Top 10 Affordable MBA Programs in Maryland

Whether entering the field for the first time or contemplating a career change, earning a Master of Business Administration (MBA) is a crucial step toward achieving your dream job. Expect to learn about essential topics such as:

• entrepreneurship
• management information systems
• general management
• financial services management

For busy individuals, there are many affordable online colleges in Maryland to explore. Enrolling in an online MBA degree benefits students because of its flexibility and affordability. Below are some of the top affordable MBA programs for Maryland graduate students to consider.

Top Affordable MBA Programs in Maryland

The schools in this list include on-campus and online MBA programs for Maryland students. You can choose between an in-person classroom experience or an online format. Many MBA degree programs offer specializations to enhance your skills and knowledge.

Evaluate your career and life goals to determine whether there is a specific industry you are interested in. The curriculum typically includes elective and core courses to ensure a comprehensive business education.

Here are the most affordable MBA programs in Maryland and nationwide.

1. University of Maryland

The University of Maryland offers a full-time MBA through the Robert H. Smith School of Business. This STEM-designated program analyzes changing consumer behavior and fluctuating foreign exchange currencies.

You will learn to make data-driven decisions and network with faculty and peers. Students may choose between the finance, marketing, and sustainability specializations. Some of the courses here include:

• Strategic and Transformational Information Technology
• Global Economic Environment
• Data Analytics
• Data-Driven Decision Models

2. University of Baltimore

The University of Baltimore's MBA program consists of 36-48 credit hours with a capstone project at the end. Submitting GMAT scores during the application process is optional. You can accelerate this program and complete it in as few as 18 months.

Students can choose between an in-person, online, or hybrid learning experience. Specializations include cybersecurity and organizational resilience, global management, healthcare management, and more. Courses here comprise:

• Performance Management and Accounting Controls
• Business and Public Policy in a Global Economy 
• Operations and Supply Chain Management
• Collaboration, Negotiation, and Conflict Management

3. Loyola University Maryland

Loyola University Maryland provides a one-year MBA through the Sellinger School of Business and Management. You must study this 45-credit program at the Evergreen Campus in Baltimore. You are not required to submit GMAT or GRE test scores.

This university has an all-inclusive tuition policy that is subject to change each academic year. The Sellinger alumni network helps support students on their educational journey. Courses here include:

• Emerging Leaders Sustainability Colloquium
• Law, Ethics, & Corporate Social Responsibility
• Operations and Process Strategies
• Emerging Technologies and Analytics

4. John Hopkins University

John Hopkins University offers a STEM-designated full-time MBA through the Carey Business School. Students participate in an innovation field project to gain real-world experience and find a solution to a complex business problem.

Merit and need-based scholarships are available to help cover tuition costs. Nearly all MBA candidates receive merit-based aid that may fully cover their tuition and provide an annual stipend. Courses here consist of:

• Behavioral Science: Leadership and Organizational Behavior
• Behavioral Science: Negotiating Collaboratively
• Operations Management
• Applied Behavioral Strategy for Organizational and Social Impact

5. Salisbury University

Salisbury University's MBA prepares students to succeed as business leaders. You will develop interpersonal and decision-making skills to make the best decisions for your team and organization.

An accelerated MBA program is available that students can complete in nine months of study. Review this program's admission requirements. Students must complete foundational courses before enrolling. Coursework here includes:

• Enterprise Systems and Business Process Integration
• Analytical Customer Relationship Management (CRM) Business Intelligence
• High-Performance Work Systems
• Accounting Concepts and Application

6. Morgan State University

Morgan State University offers an MBA through its Graves School of Business and Management. This graduate program requires students to have at least a 3.0 GPA, letters of recommendation, and a professional goals essay to apply.

Students will hone their critical thinking, market research, and written communication skills through the program's rigorous curriculum. You can expect to take courses such as:

• Advanced Marketing Management
• International Business & Sustainability
• Innovation & Entrepreneurship
• Corporate Finance

7. Frostburg State University

Frostburg State University offers an online MBA with a seven-week course model. This program requires the completion of 12 courses, including eight core courses and four courses in a concentration.

You can choose between the business analytics, healthcare management, and management concentrations. Courses here include:

• Organizational Behavior
• Strategic Analysis and Planning
• Financial Management
• Economics for Managers

8. University of Phoenix

The online MBA program at the University of Phoenix requires 33 credit hours, although this may vary based on the number of transfer credits a student utilizes. This self-paced program focuses on teaching students career-relevant skills.

Learners can earn a project management, accounting, or human resources management graduate certificate. Some of the courses here consist of:

• Marketing: Social, Mobile, & Analytics
• Opportunity Evaluation & Value Creation
• Managerial Accounting & Legal Aspects of Business
• Leading Change

9. Drexel University

Drexel University provides an online MBA through the LeBow College of Business. Students will learn how to build a network of professionals and develop innovative business solutions. Concentrations here include finance, marketing, corporate sustainability, and more.

The curriculum follows a customizable, cross-disciplinary plan of study. Courses here include:

• Essentials of Financial Reporting
• Operations and Supply Chain Management
• Managerial Economics
• Marketing Strategy

10. Arizona State University

Arizona State University offers online students an MBA through the W. P. Carey School of Business. This graduate degree program emphasizes the development of management and leadership skills.

The online MBA follows the same curriculum as the on-campus program. Students will take courses such as:

• Ethical Issues for Managers
• Managerial Accounting
• Financial Performance Reporting
• Operations and Supply Chain Management
• Organizational Theory

FAQs About Affordable MBA Programs

Here are the answers to frequently asked questions about affordable MBA programs.

How Much Does an MBA Cost in Maryland?

The cost of an MBA program varies by institution. At the University of Baltimore, in-state and part-time MBA students pay $918 per credit hour; out-of-state students pay $1,282. In addition, there are various fees to consider, including student services and auxiliary operations fees.

Research your institution's cost of attendance before enrolling. Several factors influence MBA tuition costs, such as:

• institution type
• program format
• program duration
• additional fees

Is an MBA Worth it Financially?

Whether an MBA is worth it depends on your career goals and passions. Some benefits of an MBA to consider before enrolling include:

• increased earning potential
• career advancement
• enhanced career opportunities
• skill development

The University of Maryland reports that the average starting salary for its MBA graduates is $130,000 per year. Many prestigious employers, including Amazon, Google, and Bank of America, actively recruit MBA holders for leadership roles.

What Is the ROI of an MBA Program in Maryland?

You can assess the return on investment (ROI) of an MBA program in Maryland by comparing a program's total cost with the potential increase in earnings post-graduation. Some things to consider include:

• tuition costs
• average salary increase
• time to recoup costs
• industry demand

The U.S. Bureau of Labor Statistics (BLS) projects that employment in business and financial occupations will grow faster than the average for all occupations from 2023 to 2033. Various industries require employees with the unique skills taught in MBA programs.

How Can I Make an MBA Program More Affordable?

Tuition rates are high, but don't let that discourage you from pursuing an MBA. There are many ways to make an MBA affordable, including:

• scholarship and grant opportunities
• employer tuition reimbursement
• work-study programs
• military education benefits

Fill out the FAFSA online form to see what financial aid options you qualify for. Apply early to maximize your benefits package. You will receive a student aid report (SAR) outlining what federal student aid you can receive.