In today's turbulent economy, you may need to boost your career on a budget. Fortunately, many schools offer accessible, affordable online MBA programs. These cheaper degrees provide the same credentials and benefits that more expensive programs do.
While the GMAT was once a rite of passage for MBA students, the test has declined in popularity in recent years. Today, fewer schools require the test, and some provide waivers for qualifying applicants.
Attending a school with no GMAT requirement can help you further save time and money: In the United States, the test costs $275 at a testing center or $300 online. In addition, test prep can often take six months, while completing all sections of the exam can also take several months. Thus, applying to no-GMAT schools can help you start earning your degree more quickly.
Use our guide to learn more about affordable online MBA programs with no GMAT requirement.
Popular Online MBA Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Is an Affordable MBA With No GMAT Degree Worth It?
If all that stands between you and an MBA is money, you may want a more affordable degree. Even the cheapest MBA can provide you with the full educational experience and benefits of an advanced business degree.
MBAs vary greatly in cost. The most affordable degrees run less than $10,000, while the priciest programs can cost nearly $200,000. Is there enough difference in the outcome to justify so much price variance?
Certainly, prestigious schools have brand recognition, academic prowess, and robust alumni networks. For many people, however, an MBA from an accredited school with a strong local presence offers similar value for a lower price.
As of October 2023, Payscale reports the average salary for workers with MBAs is $89,000 — a higher-than-average wage. However, this earning potential may not be enough to justify investing in a high-tuition degree, so the cheapest MBA may better suit your needs.
Top Colleges With the Cheapest Online MBAs and No GMAT Requirement
We have compiled a list of institutions offering this degree. Use the table below to compare average net price and program length.
|Average Net Price
|University of North Carolina at Chapel Hill
|Chapel Hill, North Carolina
|$53,552 (in-state); $71,364 (out-of-state)
|University of Florida
|William & Mary
|University of Illinois Urbana-Champaign
3 Schools With The Cheapest Online MBAs and No GMAT Requirement
William & Mary
William & Mary offers an online MBA through the Raymond A. Mason School of Business. This 49-credit program requires 12 courses. Each course enrolls about 22 students and lasts 7.5 weeks. The program also includes a residential weekend requirement.
Students take courses such as global managerial economics, integrated technology, and leadership for the 21st century. The MBA concludes with a practicum. Students can also pursue a 12-credit business analytics certificate.
According to the university, 99% of alumni recommend the program, and about 80% received a promotion during or just after completing their MBA. William & Mary reports their MBA graduates earn an average salary of $135,686.
University of Illinois Urbana-Champaign
Students can earn U of I's online MBA through the Gies College of Business. Enrollees in this customizable program can set their own pace, finishing the degree in 24-60 months. U of I offers four start dates each year for the online MBA: January, March, August, and October.
Learners build a course sequence to meet their career goals. Each class features live lectures, but students can also watch recorded lectures on their own time if needed. Tuition is charged on a per-course basis. Between live sessions, enrollees engage in self-directed study. Each course requires 10-15 hours of study per week.
University of Florida
UF's MBA offers one- and two-year tracks. The one-year track admits applicants who graduated in the last seven years with a bachelor's degree in business, while the two-year track does not maintain this same requirement.
Learners in both tracks complete an in-person orientation before beginning their online coursework. Classes include brand management, professional writing, entrepreneurship and venture finance, and corporate finance.
The one-year program operates on a cohort system where classmates proceed through coursework together. Enrollees in the two-year track learn in cohorts of 50 people. All students complete an experiential learning requirement, with options for an on-campus class, an online business simulation, or a global immersion experience.
Frequently Asked Questions About The Cheapest MBA Degrees with No GMAT Requirement
Are any online MBA programs worth it?
An online MBA can offer the same value as an MBA earned on campus. The key to maximizing value for an online program is attending an accredited school where the program's coursework and concentrations match your professional interests. Also research institutions' career services to find out which schools can help you prepare for interviews and polish your resume.
Are business schools getting rid of the GMAT?
In recent years, some schools have removed the GMAT as an admission requirement, while others have made it a flexible add-on. Some business schools offer waivers for applicants with high undergraduate GPAs or extensive professional experience.
Can you get an MBA without taking the GMAT?
Yes, you can get an MBA without taking the GMAT, as not every school requires this standardized test during the admissions process.
How can I waive my MBA GMAT?
Some schools that require MBA applicants to send GMAT scores also offer waivers, though the stipulations for these waivers vary by school. In some cases, a high undergraduate GPA can qualify you for a test score exemption, while other institutions waive the requirement for workers with extensive professional experience.