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    Study MBA in Australia: Top Universities, Eligibility, Cost, Scholarships, Jobs

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    Bhavya Rawal

    Study Abroad Expert

    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 AustraliaThere 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

    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

    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:

    Eligibility

    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 Visa

    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 Study

    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.

    Pre-arrival Cost

    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
    GMAT Fee 250
    GRE Fee 205

    Post-arrival Cost

    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
    Scholarships

    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:

    School/College Scholarships Offered Amount
    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 Business Schools

    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

    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:

    Top Paying Sectors for MBA in Australia

    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
    General Manager 108,000
    Assistant BD Manager 95,400
    Manager 122,000
    Accounting Manager 135,000
    Financial Manager 135,000
    Project Manager 89,000
    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.

    FAQ

    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.