100 Best ROI for MBA Graduates

2024 Graduate ROI MBA Programs

Executive Summary: Best ROI for MBA Programs in 2024

MBA programs continue to offer strong returns on investment (ROI) for many students, with some programs providing exceptional value. Key findings for 2024 include:

• Top ROI programs: Schools like Tennessee State University, California State University Bakersfield, and the University of Rhode Island offer ROIs over 500%, significantly outperforming more expensive prestigious programs.
• ROI range: Across all analyzed programs, ROI varies from over 500% for top value programs to around 30% for some higher-cost options, with an average of 146%.
• Factors driving high ROI: Lower tuition costs, high post-graduation salaries, strong job placement rates, and valuable alumni networks are key contributors to a program’s ROI.
• Online vs. campus programs: Many online MBA programs offer competitive ROIs, with 25 programs showing ROIs above 269%.
• Prestigious programs: While top-ranked schools like Harvard, Stanford, and Wharton produce high-earning graduates, their ROIs are often lower due to higher tuition costs.
• Considerations beyond ROI: Prospective students should also evaluate program location, duration, school rankings, and alignment with career goals when choosing an MBA program.

While prestigious programs can offer strong returns, many lesser-known schools provide excellent value, especially when considering the total cost of the degree relative to career outcomes. Prospective students should carefully evaluate their personal circumstances and career goals when assessing MBA program ROI.

High, Low, Average ROI for Campus MBA Programs in the US

The average return on investment (ROI) for campus MBA programs is 146%.The lowest ROI is 30%, offered by Rochester Institute of Technology.The highest ROI is an impressive 567%, available through the MBA program at Tennessee State University.

High, Low, Average ROI for Online MBA Programs in the US

For online MBA programs in across the U.S., the ROI ranges from 30% to 567%.The lowest online MBA ROI of 30% is from the program at Rochester Institute of Technology.The highest online MBA ROI of 567% is offered by Tennessee State University.On average, online MBA programs across the U.S. have an ROI of 157%.

States with the Highest and Lowest Graduate ROI for MBA Programs

1. Idaho - 270%
2. New Mexico - 235%
3. Indiana - 224%
4. Maine - 220%
5. Nevada - 216%
6. North Dakota - 208%
7. Rhode Island - 208%
8. Nebraska - 207%
9. Kansas - 203%
10. Georgia - 201%
11. Arkansas - 201%
12. Montana - 196%
13. Hawaii - 189%
14. Alaska - 187%
15. Mississippi - 185%
16. Kentucky - 179%
17. Oklahoma - 178%
18. Wyoming - 176%
19. Utah - 174%
20. Alabama - 174%
21. South Dakota - 173%
22. Texas - 171%
23. Tennessee - 170%
24. Arizona - 170%
25. Iowa - 168%
26. Missouri - 159%
27. California - 152%
28. South Carolina - 152%
29. Wisconsin - 148%
30. North Carolina - 147%
31. Illinois - 142%
32. Minnesota - 140%
33. West Virginia - 137%
34. Florida - 135%
35. Maryland - 132%
36. Ohio - 131%
37. Washington - 131%
38. Louisiana - 127%
39. Virginia - 126%
40. Connecticut - 125%
41. Colorado - 125%
42. Delaware - 125%
43. Michigan - 122%
44. Pennsylvania - 104%
45. Vermont - 104%
46. Massachusetts - 102%
47. New York - 97%
48. New Jersey - 88%
49. New Hampshire - 65%
50. Oregon - 64%
51. District of Columbia - 62%

100 Best ROI for Online MBA Programs

Rank	University	ROI	In State Tuition	Avg. Starting Salary	State	Online
1	Tennessee State University	566.59%	$9,452	$107,108	TN	Yes
2	California State University, Bakersfield	547.66%	$7,176	$78,600	CA	Yes
3	The University of Rhode Island	524.26%	$7,048	$73,900	RI	No
4	Indiana University Northwest	502.82%	$7,458	$75,000	IN	Yes
5	Cal Poly Humboldt	494.40%	$9,294	$91,900	CA	No
6	Texas A&M University-Texarkana	458.20%	$12,613	$115,585	TX	Yes
7	Sonoma State University	454.50%	$9,494	$86,300	CA	No
8	Indiana University Southeast	433.43%	$7,458	$64,650	IN	Yes
9	Savannah State University	413.81%	$9,180	$75,976	GA	Yes
10	Columbus State University	407.18%	$9,087	$74,000	GA	Yes
11	Indiana University South Bend	404.26%	$7,458	$60,300	IN	Yes
12	University of Idaho	386.65%	$9,912	$76,650	ID	Yes
13	North Carolina A&T State University	385.02%	$13,938	$107,327	NC	Yes
14	Mississippi State University	372.54%	$12,294	$91,600	MS	Yes
15	Georgia Southern University	357.29%	$9,824	$70,200	GA	Yes
16	New Mexico State University	356.31%	$10,314	$73,500	NM	Yes
17	Purdue University Northwest	352.63%	$12,350	$87,100	IN	Yes
17	Purdue University Calumet	352.63%	$12,350	$87,100	IN	Yes
19	University of Central Oklahoma	344.07%	$9,068	$62,400	OK	Yes
20	University of Houston-Victoria	342.25%	$11,030	$75,500	TX	Yes
21	San Francisco State University	337.09%	$11,362	$76,600	CA	No
22	Texas State University	331.69%	$23,365	$155,000	TX	Yes
23	Central Connecticut State University	330.79%	$12,848	$85,000	CT	No
24	University of Massachusetts Boston	318.68%	$19,499	$124,277	MA	Yes
24	California State University, East Bay	318.21%	$12,036	$76,600	CA	Yes
26	University of Montana	312.06%	$14,260	$89,000	MT	Yes
27	Northern Arizona University	309.43%	$11,004	$68,100	AZ	Yes
28	Augusta University	296.51%	$10,590	$62,800	GA	Yes
29	Southern Utah University	292.01%	$9,212	$53,800	UT	Yes
30	The University of Texas of the Permian Basin	290.52%	$13,252	$77,000	TX	Yes
31	Radford University	286.54%	$15,984	$91,600	VA	Yes
32	Stephen F. Austin State University	283.53%	$11,630	$65,950	TX	Yes
33	University of North Alabama	168.35%	$17,820	$60,000	AL	Yes
34	University of Nebraska at Kearney	275.14%	$13,293	$73,150	NE	Yes
35	Murray State University	274.75%	$16,455	$90,419	KY	Yes
36	Utah Valley University	271.21%	$13,956	$75,700	UT	Yes
37	Jacksonville State University	310.13%	$15,408	$95,570	AL	Yes
38	Southern Arkansas University	268.35%	$13,788	$74,000	AR	Yes
39	Governors State University	267.99%	$13,788	$73,900	IL	Yes
39	McNeese State University	267.77%	$8,879	$47,550	LA	Yes
40	The Citadel	267.29%	$21,830	$116,700	SC	Yes
42	Indiana State University	263.16%	$19,000	$100,000	IN	Yes
43	Colorado Mesa University	261.55%	$19,155	$100,200	CO	Yes
43	University of South Carolina Upstate	261.19%	$14,224	$74,302	SC	Yes
45	Idaho State University	259.86%	$13,392	$69,600	ID	Yes
46	University of Nebraska at Omaha	254.96%	$17,493	$89,200	NE	Yes
47	University of Massachusetts Dartmouth	252.09%	$17,578	$88,625	MA	Yes
48	University of Louisiana at Monroe	251.39%	$10,800	$54,300	LA	Yes
49	Brooklyn College of the City University of New York	250.41%	$11,521	$57,700	NY	Yes
49	Frostburg State University	250.00%	$16,740	$83,700	MD	Yes
51	Morgan State University	248.52%	$16,095	$80,000	MD	Yes
52	Indiana University Kokomo	246.63%	$13,563	$66,900	IN	No
52	Western Kentucky University	246.03%	$12,600	$62,000	KY	Yes
54	California State University, Dominguez Hills	242.55%	$16,986	$82,400	CA	Yes
55	Kansas State University	241.60%	$16,049	$77,550	KS	Yes
56	The University of Iowa	240.52%	$23,453	$112,820	IA	Yes
57	University of Central Arkansas	238.90%	$11,239	$53,700	AR	Yes
58	Saginaw Valley State University	236.62%	$21,649	$102,450	MI	Yes
59	University of Alabama at Birmingham	231.48%	$16,200	$75,000	AL	Yes
59	State University of New York at Geneseo	231.19%	$12,295	$56,850	NY	No
61	Indiana University-Purdue University Fort Wayne	230.96%	$16,756	$77,400	IN	Yes
61	University of Mary Washington	230.28%	$19,476	$89,700	VA	Yes
62	University of Illinois at Springfield	230.23%	$14,833	$68,300	IL	Yes
64	University of West Florida	229.53%	$12,460	$57,200	FL	Yes
65	Henderson State University	228.14%	$13,040	$59,500	AR	Yes
66	California State University, Los Angeles	224.70%	$22,052	$99,100	CA	No
66	University of Maine	224.45%	$19,500	$87,535	ME	Yes
68	Arkansas State University	223.18%	$13,935	$62,200	AR	Yes
69	Western Illinois University	222.57%	$15,231	$67,800	IL	Yes
69	Florida Gulf Coast University	222.30%	$13,428	$59,700	FL	Yes
71	University of Florida	221.35%	$26,473	$117,197	FL	Yes
72	University of Houston-Downtown	220.89%	$18,623	$82,273	TX	Yes
72	Missouri University of Science and Technology	220.16%	$16,488	$72,600	MO	Yes
74	University of Alaska Fairbanks	215.37%	$20,772	$89,474	AK	Yes
75	University of Nevada, Reno	217.57%	$19,000	$82,677	NV	Yes
76	University of Nevada, Las Vegas	215.34%	$21,784	$93,820	NV	Yes
76	Southeast Missouri State University	215.16%	$13,804	$59,400	MO	Yes
77	Binghamton University	215.07%	$17,469	$75,142	NY	No
79	University of Southern Maine	214.86%	$20,370	$87,535	ME	Yes
80	University of South Florida St. Petersburg	213.24%	$17,000	$72,500	FL	Yes
81	State University of New York College at Plattsburgh	210.92%	$13,121	$55,350	NY	No
82	University of Wisconsin-Parkside	206.99%	$15,327	$63,450	WI	Yes
82	Missouri State University	206.51%	$15,108	$62,400	MO	Yes
83	California Polytechnic State University, San Luis Obispo	206.01%	$27,462	$113,151	CA	No
85	Jacksonville University	205.82%	$31,500	$129,665	FL	Yes
86	Wright State University	204.77%	$28,080	$115,000	OH	Yes
86	Northern Kentucky University	204.70%	$19,443	$79,600	KY	Yes
88	Truman State University	202.08%	$14,400	$58,200	MO	No
89	North Carolina Central University	201.62%	$11,978	$48,300	NC	Yes
90	Missouri Western State University	200.69%	$12,893	$51,750	MO	Yes
91	Lamar University	198.75%	$16,000	$63,600	TX	Yes
92	University of West Georgia	197.69%	$15,125	$59,800	GA	Yes
92	Eastern Illinois University	197.31%	$15,255	$60,200	IL	Yes
93	East Tennessee State University	197.29%	$13,280	$52,400	TN	Yes
95	The University of Georgia	196.87%	$30,606	$120,510	GA	Yes
96	Fayetteville State University	194.54%	$13,956	$54,300	NC	Yes
97	State University of New York at Oswego	192.21%	$16,232	$62,400	NY	Yes
98	University of Montevallo	191.91%	$16,140	$61,950	AL	Yes
98	Illinois State University	191.77%	$20,050	$76,900	IL	No
100	Pittsburg State University	190.79%	$13,785	$52,600	KS	Yes

100 Best ROI for Campus MBA Programs

Rank	University	ROI	In State Tuition	Avg. Starting Salary	State	Online
1	Tennessee State University	566.59%	$9,452	$107,108	TN	Yes
2	California State University, Bakersfield	547.66%	$7,176	$78,600	CA	Yes
3	The University of Rhode Island	524.26%	$7,048	$73,900	RI	No
4	Indiana University Northwest	502.82%	$7,458	$75,000	IN	Yes
5	Cal Poly Humboldt	494.40%	$9,294	$91,900	CA	No
6	Texas A&M University-Texarkana	458.20%	$12,613	$115,585	TX	Yes
7	Sonoma State University	454.50%	$9,494	$86,300	CA	No
8	Indiana University Southeast	433.43%	$7,458	$64,650	IN	Yes
9	Savannah State University	413.81%	$9,180	$75,976	GA	Yes
10	Columbus State University	407.18%	$9,087	$74,000	GA	Yes
11	Indiana University South Bend	404.26%	$7,458	$60,300	IN	Yes
12	University of Idaho	386.65%	$9,912	$76,650	ID	Yes
13	North Carolina A&T State University	385.02%	$13,938	$107,327	NC	Yes
14	Mississippi State University	372.54%	$12,294	$91,600	MS	Yes
15	Georgia Southern University	357.29%	$9,824	$70,200	GA	Yes
16	New Mexico State University	356.31%	$10,314	$73,500	NM	Yes
17	Purdue University Northwest	352.63%	$12,350	$87,100	IN	Yes
17	Purdue University Calumet	352.63%	$12,350	$87,100	IN	Yes
19	University of Central Oklahoma	344.07%	$9,068	$62,400	OK	Yes
20	University of Houston-Victoria	342.25%	$11,030	$75,500	TX	Yes
21	San Francisco State University	337.09%	$11,362	$76,600	CA	No
22	Texas State University	331.69%	$23,365	$155,000	TX	Yes
23	Central Connecticut State University	330.79%	$12,848	$85,000	CT	No
24	University of Massachusetts Boston	318.68%	$19,499	$124,277	MA	Yes
24	California State University, East Bay	318.21%	$12,036	$76,600	CA	Yes
26	University of Montana	312.06%	$14,260	$89,000	MT	Yes
27	Northern Arizona University	309.43%	$11,004	$68,100	AZ	Yes
28	Augusta University	296.51%	$10,590	$62,800	GA	Yes
29	Southern Utah University	292.01%	$9,212	$53,800	UT	Yes
30	The University of Texas of the Permian Basin	290.52%	$13,252	$77,000	TX	Yes
31	Radford University	286.54%	$15,984	$91,600	VA	Yes
32	Stephen F. Austin State University	283.53%	$11,630	$65,950	TX	Yes
33	University of North Alabama	168.35%	$17,820	$60,000	AL	Yes
34	University of Nebraska at Kearney	275.14%	$13,293	$73,150	NE	Yes
35	Murray State University	274.75%	$16,455	$90,419	KY	Yes
36	Utah Valley University	271.21%	$13,956	$75,700	UT	Yes
37	Jacksonville State University	310.13%	$15,408	$95,570	AL	Yes
38	Southern Arkansas University	268.35%	$13,788	$74,000	AR	Yes
39	Governors State University	267.99%	$13,788	$73,900	IL	Yes
39	McNeese State University	267.77%	$8,879	$47,550	LA	Yes
40	The Citadel	267.29%	$21,830	$116,700	SC	Yes
42	Indiana State University	263.16%	$19,000	$100,000	IN	Yes
43	Colorado Mesa University	261.55%	$19,155	$100,200	CO	Yes
43	University of South Carolina Upstate	261.19%	$14,224	$74,302	SC	Yes
45	Idaho State University	259.86%	$13,392	$69,600	ID	Yes
46	University of Nebraska at Omaha	254.96%	$17,493	$89,200	NE	Yes
47	University of Massachusetts Dartmouth	252.09%	$17,578	$88,625	MA	Yes
48	University of Louisiana at Monroe	251.39%	$10,800	$54,300	LA	Yes
49	Brooklyn College of the City University of New York	250.41%	$11,521	$57,700	NY	Yes
49	Frostburg State University	250.00%	$16,740	$83,700	MD	Yes
51	Morgan State University	248.52%	$16,095	$80,000	MD	Yes
52	Indiana University Kokomo	246.63%	$13,563	$66,900	IN	No
52	Western Kentucky University	246.03%	$12,600	$62,000	KY	Yes
54	California State University, Dominguez Hills	242.55%	$16,986	$82,400	CA	Yes
55	Kansas State University	241.60%	$16,049	$77,550	KS	Yes
56	The University of Iowa	240.52%	$23,453	$112,820	IA	Yes
57	University of Central Arkansas	238.90%	$11,239	$53,700	AR	Yes
58	Saginaw Valley State University	236.62%	$21,649	$102,450	MI	Yes
59	University of Alabama at Birmingham	231.48%	$16,200	$75,000	AL	Yes
59	State University of New York at Geneseo	231.19%	$12,295	$56,850	NY	No
61	Indiana University-Purdue University Fort Wayne	230.96%	$16,756	$77,400	IN	Yes
61	University of Mary Washington	230.28%	$19,476	$89,700	VA	Yes
62	University of Illinois at Springfield	230.23%	$14,833	$68,300	IL	Yes
64	University of West Florida	229.53%	$12,460	$57,200	FL	Yes
65	Henderson State University	228.14%	$13,040	$59,500	AR	Yes
66	California State University, Los Angeles	224.70%	$22,052	$99,100	CA	No
66	University of Maine	224.45%	$19,500	$87,535	ME	Yes
68	Arkansas State University	223.18%	$13,935	$62,200	AR	Yes
69	Western Illinois University	222.57%	$15,231	$67,800	IL	Yes
69	Florida Gulf Coast University	222.30%	$13,428	$59,700	FL	Yes
71	University of Florida	221.35%	$26,473	$117,197	FL	Yes
72	University of Houston-Downtown	220.89%	$18,623	$82,273	TX	Yes
72	Missouri University of Science and Technology	220.16%	$16,488	$72,600	MO	Yes
74	University of Alaska Fairbanks	215.37%	$20,772	$89,474	AK	Yes
75	University of Nevada, Reno	217.57%	$19,000	$82,677	NV	Yes
76	University of Nevada, Las Vegas	215.34%	$21,784	$93,820	NV	Yes
76	Southeast Missouri State University	215.16%	$13,804	$59,400	MO	Yes
77	Binghamton University	215.07%	$17,469	$75,142	NY	No
79	University of Southern Maine	214.86%	$20,370	$87,535	ME	Yes
80	University of South Florida St. Petersburg	213.24%	$17,000	$72,500	FL	Yes
81	State University of New York College at Plattsburgh	210.92%	$13,121	$55,350	NY	No
82	University of Wisconsin-Parkside	206.99%	$15,327	$63,450	WI	Yes
82	Missouri State University	206.51%	$15,108	$62,400	MO	Yes
83	California Polytechnic State University, San Luis Obispo	206.01%	$27,462	$113,151	CA	No
85	Jacksonville University	205.82%	$31,500	$129,665	FL	Yes
86	Wright State University	204.77%	$28,080	$115,000	OH	Yes
86	Northern Kentucky University	204.70%	$19,443	$79,600	KY	Yes
88	Truman State University	202.08%	$14,400	$58,200	MO	No
89	North Carolina Central University	201.62%	$11,978	$48,300	NC	Yes
90	Missouri Western State University	200.69%	$12,893	$51,750	MO	Yes
91	Lamar University	198.75%	$16,000	$63,600	TX	Yes
92	University of West Georgia	197.69%	$15,125	$59,800	GA	Yes
92	Eastern Illinois University	197.31%	$15,255	$60,200	IL	Yes
93	East Tennessee State University	197.29%	$13,280	$52,400	TN	Yes
95	The University of Georgia	196.87%	$30,606	$120,510	GA	Yes
96	Fayetteville State University	194.54%	$13,956	$54,300	NC	Yes
97	State University of New York at Oswego	192.21%	$16,232	$62,400	NY	Yes
98	University of Montevallo	191.91%	$16,140	$61,950	AL	Yes
98	Illinois State University	191.77%	$20,050	$76,900	IL	No
100	Pittsburg State University	190.79%	$13,785	$52,600	KS	Yes

For example, the top rated MBA program is University of Pennsylvania with an with an average in-state tuition of $74,500, an average startling salary for gradates of $146,303, giving an ROI of 98.19%.

Compare that to Fayetteville State University with an with an average in-state tuition of $6,900, an average startling salary for gradates of $92,432, giving an ROI of 669.80%.

When evaluating ROI for MBA programs, you might want to consider their location and length. Programs located in large cities usually come with higher tuition and living costs while shorter programs can get you out into the job market faster. You should also consider the school’s ranking as this can affect your chances of getting accepted into a top notch program.

Overall, when choosing an MBA program it is important to understand the costs involved as well as the potential return on your investment. By comparing tuition and expected salaries of various programs, you can make an informed decision that will help you achieve your career goals.

Review School Rankings

As you evaluate the return on investment for MBA programs, also look at school rankings. Top business schools such as Harvard Business School, Stanford Graduate School of Business, and University of Pennsylvania’s Wharton School produce graduates with higher salaries and ROI.

Each school has its own unique offerings and benefits that can help you make a decision on which school to attend. It is important to research each school’s curriculum and offerings to ensure that it fits with your career aspirations. Additionally, it is important to look at the average starting salary that graduates receive after completing the program. This can help you determine how much you will be able to earn after graduation.

When making a decision about which MBA program is best for you, it is important to evaluate the cost and ROI for each program. Make sure that you compare each school’s tuition fees with the average salary for MBA graduates from that particular school. This will help you determine if you can make a good return on your investment.

Look at Program Location and Length

Location and length are two important factors to consider when calculating the return on investment (ROI) of a particular MBA program. Where the school is located can have a large impact on the cost of living, which in turn affects the overall ROI. The length of the program also needs to be taken into account; programs that are shorter in duration tend to have higher ROI because the cost of tuition is spread out over fewer months.

When evaluating potential MBA programs, it is important to consider the cost of living in the area, as well as the length of the program and how this affects the tuition costs. For example, if you are looking at a two-year MBA program, you will need to factor in additional expenses such as housing and transportation for two years instead of just one year. The cost of living can vary drastically from city to city, so researching different locations is essential. Additionally, if you choose a program that is shorter in duration, you may be able to complete your degree faster and save on tuition costs.

It is also important to remember that location and length can have an impact on the quality of education you receive from a particular program. Schools located in major cities may have more resources available, such as access to top-tier employers or networking opportunities, which can lead to higher salaries post-graduation.

Shorter programs may not provide as much depth of knowledge as longer programs and may not offer as many valuable learning experiences. Ultimately, when evaluating potential MBA programs, it is important to consider both location and length in order to ensure that you receive the best return on your investment.

Review School Rankings

As you evaluate the return on investment for MBA programs, also look at school rankings. Top business schools such as Harvard Business School, Stanford Graduate School of Business, and University of Pennsylvania’s Wharton School produce graduates with higher salaries and ROI.

Each school has its own unique offerings and benefits that can help you make a decision on which school to attend. It is important to research each school’s curriculum and offerings to ensure that it fits with your career aspirations. Additionally, it is important to look at the average starting salary that graduates receive after completing the program. This can help you determine how much you will be able to earn after graduation.

When making a decision about which MBA program is best for you, it is important to evaluate the cost and ROI for each program. Make sure that you compare each school’s tuition fees with the average salary for MBA graduates from that particular school. This will help you determine if you can make a good return on your investment.