful decisions about educational loans, as interest also will be a factor in the cost of your degree. Consult with a financial-aid advisor on your best options.
Residential vs. Non-Residential Students
MBA tuition often varies by whether the student resides in the same state as the university. For instance, an MBA at Florida Gulf Coast University costs only $16,428 for in-state students but a whopping $59,178 for everyone else. Whether or not you get the degree online is irrelevant. A student in Los Angeles who gets an online degree at a university in Los Angeles will stay pay less (in most cases) than a student in Las Vegas.
The Cheapest MBA
According to the website "Success Degrees," Chadron State College has an online MBA degree program with a total cost of just $7,560. Chadron is a small state school in Nebraska with about 3,000 students. Though the degree will not carry the same prestige as an Ivy League school, Chadron is an accredited institution and should be adequate for a mid-level manager who wants basic grounding in business management.
The Cheapest (And Best) MBA
Another website, "Get Educated," factors both quality and cost into its rankings. For its Fall 2009 list, Southeast Missouri State University was ranked number one with an "A" rating and a tuition of $8,234 for residents and $14,174 for others. The university is located in Cape Girardeau and offers nine concentrations: accounting; environmental management; financial management; general management; industrial management; international business; health administration; entrepreneurship and sport management. The degree can be obtained online.
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