Top Online MBA Programs with Assistantships & Fellowships

Introduction

For many students, the cost of an MBA can be one of the biggest barriers to enrollment. With tuition at top schools often exceeding $60,000–$120,000, aspiring business leaders are increasingly seeking ways to fund their degrees without taking on overwhelming student debt. While assistantships and fellowships are traditionally more common in on-campus programs, a growing number of universities now extend these opportunities to online MBA students as well.

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In this article, we’ll explore what assistantships and fellowships are, why they matter for online MBA students, and highlight the top online MBA programs that offer them. We’ll also break down potential financial benefits, eligibility requirements, and how these opportunities impact the overall return on investment (ROI) of an online MBA.

What Are Assistantships and Fellowships in Online MBAs?

Graduate Assistantships

Graduate assistantships typically involve working part-time with a faculty member or university department in exchange for tuition remission, stipends, or both. Duties may include:

Research assistance for professors
Teaching support (grading, tutoring, curriculum prep)
Administrative or program coordination

👉 In an online MBA, assistantship roles may be remote research projects, digital teaching support, or virtual program management.

Fellowships

Fellowships are merit-based awards, often tied to academic excellence, leadership, or diversity initiatives. Unlike assistantships, fellowships usually do not require work commitments. Instead, they provide scholarship funding, stipends, or networking access.

👉 Online MBA fellowships are becoming increasingly common as universities aim to attract top-tier talent to their digital programs.

Why Do They Matter?

Cost Savings: Reduce tuition by 25–100%.
Professional Experience: Assistantships offer research or teaching exposure.
Networking: Fellowships often include mentorship and alumni access.
Resume Boost: Competitive assistantship/fellowship awards signal excellence.
Improved ROI: Less debt and higher career mobility = better long-term returns.

Top Online MBA Programs Offering Assistantships & Fellowships

Here are some of the best online MBA programs where you can find structured assistantship or fellowship opportunities.

1. University of Illinois Urbana-Champaign – Gies College of Business (iMBA)

Tuition: ~$23,000 (among the most affordable AACSB-accredited MBAs).
Assistantships/Fellowships:
- Research and teaching assistantships occasionally available to iMBA students.
- Fellowship opportunities tied to academic merit and leadership.
Why It Stands Out: The iMBA is one of the highest ROI programs due to its low tuition, flexible design, and global recognition. Even partial funding through assistantships makes the program extremely cost-effective.

2. Carnegie Mellon University – Tepper School of Business (Online Hybrid MBA)

Tuition: ~$141,000.
Assistantships/Fellowships:
- Graduate assistantships are available for online MBA students in research-focused roles.
- Tepper Fellowship Awards based on merit and professional achievement.
Why It Stands Out: CMU’s strong reputation in tech, finance, and analytics makes this program attractive, and assistantships can offset the premium tuition.

3. University of North Carolina at Chapel Hill – Kenan-Flagler Business School (MBA@UNC)

Tuition: ~$125,000.
Assistantships/Fellowships:
- Limited teaching/research assistantships available for online students.
- Numerous fellowship programs such as the Forté Fellowship (for women in business), ROMBA Fellowship (LGBTQ+ students), and merit-based funding.
Why It Stands Out: UNC is a top-ranked online MBA with global recognition, and fellowships significantly increase affordability.

4. Indiana University – Kelley School of Business (Kelley Direct Online MBA)

Tuition: ~$82,000.
Assistantships/Fellowships:
- Research assistantships available for part-time online MBA students.
- Kelley School offers merit-based scholarships and fellowships, including diversity and leadership awards.
Why It Stands Out: Consistently ranked among the best online MBAs in the world, Kelley’s combination of affordability and strong assistantship support makes it a standout.

5. Arizona State University – W.P. Carey School of Business (Online MBA)

Tuition: ~$61,000.
Assistantships/Fellowships:
- Research and graduate assistantships open to online MBA candidates.
- Fellowships available through ASU’s partnerships with Forté Foundation, ROMBA, and Yellow Ribbon (military support).
Why It Stands Out: ASU is known for its innovation and strong corporate connections, making its assistantship/fellowship opportunities highly career-enhancing.

6. University of Florida – Warrington College of Business (UF MBA Online)

Tuition: ~$48,000 (one of the lowest among top-20 schools).
Assistantships/Fellowships:
- Online MBA students can apply for graduate research assistantships.
- Fellowship opportunities for high-achieving applicants, including those with strong GMAT/GRE scores.
Why It Stands Out: UF MBA consistently ranks highly for value and ROI, and fellowship options reduce costs further.

7. University of Massachusetts – Amherst (Isenberg School of Management Online MBA)

Tuition: ~$40,000.
Assistantships/Fellowships:
- Research and teaching assistantships available for online MBA candidates.
- Isenberg Diversity Fellowship for underrepresented students.
Why It Stands Out: Isenberg offers a highly flexible online MBA with strong assistantship options for working professionals.

8. Georgia Institute of Technology – Scheller College of Business (Hybrid MBA with Online Options)

Tuition: ~$75,000.
Assistantships/Fellowships:
- Assistantships offered for research in FinTech, data analytics, and entrepreneurship.
- Fellowships tied to innovation and technology leadership.
Why It Stands Out: Excellent choice for students interested in technology-driven industries.

Comparison Table – Online MBA Programs with Assistantships & Fellowships

University	Tuition (Approx.)	Assistantships	Fellowships	ROI Rating
Illinois (iMBA)	$23,000	Yes	Yes	★★★★★
Carnegie Mellon (Tepper)	$141,000	Yes	Yes	★★★☆☆
UNC Chapel Hill	$125,000	Limited	Yes	★★★★☆
Indiana (Kelley)	$82,000	Yes	Yes	★★★★☆
ASU (W.P. Carey)	$61,000	Yes	Yes	★★★★☆
UF (Warrington)	$48,000	Yes	Yes	★★★★★
UMass Amherst (Isenberg)	$40,000	Yes	Yes	★★★★☆
Georgia Tech (Scheller)	$75,000	Yes	Yes	★★★★☆

Tips for Securing Assistantships & Fellowships in Online MBAs

Apply Early – Most assistantship and fellowship slots are competitive and awarded on a rolling basis.
Show Leadership & Research Skills – Highlight professional accomplishments that demonstrate teaching or analytical ability.
Leverage Diversity Fellowships – Many schools offer awards for women, underrepresented minorities, veterans, and LGBTQ+ candidates.
Maximize Test Scores – High GMAT/GRE scores often increase eligibility for merit-based funding.
Network with Faculty – Express interest in research projects that align with your career goals.

ROI of Assistantships & Fellowships

The impact of funding on MBA ROI can be significant.

Example 1: University of Illinois iMBA
- Tuition: $23,000
- Assistantship covers 50% = $11,500 net cost
- Average Post-MBA Salary: $110,000+
- Payback: < 1 year
Example 2: UNC MBA@UNC
- Tuition: $125,000
- Fellowship reduces tuition by $40,000 → $85,000 net cost
- Post-MBA Salary: $140,000+
- Payback: ~2 years

Clearly, assistantships and fellowships reduce payback periods dramatically and increase the overall value of online MBA programs.

Conclusion

While online MBAs are often more affordable than their on-campus counterparts, the addition of assistantship and fellowship opportunities can make them even more cost-effective while enhancing professional development.

The University of Illinois iMBA, UF Warrington, and UMass Amherst Isenberg stand out for affordability and strong funding options, while UNC, Carnegie Mellon, and Indiana Kelley offer prestige with financial support opportunities.

👉 Final Verdict: If you’re aiming to maximize ROI, apply early and strategically for assistantships and fellowships — they can turn a costly online MBA into a career-defining investment with minimal debt.