The Master of Business Applications (MBA) is one of the most sought-after degrees for business professionals. Many students looking to complete their graduate degree in this field are already in debt for their bachelor's degrees, so cost-effective MBA options are a priority. Students can save time and money by carefully selecting their schools.
Some state schools are a viable alternative for students interested in completing their MBA at a greatly reduced cost. Although larger state schools can be fairly expensive, schools such as Colorado Technical University offer MBA degrees for less than £6,500 per year in tuition. Other state schools charge £5,200 a year.
Private academic institutes are typically the most expensive option for both undergraduate and graduate degrees. Tuition for MBA students at Wharton Business School, for example, runs as high as £19,500 a year. Still, institutes such as Chancellor University have branches dedicated to providing students with low-cost MBA programs. Chancellor's branch, the Jack Welch Management Institute, offers a complete MBA program for only £13,000.
The Internet is one of the most time-effective ways of attaining an MBA degree for a fraction of the cost. An MBA degree at the Keiser University eCampus, for example, can be completed in 48 months for less than £16,250 per year.
The best tip for saving money at a state or private school is to utilise cost-saving options such as commuting, buying used books and applying for all available scholarships and grants. Although higher education is never cheap, students can save roughly £7,800 a year by arranging their own room and board-a significant amount for the dedicated but financially struggling MBA student.