MBA in Australia – Overview
Australia is the third most popular place for students from other countries to study abroad, right after the United States and the United Kingdom. People like studying there because Australia has great schools. Along with a mix of cultures, beautiful beaches, nice weather, exciting cities, and a strong economy. Lots of international students go there, showing that it’s a good place to learn and find work.
Australia makes it easy for students to get visas, so many people choose to do MBAs or other master’s programs there. The big cities in Australia are some of the best for students, and they’re really diverse and interesting places to live. Australia is also a safe and nice country with good living standards, fair laws, and a stable economy. Overall, it’s a great place to be!
Australia’s economy has stayed strong during the pandemic, and the country has done a good job reopening businesses safely. Most of Australia’s money comes from services like banking and tourism, making up about 65% of its income. Australia trades a lot with countries in Asia like Singapore, China (although lately China hasn’t been as cooperative about COVID-19 investigations), South Korea, Thailand, Malaysia, and Japan. They have agreements with these countries, as well as with the USA, Canada, and New Zealand, to trade freely.
Tourism is also a big deal in Australia because of its stunning beaches, historic sites, and beautiful nature. And don’t forget about finance—banking and money stuff is important here too.
With all these opportunities in Australia’s economy, international students have a lot of chances to do well. One great way to get in on the action is by doing a Master’s in Business Administration (MBA) there. Let’s explore its benefits.
Why MBA in Australia?
Choosing to pursue a specific program like an MBA in a particular country like Australia requires some careful consideration. Here’s why Australia is a great place for an MBA:
First off, Australian MBA programs are recognized worldwide by important agencies like AACSB, AMBA, and EQUIS. These programs usually last between 16 to 24 months and offer various specializations. Such as finance, marketing, international business, healthcare management, HR, software management, operations, media management, and more. Plus, over five business schools in Australia are ranked among the top 100 MBA programs. And B-Schools globally (according to QS 2021 rankings). After completing your MBA in Australia, you can expect a pretty good paycheck. The average salaries offered here rank 5th highest in the world, ranging from around INR 48-67 lakhs.
Amazon, Alphabet, ANZ, Barclays, Bosch, Commonwealth Bank, IBM, Macquarie Group, ResMed, EY, Singtel, and Woolworths are among the major companies hiring recent Australian MBA grads. But there’s a wide range of other companies and industries you can tap into based on your chosen specialization.
So, if you’re looking to advance your career and earn a solid income, an MBA in Australia could be a smart move!
The top business schools in Australia play a big role in shaping industries. Boosting the Australian economy, and supporting local communities. With their top-notch professors, impressive research, and excellent job placements. These schools keep Australia among the top choices for MBA students.
One great thing about Australian MBA programs is the flexibility they offer. You can work part-time while studying, thanks to the visa rules in Australia. And once you finish your MBA, your post-study work visa can open up a world of full-time job opportunities. These visas typically last between 2 to 4 years, giving you a good amount of time to build your career. So, not only do you get a quality education, but you also get a chance to kickstart your career in a thriving economy!
Australia vs USA vs UK vs Canada for MBA programs
A decade ago, answering this question was easier. But now, with the USA facing polarization, the world dealing with the pandemic, and people having diverse expectations, it’s more complicated. If we’re just talking about rankings, the USA and the UK often come out on top compared to Australia. Only a few Australian universities offer MBA programs that match up to the standards of those in the USA and the UK.
However, things are changing. Countries like Australia and Canada are becoming strong contenders against the USA for MBAs. More students are realizing that the benefits—like visas, citizenship, job opportunities, quality of life, and cultural freedom—that come with studying in Canada, Australia, and the UK might be better than those in the USA. So, while the USA still has its appeal, other countries are stepping up their game. Finding the ideal fit for you and your objectives is crucial.
So, it all comes down to what you want. Do you plan to finish your MBA, work for a while, and then go elsewhere? Or are you thinking of staying in the country where you study and making a life there? Also, keep in mind that even though countries like the USA and the UK might have some problems with how they’re run. They’re still at the top when it comes to doing groundbreaking research. They offer some of the best chances you can get.
Here’s a little chart comparing the costs and salaries in these countries. But remember, these numbers are just estimates. And your own situation will really determine what opportunities and money you end up with
| Country | Average MBA Fees (USD) | Average MBA Salary (USD) |
| USA | $90,000 | $110,000 |
| UK | $85,000 | $120,000 |
| Australia | $85,000 | $105,000 |
Keep in mind, the UK and Australia are much friendlier when it comes to immigration compared to the USA. But ultimately, it’s your call where you want to go and what you want to do.
Basic requirements for Australian MBA applicants
Here are the general criteria for pursuing an MBA in Australia:
- Work Experience: Most reputed universities in Australia require a minimum of 2-3 years of full-time work experience. This ensures that students have practical skills and industry knowledge to understand the lessons better.
- Bachelor’s Degree: You’ll need a relevant Bachelor’s degree with a minimum GPA of 3.3 to 3.5 out of 4.
- GMAT Scores: Getting into the top Australian universities often requires top GMAT scores, with an average score of around 700. Many business schools require you to take the GMAT to test your aptitude.
- English Language Proficiency: Since English is the primary language in Australia, you must prove your proficiency. Usually, an IELTS score of 6.5 or above, or a TOEFL score of 80 or above, is preferred.
Documents required for an MBA in Australia
Here are the common documents required for most MBA programs abroad:
- Detailed Resume: Make sure it’s well-organized and includes your academic and professional qualifications.
- Official Transcripts: Provide scanned copies of your academic records.
- Letters of Recommendation: You’ll typically need at least 2 LORs from previous employers or professors.
- Statement of Purpose: This is crucial. Use it to express your goals and explain why you’re a good fit for the program.
- GMAT/GRE Scores: Depending on the program, you may need to take one of these standardized tests.
- IELTS Scores: Demonstrating proficiency in English is important, so you’ll need to provide your IELTS scores.
- Health Coverage: Overseas students often need health coverage. Choose a provider and obtain coverage accordingly.
- Proof of Work Experience: Most programs require a minimum of 2-3 years of work experience.
- VISA Requirements: Make sure to understand and fulfill all the necessary VISA requirements.
Now, let’s take a look at the top business schools and MBA programs in Australia. If you’re interested in top schools in the UK or Canada, you can find more information by clicking on the respective links!
Top B-Schools and MBA programs in Australia
When you’re studying abroad, it’s normal to check out rankings and see what different universities offer, especially for specific majors like MBA programs. For MBA programs in Australia, we’ll be looking at the QS Global MBA Rankings 2021. These rankings consider things like how diverse the faculty and classes are, how much you might earn after graduating, how likely you are to get a job, how impactful the research is, what alumni have achieved, and how good the school’s reputation is.
Now, let’s take a closer look at the best business schools and MBA programs in Australia. We’ll use a helpful table to compare them, which will make it easier for you to decide where to do your MBA in Australia.
| Rank (in Australia) | Global Rank (QS Global MBA 2021) | B-School | University | GMAT Score | Tuition Fees (INR) | Location |
| 1 | 26 | Melbourne Business School | University of Melbourne | 695 | ~66 lakhs | Melbourne |
| 2 | 41 | UNSW (AGSM) | University of South Wales | 686 | ~61 lakhs | Sydney |
| 3 | 73 | Monash Business School | Monash University | Avg. 650 | ~65 lakhs | Melbourne |
| 4 | 95 | MGSM Macquarie | Macquarie University | Avg. 680 | ~59 lakhs | Sydney |
| 5 | 99 | UQ Business School | University of Queensland | Avg. 600-650 | ~64 lakhs | Brisbane |
| 6 | 101-110 | University of Western Australia Business School | University of Western Australia | Avg. 650 | ~66 lakhs | Perth |
| 7 | 121-130 | Australian National University | Australian National University | 590-650 | ~53 lakhs | Canberra |
| 8 | 141-150 | UTS Business School | University of Technology, Sydney | 550-650 | ~54 lakhs | Sydney |
| 9 | 151-200 | RMIT University School of Business and Law | RMIT University | 550-650 | ~48 lakhs | Melbourne |
| 10 | 151-200 | UNISA Business School | University of South Australia | 550-650 | ~61 lakhs | Adelaide |
Intakes for MBA in Australia
MBA programs in Australia have three main times when you can start:
- February Intake
- July Intake
- November Intake
Each university might have different deadlines, but they’re usually around the same time each year.
Now, let’s focus on the top 5 universities. They’re highly ranked, so they’re pretty competitive. You’ll typically need a few years of work experience and good scores on tests like the GMAT. Deadlines for applying are usually a few months before the start date of the program.
Melbourne Business School – University of Melbourne
The University of Melbourne, founded in 1853, is one of Australia’s oldest and best universities. Its MBA department, known as the Melbourne Business School (MBS), is top-ranked in Australia and globally at 26th place. The full-time MBA program lasts 1-2 years and is highly prestigious. It’s famous for producing top executives capable of leading organizations in various fields. The curriculum focuses on both traditional MBA knowledge and practical business skills. Located in Melbourne, a vibrant city, the MBA program offers excellent opportunities in a multicultural environment.
Key Requirements:
- Average GMAT Score: 695
- Minimum GPA of 3.5 out of 4
- IELTS score of 7.0
- 2 years of relevant, full-time work experience
MBS has a high employment rate of around 95%, with an average salary of approximately 83 lakhs INR for full-time graduates. Major recruiting companies include Australian banks, consulting firms like EY, Deloitte, McKinsey, and BCG, as well as corporations like Coca-Cola, Accenture, Uber, and eBay.
University of South Wales – Australian Graduate School of Management
The University of South Wales was founded in 1949. Its business department, the Australian Graduate School of Management (AGSM), is ranked 2nd in Australia and 41st globally for its full-time MBA program. The MBA typically lasts for 12-24 months and focuses on developing excellent managerial knowledge, communication skills, critical thinking, leadership, and cultural awareness. With strong global connections to top business schools, AGSM is ideal for professionals aiming to advance their careers. Located in Sydney, known as the financial capital of Australia and a gateway to Southeast Asia’s rapidly growing economic region, AGSM offers abundant opportunities and experiences.
Key Requirements:
- Average GMAT Score: 686
- Minimum GPA of 3.5 out of 4
- IELTS score of 7.0
- 2 years of relevant, full-time work experience
Top recruiters at AGSM include major Australian banks, consulting firms like EY, Deloitte, McKinsey, and BCG, as well as companies like J&J, Google, Oracle, Amazon, Vodafone, Infosys, IBM, and Hilti. AGSM graduates typically earn an average salary of around 88 lakhs INR.
Monash Business School – Monash University
Monash Business School’s full-time MBA program is ranked 3rd in Australia and 73rd globally according to the QS Rankings for MBA programs in 2021. The MBA at Monash focuses on nurturing leaders, fostering new thinking, innovation, management practices, and research-oriented thinking through hands-on learning experiences. The diverse community of peers and highly successful faculty contribute to the university’s reputation and ranking. Located in Caulfield, a suburb of Melbourne, students benefit from the unique opportunities available in multicultural cities like Melbourne.
Key Requirements:
- Average GMAT Score: 650
- Minimum GPA of 3.5 out of 4
- IELTS score of 7.0
- 3 years of relevant, full-time work experience
With an employment rate of 88% and an average salary of approximately 76 lakhs INR, Monash Business School boasts an excellent placement record. Monash has partnerships with companies like Deloitte, ANZ, IBM, KPMG, Macquarie, Adecco, EY, Adidas, and L’Oreal, providing students with valuable networking and career opportunities.
MGSM Macquarie – Macquarie University
MGSM Macquarie ranks 4th in Australia and 95th globally for its MBA program. The program focuses on teaching the best management theories and practices, providing strategic perspectives in business. It offers numerous internships and exchange programs, combining theory with real-world experiences in our globalized world. The program lasts for 2 years full-time.
Key Requirements:
- Average GMAT Score: 680
- Minimum GPA of 3.5 out of 4
- IELTS score of 7.0
- 2 years of relevant, full-time work experience
With a 90% employment rate, MGSM graduates have excellent career prospects. The school provides various career workshops, recruitment drives, and services. Top Australian banks, global consulting firms, and other multinational corporations recruit from MGSM. The average salary for full-time graduates is approximately 90 lakhs INR.
UQ Business School – University of Queensland
UBS ranks 5th in Australia and 99th globally for its 1-year program. Renowned for its world-class research, quality teaching, and the distinction of being the first Australian business school accredited by AACSB and EQUIS, UBS is committed to fostering sustainable enterprises.
Key Requirements:
- Average GMAT Score: 600
- Minimum GPA of 3.5 out of 4
- IELTS score of 7.0
- 4 years of relevant, full-time work experience
With a commendable employment rate of 93%, UQ Business School has partnerships with companies like BHP Billiton, P&G, HSBC, Coca Cola, Thiess, and the Asia Development Bank. Graduates typically earn an average salary of around 89 lakhs INR. For important dates and deadlines, please refer to the school’s website.
Now, let’s explore the top jobs and prospects after completing an MBA in Australia.
Top Jobs, Specializations and Prospects after an MBA in Australia
Firstly, we request you to please go back and read the paragraphs at the beginning about Australia and its economy. Australia’s job market is very appealing to big companies from around the world, especially those in technology and other industries. They often hire people with MBAs. Especially if they specialize in Finance, Analytics, Sales and Marketing, Operations, HR, Software Management, Engineering Management, or Tourism Management.
Australia’s travel, tourism, and real estate industries have been growing steadily. And because technology is important worldwide, it’s also a good field to work in Australia. Typically, after you finish studying in Australia, you can get a work visa that lasts for 2 years.
Top companies in Australia:
· ANZ Banking Corporation
· Barclays
· Accenture
· Uber
· P&G
· Coca Cola
· IBM
· Adidas
· Macquarie
· Woolworth’s
· Telstra Corporation
· HSBC
· Allianz
· Hays
· Deloitte
· Vodafone
· Cognizant
· Commonwealth Bank of Australia
· Qantas
· McKinsey
After your MBA, you can also consider working for travel and tourism firms, hotels, and various medium-sized companies based in Australia. Here are some top job options in Australia after your MBA, along with their salaries:
Salary ranges for the top jobs in Australia following an MBA:
- Banker: Handles high-end clients and closes business deals for Australian banks. Avg. salary: ~ INR 64 lakhs.
- Investment Banker: Focuses on increasing capital through stock and bond markets. Avg. salary: ~ INR 70 lakhs.
- Financial Manager: Manages finances of organizations or divisions, collaborates with clients and teams. Avg. salary: ~ INR 75 lakhs.
- Financial Analyst: Tracks financial operations, expenses, budget, and identifies risk points. Avg. salary: ~ INR 43 lakhs.
- Consultant: Identifies and resolves business problems, improves organizational output and growth. Avg. salary: ~ INR 66 lakhs.
- Marketing and Sales Manager: Manages entire marketing sphere, coordinates promotions, advertising, and sales strategies. Avg. salary: ~ INR 60 lakhs.
- Marketing Analyst: Utilizes market research and analytics to identify opportunities and track trends. Salary varies.
- HR Manager: Coordinates administrative functions, executive recruitment, and promotes morale. Avg. salary: ~ INR 50 lakhs.
- Operations Manager: Supervises workers, manages production, and optimizes operations processes. Avg. salary: ~ INR 60 lakhs.
- Project Manager: Manages various projects in fields like IT, engineering, or marketing. Salary varies.
- Travel and Tourism Manager: Sells travel packages, researches destinations, and leads sales teams. Avg. salary: ~INR 73 lakhs.
Other roles include Sports Manager, Media Manager, Software Manager, IT Manager, and Engineering Management, each with varying salaries and responsibilities.
Living expenses in Australia while pursuing an MBA
Your cost of living in Australia depends on various factors like the B-School you attend, on-campus housing availability, your personal preferences, and the location in the country. However, there are basic expenses that can give you a rough idea.
Getting a part-time job during your MBA, although challenging with coursework, can help cover expenses and reduce debt. It’s an opportunity to explore Australia during your 2-year post-study work VISA. This job not only covers expenses but also helps you experience Australian culture, interact with locals, and explore the country.
Australia offers a high standard of living with plenty to explore. You can travel, visit beaches, watch cricket matches, see kangaroos, enjoy nature, and experience the diverse cities and culture.
If you’re financially secure and want to focus solely on your studies, that’s great. However, for those who need to consider finances, a part-time job can be a huge help. Full-time university students are allowed to work up to 20 hours per week, and during academic breaks, they can work as much as they want.
The national minimum wage for those aged 18 and above is $15.96 per hour, which is approximately ~INR 1171.9 per hour.
Fundamental Expenses
Let’s break down some typical monthly expenses:
- Food and Drinks: Around INR 35,000 per month.
- Internet: Approximately INR 8,000 per month.
- Utilities (Electricity, Water, Gas): Roughly INR 18,000 per month.
- Rent: Average of INR 48,000 per month.
- Transport: Public transport averages about INR 7,500 per month, while owning a car can be around INR 30,000 per month.
- Clothing + Laundry: About INR 7,000 per month. Investing in durable clothing is wise.
- Entertainment: Costs vary widely depending on your preferences.
If you work up to 20 hours per week at minimum wage, you can earn around INR 93,000 per month. The rest will need to come from educational loans or other financial sources. Your lifestyle choices play a big role, so spend wisely! It’ll all be worth it when you land a job and apply what you’ve learned from university.
Top Scholarships for an MBA in Australia
There are numerous scholarship opportunities for MBA students in Australia. Here are some of the top scholarships offered by organizations and universities in the country.
However, it’s essential to check the website of the business school or university you’re applying to for scholarship opportunities. Almost all business schools offer some form of scholarship, so make sure you don’t miss out! Take the time to read their criteria and do thorough research.
| Scholarship | Amount (INR) | Offered by |
| Melbourne Business School | Varies | MBS Scholarships |
| Sydney Business School | 10% to 30% | UOW Postgraduate Academic Excellence Scholarship |
| Monash Business School | ~12.2 lakhs | Monash MBA International Women in Leadership Scholarship |
| Adelaide Business School | 25% of tuition fee | Adelaide MBA Scholarship |
| UWA Business School | 100% tuition fee | MBA (Intensive) International Prestige Scholarships |
| Melbourne Business School | ~23 lakhs | Kraft Heinz Scholarship |
| Macquarie Graduate School of Management | Tuition fee waiver | Macquarie University India Scholarship; Vice-Chancellor’s International Scholarship – St. Xavier’s College, Kolkata |
| Australian Graduate School of Management | Varies | AGSM Global Reach Scholarship and AGSM Excellence Scholarship |
| UTS Business School | ~1 lakh to 2.5 lakhs | MBA Scholarship for Outstanding Students (Commencing and Current) |
| UQ Business School | 25% tuition fee waiver | MBA Student Scholarship |
We hope this article helped you with your study plans. If you’re interested in learning about the top universities in Australia for an MS, check out our other blogs!