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MBA in Australia | A Comprehensive Guide

By September 21, 2021October 18th, 2021No Comments
A Complete Guide To

MBA in Australia

Chapter 1

MBA in Australia – Overview

The Land Down Under is the 3rd most popular study-abroad destination in this world, closely following the US and the UK. Australia’s world-class education system, multi-cultural lifestyle, beautiful coastlines & climate, vibrant cities, and robust economy have made the island nation a truly attractive destination to study and work in for international students. A steady influx of international students at a rate or ~11%, is proof enough that one can not only survive, but also thrive with the many opportunities in the country. 

Australia’s favorable VISA policies have also made the country a top destination for an MBA, as well as many master’s programs. The fact that most of Australia’s major cities have made it to the world’s Top 100 student cities, and the truly cosmopolitan nature of these cities, is wondrous to behold! With a high quality of life, low crime rate, high HDI, democratic institutions, and steady economy, Australia is one of the best countries to live in. 

Australia’s economy has proven to be resilient in the face of the pandemic, and the country has succeeded in reopening the economy effectively. Its economy is highly dependent on its service sector which contributes to around ~65% of the Australian GDP. Australia also trades heavily with Southeast and East Asia, particularly countries such as Singapore, China (although this has changed now due to China’s lack of cooperation w.r.t to the investigation of the COVID-19 virus), South Korea, Thailand, Malaysia, and Japan. They also have free trade agreements with these nations, as well as the USA, Canada, and New Zealand. Australia’s economy also benefits from its tourism sector, with some of the most exotic coastlines, heritage sites, national parks, and nature in this world. Quite obviously, Australia’s finance sector also comes into play, with various opportunities in banking and finance. 

In an economy like this, there are tons of opportunities available for international students. One of the best ways to gain access to this lovely country and its opportunities is through a Master’s in Business Administration. Let us now look at why you should pursue an MBA in Australia. 

Why MBA in Australia?

Apart from the reasons mentioned above, there have to be reasons for picking a particular program such as an MBA, in a particular country such as Australia. 

Firstly, it is vital to know that MBA programs in Australia are accredited by global agencies such as AACSB, AMBA, EQUIS. The programs are usually between 16-24 months in duration, and can be categorised under a variety of specialisations such as finance, marketing, international business, healthcare management, HR, software management, operations, media management, and many more. More than 5 B-schools in Australia feature on the list of Top 100 MBA programs and B-Schools in the world (QS 2021), and the average salaries offered after an MBA in Australia is the 5th highest in the world (~INR48-67 lakhs)

Top recruiters include: Amazon, Alphabet, ANZ, Barclays. Bosch, Commonwealth Bank, IBM, Macquarie Group, ResMed, EY, Singtel, and Woolworths. There are tons of other companies and sectors that an Australian MBA can grant you access to, depending on your choice of specialisation. 

The top Australian B-schools contribute significantly to the industries they are tied to, the Australian economy, and local communities. Their world-class faculty, research output, and placements have ensured that Australia remains on the top destinations for an MBA. 

The flexibility offered by Australian MBA programs will allow you to work part-time, a feature provided for by an Australian VISA. Depending on your qualifications after your MBA, your post-study work VISA can prove to be a game-changer in terms of full-time work opportunities. It ranges between 2-4 years in validity. 

MBA in Australia vs USA vs UK vs Canada

The answer to this question used to be simpler a decade ago. Now, with a highly polarized USA, pandemic-riddled countries all across the world, and diversity in individual expectations, the answer is much more nuanced. In terms of rankings alone, both the USA and the UK outshine their Australian counterparts. Only a handful of Australian universities offer excellent MBA programs on-par with those with the USA and the UK. 

However, times are changing, and countries such as Australia and Canada are becoming formidable competitors to the USA in terms of an MBA. More and more students are finding that the value attached, in terms of VISAs, citizenship, job opportunities, quality of life, and cultural freedom, to universities in Canada, Australia and the UK is higher than ones from the USA. 

Hence, the answer depends entirely on your goals and expectations. Do you wish to finish you MBA, work for a few years and move on? Or do you wish to stay, work and live in that country? By the way, the fact that world-leading research continues to emerge from the USA and the UK should not be overlooked, despite possible flaws in governance and democratic freedom. They are still world leaders in this field, and offer the best of opportunities available. 

Here’s a small table for comparing the fees and salaries of the aforementioned countries. They are mere estimates, and circumstances will dictate the opportunities and finances involved.

MBA in

Avg. Fees (USD)

Avg. Salary (USD)

USA 

90,000

110,000

UK

85,000

120,000

Australia 

85,000

105,000

The UK and Australia are far more immigration-friendly than the USA. Apart from all these factors, it is up to you to decide where you want to be and go. 

Basic Eligibility Criteria for an MBA in Australia.

As usual, we will cover the individual eligibility criteria for top universities from Australia in the next section, but for now, we will be looking at the general criteria for an MBA in the Australia: 

    • Work Experience – A minimum of 2-3 years of full-time work experience is usually required for an admission in reputed universities across Australia. This is to ensure that the student understands the lessons easier and has gained a bit of worldly skills and industrial knowledge.
    • Bachelor’s Degree – A relevant Bachelor’s degree with a minimum GPA of 3.3 – 3.5 / 4.
    • GMAT – You will need top GMAT Scores with the average score being 700 to get into the top universities in Australia. Numerous B-Schools require you to take the GMAT to test your aptitude. 
  • English language requirements – Seeing as the primary language for communication in Australia is English, it makes sense that you must prove your proficiency in English. Generally, an IELTS score of 6.5 or above / TOEFL score 80 or above is preferable. 

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Documents required for an MBA in Australia

The following documents are fairly common for most MBA programs abroad: 

    • Detailed Resume – This should contain your academic and professional qualifications in a concise, organized manner. 
    • Official Transcripts – Scanned. 
    • Letters of Recommendation – You will need at least 2 LORs from your previous employer and university. 
    • Statement of Purpose – This one can make all the difference in the world when it comes to your selection. You need to express your goals and explain why you should be considered for this program. 
  • GMAT/GRE Scores 
  • IELTS Scores 
  • Health coverage – There is a system in purpose for overseas students to obtain health coverage. You must select a provider and acquire this coverage. 
  • Proof of Work Experience – 2-3 years minimum.
  • VISA Requirements – Read about VISA Requirements in detail here. 

Let us now look at the top b-schools and respective MBA programs in Australia. For top b-schools in the UK, click here, and for the top b-schools in Canada, click here! : ) 

Chapter 2

Top B-Schools and MBA programs in Australia

While pursuing an education abroad, it is quite common to peruse the rankings and specializations specific to a particular university, for a particular major. For an MBA in Australia, we will be relying on the QS Global MBA Rankings 2021, which account for various factors such as faculty & class diversity (gender, culture etc.), ROI, employability, research output and impact, alumni outcomes, academic reputation, and more. 

Let’s explore the top b-schools and MBA programs in Australia further, using this useful table that will also aid in the comparison of these b-schools for 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. Score 650

~65 lakhs

Melbourne

4

95

MGSM Macquarie

Macquarie University

Avg. Score -680

~59 lakhs

Sydney

5

99

UQ Business School 

University of Queensland

Avg. Score 600-650

~64 lakhs

Brisbane

6

101-110

University of Western Australia Business School

University of Western Australia

Avg. Score 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

The intakes for an MBA in Australia are split into 3 main phases spread across a year. They are: 

  • February Intake
  • July Intake
  • November Intake 

We will be providing approximate deadlines for the top 10 b-schools in the upcoming section as well. These deadlines and intakes can vary between each university, but they follow the same pattern most of the time.  

Let us now dive further into the key requirements to keep in mind for the top 5 universities, some facts about the universities, the work experience needed, important dates, the scores needed and so forth. Do refer to the table for the rest of the information. We will be covering the top 5 universities only due to their ranking within the top 100 MBA programs list. 

Melbourne Business School – University of Melbourne

The University of Melbourne was founded in 1853, and is one of the oldest and top-ranking universities in Australia. Its MBA department is known as the Melbourne Business School. MBS ranks 1st in Australia and 26th globally for its full-time MBA program, the duration of which lasts for 1-2 years. This prestigious program is known for producing some of the best executives in the world, capable of managing and leading organisations in various sectors. Apart from imparting traditional MBA knowledge, its curriculum is heavily focused on practical business experience and skills. Located in Melbourne, Australia’s most vibrant city, MBA allows for students to experience the best business education, gain access to excellent opportunities, and lead fast-paced lives in the multi-cultural environment of the city. 

Key Requirements: 

  • Average GMAT Score: 695
  • Minimum GPA of 3.5/4
  • IELTS 7.0 
  • 2 years of relevant, full-time work experience 

MBS has an employment rate of around 95%, with the avg. salary for full-time graduates being ~INR 83 lakhs. Recruiting companies include major Australian Banks, Consulting firms such as EY, Deloitte, McKinsey, and BCG; other major recruiters include Coca Cola, Accenture, Uber, eBay etc.    

Important Dates: 

September Intake

Round 1 – 30 November 2021

Round 2 – 30 January 2022 

Round 3 – 31 March 2022 

Round 4 – 31 May 2022

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Australian Graduate School of Management – University of South Wales

The University of South Wales was established in 1949. Its business department is the Australian Graduate School of Management, which is ranked 2nd in Australia and 41st globally for its full-time MBA program. The full-time MBA lasts for around 12-24 months, and helps inculcate exceptional managerial knowledge, communication skills, critical thinking, leadership, and cultural awareness in its students. With global networks to the best b-schools in the world, AGSM is perfect for professionals who want to take their career to the next level. AGSM is located in Sydney, the latter of which is also known as “the financial capital of Australia and the gateway to the world’s fastest growing economic region of South East Asia”. Opportunities and experience abound in this excellent B-school. 

Key Requirements: 

  • Average GMAT Score: 686
  • Minimum GPA of 3.5/4
  • IELTS 7.0 
  • 2 years of relevant, full-time work experience 

Top recruiters at AGSM include major Australian Banks, Consulting firms such as EY, Deloitte, McKinsey, and BCG; other major recruiters include J&J, Google, Oracle, Amazon, Vodafone, Infosys, IBM, and Hilti. There are plenty of other tie-ups and networks for recruiters at AGSM. The avg. salary of a full-time graduate is around ~INR 88 lakhs. 

Important Dates:

May Intake

Rounds 1 and 2 were over in August and September respectively.

Round 3 – 1 October 2021

Round 4 – 1 November 2021

Round 5 – 1 December 2021

Round 6 – 1 February 2022 

Monash Business School – Monash University

Monash Business School’s full-time MBA program is ranked 3rd in Australia and 73rd globally under the QS Rankings for MBA programs in 2021. Monash’s MBA focuses on developing and stimulating leaders, new thinking, innovation, management practices, research-oriented thinking through experiential and practical learning. The diverse group of peers, highly successful faculty and excellence spread across the university has earned the university its place in the QS rankings. Located in Caufield, a suburb in Melbourne, students have access to opportunities available only in multicultural cities like Melbourne. 

Key Requirements: 

  • Average GMAT Score: 650
  • Minimum GPA of 3.5/4
  • IELTS 7.0 
  • 3 years of relevant, full-time work experience 

With an employment rate of 88%, and an average salary of ~INR 76 lakhs, Monash Business School has an excellent placement record. Monash has tie-ups with Deloitte, ANZ, IBM, KPMG, Macquarie, Adecco, EY, Adidas, and L’Oreal. 

Important Dates:

Round 1 – 28 February 2022 for July – December 2022

Round 2 – 31 July 2022 for January – June 2023

MGSM Macquarie – Macquarie University

MGSM Macquarie ranks 4th in Australia and 95th globally for an MBA program. Students will be taught the best of management theory and practices, and be provided with strategic perspectives in business. It offers plenty of internships and exchange programs, and combines theory with real experiences in this globalized world. It is a 2-year full-time MBA program. 

 Key Requirements: 

  • Average GMAT Score: 680
  • Minimum GPA of 3.5/4
  • IELTS 7.0 
  • 2 years of relevant, full-time work experience 

MGSM graduates can rest easy due to MGSM’s 90% employment rate. They provide a range of career workshops, recruitment drives, and career services. Top Australian banks, consulting firms across the world, and other MNCs mentioned above come for recruitment drives at MGSM. The average salary of a full-time graduate is ~INR 90 lakhs.

Important Dates:

Term 1 – 8 November 2021

Term 2 – 7 March 2022

Term 3 – 23 May 2022

Term 4 – 22 August 2022

UQ Business School – University of Queensland

Finally, we have UBS, which ranks 5th in Australia and 99th globally for its 1-year program. It is known for its world-class research, quality teaching, and for being the first Australian b-school to gain accreditation from AACSB and EQUIS. They aim to create sustainable enterprises. 

Key Requirements: 

  • Average GMAT Score: 600
  • Minimum GPA of 3.5/4
  • IELTS 7.0 
  • 4 years of relevant, full-time work experience 

With an employment rate of 93%, UQ Business School also has ties with BHP Billiton, P&G, HSBC, Coca Cola, Thiess, and the Asia Development Bank. The average salary of a graduate is around ~INR 89 lakhs. Do refer to the website for important dates and deadlines for UQ Business School. 

Let us now look at the top jobs and prospects after an MBA in Australia. 

Chapter 3

Top Jobs, Specializations and Prospects after an MBA in Australia

Firstly, we request you to go back and read the paragraphs offering an overview of Australia at the beginning of this article. It also offers an overview into the Australian economy in a concise manner. Australia’s job market has attracted numerous MNCs, Tech Giants, and global corporations. These organisations recruit MBAs all the time, with particular emphasis for MBAs from the following specializations – Finance, Analytics, Sales and Marketing, Operations, HR, Software Management, Engineering management, and Tourism Management. Australia’s markets have witnessed a steady growth in terms of travel and tourism, and real estate. Due to the global nature of the tech industry, the future of tech is in safe hands in Australia as well. Your Australian post-study Work VISA will generally last for 2 years. To know more about VISA Requirements in Australia, click here

Top companies in Australia: 

  • ANZ Banking Corporation 
  • Barclays 
  • Accenture 
  • Uber 
  • Google 
  • P&G
  • Coca Cola
  • IBM
  • Adidas
  • Macquarie
  • Woolworth’s 
  • Telstra Corporation 
  • HSBC
  • Allianz
  • Hays
  • Deloitte 
  • Vodafone 
  • Cognizant 
  • Commonwealth Bank of Australia 
  • Qantas 
  • McKinsey 

Travel and Tourism Firms, Hotels, and various medium firms native to Australia are also available as options for you after your MBA.   

Here is a list of the top jobs in Australia after your MBA, and their respective salaries. 

Top Jobs in Australia after your MBA, and their respective salaries:

Banker – Banking roles are strong in Australia, with MBA in Finance majors looking to handle high-end clients and close business deals for various Australian banks. The avg. salary of a banker after an MBA in Finance is ~ INR 64 lakhs.

Investment Banker – They are bankers who are focussed on increasing the capital of the organisation through stock and bond markets. A developed knowledge of market trends and financial news is required and an MBA in Finance is usually required for such roles. The avg. salary of an investment banker after an MBA in Finance is ~ INR 70 lakhs.

Financial Manager – You will be working collaboratively with clients, fintech and your team for accounting, revenue projection, strategy and financial processes. You will also manage the finances of the entire organisation or division and be well-versed with financial laws and reports in Australia. Avg. salary range is around ~ INR 75 lakhs. 

Financial Analyst – You’ll track and understand the financial operations of the organisation, their expense and their budget, while also identifying risk points and track the capital of the company. Avg. salary range is around ~ INR 43 lakhs.

Consulting – Business Management Consultants identify business troubles and problems, and come up with solutions in order to resolve said problem, improve the organisational output, aid in growth, and overall serve as consultants to streamline any process they are required to provide solutions to. This can range from Marketing and Sales Strategies, to managing the internal management process for better efficiency. The avg. salary of a consultant is ~ INR 66 lakhs.

Marketing and Sales Manager – This is one of the ‘big jobs’ in any organisation, for it involves managing and coordinating the entire Marketing sphere of the organisation – ranging from Business Development, Promotions and Advertising, Market Research and Competitor Analysis, and product growth and sustenance. They work with the Marketing Executives, the Sales Team, Marketing Analysts, and pretty much every department that has anything to do with the product including customer care, messaging and brand perception. Campaigns, Strategies and Consumer Experience is their bread and butter. The avg. salary of a Marketing Manager after an MBA in Marketing in Australia is ~ INR 60 lakhs. 

Marketing Analysts -Marketing Analysts use Market Research and Business Analytics to study the market and consumer data, to identify opportunities, find out what people want, track trends, assess their competition. Marketing managers use this information to formulate sales tactics, marketing campaigns and promotional endeavours. 

HR Managers – This is a specialization that is crucial to the functioning of every organisation, and it is no different for Australia. HR Manager – HR Managers coordinate and direct the administrative functions of the company, executive recruitment processes, and ensure the smooth conduct and flow of information and work between the management and the employees. They work to promote the morale and spirit of the organisation with the entire HR team, and work closely with the heads of the organisation to ensure an efficient, optimised and happy team. The avg. salary of a HR Manager after an MBA in HR in Australia is ~ INR 50 lakhs.

Operations Manager – Operations involve supervision of workers and facilities, frequently related to the manufacturing and labour sector. They’re typically responsible for ensuring and managing the production of goods and services in a company. This involves designing, optimising, and execution of the operations process keeping in mind resources, labour and costs. They seek to do the best they can with the available capital and resources. The avg. salary of an Operations Manager after an MBA in Operations in Australia is ~ INR 60 lakhs. 

Project Manager – Ranging from IT Projects, Engineering to Marketing Strategy, MBA Graduates are invaluable as Project Mangers in Australia. The avg. salary of a Project Manager varies widely depending on the field in context and the company involved. 

Travel and Tourism Manager – This job is exactly as it sounds. You will be involved in airlines, hotels, resorts and sell destination travel packages to consumers. You will lead a team of individuals who will pitch to consumers, research the best spots for travel and its accompanying hotels and attractions, budget the trips, and bring in revenue to the company. The avg. salary of a travel and tourism manager in Australia is around ~INR 73 lakhs. The travel and tourism industry is booming in Australia, and they have managed to stay atop the pandemic for the time being. 

Other roles include: Sports Manager, Media Manager, Software Manager, IT Manager and Engineering Management. 

Chapter 4

Cost of living in Australia during your MBA

Depending on which B-School you get into, whether they have on-campus housing, your personal living preferences, which part of the country you are in, your cost of living will quite naturally vary according to these factors. However, there are certain fundamental expenses that can be generalised using averages, to give you a rough idea of your cost of living. 

Before we look into that, let me tell you that finding a part-time job during your full-time MBA is one of the best things you can do. Yes, it is going to be difficult when you’re up to your neck in coursework, assignments and projects, but your part-time job will help you cover a lot of your expenses, and significantly reduce your debt. 

You will (most likely) be staying back in Australia for 2 years to utilise your 2-year post-study work VISA, so a part-time job will offer tons of opportunities to familiarise yourself with the country you have come to study in. Explore the culture, interact, observe, and live a little! Yes, the part-time job will cover your expenses but it will also help you get to know Australia a bit. The standard and quality of living in Australia is high, and there’s tons to explore and do. Travel, visit the numerous beaches of the Land Down Under, watch a cricket match, spot some kangaroos, revel in nature, and explore the cities and culture of Australia.  

If your finances are well-set, and you wish to focus purely on your academics, more power to you. The above was just something to think about. For those who cannot afford to not think about it, a part-time job is a boon. Full-time university students can work part-time for up to 20 hours per week and during academic breaks, they are allowed to work as much as they want. The national minimum wage for those aged 18 and above, is $15.96 pounds per hour which equals ~INR 1171.9 per hour.  

Fundamental Expenses

Now, let us look at certain fundamental expenses that can be generalised.  

  • Food and Drinks – INR 35k per month.
  • Internet – INR 8k per month.
  • Utilities (Electricity, Water, Gas) – INR 18k per month. 
  • Rent – Avg. INR 48k per month. 
  • Transport – varies widely – Avg. INR 7.5k per month for public transport and Avg. INR 30k for a car. 
  • Clothing + Laundry – Avg. INR 7k per month. (Invest in durable clothing)
  • Entertainment – Varies widely. 😀

If you work for up to 20 hours per week with minimum wage, you can earn around INR 93,000 per month. The rest will have to come from your educational loans or other finances. Quite obviously, your lifestyle also matters a lot. Spend wisely! It will all be worth it once you get your job and assimilate your learnings from the university. 

Chapter 5

Top Scholarships for an MBA in Australia

There are plenty of scholarship opportunities available for MBA students in Australia. In this section, we will be looking at some of the top scholarships offered by organisations and universities in Australia. 

Kindly note that you must definitely go through the website of whichever b-school or university you are applying to, and look for scholarship opportunities. Almost all b-schools offer some scholarship or the other, so do not miss out! Read their criteria for the same, do your research thoroughly!

Scholarship 

Amount (INR)

Offered by

Melbourne Business School

Varies

MBS Scholarships

Sydney Business School

10% to 30% tuition fee

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 Schoool

~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 at Galvanize hope this article contributed to your study plans and knowledge. For a guide to the top universities in Australia for an MS, kindly click here. Best Wishes! 

Written by Saahil R Bhatt. – Galvanize.

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