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|
|194||University of Technology Sydney||1.5||61,704||June 30|
|201-250||Macquarie University||1-2||56620||February 07,
|201-250||University of Wollongong||1.5||47,094||January 31,
|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:
|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
|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|
|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:
|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|
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.
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)|
*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.
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.
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:
|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)|
|Business development manager||129,000|
|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)|
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.
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.