U.S. News & World Report released its 2025 ranking of the top online MBA programs in the U.S. this week. As part of its annual data collection for the ranking, the magazine also surveys schools to create a list of leading online business master’s programs that are not MBAs. Topping that list this year are two schools tied at No. 1 — one a familiar name, the other a big surprise.
The familiar: Carnegie Mellon Tepper School of Business, repeating at No. 1. The Tepper School is a highly respected player in the online graduate business education space — its OMBA ranks third in U.S. News‘s 2025 list — and its non-MBA portfolio includes a Master of Science in Business Analytics that can be completed in 20 months, a program that “provides students with the deep analytical skills, business knowledge, and creative problem-solving expertise needed to transform data into better decision-making.”
Now for the surprise. Texas A&M Mays Business School leaped 13 places from last year into a tie for first on the strength of eight part-time, online graduate programs designed for working professionals, each spanning 16 to 24 months. The Mays School also ranked first in a separate list by U.S. News of Best Online Business Master’s Programs for Veterans.
LARGEST ONLINE BUSINESS MASTER’S ENROLLMENT IN 2025 U.S. NEWS RANKING
| 2025 U.S. New Rank | School | Location | Enrollment |
| 66 | East Texas A&M | Commerce, TX | 1,092 |
| 51 | Embry-Riddle | Daytona Beach, FL | 1,017 |
| 33 | Penn State-World (Smeal) | University Park, PA | 968 |
| 16 | Texas-Dallas (Jindal) | Richardson, TX | 851 |
| 12 | Florida International (Chapman) | Miami, FL | 623 |
| 46 | Florida Atlantic | Boca Raton, FL | 562 |
| 5 | UMass-Amherst (Isenberg) | Amherst, MA | 530 |
| 10 | Boston (Questrom) | Boston, MA | 511 |
Source: U.S. News
THREE-WAY TIE FOR FIFTH PLACE; 8-WAY TIE FOR 95TH
In the magazine’s OMBA ranking, Indiana University’s Kelley Direct online MBA program was No. 1 for the tenth time in 13 years. Kenan-Flagler Business School’s MBA@UNC program was right behind Kelley in second place this year. Carnegie Mellon’s Tepper School’s hybrid online MBA was third, while the Universities of Florida and Washington were tied for fourth. The biggest gain among top-10 programs was made by the University of Michigan’s Ross School of Business. Ross’ online MBA option, priced at a heady $128,000 for non-residents, moved up 10 places to rank sixth from 16th a year earlier.
For its non-MBA business master’s ranking, U.S. News writes: “Highly ranked programs have strong traditional academic foundations based on the excellence of entering students, graduation rates and instructor credentials. They also excel at educating distance learners while offering robust career and financial support.” The magazine uses five criteria in its methodology to judge these programs: engagement (30%), based on how well programs promote participation in courses and give students opportunities to interact with their instructors and classmates; faculty credentials and training (15%); student excellence (15%), based partly on the rigorousness of coursework; and services and technologies (15%), based on how well a program incorporates diverse online learning technologies that allow greater flexibility for students to take classes from a distance. The final quarter of a school’s score is based on a peer assessment of high-ranking academic officials that accounts for intangible factors affecting program quality “that statistics do not capture.”
These categories in mind, rounding out the top five for the best online business master’s programs in 2025 are No. 3 Arizona State Carey School of Business, which was last year’s No. 3 as well, No. 4 USC Marshall School of Business, down from No. 2 last year, and a three-way tie at No. 5: Duke Fuqua School of Business, Ohio State Fisher College of Business, and UMass-Amherst Isenberg School of Management.
Notably, after No. 4 USC Marshall, no school has sole possession of any spot all the way to No. 95, with four, five and more schools tied in several places. The most tied for any one spot: Eight schools are tied at both No. 66 and No. 95.
MOST EXPENSIVE ONLINE BUSINESS MASTER’S PROGRAMS IN 2025 U.S. NEWS RANKING
| 2025 U.S. New Rank | School | Location | $ Per Credit |
| 4 | Southern California (Marshall) | Los Angeles, CA | $2,421 |
| 61 | Pepperdine (Graziadio) | Los Angeles, CA | $2,090 |
| 1 | Carnegie Mellon (Tepper) | Pittsburgh, PA | $2,076 |
| 39 | George Washington | Washington, DC | $2,055 |
| 29 | American (Kogod) | Washington, DC | $2,000 |
| 35 | Bentley (McCallum) | Waltham, MA | $1,955 |
Source: U.S. News
MOST EXPENSIVE PER-CREDIT BUSINESS MASTER’S: USC MARSHALL
Despite not having space restrictions — the internet, after all, is limitless — online B-school programs aren’t usually very big in terms of student numbers. Of the 103 schools ranked 1-95 by U.S. News in 2025, only 28 have more than 250 students, and only eight have more than 500. Only two have more than 1,000. The largest, East Texas A&M College of Business, has 1,092 students; according to information provided by the school to the magazine, East Texas A&M, which “has been AACSB-accredited for over five decades, (and is) endorsed by the Institute of Management Accountants, fosters a 25:1 student-faculty ratio, and is competitively priced as one of the most affordable in Texas.”
On the other end of the equation, 43 programs are below 100 students, and 22 are below 50.
The most costly program is at USC Marshall, which is $2,421 per credit, making it one of five schools to charge $2K or more per credit. Notably, all five are private schools (see above). According to Marshall, “We offer 2 one-week experiential trips to Singapore & Malaysia and Los Angeles. The course is designed to provide deep insights into the opportunities and challenges faced by the global supply chain professionals in different countries and cultures. Through the trip, students develop an understanding of the global supply chain business opportunities and challenges. Students also earn their green belt certification and receive networking opportunities through the Randall. R. Kendrick institute.”
The least expensive school is No. 74 Sam Houston State, a public school in Huntsville, Texas, at $320 per credit. The school has 42 students in its MS in Project Management which “provides an opportunity for completion of one of the most affordable AACSB-accredited MS in Project Management programs in the nation. It is designed for working professionals and provides flexibility in program delivery to including a 7 1/2 week course structure in the fall and spring semester.”
Overall across the 103 ranked schools between places 1-95, 32 are private and 71 are public. In all, U.S. News ranked 205 schools for their non-MBA business master’s programs.
LEAST EXPENSIVE ONLINE BUSINESS MASTER’S PROGRAMS IN 2025 U.S. NEWS RANKING
| 2025 U.S. New Rank | School | Location | $ Per Credit (*Out-of-State) |
| 74 | Sam Houston State | Huntsville, TX | $320 |
| 35 | Oklahoma State (Spears) | Stillwater, OK | $364* |
| 35 | Texas Tech (Rawls) | Lubbock, TX | $383* |
| 46 | West Texas A&M | Canyon, TX | $420* |
| 88 | Illinois-Springfield | Springfield, IL | $425* |
| 27 | Alabama (Manderson) | Tuscaloosa, AL | $440* |
Source: U.S. News
42 PROGRAMS RANKED THAT REDUCE COSTS FOR VETERANS
As part of its ranking of best non-MBA online business master’s programs, U.S. News also compiles a list, with a separate methodology, of best programs that reduce costs for veterans (see below). This ranking contains 42 schools. It is topped this year by Texas A&M Mays, followed by UMass-Amherst Isenberg, Rutgers-New Brunswick/Newark and Ohio State Fisher tied at No. 3, and Michigan State Broad College of Business at No. 5.
“Veterans and active-duty service members gain the most from distance education that is affordable, accessible and reputable,” the magazine writes. “The 2025 Best Online Programs for Veterans rankings measure these factors in consideration of financial benefits available specifically to people with military experience.”
Of the top 103 programs, the school with the most veterans is Embry-Riddle Aeronautical University in Daytona Beach, Florida, where 595 of a total 1,017 students — or 59% — are veterans. “Several of our OBUS programs are modular, based on a connective theme of risk management, and carry industry designations (ISM, GAC/PMI, SAP, SAS, and SHRM),” the school writes. “Terms are nine weeks long with five start dates. Online courses are offered mainly asynchronously, allowing for greater flexibility, and the courses include the latest educational technology and simulations. Instructors usually work within the business field, which adds real-world information and experience to the curriculum.”
Another school with a big veteran presence is the University of Massachusetts Global in Aliso Viejo, California, where 218 of 479 students are veterans. That’s 46%. “UMass Global’s online graduate business programs are ideal for students seeking high-quality education with built-in flexibility,” the school writes. “By utilizing a backwards design approach, our programs provide a competitive advantage to today’s leaders by focusing on theory to practice strategies aimed at improving organizations and communities. Graduates of these programs will be prepared for management positions in human resources, organizational leadership, and public service.”
U.S. NEWS: BEST ONLINE BUSINESS MASTER’S PROGRAMS FOR VETERANS IN 2025
| 2025 Rank | School | Location | Total Enrolled | Enrolled Veterans |
| 1 | Texas A&M (Mays) | College Station, TX | 99 | 15 |
| 2 | UMass-Amherst (Isenberg) | Amherst, MA | 530 | 18 |
| 3 | Rutgers-New Brunswick/Newark | Newark, NJ | 422 | 22 |
| 3 | Ohio State (Fisher) | Columbus, OH | 137 | 10 |
| 5 | Michigan State (Broad) | East Lansing, MI | 447 | 58 |
| 6 | Southern California (Marshall) | Los Angeles, CA | 83 | 15 |
| 7 | Duke (Fuqua) | Durham, NC | 153 | 13 |
| 8 | Florida State | Tallahassee, FL | 133 | 10 |
| 8 | Texas-Dallas (Jindal) | Richardson, TX | 851 | 34 |
| 8 | Connecticut | Storrs, CT | 413 | 14 |
| 11 | Iowa (Tippie) | Iowa City, IA | 368 | 25 |
| 12 | UMass-Lowell (Manning) | Lowell, MA | 199 | 10 |
| 13 | Alabama (Manderson) | Tuscaloosa, AL | 171 | 31 |
| 14 | Villanova | Villanova, PA | 134 | 10 |
| 15 | Boston (Questrom) | Boston, MA | 511 | 36 |
| 16 | Auburn (Harbert) | Auburn, AL | 254 | 20 |
| 16 | Penn State-World (Smeal) | University Park, PA | 968 | 156 |
| 18 | UNC-Chapel Hill (Kenan-Flagler) | Chapel Hill, NC | 416 | 64 |
| 19 | Texas Tech (Rawls) | Lubbock, TX | 336 | 22 |
| 20 | Colorado State | Fort Collins, CO | 157 | 18 |
| 20 | William & Mary (Mason) | Williamsburg, VA | 312 | 23 |
| 22 | Florida Atlantic | Boca Raton, FL | 562 | 18 |
| 23 | Wisconsin-Whitewater | Whitewater, WI | 208 | 28 |
| 24 | George Washington | Washington, DC | 79 | 18 |
| 25 | Embry-Riddle | Daytona Beach, FL | 1,017 | 595 |
| 25 | Saint Joseph’s (Haub) | Philadelphia, PA | 497 | 14 |
| 27 | South Florida (Muma) | Tampa, FL | 100 | 16 |
| 28 | Rutgers-Camden | Camden, NJ | 242 | 11 |
| 29 | Ohio University | Athens, OH | 218 | 11 |
| 29 | Houston (Bauer) | Houston, TX | 291 | 24 |
| 31 | North Dakota (Nistler) | Grand Forks, ND | 185 | 17 |
| 32 | Syracuse (Whitman) | Syracuse, NY | 220 | 49 |
| 33 | California Baptist (Jabs) | Riverside, CA | 40 | 13 |
| 33 | Pepperdine (Graziadio) | Los Angeles, CA | 188 | 21 |
| 33 | Cincinnati (Lindner) | Cincinnati, OH | 270 | 16 |
| 36 | Illinois-Springfield | Springfield, IL | 378 | 39 |
| 37 | Northern Arizona | Flagstaff, AZ | 233 | 54 |
| 38 | UMass Global | Aliso Viejo, CA | 479 | 218 |
| 39 | Kennesaw State (Coles) | Kennesaw, GA | 197 | 12 |
| 39 | Houston-Clear Lake | Houston, TX | 98 | 10 |
| 41 | New Hampshire CPS | Manchester, NH | 86 | 24 |
| 42 | Northwood (Devos) | Midland, MI | 154 | 26 |
Source: U.S. News
TEXAS A&M MAYS DEAN: ‘WE’VE REVOLUTIONIZED ONLINE EDUCATION’
Texas A&M Mays’ 13-spot jump to share the No. 1 spot in U.S. News‘s non-MBA business master’s ranking is nothing short of remarkable, Dean Nate Y. Sharp says. And it’s a reflection of a lot of hard work.
“We’ve revolutionized online education through our state-of-the-art learning platform and innovative teaching methods that create a true best-in-class experience for working professionals,” Sharp says. “This top ranking reflects our commitment to delivering preeminent educational experiences and developing leaders of character — no matter where our students are located.”
Mays’ Flex Online programs include not only its flagship MBA program but also Master of Science degrees in Accounting, Entrepreneurial Leadership, Human Resource Management, Marketing, and Management Information Systems. The school also offers two hybrid programs, Master of Science in Analytics and Executive MBA, that offer professionals the flexibility to attend classes at Mays’ Houston CityCentre campus or online.
“Our MS Analytics program provides students the technical skills to solve business problems through statistical analysis and data-driven decisions. Our graduates leave ready to generate increased revenue for their organizations,” says Jerry Strawser, associate dean for graduate programs, in a news release. “All of our online master’s programs also teach students important leadership skills, including executive presence and critical thinking that empower them to build better futures in the communities where they live, work, and serve.”
See the next pages for the top 100 schools in the 2025 U.S. News ranking of non-MBA business master’s programs.
AND DON’T MISS RANKING: U.S. NEWS ONLINE MBA RANKING FOR 2025 and HAVE ONLINE MBA PROGRAMS JUMPED THE SHARK?
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