Earning a Master of Business Administration (MBA) degree can require a hefty financial investment, the size of which can vary greatly, depending on the school. But the return on that investment over time can be quite substantial. Clearly, considering the cost of tuition and fees is an important part of choosing an MBA program. But there are a number of other costs of attending graduate school that may not be so obvious, such as opportunity cost and in-state versus out-of-state tuition.
Taking into account all of these costs is crucial in judging the potential benefits of an MBA program. Pittsburg State University's online MBA degree programs are affordable in the simplest of terms, with tuition totaling $10,950. But the design of Pitt State's online MBA programs can save degree candidates money in other concrete ways as well.
How Does Pitt State’s Online MBA Tuition Compare?
The tuition costs of MBA programs range widely, as do estimates of total costs. The National Center for Education Statistics reports that 2015-2016 average graduate tuition for public institutions was $11,303 annually, whereas private school annual graduate tuition averaged $23,919. Traditional two-year MBA programs obviously multiply this cost. And many students take longer than two years to finish an MBA, which can further increase the cost of their degree. ThoughtCo.com estimates the average tuition of a two-year MBA to total over $60,000, though some programs cost in excess of $100,000.
So, at the most basic level, the $10,950 price tag of Pitt State's online MBA is comparatively inexpensive. And although students can complete the program in as few as 12 months, they don't pay tuition by the year. Spreading the degree over a longer period will not mean the addition of annual tuition costs. Rather, students pay a single tuition for the entire degree program, limiting possible total costs.
What About the Less Obvious Costs?
There are a number of other ways Pitt State's online MBA model can help students financially, especially as compared to traditional campus-based MBA programs. First, degree candidates enrolled in this online MBA do not have to upend their lives and move, as they might if they were attending a campus-based program in another city or state. Neither will they incur moving expenses nor will they face a potentially higher cost of living in another city or room and board expenses on campus, which can be exorbitant.
Pitt State's online MBA also costs the same for out-of-state students as it does for in-state students. Most campus-based programs at public universities (and even some online programs) charge higher tuition for out-of-state students, sometimes twice as much as in-state tuition.
And perhaps the most important factor for working professionals is the opportunity cost savings of earning an MBA online. In essence, online degree candidates can continue working full time in their current jobs and pursuing career advancement opportunities while completing their degree.
How About Return on Investment?
Study.com published an article citing 2016 data from the U.S. Bureau of Labor Statistics comparing the salaries for specific job positions of those with a bachelor's degree and those with a master's. Bachelor's degree holders earn significantly less than those with professional degrees -- between $20,000 and $30,000 less annually. So, a student enrolled in Pitt State's online MBA could potentially see a substantial return on their $10,950 investment in school within a year of graduating.
Compare that with earning an MBA from a full-time, two-year, campus-based program at an average total tuition cost of $60,000. According to PayScale (2018), business professionals who have a bachelor's degree in business management earn an average annual salary of $60,000, which means a student who has to stop working while they attend school could forgo over $120,000 in wages during a two-year program (opportunity cost). In effect, that equals a $180,000 investment in an MBA, not even considering moving expenses, cost of living increases, and the like. It could take years for this type of MBA graduate to see a decent return on their investment in education.
Given these factors, Pitt State's online MBA program provides working professionals an affordable and realistic way to earn their master's degree. Overall, earning an MBA helps graduates advance their careers, achieve a higher earning potential and be successful in their chosen field of business administration.
Learn more about Pitt State's online MBA programs.
Sources:PayScale: Bachelor's Degree, Business Management Degree
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