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    Masters in Management in Australia: Study Guide for International Students

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    Bhavya Rawal

    Study Abroad Expert


    Masters in Management (MiM) in Australia is a 1-2 year degree providing comprehensive knowledge about varied management streams such as Finance, Marketing, Consulting, Entrepreneurship among many others.  Admission to Australian Universities is offered twice a year to international students. Aspirants looking forward to studying in Australia must keep the following things in mind:

    • The overall cost of pursuing a master's in management in Australia ranges from 56,000-90,000 AUD.
    • The tuition fees for an Indian student goes to around 31.7 lakhs to 50.9 lakhs for pursuing MiM in Australia. 
    • There are plenty of scholarships to study in Australia for international students to ease down the expenses. 
    • Six universities of Australia rank globally for business and management programs.

    Masters in Management program in Australia have strong connections with developing south-east Asian countries. Various business schools in Australia offer students with study abroad opportunities while pursuing MiM in countries like China and explore the international business market. 

    Top Universities for Masters in Management in Australia 

    With eight universities among the top 150 in the world (according to the Times Higher Education and QS World University Rankings) like the University of Melbourne, University of Sydney, etc, Australia has an impressive global reputation for higher education. Below is a table showing the top universities providing Masters in Management courses:

    THE Rankings Universities Duration Total Program Fees (in AUD) Application deadline
    32 University of Melbourne 1.5 52224 March, July
    50 Australian National University 2 91,200 -
    60 University of Sydney 1.15 years/60 Weeks 54,000 January 31
    75 Monash University 1-2 60,400 February
    194 University of Technology Sydney 1.5 61,704 June 30
    201-250 Macquarie University 1-2 56620 February 07,
    November 08
    201-250 University of Wollongong 1.5 47,094 January 31,
    May 08
    251-300 La Trobe University, Melbourne 2 76800 September 01
    301-350 Victoria University 2 59,400 March 31

    MIM in Australia: Specializations

    Specialization in management makes it easier for the students to integrate into a company in his/her chosen sector after graduation. Following are some of the specializations offered under Masters in Management:

    Specialization Focus
    Financial resources management Focuses on the issues and challenges faced by managers, financial resources management addresses the concepts and implementation of financial management for an organization.
    Entrepreneurship management Studying the nature of entrepreneurship and its importance in society, learning management processes involved in launching a new business.
    Organizational behavior It focuses on how to critically evaluate the characteristics of effective management, discuss and assess the strengths and weaknesses of current approaches.
    Strategic management It concerns long-term planning practices, and the concepts, topics, methodological approaches, and tools relevant to the analysis of the strategic position of an organization.
    International business management It focuses on how to manage business activities that involve cross-border transactions and develops a broad international understanding of all management topics.

    Why Masters in Management (MiM) over MBA?

    Traditionally, graduate students aspiring for a degree in business management flock to MBA schools. However, since many find the admission criteria and program fees at top-ranking B-schools difficult to manage, they are welcoming the alternative: Masters in Management. 

    Below is a table depicting the differences between MiM and MBA. It highlights the benefits of pursuing MIM over MBA

    Criteria MiM MBA
    Average age of candidates 23 years 27 to 32 years
    Professional experience Fresh graduates or graduates with 1-3 years’ experience 3 to 12 years
    GMAT Not Mandatory Mandatory
    Tuition fee About 50 percent of the fee for the traditional MBA program 50,000 to 90,000 AUD
    Program duration 18 months on average 1 or 2 years
    Curriculum Fundamentals of management, general concepts Practical applications of general management concepts, analysis and application of concepts
    Career path after graduation Entry-level posts such as Management Trainee Lateral management slots such as Senior Manager, General Manager, Vice President, etc.

    Masters in Management in Australia: Admission

    For studying abroad international students are required to fulfill additional eligibility criteria. In order to be considered for entry in masters in management in Australia, the candidate must have:

    • An undergraduate degree in any discipline, or equivalent
    • Prior academic performance
    • An interview or any other evidence required by the Selection Panel (if required).
    • The minimum English language requirements for this course are:
      • IELTS: 6.5 (with no band less than 6.0)
      • TOEFL (paper test): 577 with TWE 4.5
      • TOEFL (internet): 79 with Writing 21, Speaking 18, Reading 13, Listening 13
      • PTE (Academic): 58-64 inclusive and no communicative skill below 50
    • For English language tests, documentary evidence of having obtained the minimum scores within the previous 24 months is required.
    • GMAT scores of 680 or more or a GRE where the verbal and quantitative scores add to 326 or more (it is not mandatory for all universities).

    Language Proficiency for Masters in Management in Australia

    The university-specific cut-off of scores required as proof of English language proficiency is tabulated below: 

    Universities IELTS TOEFL Others
    University of Melbourne I6.5 577 (PBT), 79 (IBT) PTE: 58-64
    Australian National University 6.5 570 (PBT), 80 (IBT) CAE: 176, PTE: 64
    University of Sydney 7 96 -
    Monash University 7 94 (IBT), 587 (PBT) -
    University of Technology Sydney 6.5 550-583 (PBT), 79-93 (IBT) PTE: 58-64, CAE: 176-184.
    Macquarie University 6.5 83 PTE: 53
    University of Wollongong 6.5 86 -
    La Trobe University, Melbourne 6.5 550 (PBT), 79 (IBT) PTE: 58, CAE: 79, CPE: 69
    Victoria University 5.5 55 PTE: 42-49, CAE: 162

    Documents Required

    For pursuing studies in Australia, you are required to submit the following documents along with the applications:

    • A personal statement outlining why he/she wishes to be considered for the course
    • A personal statement outlining why you wish to be considered for the course
    • A recent copy of the resume
    • Transcripts of previous institutions
    • Scores of exams required to study in Australia

    Masters in Management in Australia: Cost of Study

    The cost of pursuing studies abroad is broadly divided into three types of expenses: ones you suffer before leaving for your destination, tuition fees, and cost of living in the study destination. The latter two can be considered post-arrival and the former is a pre-arrival cost type. 

    Pre-arrival Expenses

    The amount which an international student spends on visa application, college application, exams, etc when planning to study abroad is included in pre-arrival expenses. Some of these are briefed below:

    Expenses Fee (in AUD)
    Visa application 636
    Health insurance 2,381
    IELTS 300
    TOEFL 330
    PTE 330

    *Indian applicants have to pay a fee of 550 AUD for an Australian Study Visa.

    Tuition Fees for Masters in Management in Australia

    The total program fees have already been discussed above. In the graphical image below is a comparison of your annual tuition at some of the popular universities. 

    Annual fee V/S Universities

    Cost of Living in Australia

    The expenses largely depend on the preferences of the kind of life the students prefer to live. The average cost of living in Australia comes around 400 - 600 AUD per week. Accommodation costs topping the list with home loans, rates, utilities and maintenance with expenses varying from 90 to 440 AUD per week.

    Given below is a table giving the basic expenses while living in Australia:

    Type of Expense Expenditure per week (in AUD)
    Groceries and eating out 80 to 280
    Gas and electricity 35 to 140
    Phone and Internet 20 to 55
    Public transport 15 to 55
    Car (ongoing cost) 150 to 250
    Entertainment 80 to 150

    Student accommodations in Australia are available in various forms, you can choose from on and off-campus housing to homestays and other attractive options available. Given below is a graph representing the cost of living in various accommodation types. 

    Student Accommodation Cost

    Masters in Management in Australia with Scholarships

    Scholarships in Australia are offered on the basis of merit-based, need-based, student-specific or course-specific grants. The amount of Australian scholarship differs depending on the profile of the student ranging from 2000 AUD up to 100% for the tuition fee. Listed below are some of the popular scholarships for international students in Australia:

    Name Amount (AUD)
    Melbourne Graduate Scholarship (University of Melbourne) 25-100% fee waiver
    Business Dean's Scholarship for Academic Excellence (US) Variable
    Monash International Merit Scholarship  10,000 annually
    Postgraduate Academic Excellence Scholarship (UTS) 5000 (first session)
    Macquarie Vice-Chancellor’s International Scholarships 10,000
    UOW Alumni Postgraduate Scholarship 10% tuition fee waiver
    La Trobe College Excellence Scholarship (CES) 15%, 20%, and 25% deduction on annual tuition fees
    Victoria University International Scholarships 6000
    Destination Australia 15,000 per annum
    Bharat Petroleum Scholarship 2020 Variable
    Paul Foundation Scholarships 20,174
    Collegedunia $150 Scholarship Program 150

    Scope of Masters in Management in Australia

    A master's in management widens the career prospects of the students with excellent salary and job security. A person working in Management in Australia typically earns around 124,000 AUD per year. Management professionals in Australia are likely to observe an increment in salary of approximately 11% every 13 months. Popular job prospects in Australia after pursuing a Masters in Management are as follows:

    Job Role Average Annual Salary (in AUD)
    Product manager 136,248
    Business development manager 129,000
    General manager 167,000
    Business manager 105,430
    Executive manager 171,000
    Management consultant 115,000
    Operations manager 102,000
    Project manager 104,000
    Risk and capital manager 158,000

    Top Recruiters for Masters in Management in Australia

    Salaries range from 61,900 AUD (lowest average) to 203,000 AUD (highest average, the actual maximum salary is higher). Employees with experience of two to five years earn on average 32% more than freshers and juniors across all industries and disciplines. The recruiting companies for Management graduates are as follows:

    Top Recruiters Salaries (AUD/year)
    Telstra 190,000
    Rio Tinto 181,000
    PwC 135,000
    Clayton UTZ 235,000
    Accenture 120,000
    BPH Billiton 143,000
    Wesfarmers 270,000
    Westpac 170,000
    GE Capital 180,000

    Australia is a highly recommended destination for management aspirants as it offers students with great internship perspective building skills eventually that could help to get a permanent job. With a cost of study ranging around 30,000-50,000 AUD and a minimum annual average salary ranging of 102,000 AUD, a management master's degree from Australia becomes the right choice for international students looking for a high return on investment.

    FAQs

    Ques. Can the non-business undergraduates apply for Masters in Management?

    Ans. Yes, out of all MIM degree courses worldwide, 29% of applicants are non-business undergraduates and the largest number of international MIM graduates come from China, India, Germany, and Italy.

    Ques. What is the English language proficiency required to study masters in management in Australia?

    Ans. International students from non-native English speaking countries are required to submit proof of language proficiency for studying masters in Australia. The score required for pursuing masters in management in Australia are CAE- 79 to 182, IELTS- 5.5 to 7, PTE Academic- 42 to 64, or TOEFL iBT- 55 to 94/ PBT- 550 to 587

    Ques. What is the eligibility criteria for applying for a master's in management in Australia?

    Ans. International students are required to have a bachelor's degree in a relevant field with a minimum percentile of 65%. Some universities in Australia may ask you to submit your GMAT score, however, it is not mandatory in most universities. IELTS (5.5-7) and TOEFL (55-94) scores are also required for admissions. 

    Ques. How much does a masters in management in Australia cost for an international student?

    Ans. For an international student, the cost of the 2 year masters in management degree from Australia is around 56,000 AUD to 90,000 AUD approx.

    Ques. Where can I study masters in management in Australia?

    Ans. Some of the top universities to pursue masters in management in Australia include LaTrobe, University of Sydney, University of Melbourne, ANU, University of Technology Sydney, Macquarie University, and University of Wollongong.

    Ques. Can I study MiM in Australia without GMAT?

    Ans. Though some Australian business schools offering masters in management do ask international applicants to submit their GMAT scores, but it is not a mandatory requirement to get into MiM courses in Australia.

    Ques. How much can I make with masters in management in Australia?

    Ans. With a MiM degree in Australia you can make an average of 90,000 to 100,000 AUD a year. This is usually dependent on variables like job role, firm, sector, location, and previous experience, Your payscale will vary depending on all these criteria.