MBA in Australia: Know the study cost
Manashjyoti, 15 Jan 2016
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MBA in Australia: Australia is a destination of choice for many international students. While a majority of these students make the journey to sharpen their academic skills in the country’s top universities, there are also others who are enticed by the amazing natural beauty of its countryside, overflowing with life and inspiration; for these nature lovers, academic pursuits go hand in hand with being one with nature! As for academic disciplines, MBA continues to remain immensely popular among international students. And a corollary of this is today increasing number of students want to know about the cost of studying MBA in Australia.

 

To begin with, there are many Australian universities that are ranked within the top universities in the world list published by QS, and every year you will only find them climbing up the ranking ladder. Contributing towards the Australian story, and why MBA aspirants want a piece of it, are some of the following reasons:

  • Almost all the major universities in Australia are globally recognized.

  • The courses offered are diverse and there is much flexibility

  • Students are allowed to work up to 20 hours every week while they are studying in Australia. Work after study is another opportunity exploited by international students.

  • MBA Alumni hold prestigious positions not only in Australia, but around the world.

  • The country provides access to a distinguished alumni network operating in almost 50 countries.

Once you are convinced that Australia and a university in that country is the right fit for you, the cost of pursuing MBA in Australia would be your next worry, and justifiably so. Here we give you a clear picture about the financial aspects related to an MBA degree in Australia, including MBA fees in Australia. Read on.

MBA fees in Australia: Tuition fee structure of top universities

The tuition fees for an MBA degree in the Australia varies from university to university, but get ready to shell out at least AUS $50,000, which is among the lowest going rates among the universities. On the high end of the spectrum with a course fee of AUS $81,400 is Melbourne Business School, The University of Melbourne; it is also the top ranked university for an MBA degree in Australia as per QS.

 

MBA tuition fee at top Australian universities:

Universitiy

Australia Ranking

Duration

Work Experience

Total Tuition Fees

Melbourne Business School, The University of Melbourne

1

full-time one-year MBA

 

-

$81,400

AGSM MBA, University of New South Wales

 

2

16 months

At least 6 years professional work experience

$77,760

College of Business and Economics, Australian National University ANU

3

2 years full-time

Evidence of work, leadership or an international experience demonstrating maturity and independence

$78,048

La Trobe Business School, La Trobe University

4

1.5 year full-time

Three years' relevant managerial experience

 

$50,265

Monash Business School, Monash University

5

2 years (full time)

Minimum of three years’ work experience (total) with at least one year of professional/managerial experience

 $65,400

Apart from tuition fees, there are also living costs and one-time expenses like investment on books, clothes and even bonds (to the landlord as a guarantee) in some cases, that need to be taken into account. 

 

Weekly living cost for international students in Australia:

 

Shared house or flat

On campus (college)

One-bedroom unit

Accommodation

$250

$375

$430

Mobile phone and Internet

$25

$22.50

$25

Household products (cleaning, toothpaste)

$10

$10

$10

Food

$100

$100

$100

Utilities (gas, electricity, phone)

$20

—

$20

Leisure & entertainment

$80

$80

$80

Travel

$40

$25

$40

Incidentals

$30

$30

$30

Average weekly expenditure

$555

$642.50

$735

Annual cost:

Bond (one month's rent)

600

600

600

Books, stationery, photocopying, etc.

819

819

819

International student health cover (OSHC)

380

380

380

Clothing

960

960

960

Health Insurance bills

Apart from books and stationery, another major expense associated with international study is related to health insurance. Like in most popular destinations, Australian universities mandate that you take a health insurance plan, viz., the Overseas Student Health Cover (OSHC), which will cost you around AUS $380 per year. However, if you want more extensive coverage, they you will have to pay more. While some universities have tie-ups with insurance agents, you are free to buy a plan from any insurance company, provided the coverage offered is comparable. Also, since you might be doing a good deal of travelling, you might even need travel insurance as well. That would be another component of the cost of pursuing MBA in Australia. In some cases, health insurance fees are a component of the MBA fees in Australia, and students don’t have to pay separately for a plan.

Expenses you have to bear before you reach Australian shores:

Tuition fees and living expenses will come into play only if you manage to crack a number of exams that are part of the admission requirement, including English language proficiency tests like TOEFL/IELTS. And it costs money to appear in these exams. The TOEFL rate is $170-220, while that of IELTS is around $170. These expenses all add up and contribute to the overall cost of pursuing MBA in Australia. Then there are visa costs as well.

 

Stay tuned to www.studyabroad.careers360.com for more stories on Australia

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