MBA in New Zealand: Know the Study Cost
MBA in New Zealand: What is fascinating about studying business management in New Zealand is the academic curriculum, and infrastructure of the country is finely tuned to match and reflect the business requirements of modern times. Also, studying MBA in New Zealand, costing a relatively modest $35,000 or so, is much lower compared to top destinations like the US and the UK, where the ceiling is around $100,000. Low tuition fee is added incentive for students looking to cut corners without compromising on the quality of their MBA degree.
While all eight universities in New Zealand make the list of the top universities in the world, the University of Auckland is ranked as high as 46 in Business & Management Studies in the World University Rankings by Subject 2015 published by QS. The other universities, barring Lincoln University, also didn’t do too badly and were ranked in the top 200. What low tuition fees and highly-ranked universities do is that they pull in large number of MBA aspirants from across the world. When we talk about the cost of pursuing MBA in New Zealand, it incorporates components like health insurance bills, living costs and MBA-admission related expenses, in addition to the simple MBA fee in NZ. Scroll down and learn about the different components and their contribution to the overall MBA cost.
MBA fee in NZ: The MBA tuition fee in New Zealand is pretty uniform across most business schools, even though some programs can be completed in 12 months instead of two years, which is the typical course duration in New Zealand. The highest course fee of $51,396 is in University of Canterbury, and it is a 15-month program. Following it, there are a number of b-schools that command fee in the $44,000-$46,000 range, including names like Auckland Business School, Waikato Management School and Auckland University of Technology (AUT).
The MBA offered by Waikato Management School is a part-time degree and requires students to have at least three years' relevant management experience to be considered for admission. In fact, most MBA schools in NZ have minimum three-five years’ work experience requirements.
Meanwhile, the lowest tuition fee of $36,800 is at Manukau Institute of Technology. All in all, tuition fee in NZ is much less when seen in the light of tuition fee in top business schools across countries.
MBA tuition fee at top New Zealand universites:
The University of Auckland Business School
An average of 18 years’ work experience
University of Otago Business School
Have experience in management or administration acceptable to the Pro-Vice-Chancellor (Commerce)
15 months to 2 years
University of Canterbury
At least 5 years of work experience in a managerial, professional, entrepreneurial or leadership role
Auckland University of Technology (AUT)
A minimum of five years relevant professional experience
12 to 18 months
Victoria University of Wellington - Victoria Management School
Successful professional experience of at least five years
$26,792 (first year tuition fees)
University of Waikato - Waikato Management School
At least three years' relevant management experience
2 year (part time)
Minimum five years of work experience
25 months (Executive, part time)
Manukau Institute of Technology
*All figures in New Zealand dollars
Cost of living in NZ:
In addition to MBA fee in New Zealand, students also have to spend a considerable amount of money on living expenses. Since many of the items under living expenses like accommodation, food, transport and internet are indispensable, the only thing that you can do to keep costs low is to make your selection wisely and find out if there are any cheap options. Like take accommodation for example; if you choose the homestay option rather than a flat, you can save around $50 per week. But if instead you go for Hall of residence, you will end up spending an additional $100 every week, which will push up the cost of pursuing MBA in NZ. If you are staying in a homestay, you are normally assured of three meals a day, in addition to free power and internet. However, you have to stay for a minimum of 8 weeks in a homestay, and have to even pay a bond to the landlord (around $250- $350).
International student living cost in New Zealand:
Hall of residence
Weekly cost (total)
*All figures in New Zealand dollars
Cost of living also includes a few additional one-off expenses as well. You will have to spend anything between $500 and $1000 on books, and another $600 - $900 on clothing. Then there is one-off placement fee which facilitates you to find the correct host family. Additional expenses come to a total of around $1660-$2460.
Additional one-off expenses
One off placement fee
Books and stationary
$500 - $1000
$600 - $900
Contribution of insurance fee to cost of studying MBA in New Zealand
As is the norm across all the major academic destinations, health insurance is needed to get admission into an MBA school in New Zealand. The only difference is universities in New Zealand have their own collaboratively designed health insurance plan, Studentsafe-University. It is a group insurance plan that is valid for the entire duration of the student’s study program, and is available for around $600.
The annual premiums of Studentsafe-University study abroad health insurance looks like this:
2014 Annual Premiums
2015 Annual Premiums
NZ$585 per year
NZ$590 per year
Couple (student + 1)
NZ$1,170 per year
NZ$1,180 per year
Family (student + 2 or more)
NZ$1,460 per year
NZ$1,475 per year
Study Abroad (one semester)
MBA fee in NZ normally includes the premium for the Studentsafe-University, and students in such cases don’t need to fill a separate application form. If you want to opt out and go for private plans instead, you are free to do so, provided you buy plans with comparable coverage.
When it comes to travel insurance, New Zealand has one of the most generous coverages of all as in addition to university related travel, in some cases even provides for associated private travel (e.g. visiting relatives, holiday, etc.). Also unlike health insurance, travel insurance isn’t part of the MBA course fee in NZ, and is mostly free.
Expenses related to admission requirements:
Before your application is accepted and you start thinking about MBA fee in NZ, you will have to prove your English language proficiency through tests like TOEFL/IELTS. While you can sit at TOEFL for US $170-220, IELTS would charge you around $170 for the same honor.
Another key exam in your path towards an MBA in NZ is GMAT. The test is open for US $250, with an additional fee of US $50 for rescheduling the exam.
Use work opportunities available in New Zealand to wriggle out of financial difficulties
If high cost of the MBA program is weighing on your mind, you should take heart from the fact that New Zealand has one of the best work environments, and it is also accommodative of international students. International students in New Zealand are allowed to work for up to 20 hours per week, while the guaranteed minimum wage is NZ $14.75. The additional income would help you pay off some portion of your MBA costs in New Zealand. Whether you decide to work during your study or work after study, there are many work opportunities available in front of you. If you want to work during your study, the normal requirement is that study program duration is two years and that your study would lead to a qualification which falls under the Skilled Migrant Category. New Zealand has skill shortages in many sectors, and there is every chance you can use it for your own benefit.
Stay tuned to www.studyabroad.careers360.com for more stories on New Zealand