Top 10 Affordable MBA Programs in Tennessee

Tennessee's most famous MBA comes with a price tag well over $150,000, but that's far from the only path to a respected business degree in the Volunteer State. A strong network of public universities and a handful of private colleges offer affordable MBA programs that cost a small fraction of what the state's priciest school charges.

Below, you'll find 10 accredited MBA programs in Tennessee, ranked from most to least affordable. The list spans online, hybrid, and in-person formats, so whichever way you learn best, you'll find an option built with working professionals in mind that lets you keep your job and your paycheck while you finish the degree.

How Much Does an MBA Cost in Tennessee?

Total tuition for the programs on this list runs from roughly $18,000 to just under $28,000, a tight range compared to some states, since Tennessee's public universities keep prices consistently low across the board. Several schools charge the same rate to online and on-campus students alike, and reciprocity agreements can lower costs further for eligible students from neighboring states.

Credit requirements mostly cluster between 30 and 36 credits, with a handful of programs requiring closer to 40, and that difference has a direct effect on your total cost even at similar per-credit rates. Beyond tuition, plan for books, technology fees, and, if your program includes any in-person components, travel costs to reach cities like Nashville, Memphis, or Knoxville.

What Makes an MBA Program Affordable?

Sticker price alone doesn't tell the whole story when you're comparing MBA programs. These factors tend to separate a budget-friendly degree from an expensive one:

• Lower credit requirements: A 30-credit program typically costs less overall than one requiring 40 or more, even at similar per-credit rates.
• Public university pricing: Tennessee's public universities generally charge less than private schools, and eight of the state's public programs post some of the lowest tuition figures in the region.
• No standardized testing: MBA programs that waive the GMAT or make it optional save you the time and cost of test prep or retakes.
• Accelerated terms: Seven- or eight-week course modules let you finish faster and pay fewer semesters of fees.
• Self-paced formats: MBA programs that let you set your own pace, rather than following a fixed cohort schedule, can shorten your timeline if you're able to take on a heavier course load.
• Employer support: Many Tennessee employers, particularly in healthcare and logistics, offer tuition reimbursement that can offset a meaningful share of the cost.

Most Affordable MBA Programs in Tennessee

Each of the programs below holds business-specific accreditation and offers at least one budget-friendly path to the degree, whether that's online, hybrid, or in person. They're ranked from lowest to highest approximate total tuition.

1. Lincoln Memorial University

Lincoln Memorial University, in Harrogate, delivers the lowest-cost MBA on this list through a fully online, 30-credit program that skips the GMAT for every applicant. Eight core courses and two electives make up the general track, while students who want to specialize can extend the program to 36 credits with a concentration in areas like business analytics, digital marketing, healthcare administration, or sport management.

Courses are reviewed and reassessed every two years to keep the curriculum aligned with current business practices. The School of Business holds accreditation from the Accreditation Council for Business Schools and Programs (ACBSP), and LMU's program has earned national rankings in specializations like sports management and technology management.

2. East Tennessee State University

East Tennessee State University's College of Business and Technology offers a fully asynchronous online MBA with seven-week courses and four start dates a year, so you're rarely waiting long to begin. No GMAT is required, and the program can be completed in as little as 12 months for students who take a full course load.

You'll choose between a general MBA and a Business Analytics concentration, with electives available in areas like cybersecurity, healthcare marketing, and data-based marketing. ETSU's business programs hold accreditation from the Association to Advance Collegiate Schools of Business (AACSB), and eligible out-of-state students may qualify for reduced tuition through a regional reciprocity agreement.

3. University of Tennessee at Martin

University of Tennessee at Martin's MBA has run since 1978 and is available in both hybrid and fully online formats, with small class sizes and a strong emphasis on collaborative projects. The 30-credit general track can expand to 33 credits for students who add a concentration in agricultural business, sport business, or human resource management, three specialties that line up closely with the industries driving West Tennessee's economy.

An MBA Consulting Project connects coursework directly to real regional businesses, giving students hands-on experience before graduation. The College of Business and Global Affairs holds AACSB accreditation, and a limited number of graduate assistantships are available that waive tuition, including out-of-state fees, in exchange for campus work.

4. Tennessee State University

Tennessee State University, a public HBCU in Nashville, became the first business school in the city, and the first public HBCU in the country, to earn dual AACSB accreditation at both the undergraduate and graduate levels. The 36-credit MBA is offered in three formats: a traditional evening track that typically takes about two years, a fully online accelerated option that can be finished in 12 months, and an executive track.

Concentrations are available in accounting, finance, management information systems, and supply chain management, giving you room to specialize without leaving Nashville's downtown business core. TSU's location puts students close to Music City's growing healthcare and logistics sectors, industries that regularly recruit from the College of Business.

5. The University of Memphis

At the Fogelman College of Business and Economics, the 36-credit MBA comes in two flexible formats: a Professional MBA that mixes evening classes with online coursework, and a fully asynchronous Online MBA taught by the same faculty who lead in-person sections. Most working professionals take two courses per semester, and the program can be completed in as little as 17 months for those who move faster.

Ten concentration areas are available, including business information assurance, data analytics, healthcare management, and supply chain management, reflecting Memphis's strength as a logistics and healthcare hub. AACSB accredits the Fogelman program, and GRE or GMAT waivers are available for qualified applicants who'd rather skip the test.

6. Tennessee Technological University

Tennessee Tech's MBA is delivered fully online and self-paced, letting motivated students finish in as little as one year while others take longer to balance work and family. The curriculum covers eight core courses, two electives, and a capstone, with the option to layer on professional certificates in banking and finance, cybersecurity management and analytics, or healthcare and informatics.

The GMAT is optional rather than required outright, which lowers one common barrier to enrollment. Tennessee Tech's business programs hold AACSB accreditation, and the university has been recognized among the more affordable AACSB-accredited MBA programs nationally, with additional scholarships, assistantships, and fellowships available to help offset costs further.

7. University of Tennessee at Chattanooga

University of Tennessee at Chattanooga's Gary W. Rollins College of Business runs the only AACSB-accredited MBA program in the Chattanooga region, delivered 100% online with no campus visits required. Part-time students can complete the degree in as little as 24 months, and the asynchronous format means you're not tied to a set class schedule each week.

Four concentration options are available, including business analytics, letting you tailor the degree toward a specific career track. UTC's program has posted some of the strongest return-on-investment figures of any Tennessee MBA, a combination of moderate tuition and solid graduate earnings that makes it a standout value among the state's public options.

8. Middle Tennessee State University

Middle Tennessee State University, in Murfreesboro just outside Nashville, built its MBA to accommodate as many working professionals as possible, offering the degree online, in a hybrid format, or on campus depending on your preference. The AACSB-accredited program is among the largest in the state by concentration count, with eleven specialty areas to choose from.

That breadth makes MTSU a strong fit if you're not yet sure which direction you want your career to take, since you can explore electives before committing to a specific track. The university's location just south of Nashville also puts students close to one of the region's fastest-growing job markets, particularly in healthcare, logistics, and entertainment business.

9. Christian Brothers University

Christian Brothers University, a small Catholic institution in Memphis, keeps its MBA classes small enough for direct faculty access, with courses available on campus or through an accelerated evening and online format. The 36-credit program draws on CBU's deep connections to Memphis-area corporate, financial, logistics, and healthcare employers, with faculty-guided projects built around real regional businesses.

Up to four stackable graduate certificates let you build specialized credentials alongside the core MBA curriculum. The School of Business holds accreditation from ACBSP, placing it among fewer than 1,200 accredited business programs worldwide, and CBU has ranked among the top online MBA options in the Memphis market.

10. Union University

Union University's MBA, delivered entirely online through eight-week courses, blends a Christian worldview with a curriculum covering accounting, finance, marketing, and management. Most students finish in as little as 12 months, and nine concentration options are available, including healthcare management, digital marketing, and supply chain management.

Admission is GMAT-optional for applicants who meet a 3.0 GPA threshold, and the application itself carries no fee, which removes a couple of small but real barriers to getting started. Union's MBA holds AACSB accreditation, and combination-degree options with programs like the Master of Social Work give students a path toward cross-sector leadership roles.

How We Rank Schools

To create this list, we review data from the U.S. Department of Education College Scorecard and the National Center for Education Statistics (NCES), along with program-level details published by each university. We weigh these sources against Tennessee-specific information, since the state's tuition figures cluster more tightly than in many states, making small cost differences and format details more meaningful when comparing programs.

Each school on this list met the following standards:

• Accreditation: Programs must hold specialized business accreditation from AACSB or ACBSP, in addition to regional institutional accreditation.
• Affordability and financial aid: Approximate total tuition determined the ranking order, and available scholarships, graduate assistantships, and tuition waivers factored into each program's overall value.
• Scheduling flexibility: Every program on this list offers an online, hybrid, or evening path built for working adults, so a full-time job doesn't rule out earning the degree.
• Student outcomes: Federal graduation and post-graduation earnings data helped confirm that each program leads to a genuine return on investment.

Learn more about our ranking methodology.

What Will You Learn in an MBA Program?

An MBA curriculum builds a broad foundation across the core functions of running a business, typically including accounting, finance, marketing, operations, economics, and organizational leadership. Most programs also weave in business statistics and strategic management, since employers expect MBA graduates to back their decisions with data rather than gut instinct alone.

MBA concentrations let you go deeper into a specific area once you've covered the fundamentals. Among the Tennessee programs on this list, you'll find options ranging from agricultural business and sport business to healthcare administration and supply chain management, so you can shape the degree around the industry you want to move into. Many programs also close with a capstone project that asks you to apply everything you've learned to a real business scenario.

How Long Does It Take to Earn an MBA?

Most of the programs on this list take between 12 and 24 months to complete, with the exact timeline depending on how many credits you take each term and whether you're studying full or part time. Accelerated, self-paced, or seven-week course formats let motivated students move through a 30- or 36-credit program in as little as a year.

Part-time MBA students who keep working full-time hours will naturally take longer, sometimes stretching a program closer to two and a half years. Credit requirements themselves range from 30 to 36 credits across the schools featured here, and that difference alone can add or subtract a full semester from your total timeline.

Financial Aid for MBA Degrees in Tennessee

Even an affordable MBA is a real investment, so it's worth exploring every funding option before you commit to a program. Combining a few different sources can meaningfully lower what you end up paying out of pocket.

Federal Direct Unsubsidized Loans

Filling out the Free Application for Federal Student Aid (FAFSA) opens the door to federal loans for graduate school, including Direct Unsubsidized Loans. Graduate students can currently borrow up to $20,500 per year through this program, and interest starts accruing immediately, so borrowing only what you need helps keep long-term costs down.

Scholarships and Assistantships

Many of the schools on this list offer institutional scholarships specifically for MBA or graduate business students, and several public universities also provide graduate assistantships that waive tuition, including out-of-state fees, in exchange for research or administrative work. These awards don't need to be repaid, which makes them worth pursuing before turning to loans.

Employer Tuition Assistance

Under current federal tax rules, employers can provide up to $5,250 per year in tax-free educational assistance. Tennessee's concentration of logistics, healthcare, and manufacturing employers commonly offers this benefit, so it's worth raising with your HR department early in your planning.

Military and Veteran Benefits

Veterans and active-duty service members may qualify for GI Bill benefits that cover a significant portion of MBA tuition, and many schools on this list participate in the Yellow Ribbon Program, which can help cover costs beyond what the GI Bill caps. A school's veterans services office can walk you through exactly how these benefits apply to a specific program.

How To Choose the Right Affordable MBA Program

A low price tag is a good starting point, but a handful of other factors determine whether a program actually fits your goals. Keep these in mind as you compare your options:

• Total program cost: Multiply the per-credit rate by the number of required credits, then add fees, to get an accurate side-by-side comparison.
• Accreditation: AACSB and ACBSP accreditation each signal that a program meets recognized quality standards for business education.
• Concentrations offered: Look for a specialization that lines up with the industry or role you want to move into after graduation.
• Format flexibility: Confirm whether coursework is fully asynchronous, hybrid, or in person, since that affects how well the program fits around a full-time job.
• Admission requirements: Review GPA minimums and testing policies closely, since GMAT waivers or optional testing can save you both time and money.
• Support for working adults: Look for resources like dedicated advisors, flexible start dates, and employer partnerships that make finishing the degree more realistic.

Career Outlook With an MBA

An MBA opens the door to a wide range of leadership roles, and financial management is one of the most common paths graduates pursue. According to the Bureau of Labor Statistics, financial managers earn a median annual wage of $166,570, and employment in the field is projected to grow 10% through 2035, a pace much faster than the average for all occupations.

Tennessee's economy, anchored by logistics hubs in Memphis, healthcare companies in Nashville, and a growing manufacturing base statewide, supports strong demand for MBA-trained managers. Graduates of the programs on this list go on to roles in general management, marketing, human resources, and operations, in addition to more specialized finance-track positions across the state's largest industries.

FAQs About Affordable MBA Programs in Tennessee

Choosing an affordable MBA program raises plenty of practical questions beyond tuition and format. These answers address some of the most common concerns prospective students in Tennessee have.

Do Tennessee MBA Programs Require Full-Time Enrollment?

Most of the programs on this list are built around part-time, working students rather than requiring full-time enrollment. Evening, hybrid, and asynchronous online formats all let you take one or two courses per term while keeping a full-time job. If you're able to take a heavier course load, several programs also let you accelerate toward full-time pacing without switching to a different track.

Can You Switch Between Online and In-Person Formats Mid-Program?

Some Tennessee schools, including the University of Memphis, let students mix evening classes with online coursework within the same degree, rather than committing to a single delivery method. Others keep online and on-campus tracks more separate, so switching formats partway through may require approval or additional coursework. It's worth asking directly during admissions if flexibility between formats matters to your situation.

What's the Difference Between a Traditional and an Accelerated MBA Track?

A traditional track typically follows a standard academic calendar with evening or weekend classes spread across roughly two years. An accelerated track compresses the same core coursework into a shorter timeline, often through self-paced or seven-week course formats that let motivated students finish in as little as 12 months. Both usually cover the same total credits, so the difference comes down to pacing rather than content.

Do Tennessee MBA Programs Offer Tuition Reciprocity for Out-of-State Students?

Several public universities in Tennessee participate in regional reciprocity agreements that reduce tuition for eligible students from neighboring states. Eligibility and savings vary by school and program, so it's worth checking directly with the admissions office rather than assuming a discount applies automatically. This can make an already affordable program even more accessible if you live just across the state line.

How Many Concentrations Should You Expect in an Affordable MBA Program?

Concentration counts vary widely even among Tennessee's more affordable programs, ranging from a handful of options to as many as eleven at some schools. A program with fewer concentrations isn't necessarily a lesser choice, especially if the ones it does offer align closely with your career goals. It's often more useful to check whether a specific specialization you want is available than to compare programs purely by how many choices they list.

Discover Affordable MBA Programs in Tennessee

Browse programs through Learn.org and connect directly with schools to get personalized information about tuition, admission requirements, and start dates. Comparing a few of these accredited, affordable options side by side can help you find the Tennessee MBA program that best matches your career goals and your budget.