Earning an MBA degree from the United States is seen as a major accomplishment and career booster for any professional. The top business schools in the US like Harvard, Wharton, Stanford etc. provide world-class education that opens doors to lucrative opportunities. However, the exorbitant tuition fees of six-figure range at these elite institutions often make them unaffordable for most international applicants.
The good news is there are accredited and reputable MBA programs available in USA that charge very reasonable tuition fees within reach of international students. MBA degrees from these schools still provide immense value in terms of ROI, network, career advancement and personal growth. This comprehensive guide will outline some of the cheapest yet worthwhile MBA programs in USA along with tips to fund your education.
Benefits of Pursuing MBA in USA
Before looking at affordable options, it’s important to understand why an MBA from USA is worth the time, effort and investment for international applicants:
- Cutting-Edge Curriculum – The coursework and teaching methods at US business schools are designed to build real-world business skills. The focus is on case studies, projects, simulations, group work etc. rather than just theoretical learning.
- Building Networks – You get to engage with talented peers and professors who can become invaluable connections. US MBAs provide access to powerful alumni networks too.
- Gaining Business Acumen – The multidisciplinary curriculum develops critical thinking, analysis, problem-solving and decision-making abilities. You build business acumen across domains like marketing, finance, operations, strategy etc.
- Leadership and Communication – Plenty of focus is given on soft skills like public speaking, presenting, leadership, collaboration etc. which are key for management roles.
- Career Support – Robust career service centers provide coaching for internships/jobs along with access to recruiters from top global companies.
- Specializations – Most programs allow you to specialize in high-demand domains like Marketing, Finance, Entrepreneurship, Analytics through electives and concentrations.
- Return on Investment – US MBAs can lead to senior management positions that far outweigh the costs. Average salary after MBA from top schools exceeds $150K.
- Global Perspective – Classroom diversity and engagements provide understanding of global markets and cross-cultural dynamics vital for today’s world.
- Soft Skills – Plenty of focus is given on soft skills like public speaking, presenting, leadership, collaboration etc. which are key for management roles.
- Career Support – Most programs have robust career service centers that provide coaching and access to recruiters from top global companies.
Clearly, the advantages of getting an MBA degree in USA are manifold despite the typical high costs associated with top schools. Next, let’s understand the key factors that impact the cost of pursing an MBA in the US.
Cost Factors for MBA Programs in USA
As an international student, the main costs involved in pursuing full-time MBA in USA include:
- Tuition Fees – This is the cost for academic instruction and ranges widely from $10,000 to $150,000 per year depending on school ranking and reputation.
- Cost of Attendance – Includes tuition plus estimated living expenses like accommodation, food, healthcare, books, supplies etc. which is around $15,000 – $20,000 annually.
- School Location – Programs based in major metro areas like New York, San Francisco, Chicago have much higher costs than smaller college towns.
- Public vs Private – Public universities operated by State governments receive funding support, so they have lower tuition than private institutions.
Scholarships and financial aid provided by business schools also lower the effective costs for international students. Overall, tuition plus living costs for completing an MBA from USA can range from $50,000 to $250,000 based on above factors.
However, there are many accredited and reputed MBA programs, especially in public universities, that offer very affordable tuition rates along with opportunities to lower costs further. Next, let’s look at top 10 cheap MBA programs in USA for international students.
Top 10 Affordable MBA Programs in USA for International Students
Here are 10 accredited full-time MBA programs in United States that charge low tuition fees making quality business education accessible:
1. Missouri State University
- Tuition Fees: Around $10,000 per year
- Popular MBA Concentrations: Accounting, Finance, Marketing
- GMAT Score: 550+
Missouri State University offers an AACSB-accredited MBA via its College of Business Administration for only $10,000 annual tuition. Located in Springfield, MO, it’s one of the most affordable programs in USA for international applicants.
2. University of North Dakota
- Tuition Fees: Around $11,000 per year
- Popular MBA Concentrations: Aviation, Finance, Marketing
- GMAT Score: 570+
University of North Dakota situated in Grand Forks offers a broad-based MBA curriculum with opportunities to specialize for as low as $11,000 tuition per year. It has a dedicated international programs office as well.
3. University of Texas Rio Grande Valley
- Tuition Fees: Around $11,000 per year
- Popular MBA Concentrations: Finance, Healthcare Administration, Marketing
- GMAT Score: 550+
Part of the University of Texas system, UT Rio Grande Valley offers an AACSB-accredited MBA program with high value and low tuition of $11,000 per year.
4. University of Arkansas Little Rock
- Tuition Fees: Around $12,000 per year
- Popular MBA Concentrations: Accounting, Healthcare Management, IT Management
- GMAT Score: 550+
The reasonably-priced MBA from University of Arkansas Little Rock focuses on leadership development and practical application of business concepts.
5. Angelo State University
- Tuition Fees: Around $12,000 per year
- Popular MBA Concentrations: Accounting, Healthcare Administration, IT Management
- GMAT Score: 540+
Angelo State offers an AACSB-accredited hybrid MBA blending online and on-campus classes for just over $12,000 annual tuition along with ample scholarships.
6. University of Tennessee Chattanooga
- Tuition Fees: Around $13,000 per year
- Popular MBA Concentrations: Accounting, Finance, Marketing
- GMAT Score: 550+
UTC’s College of Business MBA provides excellent ROI with small classes, dedicated faculty and tuition under $13,500 per year. Located in the scenic city of Chattanooga.
7. University of Texas El Paso
- Tuition Fees: Around $13,000 per year
- Popular MBA Concentrations: Accounting, Finance, Marketing
- GMAT Score: 550+
UT El Paso situated on the US-Mexico border offers an AACSB-accredited MBA program for around $13,000 a year for non-residents through its College of Business Administration.
8. Midwestern State University
- Tuition Fees: Around $13,500 per year
- Popular MBA Concentrations: General Management, Healthcare Administration
- GMAT Score: 500+
Midwestern State in Wichita Falls, TX charges reasonable tuition for its AACSB-accredited MBA program catering to working professionals. Scholarships available too.
9. Southeast Missouri State University
- Tuition Fees: Around $14,500 per year
- Popular MBA Concentrations: General Management, Marketing, HR Management
- GMAT Score: 550+
Cape Girardeau-based Southeast Missouri State offers flexible MBA schedules with accelerated and online options at very affordable tuition rates.
10. Eastern New Mexico University
- Tuition Fees: Around $15,000 per year
- Popular MBA Concentrations: General Management, Global Business
- GMAT Score: 500+
Eastern New Mexico University situated in Portales provides great value with its MBA program charging just $15,000 annual tuition.
This list highlights affordable yet worthwhile MBA programs across different US States charging less than $15,000 in tuition per year for international students. They provide the same foundational business education and opportunities as pricier schools.
Tips to Fund Cheap MBA Programs in USA
While the tuition fees of above cheap MBA programs may be easy on the pocket, you still need to account for living costs and other expenses. Here are some tips to fund your affordable MBA degree in USA:
- University Scholarships – Most colleges provide merit-based scholarships for high GPA applicants along with grants for financial need. These can cover 25%-100% of tuition.
- **External
- External Scholarships – Numerous organizations like Fulbright, Boren, etc offer fellowships for international students. Benefits can range from $5,000 to full tuition coverage.
- Graduate Assistantships – Work as teaching or research assistant on campus in return for monthly stipend and discounted tuition. Eases financial burden.
- On-Campus Jobs – Work part-time in libraries, gym, mess etc. to earn and fund part of your education. Saves money.
- Educational Loans – Federal and private student loans can provide funds for affordable MBAs. Opt for favorable repayment terms and interest rates.
- Crowdfunding – Use crowdsourcing platforms to raise funds for tuition from your social network and broader community.
- Savings – Work and save up diligently before enrolling to have buffer funds for immediate expenses. Part-time work while studying also helps.
With proper planning, research and combining the above funding options, international students can pursue accredited MBA programs in USA without going broke. The long-term career dividends of an American MBA degree make it a wise investment.
Conclusion
Earning an MBA degree from USA’s top business schools has tremendous prestige and value, but often comes with six-figure price tags. Fortunately, there are many public universities and colleges that offer AACSB-accredited MBA programs charging very reasonable tuition fees within reach for international students.
As covered in this guide, reputed schools like Missouri State, University of North Dakota, UT Rio Grande Valley and others provide the same world-class business education and opportunities as costlier options for less than $15,000 annual fees. Their graduates gain the same advantage in the job market and return on investment.
With careful planning and combining university scholarships, external aid, assistantships, loans and personal savings, international applicants can realize their MBA dreams in USA without breaking the bank. The career progression and lucrative management roles enabled by an American MBA degree outweigh their costs for most students.