MBA (Masters of Business Administration) is an internationally recognized masters degree in management. Regardless of their previous degree courses, a number of students prefer to pursue their masters in management from a reputed university. Australia is one of the ‘on priority’ destinations for international students providing high quality MBA courses. There are over 110 MBA courses across Australia for students to choose from. The cost of MBA in Australia is a major parameter for comparing universities and selecting from them.
If you are looking forward to getting a good MBA degree from a reputed university at affordable rates, Australia is the perfect place. It has been ranked as one of the top 5 destinations for students to pursue their MBA. That aside, Australia is a multicultural country so students experience a diversified environment on issues related to business and management. Understanding how the cost of MBA in Australia is estimated enables students to gain a broader perspective. Here are some things students should take into consideration before selecting a university in Australia for an MBA degree.
NOOSR List | Cost Of MBA In Australia
This is a fee-based service conducted by a government body, Australian Education International-National Office of Overseas Skills Recognition, AEI NOOSR. It is recommended for students to evaluate their credentials before applying for an MBA degree. This process includes comparing your level of education with the Australian education system. It can take upto 3 months to complete and gives clarity to the board on where you stand academically.
Exams To Study | Cost Of MBA In Australia
ELICOS (English Language Intensive Courses for Overseas Students) is an Australian equivalent of English language courses. Students who do not meet the minimum score requirements of IELTS, TOEFL, PTE, can pursue ELICOS courses. There are different courses that students get to choose from under this program. Students can choose any one course and it will work as a proof of their English language proficiency.
Course Duration | Cost Of MBA In Australia
The cost of MBA in Australia largely depends on the course duration. The time period for most colleges and universities ranges between 15 months to 2 years. A lot of universities in Australia have started offering one year MBA programs as well. Here’s a reference table for you to look at as regards the Universities offering MBA in Australia and their respective course duration.
Melbourne Business School: 16 months
Macquarie University: 1 year
Monash University: 2 years
Bond University: 1 year
University of Canberra: 2 years
University of Tasmania: 1.7 years
University of Western Australia: 16 months
The cost of MBA depends on the duration of the course as well as the quality and reputation of the university. The entire estimated course cost ranges between 56,373 AUD to 97,500 AUD. While considering costs, it is important to track other expenses as well. The average expenditure including travel, accommodation, hostels, meals will cost 20,700 AUD approximately. This however, varies on the basis of the kind of lifestyle, the location and other such factors.
Scholarships/Financial Aids | Cost Of MBA In Australia
Most students resort to scholarships and financial aids to help cover their tuition fees. Usually, universities do not assist students with tuition waivers when it comes to professional degrees like MBA. The cost of MBA has escalated by over 5 % in recent years. Universities, therefore provide students with scholarships to help fund their education. A few of these scholarships are listed below.
- Central Sector Scheme of National Overseas Scholarship for SC etc. candidates
- Dr. Abdul Kalam International Undergraduate Scholarship- Engineering Honours & Information Technology
- Deakin India 10 percent Bursary- MBA, Sports Management, International Finance & Commerce
Work Visas Post Course Completion | Cost Of MBA In Australia
Students can get a temporary graduate visa as primary applicants. This visa is provided to international students and has 2 streams — The Graduate work stream, The Post- Study stream. It is mandatory for the students to be present in Australia at the time of applying for a visa. There are certain procedures to be followed during the process which will show the eligibility criteria for the students to get the visa. The visa holder can stay for a period of 18 months to 4 years depending on their qualification as well.
Eligibility Criteria | Cost Of MBA In Australia
Before looking at the costs involved for studying MBA in Australia, you need to make sure that you are eligible for pursuing the course. There are certain requirements that you should meet and they would be:
- A Bachelor’s degree
- Work Experience (although not mandatory, it is recommended to gain a better understanding of the course)
Universities In Australia Offering MBA | Cost Of MBA In Australia
- ASGM University of New South Wales
- Melbourne Business School
- UTS Business School
- Australian National University
- Monash University
- RMIT University
- Curtin University
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