MBA in Australia
Know your chances of getting into the Best Colleges for MBA in Australia.
For a lot of people studying abroad is a dream. It’s a new learning experience and at any given time, no one will lose the opportunity to study abroad. Australia is the second most popular country in the world for international students who choose to study there because of their culture and high quality education. An MBA degree is one such course which increases your credibility in business. In 2017 alone 799,371 international students were enrolled in Australia. As of 2018 there were over 540,000 international students were enrolled in Australia.Of that at least 182,000 were enrolled in higher education programs.
More than 20,000 students are currently pursuing an MBA in Australia. And up to 80% of the students who are pursuing MBA are international students.
Australia has become one of the most favourite countries to pursue an international MBA.
Benefits of Studying in Australia
- There are so many advantages of studying MBA in Australia and one of them is having an internationally recognized qualification with practical knowledge and work experiences.
- Many people consider studying MBA in Australia because of its unique and less duration of courses.
- Your professional skills will improve and you will get practical and theoretical knowledge of business management due to rapidly evolving market growth in Australia.
- Multinational companies and employers across Asia have a strong demand in Australia for MBA graduates.
- Actually when compared to other countries Australia has an edge over them because of its low cost of living.
- Between UK,US and Australia , Australia has the most number of international students because of its advanced technology and teaching excellence and numerous opportunities after completion.
- The one of the major advantages of studying in Australia is having a numerous job opportunities.
- Settling in Australia and and getting PR is also easy.After completing your course you will get 2 years post study work permit which will help you finding work and settling in Australia.
- Australia has group eight universities which basically means top eight universities in Australia to study.
- Australia has become the best destination for international students because easy availability of PSW and Permanent residence visa
No. of Intakes For course.
Typically Almost every other university in Australia has only two intakes
Some of the universities in Australia offers trimester which are usually held in November.
Visa Process For Students
The process of getting a visa to study abroad can be tiresome but it is an important process that cannot be avoided.If you wish to study in Australia first and foremost you need to apply for admission to the university which you have preferred before applying for visa.
There are few steps involved In this process which requires the choosing of an university/institution, submitting the application and being accepted into the university with an offer letter from them.
One of the most important things in the process of application process is receiving electronic confirmation of enrolment(eCoE).
Documents required for visa process are:
- Evidence of sufficient funds
- English proficiency certificate(IELTS/PTE)
- Academic certificates
- Overseas student health cover(OSHS)
After registration and submission of all the essential details and documents apart from English test score-applying for conditional offer letter from the educational provider is also very important.
If you have already submitted the English test score then you can apply for an unconditional offer letter from same.
The whole process may take up to 4-6 weeks for asserting depending on that particular university/institution.
On 16th June 2015, the Australian government has changed Streamlined visa processing(SVP) to Simplified student visa framework(SSVF) which will not require English proficiency and financial documents but however visa officer may ask to show them.The application for visa should be lodged before 12 weeks.
The department of Home Affairs has their financial requirements for every student who wishes to study in Australia and to get an Australian student visa.
Submission of evidence of sufficient funds must be done 3 months prior to the date of application for your duration of stay. In the evidence of sufficient funds the only acceptable funds are Educational Loan, Fixed deposits, Balance in savings account and Personal Loan(Disbursed fully).
And there are few unacceptable funds such as Shares, Debentures, Bonds, LIC surrender value,PPFS, EPF, GPF, PF, CPF, Co-Operative bank balance.
In case you are working and your company is sponsoring you, you will need to submit the balance sheet and bond signed with the company.
In English language requirement ,Australian universities accept IELTS,PTE,GMAT,TOEFL,score proof as your proficiency in English.
Eligibility Criteria to Study MBA in Australia
In order to get into any university in Australia 3 or 4 years bachelor’s degree is a must. And the same is applicable for entry of master’s programme.
With the aggregate of 60% or above from any recognized university in bachelor’s degree for entrance of master’s is mandatory.
Few Australian Business schools and universities require 2 or 3 work experience after bachelor’s degree as essential to give admission.
Other Eligible Criteria
Any of the English proficiency test scores such as GMAT,IELTS,TOEFL,PTE are mandatory.
In few Business schools and universities GMAT score is not mandatory requirement to enter into the MBA programme.
But GMAT is highly recommended if you don’t want to take any chance of not getting into the university and Business school you prefer.
Entrance Exams Required to Get Admission in Australian MBA
There are few mandatory tests for checking your English proficiency other than academic qualifications and work experience and also very important for Australian student visa.
This is mandatory for few universities even if you had studied in English medium your whole life.
IELTS is the International English Language Testing System. If you want to get into the top business schools or universities you definitely need an overall band score of 6.5 and not less than 6.0.
IELTS is one such test which is mandatory to get into any Australian university/ Business school and during the process of getting a visa, especially if you are from India, Bangladesh, Pakistan, Sri Lanka and some other countries.
GMAT( Graduate Management Admission Test) is another such test which is primarily focused to get in to Business schools. It requires band score of 6.5 overall and not less than 6.0. Few universities waive GMAT score if there is any personal interview.
TOEFL (Test of English as a Foreign Language) is another test which requires the band score of at least 79 for few universities it is 100 to 90 to 80 to 70, and least accepted is 60.
PTE(Pearson Test of English) is one test which is also acceptable having the band score of 6.5 overall and not less than 6.0.
Top Universities That Offers an MBA in Australia
Studying in Australia in any Business school is entirely different than studying in one of the top universities/ Business schools which has its own perks.Before selecting any university a few things to keep in mind are your interest in entrepreneurship and marketing and going through the course structure in every university you are thinking to apply before applying for that particular institution.
Majority of the students who consider pursuing MBA chose Australia because it is the most sort after course in Australia. So if you are thinking to in Australia or considering to study MBA and anywhere in Australia there are few top most universities which I have mentioned below.
Australia has been known for its generous number of intakes complemented with numerous scholarships and the top-notch quality of education. Moreover, a degree in masters secured from an Australian university holds an immaculate reputation and is highly valued globally. The Country serves as a host to the best business and research schools with industrial pioneers like Commonwealth Bank dominating the market of Financial Services and Investments. As a result, Australia is ranked among the top destinations in the world where international students choose to reside in. In Australia MBA course Duration varies from 15 months to 2 years.
So, here are the few top universities in their ranking order along with the annual course fee and average annual salary, that offer an MBA program:
|University||Course Fee and Average Salary as of 2021|
|Melbourne Business School||AUD $86,300; AUD $161,500|
|Australian Graduate School of Management (ASGM)||AUD $76,500; AUD $149,800|
|Monash Business School||AUD $72,800; AUD $172,000|
|Sydney Business School, University of Wollongong(UOW)||AUD $54,300; AUD $100,000|
|Macquaire Graduate School of Management||AUD $72,800; AUD $ 196,500|
|UWA Business School, University of Western Australia||AUD $71,000; AUD $77,200|
|Graduate School of Business and Law, RMIT University||AUD $77,200; AUD $179,600|
|UQ Business School, University of Queensland||AUD $76,584; AUD $164,000|
|La Trobe Business School, La Trobe University||AUD $57,000; AUD $142,000|
|College of Business and Economics, Australian National University||AUD $30,768; AUD $125,000|
Non-GMAT Australian Schools
Listed below are some of the most prominent universities that offer top-notch MBA programs, while leveraging competition on an entirely different set of skillsets, experiences, and proficiencies. This list also includes schools which will be waiving off the GMAT score requirement due to the COVID-19 scenario.
- ANU College of Business and Economics
- La Trobe University, Melbourne
- Faculty of Business and Economics, Monash University
- Sydney Business School, University of Wollongong
- Macquarie Graduate School of Management
- Sydney Graduate School of Management, University of Western Sydney
- The University of Sydney Business School
- Australian Catholic University
- Curtin University, Perth
- James Cook University, Townsville City
Scholarship/ Financial Fund
When you think of studying Abroad one of the things that comes to mind is Applying for scholarships, Financial funds and Educational loans. You can have all types of questions like How to apply, Where to apply, and hope you can make your scholarship application more appealing.
Few people think that only high grades can get scholarships or IELTS(or)TOEFL are mandatory for scholarships, But it is not entirely true.
Anyone can get a scholarship the true requirements are having a basic grade and willingness to learn and having a positive attitude to serve society.
Scholarships are provided for courses like Bachelors, Masters, PHD, Exchange and Research Fellowship.
Scholarships are applied online and the great thing about it is the application is absolutely free.
There is this website called studyinasutralia.gov.au , In this you can see 700 to 800 scholarships which are given by Australian government for international students who would like to study higher studies in Australia.
You need to check if your field of education is eligible for that scholarship and the you can apply for them respectively.
Thousands of scholarships are funded every year and some of the different types of scholarships available are:
Endeavour Scholarships in Australia is such scholarship which is available for international students which provides financial support to people who wish to pursue masters or any other higher education for that matter. You can apply for the above scholarships directly from the university websites.
Fully Funded Scholarships Cover
Monthly stipend(1000$approximately), and some other minor costs, etc.
Partially Funded Scholarships Cover
This includes small amount which can be used for your expenses and cost of living or it can be used to pay your tuition fees.
Few others are:
- University Scholarships
- Financial Scholarships
- Country Based Scholarships
- Privately Funded Scholarships
- Merit Based Scholarships
- Government Funded Scholarships
Every individual has their own cost of living. Some like to live in budget and cut all the unnecessary expenses and some don’t.
Living cost depends upon two major factors, The City you live in and The Lifestyle you would like to live.
The cost effective living reflects each individual with their own personal expenditure and their own personal interests.And knowing the average cost of living cost is also a very important part of your financial planning which will reduce your extra costs and you will have the most accurate budget according to it.
Such unavoidable living costs are accommodation and meal costs.
In accommodation options are hostels, guesthouses, shared rentals, and boarding schools.
Accommodation costs depends upon whether you choose to live particularly where as in city centre or suburban areas. You can live by individual rental and shared accommodation which means you are sharing it with people. Which will result in the cost of $500 to $800 per month.
You can find a private shared rental from websites like Gumtree.com.au, realestate.com.au, domain.com.au, flatmates.com.au.
There is another option you might like to consider to live in which is managed student accommodation which can cost you around $200 to $ 400 per week.
Second major expense is Food.Eating out regularly can be very expensive, Rather than eating out everyday you can actually learn cooking and try to cook as much as you can at home because it is definitely much cheaper option.
If you are eating according to your budget you will be spending $10 t $15 per meal.
Other unavoidable expenses are:
- Gas and electricity
- Groceries and Eating out
- Phone and Internet
- Few entertainment costs
Apart from tuition fee for masters in Australia the living expenses are approximately AUD $85 TO AUD $350 per week .
Note: The expenditure may vary from individual to individual according to their spending and their choice of lifestyle.
Australian Salary After MBA
The advantage of already having Australian MBA degree is already having and idea of Australian market and practical knowledge about business and it works.
For many MBA graduates the excitement comes in the form of bonuses which can be around 20% of the overall compensation package. This includes sign on bonuses and end of the year bonuses which are performance based.
Consulting and finance continue to be most sort after recruitment sectors. However IT and Computer service firms are increasing their demand for MBA hire.
If you really think that MBA salary in the US were higher, you will be absolutely wrong.
Singapore is highest with$137,000 following :
USA : $130,000
Australia : $123,000
Salary numbers are in USD.
But the demand for MBA’s are still highest in the US.
India is numbered in one of the top 20 markets for MBA. But pay-scale in India is the Lowest of all. MBA’s salary depends not just on the country you wish to work in but it also effects according to the industry you want to get into.
Work Visa After Completing MBA in Australia
The advantage of already pursuing MBA from any recognized Australian University is , it allows you to study and work simultaneously. So you can start working part time without worrying about needing work visa to even have a part time job.
After completing your course you will get 2 years post study work permit(PSW) which will lead you to Permanent residence visa which will further help you in settling in Australia.
The different types of work visas are 402 training visas, Research visa, 886 skilled sponsor resident visa.
An average course duration in any Australian University is 2 semesters which will end in December. But the visa will already be extended till March.
Another advantage of already pursuing MBA in one of the Australian universities is they offer placements to students who are studying in their university.
Eligibility for work visa and few required documents are :
- 2 years of academic course completed in recognized Australian University for international students, it may be a bachelor’s or master’s.
- Health insurance (Overseas Student Health cover) OSHC.
- Genuine temporary entrant requirement
- Proof of most recent employment.
- Academic certificates, certificate from your previous academic institutions.
- Evidence of sufficient funds.
- Temporary graduate visa (subclass 485).
MBA in Australia would be one of the most important step if you are planning to work there and thinking of settling further in Australia.
Australia has its own advantages and effective cost of living according to where you decide to live.
Australian market is vastly growing and evolving rapidly and not showing any sign of slowing down. Australia has a lot of business opportunities career wise and the mentoring in universities is amazing.