Individuals who wish to earn a masters of business administration degree, but are not sure they will be able to invest the time and money required to complete such a program, may want to consider the offerings of online schools.

Investopedia reports that part-time MBA programs, such as those that can be completed by taking online college courses, may be the most cost-effective options for individuals who wish to pursue higher education during the economic downturn.

According to the news source, most schools that advertise tuition costs of $30,000 per year for full-time MBA programs do not account for additional expenses for books, room and board. As full-time programs generally require students to quit their jobs and focus on their coursework for two years, these individuals incur the additional costs of lost income.

Professionals and students who wish to continue working while they pursue a higher degree may want to consider enrolling in part-time programs or online classes that can allow them to work at their own pace and increase their earning potential.

PayScale.com, a research company, says that average salaries for holders of MBA degrees ranged from $73,510 to $171,583 in 2008, depending on the field, position and years of experience.