MBA degrees can be costly. The less time you spend enrolled in a full time MBA program, the less money you’ll spend on tuition and expenses. While earning an MBA from an elite institution like Harvard Business School, the Chicago Booth School of Business, or Columbia Business School can carry a lot of weight and prestige, it may also cost a fortune. Institutions like Yale University, Dartmouth College, and New York University are also notoriously expensive business schools.
You can save time and money by seeking out a program designed for a student population of working adults. Many of the degree programs listed here place an emphasis on gaining leadership skills, sharpening business acumen, and advancing career goals in short order. You’ll also enjoy access to the same innovative curriculum and marketable skills as a student at an elite graduate school. But you’ll be in position to return to full time work sooner.
What to Look for in the Fastest Business Schools
Before choosing a school of business for your MBA, there are few factors you’ll need to consider:
Accreditation
School of business accreditation is extremely important when it comes to choosing your MBA program. Accreditation provides assurances that you are getting a quality education, receiving current course material, and gaining access to qualified faculty members. Moreover, only a graduate student earning their MBA from a school of business with accreditation from a Department of Education-recognized accreditor will be eligible for financial aid.
Tuition and Fees
The basic cost of earning an MBA will typically range from $20,000 to $80,000 per year. In state students will generally enjoy a tuition discount for attending a public graduate school in state. Tuition will generally be higher for out of state and international applicants.
Moreover, the tuition figure above doesn’t account for the considerable expenses that accompany this tuition. From books, living expenses and housing to on campus fees (or education delivery fees for online MBA students), earning an MBA is costly. Reducing your time to completion can result in a meaningful reduction in your student loan burden and peripheral expenses.
Reputation
Depending on your career goals, the reputation of your MBA may be important. Earning an MBA from a highly reputable graduate school can significantly improve your chances for career advancement and a top salary. Many business leaders will carry marquee names like Stanford University and Columbia University on their MBA degrees.
Availability of Online Classes
An Online MBA program can be a great way to speed up your time to completion. While tuition and fees are often similar, the online format is a great option for MBA students who are already working professionals. The online program will often include a variety of flexible options including the part time MBA program, the evening MBA, and a wide range of asynchronous option where business professionals can work at their own accelerated pace. With this type of flexibility, the online MBA program makes it possible to complete your MBA program faster.
Financial Aid
All prospective MBA students should fill out their Free Application For Federal Student Aid (FAFSA) every year. As an MBA student, you may or may not be eligible for federal financial aid, state-based financial aid, or even assistance directly through the financial aid office at your grad school.
While graduate students are typically not eligible for as many financial aid opportunities as undergraduate students, it’s important to complete your FAFSA. You may be able to offset at least some portion of the cost for your MBA.
If you’d prefer to search for business administration programs based on cost, jump to our look at the most affordable MBA programs.
Considering an Online MBA?
Before you launch into business school, it’s worth also considering MBA programs that offer fully online master options. Many of the best business schools offer an array of online courses. And if you are working to balance job responsibilities while attending business school, an online MBA program may make it possible to manage everything at one.
Online MBA students can learn leadership skills and qualify for specialized roles in their organization without disrupting current career goals and responsibilities.
If you don’t think you can handle a full time MBA program with your work schedule and personal responsibilities, many online schools of business offer a wide range of part time MBA programs as well as full time MBA programs with self-pacing and asynchronous distance learning opportunities. Self-pacing and asynchronous options may be a great pathway if you’re looking to earn a fast MBA degree. To learn more about your options, check out the best online master’s programs for MBA students.
