Top 10 Affordable MBA Programs in Virginia

Many students pursue a Master of Business Administration to further their career opportunities or hone their decision-making or general business skills. Despite the benefits of an MBA, the cost of higher education can make people think twice about pursuing a graduate degree. However, many schools offer affordable MBA programs to help students pursue their degrees.

Many colleges and universities offer MBAs for those on a budget, including online MBAs for busy working professionals. Keep reading to discover high-quality, affordable MBA programs in Virginia.

Top Affordable MBA Programs in Virginia

Students in Virginia have several options for affordable MBA programs; they may also use financial aid to cover the cost of an MBA. We've featured some of the best MBA programs in Virginia that won't break the bank below.

1. College of William & Mary

The College of William & Mary is a public research university in Williamsburg, VA with part-time and full-time options. It offers an in-person program, an online MBA, and an executive MBA through its Raymond A. Mason School of Business. Concentrations include:

• business analytics
• innovation and entrepreneurship
• finance
• supply chain management

Tuition varies based on program, but the full-time, on-campus program costs $37,874 per year for in-state students and $49,712 per year for out-of-state students. To help students cover costs, the business school offers numerous scholarships, fellowships, and assistantships that can provide funding for up to the full cost of the program.

2. George Mason University

George Mason University is a public research university in Fairfax, VA. Its Costello College of Business offers a customizable MBA that students can earn in-person or online, part-time or full-time. Students can use their electives to earn certificates in:

• business analytics
• government contract management
• human capital and human resource management
• information security management

The 48-credit program has a tuition rate of $946 per credit for in-state students and $1,869 for out-of-state students, however, the online program is $1,105 per credit regardless of state of residency. To help students pay for their graduate degrees, the college offers several scholarship and fellowship programs to MBA students.

3. James Madison University

James Madison University is a public research university in Harrisonburg, VA. It offers an in-person and online MBA program through its College of Business with concentrations in executive leadership, information security, and innovation.

Tuition depends on what concentration you choose, but there is no additional costs for out-of-state students. The executive leadership concentration is $1,000 per credit, the information security concentration is $900 per credit, and the innovation concentration is $600 per credit.

4. Longwood University

Longwood University is a public school in Farmville, VA. Its College of Business and Economics offers an MBA with specializations such as:

• data analytics
• economics
• finance
• marketing

Full-time students studying on-campus pay $5,224 per year if they're in-state residents and $13,416 per year if they're out-of-state residents. Online in-state residents pay $13,361 for the entire program, while out-of-state residents pay $13,671 for their entire program, making Longwood one of the most affordable online colleges in Virginia.

5. Marymount University

Marymount University is a private Catholic university in Arlington, VA. It offers an MBA with in-person and online options, as well as dual degree options with a Master of Science in cybersecurity or an MS in information technology.

The MBA costs $1,340 per credit, or $48,240 total for the 36-credit degree. Graduate students may qualify for scholarships, grants, and assistantships through the university.

6. Old Dominion University

Old Dominion University is a public research university in Norfolk, VA. Its Strome College of Business offers an in-person and online MBA with concentrations that include:

• business analytics
• maritime and ports management
• public procurement and contract management
• supply chain management

In-state residents pay $620 per credit hour; out-of-state residents pay $642 per credit hour for the online program and $1,486 per credit hour for the in-person degree program. The Strome College offers multiple scholarship and assistantship opportunities to help students pay for their MBA degrees.

7. Radford University

Radford University is a public school in Radford, VA. It offers an online MBA with an optional concentration in business analytics through its Davis College of Business and Economics.

The university charges $17,460 for the entire program, with no additional cost for out-of-state students. Some students may qualify for fellowship opportunities or other financial aid.

8. University of Virginia

The University of Virginia is a public research university in Charlottesville, VA. Its Darden School of Business is number one in the state and number ten in the nation on the U.S. News and World Report rankings of best business schools.

It offers full-time, part-time, and executive MBA options with concentrations such as:

• corporate finance and investment banking
• entrepreneurship and innovation
• strategy consulting
• supply chain management

Tuition costs vary by program, but for the full-time program, in-state residents pay $78,700 for tuition and fees, while out-of-state residents pay $81,700. Darden offers several scholarship, fellowship, and assistantship programs, some of which will cover full tuition costs for MBA students.

9. Virginia Commonwealth University

Virginia Commonwealth University is a public research university in Richmond, VA. It offers several flexible MBA options online and on campus with specializations like:

• business analytics
• corporate finance
• healthcare management
• real estate

The full-time program costs $13,766 yearly for in-state students and $28,294 for out-of-state students. The business school offers several scholarship opportunities for business students.

10. Virginia Tech

Virginia Tech is a public land-grant research university in Blacksburg, VA. Its Pamplin College of Business offers an in-person full-time or part-time MBA as well as a part-time online MBA with specializations such as:

• business analytics
• cybersecurity management
• information technology management
• organizational leadership

The average total cost of the in-person MBA program is $62,000, while the average total cost of the online program is $64,000, with no additional cost to out-of-state students for either. Pamplin offers scholarships and assistantships to help students cover the cost of their coursework.

FAQs About Affordable MBA Programs

Below, we've answered some frequently asked questions about affordable MBA programs in Virginia.

How Can I Make My MBA Affordable?

There are several things you can do to make your MBA more affordable. To start, look for affordable and accredited programs. Often, public institutions have lower tuition rates for in-state students than private ones do.

If your university offers a flat rate for full-time study, try to choose a full-time schedule over a part-time one. Additionally, if you're still in your bachelor's degree program, see if you're eligible to take graduate-level coursework to transfer into your MBA program.

Always fill out your Free Application for Student Aid. This determines what federal and state financial aid you qualify for, and is usually required for other types of financial aid.

Many colleges and universities offer scholarships, grants, fellowships, and assistantship programs to MBA students. To increase your chance of qualifying for these programs, keep your GPA high and score as highly as possible on your GRE or GMAT.

How Much Does an MBA Pay in Virginia?

According to ZipRecruiter, the average yearly salary for someone with an MBA in Virginia is $148,205. However, the amount that an MBA pays in Virginia depends on several different factors, including your specialty, your industry, the job market in your area, and the amount of work experience you have.

What Is the ROI for MBA Programs in Virginia?

Like salary, the return on investment for an MBA varies depending on several factors. These include what school you chose and what financial aid you used.

ROI for degree programs is calculated by taking the average salary for MBA graduates within three months of graduation and dividing that by the average debt that students leave with. For example, at William & Mary, the average salary is $143,489 and the average debt is $64,338, for an ROI ratio of 2.2:1.

Will the VA pay for an MBA?

If you are eligible for military education benefits, such as the Post-9/11 GI Bill, the VA may pay for your MBA. There are generally no restrictions on what you can earn your degree in, but your institution must be approved by the VA and you must have benefits remaining that you can use toward your program.

Prospective students should reach out to the VA or to their school's financial aid office to learn more about whether their business degree is covered.