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How to Get an MBA Inexpensively
"The only thing more expensive than education is ignorance."
- Benjamin Franklin
The news reports that an MBA increases someones salary by 3-4 times over a lifetime. This means that, if you are currently making $40,000, with an MBA you could potentially be making $150,000 a year. This is not always the case, and money should not be the sole reason to go to school or pursue a particular degree. However, many people have recognized the value of an MBA and are interested in acquiring this degree. The only challenge is that it can be very pricey to obtain.
If you would like to further your education and are only stuck with the question, "How can I get an MBA for little money?" Then you have come to the right place. There are many opportunities that can assist someone in receiving an MBA for a relatively low cost.
Options for Getting an MBA with Little Cost
Maintain High Grades and Do Well on the GMAT
For those still in school, making sure to get good grades is essential. Additionally, a great GMAT score can make tuition close to nil. While a score of 700 is necessary for top universities, small universities will give you next to a free ride for scores that high.
I am going to get my MBA for about $7,000 at Andrews University because of a great scholarship opportunity that they have - providing anyone with a GMAT score of over 600 with a 50% tuition reduction (in addition to other scholarships). This MBA regularly costs close to $25,000.
Work for an Employer Who Values Your Advancement
Many companies will actually pay for their employees to further their education. Others that don't pay the full amount may give a percentage. Talk to your employer about the potential of them assisting you to further your education. Show how a more educated you will benefit their business.
If you would like to get an MBA, but can't afford to drop work and start studying, consider studying part-time. Taking one or two classes a semester may cost you relatively little and you will be able to have your MBA finished in a matter of several years.
Take it Online
Only colleges offer very inexpensive education for an MBA. Although the credibility will not be as high as from many other schools, an online education is becoming more and more respected - meaning that you will still benefit from an online MBA.
The most inexpensive online MBA that I have been able to find is from Amberton University in Texas. They have a quality program at a great cost.
Studying the MBA Abroad
While costs are incredibly high in the United States, it is possible to receive an accredited MBA from the Philippines, India, or elsewhere. Make sure you are know what you want to do with your degree, as a foreign degree will be a hindrance in some fields. However, a degree internationally would be an exciting experience, could be very inexpensive, and would provide you with international contacts able to assist you in your next business venture.
The Next Step to Getting Your Degree
An MBA is incredibly valuable. I would highly recommend pursuing this option if you have an interest in entering the arena of management. What you should do next if you are interested in getting a degree is:
- Set up a time to take the GMAT in several months and start studying.
- Research local universities, online universities, and locations you would be available to attend.
- Start saving - regardless of what you do, it will cost you money, so start preparing now.
Know of any inexpensive universities or other ideas about getting an MBA inexpensively? Share them below.