MBA in Australia is a one-year (full-time) professional degree available with over 58 institutes. The average cost of MBA in Australian universities ranges from 40,000 USD to 63,000 USD. The tuition fees for MBA in Australia in Indian rupees go up to around 45 lakhs. However, the expense can be limited with scholarships for MBA in Australia. There are various government offered scholarships that cover up to 100% of your tuition fees making higher education in Australia more affordable.
To get into business schools in Australia, applicants must have 55-65% in their bachelor's degree and IELTS score (equivalents accepted). Having 2-3 years of prior work experience is the basic requirement to get into an MBA program at top b-schools in Australia. Monash, Macquarie, Deakin, and LaTrobe University are some reputable business schools accepting students into MBA courses without GMAT in Australia.
With the rising demand for professionals at managerial levels, graduates with MBA from Australia enjoy a median salary package of around 98,400 USD (72.2 lakhs INR). Accounting and Finance is one of the highest paying disciplines of MBA with an average annual pay of 61,229 USD in Australia.
Top Business Schools for MBA in Australia
13 business schools of Australian universities were included in the list of top 250 business colleges around the world by QS News Global MBA Ranking. The table given below lists the top 10 of them along with their ranking and the complete fee of the full-time MBA program:
|School||Parent University||Full-time MBA Fees|
|Melbourne Business School||University of Melbourne||62,198 USD|
|AGSM Business School||University of New South Wales||60,043 USD|
|Monash Business School||Monash University||61,156 USD|
|Macquarie Graduate School of Management||Macquarie University||54,993 USD|
|UWA Business School||University of Western Australia||41,488 USD|
|UQ Business School||University of Queensland||56,157 USD|
|ANU College of Business & Economics||Australian National University||49,911 USD|
|Deakin Business School||Deakin University||43,514 USD|
|RMIT University School of Business||RMIT University||59,393 USD|
|La Trobe Business School||La Trobe University||41,451 USD|
International students can also pursue online MBA at popular business schools in Australia- RMIT, Victoria Univesity, James Cook University, and Southern Cross University.
Why MBA in Australia?
- Five of the business schools in Australia have been ranked among the top 100 business schools in the world, as per QS Global MBA Ranking 2021.
- Business schools for MBA in Australia are accredited by a few of the globally reputed agencies, namely EQUIS, AACSB, and AMBA. Hence, it is recognized all over the world.
- Australia has been included in the list of top countries for MBA salaries in 2020 by QS News. It is placed in 5th place with 98,400 USD average salaries leaving behind countries like the UK (92,400), Japan (80,000), and Germany (77,200).
As per the FT Business School Rankings (2020), three business schools in Australia made it to the top 100. The weighted salaries and the percentage hike in the salaries of the alumni for these three is tabulated below:
|FT Ranking||University||Weighted Salary(USD)||Salary Increase (%)|
|#80||Melbourne Business School||115,679||74|
|#88||UNSW Business School||106,393||62|
|#97||Macquire Graduate School of Management||120,091||83|
Admissions to MBA in Australia
Business schools offer admission based on the grades in an undergraduate degree, relevant work experience, and an interview conducted by the faculty of business school. Admission to universities in Australia can be made by:
- Direct Applications: Visit the university website and apply through the apply now toggles on the course page
- Agents: Explore university websites to find out their agents within your home country. Approach them with necessary documents. The agents help you throughout the process.
To get admissions with Australian universities you will need to fulfill the eligibility criteria, submit the required documents and submit the relevant application fees. The details on the same are discussed in sections below:
MBA in Australia Requirements
- Bachelor's degrees in any field (some schools prefer a degree of certificate in business-related fields)
- Minimum 65% in bachelors
- Up-to-date resume
- At least two reference letters from the previous employer or professors
- Interview, conducted face-to-face, over a video call, or on phone.
- A good GMAT or GRE score
- At least 2 years of work experience in a managerial or business-related field
- English Proficiency Requirement: International students are required to submit IELTS scores to demonstrate proficiency in the English language as the curriculum of Australian universities is entirely in English. Students having IELTS scores of approx 6.5 to 7.0 can easily get admission into the popular schools offering an MBA in Australia.
MBA in Australia: GMAT Requirements
Following are the minimum GMAT score and work experience required for admission to top universities of Australia:
|School||Minimum GMAT Score Required|
|Melbourne Business School||705|
|AGSM Business School||650|
|UWA Business School||650|
|UQ Business School||550|
|ANU College of Business & Economics||600|
|UTS Business School||550|
|RMIT University School of Business||550|
Admission to MBA in Australia without GMAT
Following are the admission requirements of top-ranked institutes offering MBA in Australia without GMAT score:
- Monash Business School: Ranked 73 by QS News 2021, Monash Business School is one of the best business schools in Australia. Students with three years of experience with one year of managerial experience are eligible to apply here without any GMAT score.
- Macquarie Graduate School of Management (MGSM): This b-school reviews applications on a case by case basis. No minimum work experience criteria or eligibility score is specified by the MGSM. It has been ranked #95 in the QS News 2021 ranking among the top b-schools of Australia.
- Deakin Business School: Students satisfying one of the following eligibility criteria can successfully apply at Deakin Business School without any GMAT score:
- Bachelor degree/Masters Qualifying Program (MQP) in any discipline and three years of work experience
- Graduate Certificate in a related discipline and five years of work experience
- La Trobe Business School (LBS): If a student has three years of relevant managerial experience with a minimum of 60% in the final year of bachelor's degree, he/she can apply for the MBA at La Trobe University. University also considers applicants having more than 8 years of relevant managerial experience without any undergraduate degree.
MBA in Australia: Work Experience
|School||Minimum Work Experience Required|
|Melbourne Business School||2 years|
|AGSM Business School||2 years|
|UWA Business School||2 years|
|UQ Business School||4 years|
|ANU College of Business & Economics||5 years|
|UTS Business School||4 years|
|RMIT University School of Business||3 years|
Australian Student Visa
International applicants are required to have an Australian student visa to get into the country. You can do the same by paying and online application fees of 620 AUD (35,000 INR) and submitting the following documents when making your visa applications:
- Valid passport
- Proof of ID
- Acceptance letter from the university/college
- OSHC health insurance
- Bank statement with proof of sufficient funds (~62,222 AUD per year)
- English language proficiency scores like TOEFL, IELTS etc.
- Statement of Purpose or GTE
- 4 recent passport size photograph
- Students might have to appear for a possible health checkup and visa interview depending upon their current location.
Cost of Studying MBA in Australia
Following types of expenses are incurred while applying for an MBA degree:
- Pre-arrival cost: Includes expenses incurred while submitting an application for an MBA degree.
- Post-arrival cost: Includes charges to be paid during the entire duration of studies such as tuition fees, books, transportation, and accommodation costs.
Students have to pay a few charges before coming to study in Australia which includes a registration fee of required test scores, application fee at the time of submission of application, student visa fee to acquire visa, etc. An estimate of these costs is provided below:
|Type of Expense||Cost (USD)|
|Application Fee||100 (approx)|
|Australian Student Visa Fee||426|
|IELTS Registration Fee||215- 240|
|TOEFL (iBT) Registration Fee||160- 250|
The total program cost of an MBA in Australia from top business schools is approximately 40,000 USD to 63,000 USD. UWA and La Trobe Business School have the lowest fee and Melbourne Business School has the highest fee for MBA in Australia among top-ranking institutes.
Tuition Fees for MBA in Australia for Indian Students
|School||Full-time MBA Fees (INR)|
|Melbourne Business School||45.59 Lakhs|
|AGSM Business School||44.01 Lakhs|
|Monash Business School||44.83 Lakhs|
|Macquarie Graduate School of Management||40.31 Lakhs|
|UWA Business School||30.41 Lakhs|
|UQ Business School||41.16 Lakhs|
|ANU College of Business & Economics||36.58 Lakhs|
|Deakin Business School||31.89 Lakhs|
|RMIT University School of Business||43.53 Lakhs|
|La Trobe Business School||30.38 Lakhs|
Cost of Living in Australia
According to the Department of Home Affairs of Australia, the total annual living cost for an international student in Australia is estimated to be 14,432 USD. This includes accommodation, meals, books, supplies, transportation, personal expenses, etc. Charges for various types of accommodation is provided below:
|Accommodation Type||Minimum Annual Cost||Maximum Annual Cost|
|Hostels and Guesthouse||4,680 USD||7,800 USD|
|Shared Rentals||4,940 USD||11,180 USD|
|On-Campus||5,720 USD||14,560 USD|
|Homestay||12,220 USD||16,900 USD|
|Rental||9,620 USD||22,880 USD|
MBA in Australia with Scholarships
Students enrolled in an MBA can apply for various international scholarships in Australia. Some of the other popular business-schools and the scholarships available to international students in Australia are listed below:
|Melbourne Business Schoool||Kraft Heinz Scholarship||31,221 USD|
|Australian Graduate School of Management||AGSM Global Reach Scholarship and AGSM Excellence Scholarship||Varies|
|Monash Business School||Monash MBA International Women in Leadership Scholarship||16,679 USD|
|Melbourne Business School||MBS Scholarships||Varies|
|ANU||ANU College of Business and Economics India Excellence Scholarship||20 students are given an amount of 6,949 USD|
|UWA Business School||MBA (Intensive) International Prestige Scholarships||100% tuition fee|
|Adelaide Business School||Adelaide MBA Scholarship||25% of tuition fee|
|Sydney Business School||UOW Postgraduate Academic Excellence Scholarship||10% to 30% tuition fee|
|UON Faculty of Business and Law||International Excellence Scholarship (India); South Asia Business and Law Scholarships||8,867 USD to 41,700 USD|
|UQ Business School||MBA Student Scholarship||25% tuition fee waiver|
|UTS Business School||MBA Scholarship for Outstanding Students (Commencing and Current)||1,390 USD to 3,475 USD|
|Macquarie Graduate School of Management||Macquarie University India Scholarship; Vice-Chancellor's International Scholarship - St. Xavier’s College, Kolkata;||Tuition fee waiver|
Pursuing an MBA in Australia tuition-free is highly likely if a student receives awards covering the complete tuition fees. This will mean that you will only be needing money to live and travel in the country and the remaining cost of study will be covered by your university.
ROI of Top Business School for MBA in Australia
|School||Full-time MBA Fees (USD)||Salary of MBA Graduates (USD)|
|Melbourne Business School||62,198||125,000|
|AGSM Business School||60,043||213,000|
|Monash Business School||61,156||135,00|
|Macquarie Graduate School of Management||54,993||147,000|
|UWA Business School||41,488||139,000|
|UQ Business School||56,157||203,000|
|ANU College of Business & Economics||49,911||99,000|
|Deakin Business School||43,514||133,000|
Jobs after MBA in Australia
Since an MBA from Australia is recognized everywhere, you can apply for a job anywhere in the world after completion of the degree. Students are generally offered positions in managerial roles after MBA. Finance is the highest paid industry in the world with the annual salary of an MBA graduate being 97,100 USD (average) followed by technology and consulting.
The following table provides the average annual salary offered to MBA graduates, all over the world, by various industries:
Some of the popular job roles to look out for after completing your MBA in Australia are listed below:
|Job Roles||Average Salary in USD (annual)|
|Business Development Manager||111,000|
|Assistant BD Manager||95,400|
|Employee Relations Manager||80,000|
|Organizational Development Manager||93,000|
According to QS MBA Jobs & Salary Trends Report 2020, leadership, strategy, and innovation are the most valued skills by employers in an MBA graduate. Hence, students are advised to choose courses focusing on the development of these skills while pursuing a management degree.
Ques. Is MBA worth it in Australia?
Ans. 3 business schools of Australia have been included in the list of top 100 business schools in the world. Average cost of study goes up as high as 60,000 USD and the average annual salary offered is 97,100 USD per annum. Hence, it is completely worth it to study MBA in Australia.
Ques. How costly is it to study MBA in Australia?
Ans. The program fee of top universities offering MBA in Australia is around 40,000 USD to 60,000 USD. The cost of living for international students is calculated to be approximately 14,432 USD.
Ques. What are the best universities for studying MBA in Australia?
Ans. University of Melbourne, University of New South Washington, Monash University, Macquarie University, and the University of Western Australia are the top five universities for pursuing MBA from Australia.
Ques. Is work experience required for admission in the MBA program of Australian universities?
Ans. Minimum two years of managerial or business-related work experience is a must for admission in MBA programs offered by Australian universities.
Ques. How long does it take to complete a full-time MBA degree in Australia?
Ans. It takes one and a half to two years to complete a full-time MBA degree from Australia. However, some universities offer accelerated MBA programs that can be completed in one year.
Ques. Is it possible to apply for an MBA degree in Australia without a GMAT score?
Ans. Although GMAT scores are an important part of the admission process, some of the best universities of Australia such as Monash, Macquaire, Deakin, and LaTrobe offer admission without a GMAT score. Some universities also accept GRE scores in place of GMAT.
Ques. How much does an MBA earn in Australia?
Ans. The average salary for an MBA graduate in Australia is 98,400 USD per annum. An accounting and finance graduate can earn up to 60,000 USD annually in Australia.
Ques. What are the job opportunities after MBA in Australia?
Ans. You can work as an Accountant, General Manager, Marketing Marketing, Operations Manager, Program Manager, Business Development Executive, etc after completing MBA in Australia.