Earn an MBA with the GI Bill
The University of North Dakota describes an MBA as "a postgraduate academic qualification. Programs offering such degrees explore advanced principles of business and management. They are designed to cultivate leadership qualities and managerial expertise through various subjects."A Masters of Business Administration degree prepares graduates to enter the business world, "enabling them to make informed decisions and navigate diverse professional landscapes. The versatility of an MBA makes it a valuable asset for those seeking to enhance their existing careers and explore new opportunities and challenges in the ever-evolving business environment."
Many ask if the cost of an MBA is worth the expense, but what IS that expense? According to Nerdwallet, in 2022 alone, the typical price tag for an MBA was just over $225 thousand.
Tuition costs seem to increase for many throughout a two or four-year degree program. What do you need to know about MBAs before you make a time and financial commitment?
How Much Can I Earn With an MBA ?
Fortune Magazine published an article about MBAs in 2022, which included the following observation: “In 2022, the average starting salary for MBA graduates was $115,000, more than 53% higher than the $75,000 average for people who only have a bachelor’s degree,” which Fortune attributes to Graduate Management Admission Council data.Those are compelling numbers for anyone considering a graduate degree in business. Are you looking for the best MBA program for military members? A good place to start is with schools that have an MBA program and are Yellow Ribbon friendly.
Is an MBA Program Expensive?
For those with access to the GI Bill or other veteran educational assistance programs, an MBA program may be exponentially cheaper than those attending without such help.But even those who can’t use the Post-9/11 GI Bill, military tuition assistance programs, or state government veteran education benefits may be able to save money by taking an accelerated program.
How much does an MBA program cost? That depends on where you apply, but the University of Pennsylvania lists a "first year budget" total at approximately $124,476. Compare that to Harvard Business School's $115,638 and Columbia's $127,058. As you can see, there's a rough average across these three examples.
Filters
Degree Level
Search and select multiple degree level.
Search and select multiple degree level.
Degree Program or Area of Study
Search and select multiple area of focus.
Search and select multiple area of focus.
Where do you plan to study?
Type of School
Years Offered
Campus Setting
Size of School
Gender-Specific
Religious Affiliation
Religious Affiliation
Ethnic Affiliation
Financial SupportAcademic SupportPrograms
MBA Program Options That Save You Money
Some sources report the “most popular” MBA option is the two-year version, where a student stops working, attends business school full-time instead, and takes 20 months to complete the program.But some MBA programs accelerate the pace, putting the same amount of learning into a ten or 12-month course of study. Some schools also offer part-time options for weekend-only MBA classes.
What to consider:
- One reason students like accelerated courses of study is that the amount of tuition is lower. But the trade off is the study is more intensive.
- If you have military education benefits, the cost of a longer, more relaxed program won’t be as much of a factor.
- It helps to prioritize your needs before deciding. Faster pace studies and a cheaper degree? Or more relaxed work, more social interaction, and less pressure?
And some students come to the process already working in the business world. For these applicants, an executive MBA may be the best option to consider.
What to Know About an Executive MBA and the GI Bill
Some students do not have to start “at the bottom” like entry-level MBA hopefuls do. These are often people with substantial experience in the workplace who need a next-level graduate degree.The executive MBA is an option for these potential students. Nerdwallet states, “Some schools also offer an executive MBA degree for those with more substantial work experience. These programs are usually offered part-time, so students can continue working.”
What about cost considerations? Is this option priced more competitively?
The same source reports some executive MBA programs have costs comparable to a more traditional two-year MBA option. Still, some sources report the costs for what is commonly known as an EMBA (the “E” is for “executive) can run “slightly higher” than a two-year traditional program.
The GI Bill can help pay for approved MBA programs, and your chosen school may also participate in the Yellow Ribbon Program, which can further offset the cost of your MBA where offered.
Paying For Your MBA
Using the GI Bill is the most obvious option, but those who want to earn a Master’s degree in Business Administration while they are still serving should consider using military tuition assistance first, as it is meant to help you study without using your GI Bill.Military spouses who want an MBA can use transferred GI Bill benefits, military spouse tuition assistance, apply for MyCAA, or apply for state government spouse tuition programs.
Learn more about the GI Bill