Online MBAs are the best of both worlds for many students. They provide flexibility and affordability with the same top-notch curriculum and instructors as a traditional program.
But with online education continuing to increase in popularity, it’s not a small task finding the right program for the right candidate. Since location is largely taken out of the equation, rigor, prestige, and price are large looming factors.
To make the process even just slightly easier, Fortune Education has sought to rank the best online MBA. For 2024, we ranked 92 programs.
Methodology for Fortune’s ranking of the best online MBA programs
In formulating our ranking, we considered a variety of factors such as price, student backgrounds, and alumni outcomes. Since no program is the same—with varying timelines, outcomes collection, and curriculum—so we consulted a panel of experts and analyzed a number of indicators that best judged the online MBA ecosystem for 2024.
Here are the data points we used:
Fortune collected-data:
- Fortune 1000: 20%
- We looked at the leaders of America’s 1,000 biggest companies to see if they had obtained an MBA—and from which school. We analyzed each CEO, CFO, as well as technology lead (whether that be CIO, CTO, or CISO). The more Fortune 1000 C-level placement, the higher the school’s Fortune 1000 Score. A school’s score includes Fortune 1000 C-levels who graduated with an MBA from the school, regardless of the type of MBA program.
- Average annual search volume: 20%
- We looked at the average number of times during a month that people search for each business school on Google, then converted it into a yearly metric to measure public perception of a school’s brand and reputation and how it affected what school they were interested in attending.
- Previous Fortune ranking: 5%
School-provided data:
- Size of 2022–2023 graduating class: 5%
- Out-of-state annual tuition: 5%
- Graduation rate, 2020–23: 8.5%
- One-year retention rate, 2022–23: 8.5%
- Acceptance rate, fall 2023: 7%
- Yield, fall 2023 (matriculates/admits): 7%
- Average undergraduate GPA, fall 2023 enrollees: 6%
- Average number of years of work experience, fall 2023 entrants: 8%
Our expert panel
In preparation for the release of our ranking, Fortune discussed the MBA world with two experts who have worked directly with business schools, admissions counselors, and prospective students for a number of years:
- Esther Magna: Principal MBA Admissions Consultant, Stacy Blackman Consulting
- Rachel Beck: MBA Admissions Managing Director, mbaMission
By asking questions about the importance of MBA education, different types of programs, and the skills needed to succeed, we hoped to better understand how to effectively guide those pursuing a career in the field. It’s noteworthy that neither expert was directly involved in ranking any programs.
Flexible but fluctuating
With there being so many different ways to obtain a graduate-level business management education, Magna notes that it is crucial for prospective students to focus on what program is best for them and their life circumstances.
“It really is important to talk about fit,” Magna says.
Being self-aware, meaning knowing what your own strengths and weaknesses are and what makes you happy, will go a long way in helping you pick the best MBA program, she adds.
For online MBAs in particular, demand is still fluctuating and inconsistent among the general MBA applicant pool, Magna explains. One hypothesis for this is that online programs still have substantial tuition costs and lower networking and prestige qualities as compared to in-person offerings.
“After the COVID era, we saw a resurgence in the desire for people to work face-to-face as you can see from corporate expectations nowadays–and so professionals and educators at all levels have a clear and consistent preference for in-person for all of its richness, depth, growth potential, and connectivity,” she says.
Online programs may be best suited for those who aren’t as invested in networking with in-person interactions or that are extremely invested in the brand and prestige of MBA programs. For example, many of the M7 business schools, such as Harvard, Stanford, and UPenn, do not have online MBA programs.
‘Amplify your learning’
One of the largest benefits of an online MBA, is, of course, its flexibility. Not only can you participate in the coursework from anywhere, but candidates also have the ability to continue working, meaning skills can be applied as early as the next day.
“I think all MBAs will require you to amplify your learning in your area of interest. So if you're in finance, you can take more finance classes, if you work in marketing, you can take more marketing classes, if you work in operations, you can take more supply chain and operations type of classes,” Beck says.
Some of the best programs have great placement, professors, and networks—as well as teaching on the cutting edge, she explains. But above all, when weighing programs, Beck encourages candidates to have an open mind.
“I always tell my clients that you should really look at the school for what the school offers you, and where that will lead you in your life and your career,” Beck explains.
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
About the contributors
Preston Fore is a staff writer at Fortune Recommends, covering education and its intersection with business, technology, and beyond. Preston graduated from the University of North Carolina at Chapel Hill, where he studied journalism and global studies. His previous work can be found in The Daily Tar Heel and CNN.
Brad Haft is an intern at Fortune Recommends, writing on topics such as education, business, budding technologies, and emerging career paths. He also produces videos for the team's social media. A proud alumnus of the University of South Florida, he majored in broadcast journalism and minored in entrepreneurship.