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Masters in Management in Australia: Study Guide for International Students

Bhavya Rawal 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. 
  • The overall cost of pursuing a master's in management in Australia ranges from 56,000-90,000 AUD. 
  • Six universities of Australia rank globally for business and management programs. 

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

CriteriaMiMMBA
Average age of candidates23 years27 to 32 years
Professional experienceFresh graduates or graduates with 1-3 years’ experience3 to 12 years
GMATNot MandatoryMandatory
Tuition feeAbout 50 percent of the fee for the traditional MBA program50,000 to 90,000 AUD
Program duration18 months on average1 or 2 years
CurriculumFundamentals of management, general conceptsPractical applications of general management concepts, analysis and application of concepts
Career path after graduationEntry-level posts such as Management TraineeLateral management slots such as Senior Manager, General Manager, Vice President, etc.

Masters in Management in Australia: Top Universities

With eight universities among the top 150 in the world (according to the Times Higher Education and QS World University Rankings) like 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 RankingsUniversitiesDurationTotal Program Fees (in AUD)Application deadline
32University of Melbourne1.552224March, July
50Australian National University291,200-
60University of Sydney1.15 years/60 Weeks54,000January 31
75Monash University1-260,400February
194University of Technology Sydney1.561,704June 30
201-250Macquarie University1-256620February 07,
November 08
201-250University of Wollongong1.547,094January 31,
May 08
251-300La Trobe University, Melbourne276800September 01
301-350Victoria University259,400March 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:

SpecializationFocus
Financial resources managementFocuses on the issues and challenges faced by managers, financial resources management addresses the concepts and implementation of financial management for an organization.
Entrepreneurship managementStudying the nature of entrepreneurship and its importance in society, learning management processes involved in launching a new business.
Organizational behaviorIt focuses on how to critically evaluate the characteristics of effective management, discuss and assess the strengths and weaknesses of current approaches.
Strategic managementIt 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 managementIt focuses on how to manage business activities which involves cross-border transactions and develops a broad international understanding of all management topics.

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).

English Language Proficiency for MIM in Australia

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

UniversitiesIELTSTOEFLOthers
University of MelbourneI6.5577 (PBT), 79 (IBT)PTE: 58-64
Australian National University6.5570 (PBT), 80 (IBT)CAE: 176
PTE: 64
University of Sydney796-
Monash University794 (IBT), 587 (PBT)-
University of Technology Sydney6.5550-583 (PBT), 79-93 (IBT)PTE: 58-64
CAE: 176-184.
Macquarie University6.583PTE: 53
University of Wollongong6.586-
La Trobe University, Melbourne6.5550 (PBT), 79 (IBT)PTE: 58
CAE: 79
CPE: 69
Victoria University5.555PTE: 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:

ExpensesFee (in AUD)
Visa application636
Health insurance2,381
IELTS300
TOEFL330
PTE330

*Indian applicants have to pay a fee of 550 AUD for 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 ExpenseExpenditure per week (in AUD)
Groceries and eating out80 to 280
Gas and electricity35 to 140
Phone and Internet20 to 55
Public transport15 to 55
Car (ongoing cost)150 to 250
Entertainment80 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:

NameUniversityAmount (AUD)
Melbourne Graduate ScholarshipUniversity of Melbourne25-100% fee waiver
Business Dean's Scholarship for Academic ExcellenceUniversity of SydneyVariable
Monash International Merit ScholarshipMonash University10,000 annually
Postgraduate Academic Excellence ScholarshipUniversity of Technology Sydney5000 (first session)
Macquarie Vice-Chancellor’s International ScholarshipsMacquarie University10,000
UOW Alumni Postgraduate ScholarshipUniversity of Wollongong10% tuition fee waiver
La Trobe College Excellence Scholarship (CES)La Trobe University, Melbourne15%, 20% and 25% deduction on annual tuition fees
Victoria University International ScholarshipsVictoria University6000
Destination Australia-15,000 per annum
Bharat Petroleum Scholarship 2020-Variable
Paul Foundation Scholarships-20,174
Collegedunia $150 Scholarship Program-150

Masters in Management in Australia: Scope

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 RoleAverage Annual Salary (in AUD)
Product manager136,248
Business development manager129,000
General manager167,000
Business manager105,430
Executive manager171,000
Management consultant115,000
Operations manager102,000
Project manager104,000
Risk and capital manager158,000

Top Recruiters 

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:

Commonwealth Bank of AustraliaWestpac
DeloitteCISCO
KPMGOroton
PwCLandor
EYTHE ICONIC
HILTIRocket reckon
NabVision Critical

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.

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