The most affordable Master's in Business Law online program available today is the LLM in Risk Management that the Texas A&M School of Law offers. This program is also available as an MJ program for those who do not have a legal background. Designed for those who work in a risk industry, the program looks at some of the tax issues facing businesses and individuals today. It also goes over fraud examination and other topics that most law schools do not cover. Texas A&M takes an interdisciplinary approach to education that allows students to take classes from other disciplines outside of business and law.
10 Most Affordable Master’s in Business Law Online in 2021
Getting a law degree from a law school is one of the requirements for becoming a licensed lawyer, but thanks to online Master’s in Business Law programs, many schools now give students the chance to earn a law degree online. These programs are great for paralegals and others who have some legal experience, but the programs are also suitable for those who have less experience and want to practice law. We found the top 10 most affordable programs in business law that help students pay less to earn their degrees.
Accredited Online College Programs
Most Affordable Master’s in Business Law Online
Our Methodology, Explained
Grad School Hub compiles rankings based on public data released from educational, commercial, and government databases. Sources such as the National Center for Education Statistics and the U.S. Bureau of Labor Statistics play a significant role in how we source our educational data. After collecting insight for each institution, we organize information into five weighted categories.
Metric Data Used Percentage Academic Quality Full-time faculty percentage, student-to-faculty ratio, student retention and graduation rates 30% Affordability Tuition rates, median student debt, and financial aid 10% Reputation Admission and enrollment rates 30% Program Offerings Number of program options 20% Online Enrollment Score Portion of learners taking at least one online course 10%
A more comprehensive evaluation of how each category is determined and scored is accessible on our Ranking Methodology page.
Frequently Asked Questions
What are Some of the Career Options for Those with a Master’s in Business Law?
The most common question that prospective students have about online Master’s in Business Law programs is what they can do with these degrees. Many students enroll after gaining some business experience. They might work in a human resource department and run the interviews needed to find new employees or for an organization that prepares taxes for those who could not otherwise afford help. Students can also enroll in a business law program after earning a bachelor’s degree but before they gain any other experience.
One career path for those with a business law degree is in corporate consulting. Corporations need consultants who can help them better understand the laws they need to follow. Consultants can also help prepare companies and their employees before appearing in court or attending a settlement meeting. Working as a financial analyst is another possibility. Financial analysts help clients understand the risks and rewards associated with different financial decisions. Some graduates may want to work as a corporate attorney or as a college professor. Law degree holders can also start their own companies and work for banks and other financial institutions.
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What is the Earnings Potential for Those Working in This Field?
An old adage says that those who do what they love never work a day in their lives because they never feel like they’re at work. Very few students today enroll in college programs without first getting an idea of how much they can make because the cost of going to school keeps rising. Even those enrolled in one of the more affordable business law master’s online programs will want to know how much they can make.
There is no simple answer to this question though because it depends on factors like job title. Corporate consultants can easily bring home $100,000 a year, and some consultants make more than $250,000 a year. Some of these consultants work for groups that go to companies that need help, but others work for companies with a good reputation that makes clients come to them. Working as a college professor or in other fields can help workers earn $50,000 to $75,000 a year or more.
Some students enroll in these programs because they want to work as lawyers. Not all programs prepare students for taking the bar exam though. The Bureau of Labor Statistics puts the median wage of lawyers today at nearly $120,000 a year. Lawyers can make more or less depending on the number of cases they take on and where they work.
Location is important for any student looking at enrolling in a cheap business law master’s program because where that student lives and wants to work determines his or her cost of living. Cost of living refers to how much it costs to live a happy and stable life and includes the cost of food, transportation and rent or a mortgage. Larger cities like Miami, San Francisco and Chicago usually have a higher cost of living, which means that those working in those cities earn more. Those working in small towns and rural communities earn less but have a lower cost of living.
Are There Any Disciplines Within Business Law?
As there are a number of disciplines within the business law field and related disciplines, students need to have some idea of what they want to do with their degrees before enrolling. This makes it easier for them to select the concentration or field that they want to study and to pick out which classes to take. One popular discipline is something called employment law. This refers to the federal and state laws the employers must follow and any laws put into place at the local level. Employment laws prevent employers from using factors like age or gender when hiring a new employee. Those caught violating these laws are subject to high fines and other penalties.
Taxation is another discipline that students can study. Some of the top accounting programs in the nation offer tax preparation assistance programs that allow locals who need help to come in and get free tax help. The best online Master’s in Business Law programs with an emphasis on taxation encourage students to gain experience through low-income tax programs in their own areas. Students take courses to learn more about filing income and business taxes on the state and federal levels.
Some of these online programs offer concentrations in tax services or financial services too. These programs are a little different because they focus more on what clients can do with their money. Students can take courses on the legality of tax shelters and why the government does not let individuals and companies keep money overseas. This discipline also looks at wealth management and what students can do to help their clients maintain and increase their wealth.
Are All Law Degrees the Same?
All law degrees are not the same. A Juris Doctor, also called a JD degree, is one that qualifies a student to sit for the bar exam, which is the examination offered by the American Bar Association. Practicing lawyers in the United States must pass this exam to practice in a specific state. It usually takes three years to complete one of these degrees. A Master of Law, also called an LM or an LLM degree, is one of the more common degrees offered through online business law master’s programs. Students can finish one of these degree programs in as little as a single year.
There is also something called a Master of Judicial Studies program, which awards students an MJS degree. This is a longer program that usually includes three years of full-time study. Many schools offer these programs for students who do not finish a pre-law program as an undergraduate and those who have no legal experience. A small number of schools offer MS programs that award students a Master of Science degree too.
Will Finishing a Law Degree Help a Student Become a Lawyer?
Anyone who wants to practice law in the United States must take the bar exam, which is the exam that the ABA offers. A lawyer who wants to practice in more than one state will need to pass the bar exam in each of those states. Only those with a JD degree can typically take this test. Applicants must have a degree from an accredited college or university, which usually means a school with ABA accreditation. Anyone applying for the exam must also pass a criminal background check. Certain convictions can prevent an individual from taking the exam and becoming a lawyer. Those with a business law degree may find that they can only take the exam after obtaining a JD degree too.
How Long Does it Take to Earn One of These Degrees?
The amount of time that it takes to earn a business law degree depends on the program itself and the type of degree awarded to graduates. Basic programs take only one year to finish, but it can take up to three years to earn a more advanced LLM degree. It also depends on whether the student enrolls on a part-time or full-time basis. Part-time students take up to half as many courses each semester as full-time students do, and some take even less classes. Programs may allow students to take only one class every semester. Most schools do have a time limit in place that requires students finish their degrees within a set period of time such as five years. A student who does not finish a degree by the deadline may need to take introductory and lower level classes over again or completely start the program over.
What are Some of the Application Requirements?
One of the most important things to consider before applying to an online Master’s in Business Law program is the application process itself. This process varies between schools but can take a few days or longer to finish. Most colleges that offer online programs also offer online applications that students can fill out while at work or at home. Many have a system that asks the student to pick out a unique user name and a password that he or she can remember. The student may need to complete some other requirements offline and mail in documents to the school. Schools often let students file electronic or digital copies of these documents too.
Students may need to take a graduate standardized test like the GMAT, which is often a requirement for attending business school, or the GRE. Many colleges will waive this requirement for students who have more experience and those who graduated from college more than five years before enrolling. Schools can ask for a resume to get a look at the experience that the student has and to find out where the individual went to college. Other admissions and application requirements can include references familiar with the applicant’s college or professional work, a personal essay statement, writing sample and/or an application fee.
This concludes our ranking of the Top 10 Most Affordable Master’s in Business Law Online Programs.
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