The economic crisis has motivated many people to enroll in online masters programs to boost their resumes and to protect or advance their careers. Among the many Masters degrees to choose from, an online MBA (Master’s in Business Administration) program is among the most coveted by individuals especially in the business sector.

Unfortunately, choosing an MBA program online isn’t easy – especially for individuals who have a tight budget. The cost for MBA programs online range from a budget friendly $7,000 to an astronomical $107,000. Choosing your MBA program wisely is important if you don’t want to get buried in debt especially during these trying times.

But there is also the issue of accreditation. Are the “cheapest” MBA programs also the cheapest in quality? Are they simply "diploma mills" that aren’t actually recognized by employers?

Among legitimately accredited MBA programs, the cheapest ones come from online institutions accredited by the Distance Education Training Council (DETC). The sticker price of these programs cost south of $10,000, which looks good from a financial standpoint. However, DETC-accredited schools aren’t as widely recognized as regionally-accredited schools. Therefore, your DETC-accredited online MBA degree might not be as attractive to employers.

To avoid this dilemma, shop around for schools or MBA programs accredited by one of the oldest and most prestigious accreditation bodies – the Association to Advance Collegiate Schools of Business (AACSB).

But then again, with prestige comes cost. The average cost of an AACSB-accredited online MBA is around $32,200, and depending on the institution, this price could exceed six digits. From a budget standpoint, AACSB-accredited programs may be too steep.

More to come in Part 2:

- Are there affordable AACSB accredited schools/MBA programs?
- Do you really need AACSB accreditation?
- What are other cheaper accredited alternatives?