Cheapest Online MBA — No GMAT Required
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The current economic climate has sent many Americans seeking low-cost graduate programs with high returns on investment. An affordable online MBA with no GMAT, therefore, has become an attractive option. Not only can you save on tuition costs, but you can also avoid the fees associated with preparing for the GMAT, which can run up to $300 for registration alone.
Test-optional programs, such as no GMAT MBAs, have become increasingly popular. In a recent BestColleges survey, only 17% of students weren't in favor of all schools adopting test-optional policies, and these degrees can pay off big. Before the pandemic, for example, MBAs earned an average salary of $115,000, according to the Graduate Management Admission Council.
If entrepreneurship, corporate leadership, or a robust professional network interests you, a business school education could be your best choice. Use this guide to explore affordable MBA programs with no GMAT requirement and find answers to common questions about these courses of study.
Is an Affordable MBA Program With No GMAT Requirement Worth It?
An MBA can be the ticket to a higher salary, a corporate management role, or a teaching position in a business degree program. While earning an MBA from a top 25 school certainly has its perks, an affordable MBA with no GMAT also provides many benefits.
For example, you can conserve costs. A cheap MBA charges less tuition, and by eliminating the GMAT, you save on test preparation and registration fees. Currently, the GMAT costs $275-$300 in the U.S., so these savings are not incidental. You can also safeguard your time when you pursue a non-GMAT program since you do not have to study, register for the exam, pass it, and then wait for your results.
Choosing an MBA is about what you gain, though, not what you save. An MBA from the cheapest business school is still the same credential as an MBA from a top-ranked program. What you do with your degree determines its value, and that's up to you, not your school.
Featured Online MBA Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Top Colleges With the Cheapest Online MBAs and No GMAT Requirement
We have compiled a list of nonprofit and for-profit institutions that offer this degree program. Use the table below to compare programs' average net price and length.
|Tuition (2023-2024 Academic Year)
|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 at Urbana-Champaign
3 Top Schools With the Cheapest Online MBAs and No GMAT Requirement
University of Illinois at Urbana-Champaign
In cooperation with Coursera, a global learning opportunities partner, U of I offers a flexible, online MBA with a customizable curriculum. The university reports that 61% of students enrolled in this degree program received a promotion, raise, or job offer during their educational experience, and the average raise was 22%.
Students attend live online lectures weekly, with the same address offered several times. Courses cover topics such as strategic leadership and management, managerial
Economics and business, value chain management, and financial management. Each course requires 10-15 hours of work per week. The program enrolls new applicants in January, March, August, and October.
William & Mary
The Raymond A. Mason School of Business at W&M accepts applicants from various backgrounds into its online MBA. This 49-credit degree consists of 12 courses and a one-week residency.
Courses include operations, global managerial economics, and leadership for the 21st century. Students conclude the program with the four-credit revolutionary leader practicum. W&M also offers an add-on certificate in business analytics.
Prospective MBA students must possess a bachelor's degree from an accredited institution and two or more years of professional experience. The average W&M student, however, has nine years of experience.
University of Florida
UF's Warrington College of Business offers a one-year and a two-year online MBA. The one-year program accepts applicants who graduated with a bachelor's degree in business within the last seven years. The two-year program requires two years of professional work and a degree in any subject.
The one-year program requires 32 credits and takes 16 months. Courses include global strategic management and professional writing. The two-year degree starts with an on-campus program orientation and 48 credits.
Students complete at least one experiential learning course, which can be an online business simulation, an elective at the Washington campus, or a global immersion experience.
Common Questions About The Cheapest MBA Degrees With No GMAT Requirement
Can you skip the GMAT?
Many of the cheapest MBA programs waive the GMAT requirement for all applicants or for prospective students who hold a high enough GPA. However, some programs still expect you to submit GMAT or GRE scores.
Do online MBA programs require GMAT scores?
Each school establishes and maintains its own admission requirements. Some online MBA programs require the GMAT or GRE, but others do not. A few ask for test scores only from applicants with lower-than-expected GPAs.
How can I get a GMAT requirement waived?
You cannot waive a school's GMAT requirement, but you can choose an MBA program that does not require standardized test scores for admission. At some schools, your academic or professional background may exempt you from the GMAT.
Is the GMAT being phased out?
Yes, a new GMAT called the "Focus Edition" was launched on Nov. 7, 2023. It is one hour shorter because it does not contain the writing assessment. The Focus Edition emerged after the number of GMAT test-takers in the U.S. dropped from 104,000 in 2017 to fewer than 48,000 in 2021.