A master’s degree in business can boost your earnings and open doors to new career opportunities. With flexible online and hybrid formats, you can earn your degree without stepping away from work. Programs typically take one to three years and include core business courses plus electives or concentrations. In this OMD guide, you’ll explore program formats, costs, and career paths to help you choose the right business master’s degree.
Author: Shannon Lee
Expertise: Graduate Ed.CareersOnline LearningEditor: Ginny Gillikin
Expertise: EditorialGraduate Ed.Online Learning- Inside Real Programs
An inside look at actual online programs, exploring their structure, curriculum, costs, admission criteria, and more…
Read more - Cost Breakdown
A clear overview of how much my degree might cost and the factors influencing total expenses…
Read more - FAQs
Insightful and guiding answers to common questions prospective students like myself have about earning this degree…
Read more - Concentrations
Details about the concentrations within this field, including how each aligns with my ideal career path and interests…
Read more - Career Options
What doors open after graduating with my master’s degree…
Read more - Top Schools
A list of the best schools currently offering the best online and hybrid master’s programs in the state…
Read more
Comparing Online/Hybrid Master’s Degrees in Business
University of Illinois Urbana-Champaign
The University of Illinois offers a fully online MBA (iMBA) degree program that’s noted for its affordability and flexibility. The 72-credit program can be finished in as few as two years, though students can take up to five years to complete it. Courses are taught by the same faculty members who teach on campus. Live online classes and team projects provide a high-engagement experience.
Students typically enter the program with several years of work experience. Graduates can leverage the iMBA for promotions and roles at large companies like Microsoft and Walmart.
Highlighted Program: Master of Business Administration (MBA)
Duration: 2 to 5 years
Mode: Fully online
Cost: $363 per credit
Admissions Requirements:
- Bachelor’s degree
- Minimum 3.0 GPA (recommended)
- Resume
- Essays
- Two references
- Minimum three years of full-time professional experience
Indiana University (IU)
IU’s Kelley Direct Online MBA is a top-ranked program that’s designed for working professionals. The 54-credit curriculum can be completed in approximately two years with part-time study. Students engage in live online classes and must attend two brief in-person residencies for hands-on learning and networking. Career outcomes are strong; 85% of students earn promotions or obtain new jobs while enrolled in the MBA program, and graduates earn approximately $143,000 as an average annual salary.
Highlighted Program: Master of Business Administration (MBA)
Duration: 2 years
Mode: Hybrid
Cost: $94,944 (total tuition)
Admissions Requirements:
- Bachelor’s degree in any field
- Resume
- Personal statement
- Letter of recommendation
Arizona State University (ASU)
ASU’s W. P. Carey School of Business offers an online MBA degree program that ranks among the top 10 nationally. The program requires completion of 49 credits and can be completed in approximately two years, with an option to extend to three years. Courses are offered one at a time in accelerated five-week blocks. With five start dates year-round, students have flexibility regarding when they begin the program. The admissions process does not require GMAT/GRE scores and instead emphasizes undergraduate performance, work experience, and personal essays.
Highlighted Program: Master of Business Administration (MBA)
Duration: As few as 21 months
Mode: Fully online
Cost: $72,000 (total tuition and fees)
Admissions Requirements:
- Bachelor’s degree
- Resume
- Essay
- Professional recommendation
Paying for Online and Hybrid Master’s Degrees in Business
Total tuition for these degree programs can range from under $20,000 to over $100,000. Most schools charge per credit, so the total cost depends on the number of credits required and the cost per credit. Many students offset expenses through financial aid, scholarships, and/or employer tuition assistance.
The table below compares tuition for three online/hybrid MBA degree programs.
| School | # of Credits | Cost per Credit | Total Tuition |
|---|---|---|---|
| University of Illinois | 72 | $363 | $26,136 |
| Indiana University | 54 | $1,758 | $94,944 |
| Arizona State University | 49 | $1,469 | $72,000 |
FAQs from Online/Hybrid Master’s Degrees in Business Students
Q: How long does it take to complete an online or hybrid master’s degree in business program?
A: Most of these programs take approximately two years to complete. Accelerated tracks can be completed in as few as 12 to 18 months, while flexible pacing options might extend a program’s length to three to five years. The timeline depends on the program’s structure and how many courses you take at a time.
Q: Do I need to take the GMAT or GRE for an online/hybrid master’s degree in business program?
A: No, in most cases. Many schools waive standardized test requirements for online and hybrid master’s degree in business programs. Some schools make them optional, especially for applicants with strong work experience or grades. Students should always check the admissions policy for each program, but note that a growing number of online business degree programs are test-optional – meaning you likely won’t need to submit GMAT/GRE scores.
Q: Can I work full-time while pursuing an online or hybrid master’s degree in business?
A: Yes; these programs are designed for working professionals. Most online/hybrid MBA students continue to work full-time. Courses are usually flexible – with asynchronous lessons or evening/weekend sessions – so you can fit coursework around a 9-to-5 schedule. With good time management, you can earn a degree without leaving your job.
Q: Will employers respect an online/hybrid master’s degree in business?
A: Yes; online and hybrid degrees from accredited, well-regarded colleges and universities are widely accepted by employers. A 2024 survey found that over 87% of employers have hired someone with an online degree and paid them the same as those with traditional credentials. The key is choosing a quality program – an online MBA from a reputable university carries the same weight as a degree earned on campus.
Concentrations for Master’s Degrees in Business
Many schools with online/hybrid business master’s degree programs let students specialize in a particular area of interest. Choosing a concentration focuses your coursework on a specific field or industry, such as finance, marketing, or analytics, while covering core business fundamentals. This can help tailor your degree to your career goals.
Business Analytics
This concentration teaches students how to leverage data to drive strategic decision-making. Courses are on topics like predictive modeling, data visualization, and statistical analysis using tools like Python and SQL. Graduates often pursue roles as business analysts, data strategists, or operations consultants in industries like tech, finance, and health care. The concentration is ideal for students who want to combine analytical thinking with business strategy.
Entrepreneurship
An entrepreneurship concentration focuses on skills needed to launch and scale new ventures. Students learn how to develop business plans, secure funding, manage growth, and navigate uncertainty. This track is also useful for intrapreneurs – those who drive innovation within established companies. It’s perfect for creative problem-solvers who are eager to build a business from the ground up or lead new initiatives.
Finance
A finance concentration explores corporate finance, investment strategy, risk management, and financial planning. Students gain expertise in capital budgeting, market analysis, and portfolio management. Graduates are well-prepared for careers in investment banking, financial consulting, corporate finance, or wealth management. This concentration is a smart choice for students who seek to become a financial leader or advisor.
Human Resources (HR)
This concentration prepares students to manage talent effectively within organizations. Courses cover workforce planning, compensation and benefits, labor law, and performance management. Students also explore strategies for improving organizational culture and employee engagement. Graduates often pursue roles such as HR managers, talent acquisition specialists, or compensation analysts. This focus is ideal for students who are passionate about people, policy, and organizational development.
International Business
An international business concentration provides students with a global perspective on commerce. Coursework explores international trade policy, global marketing, cultural intelligence, and international finance. Students learn how to navigate cross-border regulations and build strategies for international expansion. Graduates are prepared for careers in multinational corporations, export/import firms, and/or the global consulting field. This concentration is ideal for students who aim to work across cultures and borders.
Marketing
This concentration develops skills in branding, market research, advertising, and digital strategy. Students explore consumer behavior, marketing analytics, and campaign management. The focus is on creating and delivering value to customers while maximizing return on investment (ROI). Graduates can pursue careers in brand management, digital marketing, product marketing, or content strategy. It’s a strong fit for creative thinkers with a strategic mindset.
Organizational Leadership
Organizational leadership focuses on managing people, processes, and change within a business. Students study emotional intelligence, strategic leadership, conflict resolution, and team development. The goal is to prepare graduates for executive and upper-management roles. This path is well-suited for those who want to inspire teams, lead through change, and make a meaningful impact at the organizational level.
Project Management
This concentration prepares students to oversee complex projects from start to finish. Topics covered include project planning, resource allocation, Agile methodologies, and risk management. Students learn to balance scope, time, and budgets while meeting stakeholder expectations. Project Management Professional (PMP) exam prep might be included. Graduates can work as project managers in industries like IT, construction, health care, and manufacturing – anywhere strong project leadership is needed.
Sports Management
Students in this concentration learn how to apply business principles in the sports industry. Courses cover sports marketing, event management, facility operations, and legal/ethical issues in sports. It’s ideal for those who want to work in collegiate or professional sports, athletic departments, or sports marketing agencies. Graduates often pursue roles in sports administration, operations, and event coordination.
Supply Chain Management
This concentration emphasizes the coordination of production, logistics, and inventory across global supply chains. Students learn about procurement, operations management, demand forecasting, and lean systems. This focus is ideal for those interested in optimizing efficiency and minimizing costs across complex networks. Graduates often work as supply chain analysts, logistics managers, or procurement specialists in manufacturing, retail, and e-commerce.
Career Growth for Master’s Degree in Business Graduates
Earning a master’s degree in business can unlock a variety of career paths and accelerate your professional growth. Graduates often move into management and leadership roles across industries – overseeing teams in marketing, finance, operations, or HR. Some graduates use their degree to pivot into new fields like consulting or technology, or to launch their own businesses. The advanced skills that you’ll develop (like strategic thinking, data analysis, leadership, etc.) are highly transferable and give you flexibility so you can work in many sectors.
The job outlook for business professionals with a master’s degree is strong. Employment in management occupations was projected to grow faster than average from 2023 to 2033, with approximately 1.2 million openings per year, according to the U.S. Bureau of Labor Statistics. These positions also tend to offer high earning potential. The median annual salary for management roles was $116,880 as of 2023 – well above the national median for all jobs. Management roles such as financial manager or marketing director often command six-figure salaries.
In short, a master’s degree in business provides advanced knowledge and credentials that can help drive your career forward, whether you aim to climb the corporate ladder or start an entrepreneurial venture.
Top-Rated Online/Hybrid Master’s Degrees in Business
Below, we introduce top online and hybrid master’s degree in business programs and our ranking methodology. We considered factors like accreditation, academic quality, flexibility, faculty excellence, student support, and career outcomes to identify the best options. Whether you’re pursuing an MBA or a specialized master’s degree, our list highlights programs that stand out for quality and return on investment.