Do you wish to pursue your dream of studying an MBA in Australia? Read through this article to understand the eligibility requirements, top universities, costs, scholarships, and many more.
Willing to pursue an MBA in Australia? Some of the MBA in Australia requirements include bachelor's degree, letters of recommendation, resume, work experience, English proficiency scores, among others. Australia's quality education, high-end research opportunities, and excellent employment prospects make it an attractive study destination for MBA aspirants.
The QS ranking has listed Australia among the top 5 study destinations for international students who are willing to pursue an MBA abroad. This article is a complete guide for MBA in Australia requirements, wherein international students can explore top universities, requirements, scholarships, etc., for studying an MBA in Australia.
Requirements to Study MBA in Australia
While the specific admission requirements may vary from university to university, the general eligibility requirements for pursuing an MBA in Australia remain the same. Following are some of the MBA in Australia requirements:
- Bachelor's degree from a recognized university in any discipline
- Minimum of 65% marks in UG degree
- Updated resume
- Minimum two letters of recommendation from employers or professors
- Interview
- A good GMAT or GRE score
- A minimum of two years of experience in the field of management or business
- IELTS requirement for MBA in Australia: The curriculum of Australian universities is completely in English, so international students must submit IELTS scores to prove their proficiency in the language. An IELTS score of 6.5 to 7.0 is good enough for getting admission into the top MBA colleges of Australia.
GMAT Requirements to Pursue MBA in Australia
When it comes to MBA in Australia requirements, GMAT is one of the important admission requirements to apply to top business schools in Australia. The following GMAT scores are required for admission to MBA programs at top Australian Business Schools:
| Business School | Minimum GMAT Score |
|---|---|
| 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 |
Australian Student Visa Requirements
In order to enter the country, international applicants would require an Australian student visa. They will have to submit an online application fee of 620 AUD (35,000 INR) along with the following documents:
- Valid passport
- ID Proof
- Acceptance letter from the university
- OSHC health insurance
- Proof of sufficient funds (62,222 AUD per year)
- English language proficiency scores (TOEFL, IELTS etc.)
- Statement of Purpose
- 4 passport size photographs
- Depending on their current location, students might have to undergo a health checkup and a visa interview.
Top Australian Universities for MBA
Even though all of the MBA colleges in Australia offer great facilities and academic structures, let's take a look at some of the top colleges, along with their rankings and fee structure:
| University | QS Global MBA Ranks 2022 | MBA Cost (in AUD) |
|---|---|---|
| The University of Melbourne | 37 | 89,500 [Total] |
| University of New South Wales | 43 | 86,400 [Total] |
| Monash University | 58 | 44,000 |
| The University of Queensland | 47 | 80,808 |
| The University of Western Australia | 93 | 40,000 |
University of Melbourne
Established in 1853, the University of Melbourne is Australia's second-oldest university. More than 14 courses of the University of Melbourne have been ranked among the Top 20 in th world by QS World Rankings 2022. The MBA program of Melbourne Business School has been ranked No. 1 by QS Rankings 2022.
Read More: University of Melbourne
University of New South Wales
Located in Sydney, the University of New South Wales is one of Australia's most prestigious higher education institutions, enrolling more than 64,000 students from 130 countries. A high employment rate of nearly 94.3% places UNSW at number 27 in terms of graduate employability and number 5 in top universities in Australia. Graduates from UNSW earn an average starting salary of 120,000 to 1,60,000 AUD.
The business school of UNSW Sydney is known as the Australian Graduate School of Management. According to Financial Times Global MBA Rankings, AGSM Business School's MBA program ranks 1st in Australia.
Read More: University of New South Wales
Monash University
Situated in Melbourne, Monash University is an Australian public research university. With a total of eight campuses, the university is the largest in Australia and among the top-ranked universities in the world. Times Higher Education ranked Monash University at 64th place in the world. As per WUR's 2022 rankings, the university ranked 58th among the top universities globally, and it was also recognized as one of the top 6 Golden Age Universities by THE Rankings 2020.
Experienced faculty and industry professionals lead the Monash MBA program, bringing their knowledge and experience to classrooms and applied projects.
Read More: Monash University
The University of Queensland
Located in Brisbane, the University of Queensland is one of the country's most renowned research and teaching institutions. With over 50,000 students from 134 countries, The University of Queensland is placed at 47th position in the world, as per the QS World University Rankings, 2022. As per The Economist international ranking, UQ Business school’s MBA degree ranks number in the world for student quality.
Read More: University of Queensland
The University of Western Australia
The University of Western Australia is Australia's 6th oldest research-led university and is home to more than 2200 students from around the globe. The MBA at UWA is globally recognized and one of the longest-running programs in Western Australia. According to the QS World University Rankings, graduates from UWA are offered the highest MBA graduate salaries in Australia.
Read More: University of Western Australia
Cost of Pursuing an MBA in Australia
The cost of studying an MBA in Australia can be determined by two major types of expenses. Students will incur the following expenses while pursuing an MBA degree:
Pre-Arrival Cost
Prior to attending the MBA program in Australia, students are required to pay a registration fee of the test scores, application fee, student visa fee, etc. Below is an estimate of these costs:
| 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 post-arrival cost includes all those expenses that are incurred during the entire period of study, including tuition fees and living expenses. These are the tuition fees of top business schools offering MBA programs in Australia:
| Business 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 |
Living Expenses in Australia
An international student in Australia is estimated to spend USD 14,432 annually on living expenses, according to the Department of Home Affairs of Australia. These costs include accommodation, books, food, transportation, and personal expenses. Here are the costs of various types of accommodations in Australia:
| Type of Accomodation | 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 |
Top Scholarships Available for MBA in Australia
Australia offers a number of scholarships for students enrolled in an MBA program. The following table provides a list of the best scholarships offered by the top universities for MBA in Australia:
| Business School | Name of the Scholarship | Amount |
|---|---|---|
| Melbourne Business School | Kraft Heinz Scholarship | 31,221 USD |
| Monash Business School | Monash MBA International Women in Leadership Scholarship | 16,679 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 |
| UQ Business School | MBA Student Scholarship | 25% of tuition fee |
| UTS Business School | MBA Scholarship for Outstanding Students | 1,390 USD to 3,475 USD |
Why Study MBA in Australia?
Studying an MBA program in Australia has its own benefits. Given below are some of the reasons for choosing Australia as your destination for an MBA program:
- Australia is home to five of the world's 100 top business schools, according to the QS Global MBA Ranking 2022.
- All Australian business schools are accredited by internationally renowned organizations like AACSB, AMBA, and EQUIS.
- Australia offers MBA in different modes, so students can opt for one of these: Full-time, Executive, Online, or Distance Learning MBA.
- As a result of the flexible nature of Australian universities, students can work and study in the country to gain more experience.
- There is a high level of cultural diversity among students at Australian universities, making it a desirable destination for Indians to pursue MBA.
- As Australia is one of the most immigration-friendly countries, international students will find it easy to obtain permanent residency after graduation.
Jobs After MBA in Australia
Having an MBA degree from Australia gives you access to a wide range of career opportunities since the degree is recognized worldwide. With an average annual salary of 97,100 USD for an MBA graduate, finance is the highest paid industry. Technology are Consulting are other popular industries that offer employment opportunities for MBA graduates. Here are a few of the popular career options you should look into after completing your MBA in Australia:
| Job Roles | Average Annual Salary (USD) |
|---|---|
| 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 |
