Top MBA Programs with low tuition Fees
Earning a Master of Business Administration can be an expensive endeavor. Most MBA programs cost over $100,000, especially when other expenses such as room and board and supplies are factored in. There are inexpensive options if you attend a state school (especially if you are a state resident). Quality state schools (in the top 50) with inexpensive tuitions include Texas A&M University - College Station (Mays), Brigham Young University (Marriott), and the University of Wisconsin - Madison. Another option is to apply to schools that are known to give scholarships and aid to students. Like other professional programs, scholarships to MBA programs are generally limited however.
Texas A&M's Mays Business School
Texas A&M's Mays Business School is ranked among top 35 national MBA programs. Even better, tuition for residents is just $28,000 and $41,000 for non-residents for the 2014-2015 school year. Mays' MBA program is just sixteen months and has a small class size of around 40 students. This program is a good choice because students take more credits the first year than most other MBA programs so the students are more competitive applicants for summer internships. A successful candidate should have at least two years of work experience, a bachelor's degree, and a GMAT/GRE score above the 50th percentile (The average GMAT is 647). They will also need to complete a web application with essay questions, provide three letters of recommendation, provide a professional resume, and send official transcripts. Mays also has an active Career Service Office. The school has ranked #1 for over ten years for number of graduates with jobs within three months of graduation. Over 96% secured jobs in 2014.
Marriot School - BYU
Brigham Young University's Marriot School is consistently ranked among the top 30 business schools in the United States. It is also an affordable option, costing just
$24,000 for Non-LDS students per two semesters. The MBA program at BYU is known for its small class size and rigorous core curriculum. Students are not allowed to work their first year of the MBA program. The program includes a summer internship and an abundance of class choice during the students' second year. A successful application includes a high GMAT score (the average for 2016 is 670), several years of work experience, an interview with a professor, and a strong undergraduate GPA (the average for the class of 2016 is 3.53). Additional requirements include a completed application, an official transcript, three letters of recommendation, and essays. BYU has a MBA Career Placement Program with impressive results. For instance, 95% of the class of 2015 had job opportunities by July. The average base salary was nearly $100,000. The placement program at BYU has an unique mentoring initiative where first year students are paired with second year students to help navigate their career path.
Wisconsin School of Business
The Wisconsin School of Business is an inexpensive and prestigious choice for MBA students. Wisconsin's residents paid just $13,500 during the 2013-2014 school year. Tuition for Non-Residents during this time was still only $27,000. The Wisconsin MBA program focuses on career specialization. Students choose from one of 10 career specializations among matriculation. Some of these career specializations see 100% of their students gaining employment each year. During students' first year they take core courses. During the summer many students have international experiences related to their chosen career specializations. The second year is spent focused on their career specialization. Admission requirements include a completed online application, a personal essay, high-standardized test scores, one letter of reference, a resume, and official transcripts. A strong application will have more than two years of work experience (the average was 5 for the class of 2016), a high GMAT score (average was 668 for the class of 2016). The Wisconsin MBA program offers thorough support to graduates so they can secure their dream jobs. The majority of graduates go into either Finance/Accounting or Marketing/Sales. 88% of the class of 2014 had full-time employment with three months of graduation. Special programs in place to help students on their career path include Career Development series, one on one career advising, on campus recruiting, networking opportunities and online databases.
Some other cheaper programs are offered by ASU, UT-Austin (both of them have very good reputation, they are also ranked under 35).
Another option for inexpensive MBA programs is to apply to programs that provide scholarships and grants. While it is difficult to be admitted to Harvard Business School, the school offers support to a majority of its students. In recent years 50% received need-based fellowships. Other schools that provide considerable scholarships include prestigious schools like the University of Pennsylvania's Wharton School of Business and The University of Chicago Booth School of Business. (Bryne, 2014).