You have decided to advance your business career by pursuing an online MBA. Which program is best for you? Many factors deserve consideration, including time, quality and cost.
According to an article in The Princeton Review, accredited MBA degree program costs vary widely, ranging from as little as $5,000 a year to a whopping $50,000 a year. A report by OnlineMBA.com pegs the cost at $20,000-$30,000 for the majority of programs, ranging up to $100,000 for the most expensive schools.
Compare Online MBA Programs in Colorado
The Online MBA at the Monfort College of Business at the University of Northern Colorado is designed for working professionals to take advantage of an accelerated format to earn their advanced degree in as few as 12 months — and at an affordable price.
The 36-credit-hour program runs $615 per credit hour, or $1,845 per 3-hour course, for $22,140 tuition. It's the same for Colorado residents and out-of-state students, and all fees are included.
Compare to online MBA programs at other Colorado universities:
- The Online MBA at Colorado State University requires more coursework (42 credit hours), and may take from 21 months up to five years for completion. At $998 per credit hour, or $2,994 per 3-hour course, students can expect to pay $41,916 in tuition — not including fees. Tuition is the same for in-state and out-of-state residents.
- The Online MBA at the University of Colorado Denver requires 45 credit hours with tuition at $626 per credit hour for in-state students. A three-hour course runs $1,878 with tuition with total program tuition at $28,170. Out-of-state students can expect to pay $731 per credit hour, or $32,895 total tuition. The program can be completed in a time frame of 16 months to five years, depending on the student's pace. Other fees may apply.
- The Online MBA at the University of Colorado - Colorado Springs requires 42 credit hours. The program is on a semester basis and can be completed in from 18 months to five years. Based on a normal course load of 12 hours per semester, tuition for Colorado residents would be $734 per credit hour, $2,202 per three-hour course, or $30,828 total. For non-residents taking a normal course load of 12 hours per semester, tuition would run $884 per credit hour, $2,652 for a three-hour course, or $37,128. Tuition is more expensive for both residents and non-residents when fewer semester hours are taken. In addition, online courses have a $100-per-course fee. Other course materials, including textbooks, may be required and typically cost $150-$300 per course.
*Costs above were gathered from the respective schools' websites (April 2020) and are subject to change.
Many employers gauge a school's quality and reputation by its accreditation, which means the program has met a certain set of robust standards. Perhaps the most prestigious of accreditations is the AACSB (Association to Advance Collegiate Schools of Business), known as the gold standard of business school accreditation.
"Because of its rigorous standards, less than 5% of the world's 13,000 business programs have earned AACSB accreditation," i-Student Global says.
Another aspect worth investigating is the number of credit hours and length of time needed to complete the online degree. If you're looking for the shortest time, search for schools with an accelerated format, which means coursework is completed in seven-week terms rather than traditional semesters.
Considering cost, length of time to complete and quality, the Online MBA at the University of Northern Colorado stands out. It is accelerated, meaning it has the shortest time of completion — as few as 12 months — and it carries AACSB accreditation, ensuring students are receiving the highest quality business education.
Learn more about the University of Northern Colorado's online MBA program.
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