Australia has the top 8 universities in the world. An increasing number of international students opt for Australia as a study abroad destination for its world-class education, post-study work opportunities, and excellent quality of living. Out of 43 universities in Australia, seven are known for offering the best MBA programs.
MBA in Australia is a one-year (full-time) professional degree available in more than 50 universities across the country. The tuition fees for MBA in Australia in Indian rupees go up to around 45 Lakhs. However, one can limit the expense with scholarships for MBA in Australia. There are fully funded as well as partial funded scholarships available both by the government and the universities. Besides this, Australia’s cost of living is much affordable than the UK or the USA. Accounting and Finance is one of the highest paying disciplines of MBA, with an average annual pay of 61,229 USD in Australia.
Why MBA in Australia?
Good Quality education, high-end research opportunities, and excellent career prospects make Australia is a favourite study destination for MBA aspirants. The universities in Australia are internationally recognised and offer courses in the most preferred language, i.e. English. Management courses in these universities focus on imparting leadership qualities and giving a real-world experience of the business schools in Australia ranked among the top 100 business schools globally, as per QS Global MBA Ranking 2021. Australia has been included in the list of top countries at 5th place for MBA salaries in 2020 by QS News.
In most universities, the duration of the MBA programme is two years. The period for an MBA in most universities in Australia is between 15 months to 2 years. Apart from this, many universities have started offering one-year MBA programmes, like Melbourne Business School has begun a one-year MBA program that is highly popular among aspirants.
- You must have 55-65% in your bachelor’s degree.
- Good IELTS score may vary according to the universities.
- Having 2-3 years of prior work experience is essential to get into an MBA program at top b-schools in Australia.
- GMAT, GRE scores.
- At least two reference letters from the previous employer or professors
- Interview, conducted face-to-face, over a video call, or on the phone.
According to the universities, these criteria can change as each university has its own set of rules and criteria.
Top Business Schools for MBA in Australia
Thirteen business schools of Australian universities were included in the top 250 business colleges worldwide by QS News Global MBA Ranking. Below mentioned are the top 10 of them and their complete fee for the full-time MBA program
|School||Parent University||Full-time MBA Fees|
|La Trobe Business School||La Trobe University||41,451 USD|
|RMIT University School of Business||RMIT University||59,393 USD|
|Deakin Business School||Deakin University||43,514 USD|
|ANU College of Business and Economics||Australian National University||49,911 USD|
|UQ Business School||University of Queensland||56,157 USD|
|UWA Business School||University of Western Australia||41,488 USD|
|Macquarie Graduate School of Management||Macquarie University||54,993 USD|
|Monash Business School||Monash University||61,156 USD|
|AGSM Business School||University of New South Wales||60,043 USD|
|Melbourne Business School||University of Melbourne||62,198 USD|
International students can also pursue an online MBA at popular business schools in Australia- RMIT, Victoria University, James Cook University, and Southern Cross University.
Admissions to MBA in Australia
Business schools offer admission based on the grades in an undergraduate degree, relevant work experience, and an interview conducted by the business school faculty.
To get admissions with Australian universities, you will need the basic Eligibility criteria. If there are some there, criteria required the along with that submit the required documents and submit the relevant application fees.
To apply for an MBA in Australia, first, you have to select your institute that you wish to apply for. The next step is to check the eligibility requirements of your chosen institution.
Then you need to upload the required documents.
- GMAT/ Test Score
- English test scores of TOEFL/IELTS depending on which the institute demands
- Mark-sheet/ Scorecard for bachelor’s degree
- Copy of Passport
- Letter of Recommendation (minimum two)
English Proficiency Requirement
Suppose you come from a nation where English isn’t your native language. In that case, you are required to submit IELTS scores .this score demonstrated your proficiency in the English language as the curriculum of Australian universities is entirely in English. Students having IELTS scores of approx 6.5 to 7.0 can quickly get admission into the popular schools offering an MBA in Australia.
Australian Student Visa
International applicants are required to have an Australian student visa to get into the country. You can do the same by paying online application fees of 620 AUD (35,000 INR) and submitting the following documents when making your visa applications.
- Valid passport
- Proof of ID
- Acceptance letter from the university/college
- OSHC health insurance
- Bank statement with proof of sufficient funds (~62,222 AUD per year)
- English language proficiency scores like TOEFL, IELTS etc.
- Statement of Purpose or GTE
- Four recent passport size photograph
Students might have to appear for a possible health checkup and visa interview depending upon their current location.
MBA in Australia – expense
Your expense starts when you apply for a visa, then while applying for an MBA degree, then once you arrive in Australia, their expenses of studies such as tuition fees, books, transportation, and accommodation costs.
The total program cost of an MBA in Australia from top business schools is approximately 40,000 USD to 63,000 USD. UWA and La Trobe Business School have the lowest fee, and Melbourne Business School has the highest cost for MBA in Australia among top-ranking institutes.
Besides these, all will be a general living expense. The overall expenditure, including hostel and meals, transportation, other course-related and personal costs and insurance, will cost approximately AUD 20,700. However, the range can differ based on the lifestyle of an individual and place of living).
MBA Scholarship in Australia
A few of the scholarships for MBA in Australia for international students are as follows.
|ANU||ANU College of Business and Economics India Excellence Scholarship||20 students are given an amount of 6,949 USD|
|UTS Business School||MBA Scholarship for Outstanding Students (Commencing and Current)||1,390 USD to 3,475 USD|
|UQ Business School||MBA Student Scholarship||25% tuition fee waiver|
|UON Faculty of Business and Law||International Excellence Scholarship (India); South Asia Business and Law Scholarships||8,867 USD to 41,700 USD|
|Sydney Business School||UOW Postgraduate Academic Excellence Scholarship||10% to 30% tuition fee|
|Melbourne Business School||MBS Scholarships||Varies|
|Monash Business School||Monash MBA International Women in Leadership Scholarship||16,679 USD|
|Australian Graduate School of Management||AGSM Global Reach Scholarship and AGSM Excellence Scholarship||Varies|
|Melbourne Business School||Kraft Heinz Scholarship||31,221 USD|
Jobs after MBA in Australia
MBA graduates are amongst the best paid in the world. Students are generally offered positions in managerial roles after MBA. Finance is the highest paid industries in the world, with the annual salary of an MBA graduate being 97,100 USD (average), followed by technology and consulting.
Top industries offering MBA jobs
- Financial Services
- IT/Computer Services
- Consulting/Professional Services
Top Paying Sectors for MBA in Australia
Some of the popular job roles to look out for after completing your MBA in Australia are listed below.
|Job Roles||Average Salary in USD (annual)|
|Organizational Development Manager||93,000|
|Employee Relations Manager||80,000|
|Assistant BD Manager||95,400|
|Business Development Manager||111,000|