Masters in International Business in Australia: An Overview
Masters of International Business in Australia is a 2-year course designed to develop and expand the abilities and resources of business managers in the global business market. It offers the opportunity to obtain contemporary knowledge and skills required in modern international business organizations.
- Master of International Business includes topics such as multinational financial management and cross-cultural management.
- Annual tuition fees of universities offering Masters in International Business in Australia is between 28,000 AUD to 42,500 AUD.
- This degree helps the students to gain an understanding of the way in which global businesses function, the challenges they face and the complex environments in which they operate.
- GRE/GMAT scores are required to apply for a Masters in International Business in Australian universities.
- The average salary after completion of Masters in International Business in Australia is 86,000 AUD per annum.
Why Study Masters in International Business in Australia
- Masters in International Business from Australia is recognized internationally, with many universities gaining accreditation from prestigious authorities such as the Association to Advance Collegiate Schools of Business (AACSB).
- The Vocational Education and Training (VET) sector also offers practical courses in areas such as business, bookkeeping, and accounting to prepare students for the entrance exam of the universities.
- International graduates are able to stay in Australia to gain skilled work experience through a post-study work visa, a Skilled — Graduate (Temporary) visa, the Employer Nomination Scheme or the Regional Sponsored Migration Scheme.
- Students with skills that are in demand (such as accountants, actuaries and business systems analysts) can also apply for permanent residency through the SkillSelect skilled migration program.
- International students who graduate from accounting or business information systems degrees are able to apply for a professional year program providing work experience with an Australian company and increased opportunities to qualify for permanent residency in the country.
Top Universities offering Masters in International Business in Australia
Following are the top ranking universities offering Masters in International Business in Australia:
|University||QS News Ranking 2020||Program Duration||Annual Fees (in AUD)|
|University of Melbourne||38||2 years||42,580|
|University of Queensland||47||1.5 years||28,280|
|University of New Castle||207||1.5 years||33,650|
|University of Wollongong||212||2 years||21,880|
|Queensland University of Technology||224||1.5 - 2 years||30,750|
|Macquarie University||237||2 years||34,300|
|RMIT University||238||2 years||35,000|
|Flinders University||424||2 years||32,920|
|University of Canberra||484||2 years||32,630|
|La Trobe University||400||2 years||36,000|
Course Curriculum of Masters in International Business in Australia
Master of International Business in USA is structured to provide the students with the perfect balance of theoretical coursework and practical experience. The program involves 3-4 semesters (12 subjects) of in-depth coursework studies.
- Semester 1
- Managing in the Global Context
- Economics and Finance for Business
- Accounting for Business Decisions
- Contemporary Marketing
- Semester 2
- International Finance
- Contemporary Management Capabilities
- International Trade and Logistics
- Business Law and Governance
- Semester 1
- Business Research
- Multinational Corporations
- Strategic Intelligence and Analytics
- Elective Level 800
- Semester 2
- Work Integrated Learning Postgraduate
Admission Process of Masters in International Business in Australia
A bachelor's degree and GRE/GMAT score is required to apply for Masters in International Business in Australia.
Admission Requirements for Masters in International Business in Australia
- An undergraduate degree in any discipline, or equivalent.
- A transcript of grades from each university attended, plus a translation if the original is not in English.
- List of grades of the bachelor’s program with description and proofs of all relevant statistics courses followed.
- A personal statement outlining why the student wishes to be considered for the course
- Curriculum vitae
- List of education, relevant extracurricular activities, internships and (professional) experience.
- Letter of motivation
- Official GMAT or GRE score report
English Proficiency Requirements for International Students
IELTS, TOEFL or other equivalent scores are required to apply for Masters in International Business in Australia. Minimum score requirement along with application deadlines of some of the top universities of Australia is tabulated below:
|University||Minimum English Proficiency Requirement||Application Deadline|
|University of Melbourne||IELTS: 7.0;|
|University of Queensland||IELTS: 6.5;|
|Queensland University of Technology||IELTS: 6.5;|
|Macquarie University||IELTS: 6.5;|
|University of Wollongong||IELTS: 6.5;|
|Flinders University||IELTS: 6.5;|
|University of New Castle||IELTS: 6.5;|
|RMIT University||IELTS: 6.5;|
|University of Canberra||IELTS: 6.5||December 01|
|La Trobe University||IELTS: 6.0;|
Cost of Studying Masters in International Business in Australia
Cost of studying abroad can be divided into three categories: Pre-arrival Cost, Tuition Fees and Cost of Living.
It is tabulated below:
|Type of Expense||Amount (in AUD)|
|Australian Student Visa Fees||606|
|Medical Insurance Fees||106 - 120|
|Health Insurance||450 - 600|
|TOEFL Fees||245 - 380|
|PTE Fees||280 - 300|
|Air Travel||900 - 1000|
Cost of Living in Australia
An individual approximately needs 20,000 AUD each year to get by in Australia. The cost of living may differ depending on the residential location. Given below is an estimate of the costs associated with living in Australia:
- Hostels and guesthouses: 90 to 150 AUD per week
- Shared rental: 85 to 215 AUD per week
- On-campus: 90 to 280 AUD per week
- Homestay: 235 to 325 AUD per week
- Rental: 165 to 440 AUD per week
Other living expenses:
- Groceries and eating out: 80 to 280 AUD per week
- Gas and electricity: 35 to 140 AUD per week
- Phone and Internet: 20 to 55 AUD per week
- Public transport: 15 to 55 AUD per week
- Car (ongoing cost): 150 to 260 AUD per week
- Entertainment: 80 to 150 AUD per week
Scholarships after Masters in International Business in Australia
Following table provides a list of international scholarships in Australia offered by various universities:
|University||Scholarship||Amount (in AUD)|
|University of Queensland||HASS Scholarship for Excellence - India||6,872|
|University of Melbourne||Melbourne Asian Development Bank- Japan Scholarship||Variable|
|Graduate Research Scholarships||75,610|
|Macquarie University||Macquarie Indian Partner Arts Scholarship||Variable|
|Flinders University||Go Clean Scholarship||3,500|
|University of Newcastle||Newcastle International Excellence Scholarship||40,141|
|South Asia Business and Law Scholarship||8,273|
|Sydney Business School, University of Wollongong||Go Clean Scholarship||3,500|
|Queensland University of Technology||QUT International Merit Scholarship||Variable|
|RMIT Technology||RMIT Research Stipend Scholarship||Variable|
|University of Canberra||Go Clean Scholarship||3,500|
|La Trobe University||La Trobe College Excellence;|
La Trobe India Scholarship
Scope after Masters in International Business in Australia
With a degree in Masters in International Business, one can seek work in different organizations. The degree helps to launch a career in multinational firms depending upon the area of specialization. According to The Good Universities Guide 2013, the salaries are also good with recent business and management graduates at the postgraduate level earning one of the highest salaries ie. 97,295 AUD per annum.
Some of the top recruiting companies are Accenture, Lucent, HSBC, Procter & Gamble, Britannic Assurance, Hewlett-Packard, Eurosport, Microsoft, McKinsey & Company, Capgemini, Ernst & Young, and Shanghai Bank.
Popular jobs after the Masters in International Business in Australia are:
|Job Role||Average Annual Salary (in AUD)||Estimated Growth|
|Human Resources Manager||130,000||9%|
International Business is a very in-demand field of today. Masters in international business opens up a variety of job opportunities in the business market. As masters is an in-depth course it teaches international business laws, marketing policies, marketing strategies, and international business trends. So it prepares an individual in various aspects. This helps in finding lucrative jobs at the senior level.