Australia attracts students from all over the world including Malaysia, China, Hong Kong, Thailand, Indonesia and India for management studies. Recently, more number of students from Middle East are also heading towards Australia for pursuing a management programme. MBA courses in Australia have an international perspective with specific courses focusing on Asia. Other advantages are the flexibility allowed by Australian institutes, facilities and support for international students and exposure to Australian business. In addition, a wide range of electives are offered by various institutes.
The average increase in salary after an MBA degree for graduates was calculated at 31.5% by the Melbourne institute. Australian MBA is good value for money and a good investment for future.
Types of MBA Programmes
Some of the top MBA courses are offered by Australian Graduate School of Management (AGSM), Melbourne Business School, Monash Mount Eliza Business School, Macquarie University and the University of Queensland.
AGSM offers a full-time MBA of 16 months, part-time Executive MBA and an online Graduate Certificate in Change Management.
Melbourne Business School has provision of full time MBA of 16 to 20 months, part-time MBA of 3 years and a 16-month Post Graduate diploma programme.
Most MBA courses at the University of Ballarat including the ones in Financial Management, Business Entrepreneurship, Human Resource Management and International Management take 18 months to complete.
The University of Adelaide, Deakin University, University of Queensland, University of Tasmania, University of Western Australia and various others are members of CAMB, (Consortium of Australian Management and Business Schools) which offer students the advantage of cross crediting their MBA programmes.
Eligibility & Admission Requirements
The requirements for admission vary between institutes. Essentially, these consist of an undergraduate degree, work experience, GMAT and TOEFL or IELTS scores. Melbourne Business School recognises both three and four year’s undergraduate degree. Requirements for the graduate certificate programmes and graduate diploma programmes are less stringent.
One to two years of work experience is essential for admission in most Australian Universities for general MBA programmes. Advanced and executive programmes usually require a minimum of four to five years of relevant work experience. Melbourne Business School insists on two consecutive years of full time post graduate employment. Some institutes may consider outstanding academic performance as a substitute for lack of appropriate work experience. All CAMB accredited MBA programmes require a minimum of three years of full-time work experience. Certain programmes in Sydney, Melbourne and Brisbane accept applicants without adequate work experience too.
GMAT is necessary for admission to most MBA programmes. Some institutes which do not insist on GMAT are the Australian National University, University of Canberra, University of Tasmania and Macquarie University.
TOFEL or IELTS
Australian institutes of management are particular about proficiency in English. TOEFL or IELTS scores are essential for applicants who have not completed their undergraduate study in English. The average scores required vary from 6.5 to 7. The minimum scores required by Melbourne Business School is 6.5 in IELTS and 610 in TOEFL. The IELTS is also necessary for applying a student visa in Australia.
Letter of Reference
Referee’s reports have to be submitted along with the application form. Melbourne Business School and AGSM require two reports. Some universities do not insist on reports from current employer. Australian institutes also ask for written responses to a few personal statements asked in the application form. AGSM requires four personal statement essays. Along with transcripts of academic records a certified copy of passport or birth certificate is also required to be submitted as proof of one’s citizenship.
Though interviews are not mandatory, some institutes like Melbourne Business School insist on interviews for those applying for a Masters in Marketing. These are scheduled at select international destinations throughout the year and applicants can choose their locations from the list. It is advisable to begin the application process a full year in advance of expected enrolment. Provisional acceptance is granted by most institutes to applicants whose final examination results are awaited.
The cost of an MBA programme in Australia is generally cheaper than the USA and the UK. It varies between institutes, depending on varying duration of programmes offered by them and the courses taken. Most institutes allow semester wise payment of tuition fees.
The fee in the Melbourne institute was AUD $50,000 apart from a non-refundable Acceptance Fee of AUD $2,000 required from international students.
At the University of Ballarat, a Master of Business Administration, Master of Business Management and other similar courses cost was AUD $14,000 each.
At University of Western Australia, international students pay at the rate of AUD $ 2,000 per subject, which totals to AUD $32 000 for 16 units.
The cost of living at relatively cheaper locations like Ballarat is approximately AUD$5,000 per semester. According to the Economist Intelligence Unit, it costs 18% more to live in Sydney, 17% more in Melbourne, 6% more in Perth and 6% more in Brisbane. By one estimate, an international student spends $335 per week on accommodation, food, clothing, entertainment, transport, travel, telephone and incidental costs. A student in Brisbane, living in shared accommodation off-campus, is likely to need about AUD$18,000-$20,000 per year besides an additional AUD $2300 approximately on arrival for up-front one-off expenses.
Students are allowed to work off campus for a maximum of 20 hours a week and up to 40 hours a week during vacations, after due permission. The average total cost including the cost of living for a one-year MBA course in Australia has been calculated at about 25,470 US$. While private health insurance, which costs approximately AUD$493 for a single student for 17 months is a compulsory requirement for studying in Australia.