Study MBA in Australia: Top Universities, Eligibility, Cost, Scholarships, Jobs
Offered as a full-time, part-time and executive degree, MBA in Australia is available at over 58 institutes. A full-time MBA from a college or university of Australia can be completed in a year at an average cost of 30,000 to 60,000 USD. Some of the popular areas of study are leadership, strategy, marketing, finance, accounting, entrepreneurship, and marketing.
- Colleges 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.
- GMAT score, work experience, and interview are an important part of the admission process.
- Monash, Macquarie, Deakin, and LaTrobe are some reputable business schools accepting students without a GMAT score.
- The total full-time MBA fee of top-ranking management colleges in Australia ranges between 40,000 USD to 63,000 USD.
- A median annual salary of 98,400 USD can be earned in Australia after an MBA degree.
- Accounting and Finance is one of the highest paying disciplines of MBA with an average annual pay of 61,229 USD in Australia.
Why Study MBA in Australia?
Three of the business schools in Australia have been ranked among the top 100 business schools in the world, as per QS Global MBA Ranking 2019. Not only this, Australia has been included in the list of top countries for MBA salaries in 2019 by QS News. It is placed in 5th place leaving behind countries like the UK, Japan, and Germany.
Types of MBA degrees offered in Australia
Two of the most common types of MBA degrees offered in Australia are full-time & part-time MBA and Executive MBA.
Executive MBA is designed especially for working professionals having more than 5 years of managerial work experience. Students are given assignments and modules which can be completed remotely, eliminating the need for attending regular classes. Such programs, in most cases, have a fixed curriculum and focus on only one specialization.
Full-time/Part-time MBA: The curriculum is divided into two parts: core subjects and elective subjects.
- Core Subjects: These are usually taught in the initial duration of the program. Although they vary from institute to institute, some of the popular ones are Leadership, Social Responsibility, and Ethics, Managing People, Managerial Economics.
- Elective Subjects: In the final months of the MBA, students have the option of choosing the courses they want to study. This largely depends upon the type of specialization you are willing to pursue. Project management, finance management, marketing management, property management, etc are a few of the favorite specialization among students.
Top Universities for MBA in Australia
13 business schools of Australian universities were included in the list of top 250 management colleges around the world by QS News Global MBA Ranking 2019. 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||QS News Ranking 2019||Full-time MBA Fees|
|Melbourne Business School||University of Melbourne||28||62,198 USD|
|AGSM Business School||University of New South Washington||39||60,043 USD|
|Monash Business School||Monash University||87||61,156 USD|
|Macquarie Graduate School of Management||Macquarie University||121 - 130||54,993 USD|
|UWA Business School||University of Western Australia||121 - 130||41,488 USD|
|UQ Business School||University of Queensland||121 - 130||56,157 USD|
|ANU College of Business & Economics||Australian National University||51 - 100||49,911 USD|
|Deakin Business School||Deakin University||141 - 150||43,514 USD|
|RMIT University School of Business||RMIT University||151 - 200||59,393 USD|
|La Trobe Business School||La Trobe University||200+||41,451 USD|
Admission Requirements for MBA in Australia
Management colleges in Australia offer admission based on the grades in an undergraduate degree, relevant work experience and an interview conducted by faculty of business school. Following are the detailed requirements for MBA in Australia admission:
- Undergraduate degree: Although most of the business schools accept students from all sorts of disciplines, some prefer applicants having bachelor's degrees in business-related fields. Students having graduate certificates in business are also eligible to apply for MBA in Australia.
- CV or Resume: Submission of an up-to-date resume is required to be eligible for admission into Australian b-schools. A good resume should have:
- Educational qualification from high school to undergraduate level mentioned in chronological order, grades acquired at each level should also be mentioned
- Details of work experience including duration and job description
- Contact details of references, email-id, and phone-no. preferred
- No spelling and grammar errors
- Contact details of student at the top
- References: Students must have at least two reference letters to apply for an MBA program. Reference letters should be from the previous employer of the applicant. Some b-schools also accept references of professors from previous years of study.
- Interview: An interview is usually conducted in the second stage of the admission process. Few applicants are shortlisted based on their academic grades, GMAT score, work experience etc. and invited for an interview. Depending upon the university, it could be conducted face-to-face, over a video call or on phone.
- GMAT Score: A good GMAT score is required by most of the top Australian universities for MBA admission. The score should not be older than five years. GRE score is also accepted by some universities as a substitute for GMAT.
- Work Experience: It plays an important role in the admission process of an MBA in Australia. Applicants should have at least 2 years of work experience in a managerial or business-related field to apply for an MBA program.
Following are the minimum GMAT score and work experience required for admission in top business schools of Australia:
|School||Minimum GMAT Score Required||Minimum Work Experience Required|
|Melbourne Business School||705||2 years|
|AGSM Business School||650||2 years|
|UWA Business School||650||2 years|
|UQ Business School||550||4 years|
|ANU College of Business & Economics||600||5 years|
|UTS Business School||550||4 years|
|RMIT University School of Business||550||3 years|
English Proficiency Requirement: International students are required to submit IELTS scores to demonstrate proficiency in 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.
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 87 by QS News 2019, Monash Business School is one of the best b-schools of 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 between 121 to 130 in the QS News 2019 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. No GMAT score is required.
- 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.
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|
|Application Fee||100 USD (approx)|
|Australian Student Visa Fee||426 USD|
|IELTS Registration Fee||215 USD - 240 USD|
|TOEFL (iBT) Registration Fee||160 USD - 250 USD|
|GMAT Registration Fee||250 USD|
|GRE Registration Fee||205 USD|
Total program cost of an MBA in Australia 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.
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 for MBA in Australia
Students enrolled in MBA can apply for various international scholarships in Australia. Following are the details on some of these scholarships offered by best management schools:
- Melbourne Business School:
- MBS Scholarships: Students enrolled in full-time, executive and senior executive MBA programs are eligible for this scholarship.
- Clemenger BBDO Scholarship: An amount of 34,690 USD is given to selected students enrolled in full-time or part-time MBA.
- Kraft Heinz Scholarship: Students of full-time and part-time MBA are eligible to receive an amount of 31,221 USD.
- Diversity Excellence Scholarships: 30,690 USD is awarded to a few selected students enrolled in a full-time MBA.
- AGSM Business School:
- AGSM Global Reach Scholarship and AGSM Excellence Scholarship: Six international students (one per country) accepted in full-time MBA are awarded tuition fee waivers based on their GMAT score, CV, references and interview.
- AGSM Leadership Excellence Scholarships: At least four students enrolled in full-time MBA are awarded full or partial tuition fee waiver under further mentioned categories: LGBTI Leadership Award, Sport Leadership Award, Military Leadership Award, and Entrepreneurial Leadership Award.
- Monash Business School
- Monash MBA International Women in Leadership Scholarship: An amount of 16,679 USD is awarded to four female students enrolled in a full-time MBA program at Monash Business School.
- Monash MBA International Excellence in Leadership Scholarship: International students are eligible to apply for this scholarship. 11,119 USD is awarded to two applicants.
- Monash MBA Sustainable Enterprise Scholarship and Monash MBA Social Enterprise Scholarship: An amount of 16,679 USD is awarded to one full-time MBA student. A scholarship application statement of approx 500 words is required.
- ANU College of Business and Economics
- ANU College of Business and Economics India Excellence Scholarship: Only citizens of India are eligible for this scholarship. 20 students are given an amount of 6,949 USD based on their academic performance.
- ANU Excellence Scholarship Program: An award of 3,474 USD for a year and 12% off on tuition fees for subsequent years of study is given on the basis of academic merit.
- ANU Onshore International Scholarship: It is given to 35 international students. Selected students are offered a 9,034 USD amount in the first year of study and a 25% international student fee waiver in the second year.
Scholarships offered to international students by a few more Australian business schools are:
|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|
Job after MBA in Australia
Since 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.
Following table provides the average annual salary offered to MBA graduates, all over the world, by various industries:
|Industry||Average Salary in USD (annual)|
According to QS TopMBA.com Jobs & Salary Trends Report 2018, 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. 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 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 can an MBA graduate 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 upto 60,000 USD annually in Australia.