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    Masters in International Business in Australia: Top Colleges, Fees, Funding, Eligibility, Jobs

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    Bhavya Rawal

    Study Abroad Expert


    \Masters of International Business in Australia (MIB) is a 2-year course designed to develop and expand the abilities and resources of business managers in the global business market. The annual tuition fees of universities offering Masters in International Business in Australia is between 28,000 AUD to 42,500 AUD. For an Indian student, looking forward to applying for MIB in Australia the cost approximates 14-22 lakhs. Students with a Masters in international business from Australia earn an average salary of around 80,000 AUD a year. 

    How to get admission to MIB in Australia?

    • GRE or GMAT scores may be required 
    • Relevant bachelors course with high academic standing
    • Language proficiency is required

    A Master of International Business includes topics such as multinational financial management and cross-cultural management. 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. It offers the opportunity to obtain contemporary knowledge and skills required in modern international business organizations.

    Top Universities for Masters in International Business in Australia

    Pursuing education at top universities in Australia will make you sought after by some of the popular industry recruiters. Given below are popular universities for masters in international business in Australia along with the details of program duration and tuition fees of the program.    

    University QS News Ranking 2020 Annual Fees (in AUD) Graduate Employability Rank 2020
    University of Melbourne 38 45,824 #7
    University of Sydney #40 49,000 #4
    University of Queensland 47 43,968 #57
    University of Newcastle 207 38,520 -
    University of Wollongong 212 11,722 #171-180
    Queensland University of Technology 224 34,400 #101-110
    Macquarie University 237 38,000 #101-110
    RMIT University 238 38,400 #77
    Flinders University 424 38,300 -
    La Trobe University 400 38,600 #301-500

    An international business degree opens various doors of management markets, allowing students to explore careers like auditor, compliance officer, marketing executive, mediator, management consultant, and much more. Pursuing a masters in international business in Australi will not only open doors to work in Australia and New Zealand but also to work in other popular countries. With a degree from abroad, you can earn around 12 LPA at the beginning of your career. 

    Why Study 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).
    • 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.
    • Additionally, specializing in MIB import-export can also prove to be beneficial as it is highly in demand in the country. 

    Course Structure of MIB in Australia

    Master of International Business in Australia 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. The subjects taught include:

    Managing in the Global Context  Economics and Finance for Business
    Contemporary Marketing International Finance
    Accounting for Business Decisions Contemporary Management Capabilities
    International Trade and Logistics Business Law and Governance
    Business Research Work Integrated Learning Postgraduate
    Multinational Corporations Strategic Intelligence and Analytics

    This may seem extremely similar to an MBA program. However, what makes Masters in International Business different from MBA is:

    MIB degree is more academic than professional along with requirements of scores and work experience lower than an MBA degree. The choice between MIB or MBA in Australia is highly dependent on your long term career goals. 

    MIB in Australia: Course Highlights

    Duration 2 years
    Tests Required GRE/GMAT and IELTS/TOEFL
    UG Requirements 50-70%
    Fees 28,000 AUD to 42,500 AUD
    Salary 80,000 AUD
    Top Recruiters Procter & Gamble, Britannic Assurance, Hewlett-Packard, Eurosport, Microsoft, McKinsey & Company, Capgemini, EY 

    Admissions to Masters in International Business in Australia

    For admissions with Australian universities, it is suggested that international students must go through the details of the deadlines and procedures involved through the college/university website. Due to COVID-19, various universities have postponed, students must keep a check on the university website for updated deadlines. The admissions and eligibility details for masters of international business in Australia are as follows:

    Admission Requirements 

    • 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 may be required

    The entry requirements like exam scores, GPA, etc vary among universities. Given below are the details of University-specific Entry Requirements for Masters in International Business in Australia: 

    University English Proficiency Score Additional Requirements
    University of Melbourne IELTS: 7.0; TOEFL: 94 Personal Statement
    University of Sydney IELTS: 7.0; TOEFL: 96; PTE: 68 65% in UG
    GMAT- 630
    University of Queensland IELTS: 6.5, TOEFL: 87, PTE: 64 50-65% in Bachelor of business
    Queensland University of Technology IELTS: 6.5; TOEFL: 79; PTE: 58 65% in UG
    Macquarie University IELTS: 6.5; TOEFL: 83; PTE: 58 50% in UG
    University of Wollongong IELTS: 6.5; TOEFL: 86 50% in UG
    Flinders University IELTS: 6.5; TOEFL: 79; PTE: 58 Bachelors in either the specialization chosen or other relevant subjects
    University of Newcastle IELTS: 6.5; TOEFL: 90; PTE: 60 Relevant bachelor’s degree or relevant work experience with any bachelors degree
    RMIT University IELTS: 6.5; TOEFL: 79; PTE: 58 None
    La Trobe University IELTS: 6.0; TOEFL: 64; PTE: 50 Relevant bachelor’s and prior work experience

    Cost of Masters in International Business in Australia

    When planning to pursue education abroad, international student’s most important concern is the cost involved. The overall costs can be broadly categorized as pre-departure (arrival) cost, tuition fees, and cost of living. Planning ahead of these expenses allows the student to look for the funding options available and apply for them on time. 

    Pre-arrival Cost

    These are the expenses you will incur when still in your home country. These majorly include a airfare, health insurance, and a variety of application fees such as visa application fees, application fees for university, application fees for exams required to study in Australiaetc. 

    Type of Expense Amount (in AUD)
    Australian Student Visa Fees 575
    Medical Insurance Fees 106 - 120
    Health Insurance 450 - 600
    IELTS Fee 340
    TOEFL Fees 245 - 380
    PTE Fees 280 - 300
    GMAT Fees 379
    Air Travel 900 - 1000

    It is mandatory to have overseas student health cover to study in Australia

    Tuition Fees for Masters in International Business in Australia

    The annual costs for pursuing MIB in Australia range from 12,000 to 49,000 AUD. This for an Indian student will mean an expenditure of 6 LPA INR to 20 LPA INR. The overall course fees for universities offering masters in international business in Australia is depicted graphically below:

    Course Fees for Masters in International Business in Australia

    The overall cost for an Indian student to complete a 1.5 to 2-year course is 12-51 Lakhs INR. This can be a cumbersome amount to cater to, in such cases, you can always look for scholarships available to study in Australia

    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:

    Student Accommodation

    Costs involved in renting a place in Australia for students in detailed below:

    Accommodation Type Rent (AUD/month)
    Hostels & Guesthouse 360-600
    Share Rentals 368-860
    On-campus Accommodation 440-1120
    Homestays 470-1300
    Rentals 740-1760

    Other living expenses:

    • Groceries and eating out: 80 to 280 AUD/week
    • Gas and electricity: 35 to 140 AUD/week
    • Phone and Internet: 20 to 55 AUD/week
    • Public transport: 15 to 55 AUD/week
    • Car (ongoing cost): 150 to 260 AUD/week
    • Entertainment: 80 to 150 AUD/week

    Masters in International Business in Australia with Scholarships

    For studying in any of Australian universities you can apply for various university-specific scholarships available to international students. Along with these, if you are unable to apply for these scholarships there are various scholarships offered by the government of Australia to pursue education such as Australian AwardsFollowing table provides a list of international student 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
    MGSM 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
    Variable

    Jobs 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. 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. 

    You can be employed with financial institutions, management consultancy firms, multinational enterprises, marketing & PR firms, and small to medium-sized businesses as well. The popular jobs after the Masters in International Business in Australia are: 

    Job Role Average Annual Salary (in AUD) Estimated Growth
    Management Analyst 145,438 14%
    Marketing Manager 228,219 10%
    Executive 184,685 8%
    Human Resources Manager 130,000 9%
    Financial Analyst 98,900 11%
    Economist 180,787 6%

    With globalization, the face of business has changed forever as traditional economic boundaries have disappeared. Businesses today are conducted across languages, political systems, cultures, and social structures resulting in an ever-rising demand of professionals understanding the nitty-gritty involved and are capable of complexities running a business on a global scale. A master in international business is a degree that prepares you with these skills and makes you aware of the laws involved in running global businesses. Pursuing this degree from Australia helps to attain a global career and land with cushy median salaries.

    FAQs

    Ques. What are some of the top universities offering Masters in International Business in Australia? 

    Ans. The Queensland University of Technology, University of Melbourne, University of Technology Sydney, the University of Newcastle, and La Trobe University are some of the popular universities offering Masters of Engineering Management in Australia.

    Ques. How much does a Masters in international business in Australia cost?

    Ans. The annual tuition fees for the program range between A$12,00 to A$49,000. This for an Indian student will mean an expenditure of 6 LPA INR to 20 LPA INR. International students will require around A$21,000 as living expenses in Australia.

    Ques. What is the eligibility for Masters in international business in Australia?

    Ans. International aspirants for masters in international business in Australia require to have a bachelors with 50-60% in relevant subject. Some universities may ask for GMAT score (600 or more). Along with this you need to have IELTS or TOEFL scores to submit (6.5 or 79 respectively). 

    Ques. How much can I earn with master's in international business in Australia?

    Ans. Students can earn up to 200,000 AUD with MIB in Australia. The average entry-level salaries range between 60,000-80,000AUD/year.