Australia's Five Cheapest Online MBAs
In recent years demand for full-time, on-campus MBAs has fallen in many countries around the world, particularly in the United States where some business schools are actually considering closing down their MBA programs.
However, the lack of demand for these programs does not reflect a broader increase in the number of people undertaking an MBA or EMBA program. The additional demand is almost exclusively for online MBA programs and hybrid MBA programs that blend online learning with some workshop or classroom learning.
For many business schools, the advent of new technologies has seen them switch their focus from traditional delivery to online courses.
When U.S. News published its ranking of online MBA programs earlier, it ranked nearly 270 different online MBA programs, up from 180 in 2017. And that doesn’t include all the online MBA programs available in the world.
Since 2014, the number of AACSB-accredited business schools that offer an online MBA has increased from 97 to 164, a rise of 69%. According to the Association of MBAs (AMBA), 16% of MBA programs globally are now blended, mixing online and on-campus methods, with blended delivery increasing by 6% since 2016. The proportion of programs delivered in the classroom decreased by 5% in that time, according to AMBA.
While accessibility for students unable to reach classroom on a regular basis has driven some demand, the number reason for the growth of the online MBA sector is affordability.
We have identified the five cheapest MBAs available to Australian domestic students.
Victoria Institute of Technology (VIT) – MBA – $16,000
This emerging MBA programme was launched by VIT late last year (2020). It offers 3 modes of study (external, internal or multi-modal) depending on the individual’s preferences. However, their 100% online MBA has just broke the market for the most affordable online MBA programme in Australia.
Victoria Institute of Technology (VIT)’s Master of Business Administration (MBA) is a Post-Graduate course at Australian Qualification Framework (AQF) Level 9. It offers a wide range of specialisations catering to student’s with different individual needs.
Student studying this programme will need to obtain a total of 8 core units and 16 elective units.
Central Queensland University (CQU) – MBA (Leadership) – $16,992
The CQUniversity MBA (Leadership) is hosted entirely online and self-contained, designed for you to access course content on any device with internet access.
Unit content is divided into modules which are then broken down into smaller bite-sized learning activities so you’re able to fit study around your commitments and lifestyle.
The MBA (Leadership) is comprised of 11 units: 10 standard and one capstone (equivalent to two standard). Each standard unit is designed to take 144 hours to complete, which equates to 12–18 months of full-time study. You will have up to five years from enrolment to complete the course at your own pace. Choose to spread it out evenly with 6–10 hours per week, do larger sections all at once on weekends or holidays, or anywhere in between – it’s entirely up to you.
University of Newcastle (UoN) – MBA – $23,155
The University of Newcastle (UoN) Online MBA is designed to provide students with a range of analytic, strategic and leadership skills which will prepare them for increasingly competitive careers in business management in the corporate and public sectors.
The program offers a grounding in fundamental business areas such as accounting, organisational behaviour, marketing and management. The program can be completed in as little as 18 months and consists of 12 courses.
The UoN online learning platform is learner centred and caters for the needs of busy professionals, giving you complete control over when and where you study.
Regardless of distance, the UoN online asynchronous learning allows you to interact with fellow students in a highly collaborative environment, guided by an online University educator.
If you work full time, UoN recommends that you study 1 or 2 courses each trimester/semester. On average, you should devote around 10 hours a week per course (not including assignment preparation).*
This could involve reading your prescribed text, additional readings and weekly tasks, participation in weekly online class discussions and writing study notes.
Australian Institute of Management (AIM) – MBA – $32,400
The AIM Online MBA+ is an accredited MBA designed for the working professional that goes the extra mile to help you achieve your goals.
Completed in 2 years part-time, the program combines AIM’s accredited MBA with a wealth of added value, including a ‘Gold Card’ that provides students with a range of added benefits, including;
- AIM Coaches – your coach will help map your study plan, review resumes, and recommend short courses and goals to make the most of your masters and maximise your success beyond your degree.
- Short Courses – Build on your master’s degree with specialised skills development on-campus or online designed to enhance your professional growth. Choose from over 70 complimentary short courses.
- AIM Lounges – Australia-wide access opens you up to workspaces where 20,000 professionals come together to work, network, and collaborate each year.
AIM’s online campus MyABS, is open to all students, and enables enriched learning opportunities for sharing and collaboration via live chat forums and integrated social media platforms.
Torrens University | Chifley Business School – MBA – $32,700
The Torrens University Online MBA is provided by Chifley Business School and delivered by Torrens University Australia.
The MBA is designed by high-achieving industry experienced academics for future-focused, ambitious individuals, who are serious about leading their careers and businesses to new heights.
The MBA is industry focused, with an emphasis on developing your cognitive, technical and creative skills to make effective business decisions in a global context.
During the course, you will strengthen your business acumen to lead people as well as teams. The skills that you gain will have a practical impact and drive real change in your professional life.
The expected workload is 12.5 hours per week per subject over a 12-week trimester and 25 hours per week, per subject in Accelerated mode.
This course allows you to enter or exit with a Graduate Certificate or Graduate Diploma of Business Administration.
University of Southern Queensland (USQ) – MBA – $35,280
The University of Southern Queensland (USQ) MBA program is designed to enhance students’ analytical skills related to management, people, markets, finance, and technical knowledge. The MBA was ranked 11th in the world for best online MBA and achieved a Tier One rating (CEO Magazine, 2018).
The program focuses on how to demonstrate leadership in global sustainability and how to understand the nature of ethical decisions across contemporary business practice. The USQ MBA program will enable graduates to work in virtual and non-traditional work environments and increase personal mastery in oral and written communication.
USQ is a global Registered Education Provider (R.E.P.) accredited by the US-based Project Management Institute (PMI)®, which is the largest professional body for project managers in the world with over 450,000 members.
USQ’s status as an R.E.P. ensures the currency, quality and global recognition of the project management programs and courses offered by USQ both on-campus and online. Completion of project management courses and programs at USQ earns professional development units (PDUs) as evidence of professional development and credit towards PMI’s Continuing Certification Requirements (CCR) program.
USQ’s Master of Business Administration (Strategic Human Resource Management) is accredited by Australian Human Resources Institute (AHRI).
Ben Ready is the founder and Managing Editor of MBA News Australia (mbanews.com.au) and Online MBA (online-mba.com.au). He is a journalist, communications and digital marketing expert and also the founder of RGC Media & Mktng (rgcmm.com.au). He is a passionate advocate of MBAs and believes everyone who aspires to career advancement should get one.