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MBA - USA vs Australia - Best business school QS Ranking, Cost, Admission Cycle, Eligibility

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MBA - USA vs Australia - Best business school QS Ranking, Cost, Admission Cycle, Eligibility

Edited By Team Careers360 | Updated on Dec 06, 2022 11:48 AM IST

MBA - USA vs Australia - There is a reason why the MBA programme is one of the most popular worldwide and in the USA and Australia particularly. Consider a Fortune study that estimates the graduate starting salary in the US to be $100,000. Even if not every MBA graduate will make that much money, it is enough to start the MBA movement in the right direction. Additionally, it's not always about the money because the degree's skill set opens doors in a variety of industries, including healthcare, government service, and consumer products. Another highly praised benefit of an MBA degree is that, in contrast to other courses, it provides excellent opportunities for networking, which has emerged as a crucial component of success in the twenty-first century.

These truths are known to many of us, nevertheless. Instead, the question of whether to pursue an MBA in the USA or Australia confounds or rather confuses us. According to statistics, the USA has more highly regarded universities than Australia, yet this is far from the only factor that separates the two countries. Considerations regarding the admission cycle, cost, and required job experience must be made in order to reach an appropriate conclusion. Therefore, we are comparing MBA programmes from the USA and Australia.

Cost of studying MBA: USA vs Australia

An HSBC report shows that Australia is the costliest destination in the world with an annual cost of living of $18,012. In comparison, you need just $11,651 to get through in the US. Tuition fees in the two countries are almost identical: US ($24,914) and Australia ($24,081). But these tuition fees are the average of an aggregate of different courses and are not an indicator of MBA tuition fee in Australia or for that matter MBA tuition fee in US. So, let's take a closer look at the MBA tuition fees in the two countries.

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Tuition fee at top b-schools in the USA

University

Duration

Tuition Fees (1st year)

Stanford Graduate School of Business

2 years

$76,950

Harvard Business School

2 years

$73,440

Kellogg School of Management

2 years

$76,580

1 year

$111,731

Booth School of Business

21 months

$72,000

Tuck School of Business

2 years

$77,520

Tuition fee at top b-schools in Australia

University

Duration

Total Tuition Fees (Approx.)

Melbourne Business School, The University of Melbourne

1 year

$85,470

AGSM MBA, University of New South Wales

16 months

$66,780

College of Business and Economics, Australian National University ANU

2 years

$57,365

La Trobe Business School, La Trobe University

1.5 years

$36,944

Monash Business School, Monash University

2 years

$48,069

It is fairly evident from the above charts that the MBA tuition fee in the USA is much higher than MBA tuition fee in Australia. Take for example, by the time you complete your two-year MBA degree from Stanford, which has an annual fee of $66,540, you will have spent well in excess of $100,000; much more than what you will need for the one-year MBA degree at Melbourne Business School, which charges $59,829 for the entire program. And this discrepancy isn’t just because of the difference in the duration of the two programs. Just check out our next example.

Kellogg School of Management, which offers a one-year program like Melbourne Business School, commands $91,716 for the entire program, way higher than any one-year or two-year program offered in Australia. Even pitting a two-year programme against its equivalent programme in the two countries fails to buck the trend. At Tuck School of Business, the annual tuition fee is $66, 390, while all you pay is $48,069 for a similar two-year program at Monash Business School. One interesting consequence of the low MBA tuition fee in Australia is that it more than nullifies the edge it cedes to the USA through its high cost of living. So, if cost of studying is your only criteria when selecting a destination, Australia wins hands down!

Best countries to study abroad

Top Business Schools

If there is one parameter that you simply can’t ignore when selecting a b-school, it is its world ranking. It is because these rankings take into account key variables like university faculty, scope of research, international exposure, funding opportunities for students and presence or absence of contemporary courses to rank a university. In other words, it guarantees you some minimum quality that you can expect of a university based on its rankings. Now we find that the USA has four universities in the top ten, while Australia has none, in the QS list. Even if you take an overall count, the number of US universities far outnumbers Australian universities, a good enough reason to study MBA in the US.

Also, with so many universities making the list, studying MBA in the US will have a range of specializations to pick from. Another advantage of having a large pool of universities is they invariably offer many unconventional and contemporary courses, which is very evident in US universities.

Top business schools in USA

University

World QS Ranking 2023

Harvard University

5

Stanford University

3

University of Pennsylvania

13

Massachusetts Institute of Technology (MIT)

1

University of California, Berkeley (UCB)

27

University of Chicago

10

New York University (NYU)

39

Columbia University

22

University of California, Los Angeles (UCLA)

44

University of Michigan

25

Top business schools in Australia

University

World QS Ranking

The University of Melbourne

33

The University of New South Wales (UNSW Australia)

45

The University of Sydney

41

The Australian National University

30

Monash University

57

The University of Queensland

50

RMIT University

190

The University of Western Australia

90

University of Technology Sydney

137

Griffith University

300

List of scholarships to study abroad by country

Application process for MBA in USA vs application process for MBA in Australia

The application process for MBA in both the countries is a bit different as can be seen from the following points:

Admission Cycle

Application cycle for studying MBA in USA: Universities in the USA don’t follow any common deadline for business courses and frequently have more than one deadline. The general trend is to have three deadlines, though universities like Dartmouth College – Tuck School of Business have as many as four deadlines.

Business School

Round

Deadline

Harvard Business School

ROUND 1


ROUND 2


ROUND 3

Early Sep


Early Jan


Early Apr

Stanford Graduate School of Business

ROUND 1


ROUND 2


ROUND 3

Late Sep


Mid Jan


Early Apr

University of Chicago – Booth School of Business

ROUND 1


ROUND 2


ROUND 3

Mid Sep


Early Jan


Early Apr

Application cycle for studying MBA in Australia: In Australia, sessions usually start in February, and ideally one should start doing the necessary research a year in advance since the entire process may take up to 10-11 months. Importantly, the application window in a majority of universities in Australia generally falls between September and November, in a departure from the trend seen in the USA. Nevertheless, there are a few exceptions that buck the trend and have more than one round, like AGSM MBA which has three rounds. Also, in cases where universities fail to fill up their seats in the September and November window, they may invite another round of applications, usually in July.

Business School

Round

Deadline

Monash Business School

Single round

4th December

UQ Business School

Single round

31st October

Sydney Business School

Single round

October- November

UWA Business School

ROUND 1


ROUND 2

4th May


29th June

AGSM MBA

ROUND 1


ROUND 2


ROUND 3

1st June


1st August


1st October

Eligibility

To be eligible to study MBA in the USA, an applicant must complete 16 years of prior studies. In other words, after your 10+2, you must have completed at least 4 years of education (graduation or diploma). Students who have completed their Master’s degree are also qualified to apply for an MBA in the US. While universities in the USA strictly demand that you complete 16 years of pre-MBA Study, a three-year Bachelor’s degree is enough to make you eligible for an MBA in Australia. Majority of Australian universities also demand work experience accompanying your academic qualification.

B-schools with best ROI

According to Financial Times, American universities lead the pack of business schools with the best ROIs. And that even after taking into account the high cost of pursuing an MBA degree in the USA. Starting salary for a graduate from Stanford, or for that matter Harvard, hovers around $180,000. Meanwhile, average compensation of an MBA graduate in North America stands at an impressive $128,600. In comparison, average compensation of an MBA graduate in Australia is $86,000, which is lower than those in the USA. But you can counter that by arguing that the cost of studying MBA in Australia is much less in the first place. So, whether you are studying MBA in the USA or Australia, would depend on whether you want to take calculated risks or put all your eggs in the same basket.

Business schools with the best ROI in USA

University

Rank

Duration

Tuition fee(annual)

Salary

Harvard Business School

1

2 years

$63,675

$180,183

Stanford Graduate School of Business

4

2 years

$66,540

$178,929

University of Pennsylvania: Wharton

3

2 years

$73,634

$172,699

Columbia Business School

6

2 years

$65,988

$170,849

University of Chicago: Booth

9

21 months

$66,540

$162,791

Business schools with the best ROI in Australia

University

Rank

Duration

Tuition fee

Salary

Macquarie Graduate School of Management

68

2 years

$49,872(annual)

120,485

AGSM at UNSW Business School

75

16 months

$57,153

109,794

Melbourne Business School

90

2 months

$59,829

96,411

Work experience and MBA without GMAT

One major difference between studying MBA in Australia and studying MBA in USA is pertaining to work experience or GMAT requirement. In the USA, for example, students are expected to score in excess of 700 in their GMAT exams to stand any chance of getting into a top b-school in the country. In Australia, however, GMAT is not a mandatory requirement as universities pay more attention to the student’s prior work experience; also, even in those universities that require GMAT scores, it rarely goes beyond 600-650.

One major reason why GMAT isn’t mandatory for b-schools in Australia is they focus more on training students to be future managers, and pay less attention to theoretical and academic aspects of management which only helps a student to take the first steps in an organizational hierarchy. Also, many business schools, as part of work experience, require students to have at least 1-2 years of managerial experience. The approach seemingly has paid off, as MBA without GMAT in Australia is getting a lot of traction across the world with more and more students beginning to realize its usefulness and practicality.

Coming to the USA, even though GMAT is mandatory for admission into an MBA program, MBA without GMAT in the USA isn’t something completely unheard of. It is because, while GMAT is the traditional way to get into an MBA program, there are executive MBA programs that have embraced MBA without GMAT with open arms, a case in point being NYU Stern executive MBA and UCLA - NUS Executive MBA.

B-schools in Australia which offer MBA without GMAT

B-school

Work experience (minimum)

Melbourne Business School

2 years

La Trobe Business School

3 years (managerial exp.)

UQ Business School

4 years (including 2 year managerial exp.)

Sydney Business School

3 years (both work and managerial exp.)

Business schools offering MBA without GMAT in USA

University

Work experience (average)

Duration

Tuition fees

NYU Stern

14 years (9 years managerial)

22 months

$177,800

The Kellogg-HKUST

14 years

18 months

$161,200

UCLA - NUS

12 -19 years

12 sessions (6 sessions in 2 weeks every 3 months)

$112,940

Frequently Asked Question (FAQs)

1. Which country is better for MBA - the USA or Australia?

One of the top destinations for overseas students is the USA, which receives a staggering 2 million applications, of which only 1 million are accepted. Another nation that draws foreign students is Australia, which offers a wide range of scholarships, career possibilities, and degrees that are respected around the world.

2. Why choose to study in Australia over the USA?

Australia has one of the greatest standards of living in the world. In comparison to the United States and the United Kingdom, Australia has significantly lower living costs and higher education prices. International students can work part-time while they are enrolled in classes, which helps them pay for living expenses.

3. What are the advantages of studying in the USA?

Australia has one of the greatest standards of living in the world. In comparison to the United States and the United Kingdom, Australia has significantly lower living costs and higher education prices. International students can work part-time while they are enrolled in classes, which helps them pay for living expenses.

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Welding Engineer

Welding Engineer Job Description: A Welding Engineer work involves managing welding projects and supervising welding teams. He or she is responsible for reviewing welding procedures, processes and documentation. A career as Welding Engineer involves conducting failure analyses and causes on welding issues. 

5 Jobs Available
QA Manager
4 Jobs Available
Quality Controller

A quality controller plays a crucial role in an organisation. He or she is responsible for performing quality checks on manufactured products. He or she identifies the defects in a product and rejects the product. 

A quality controller records detailed information about products with defects and sends it to the supervisor or plant manager to take necessary actions to improve the production process.

3 Jobs Available
Production Manager
3 Jobs Available
Product Manager

A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

3 Jobs Available
QA Lead

A QA Lead is in charge of the QA Team. The role of QA Lead comes with the responsibility of assessing services and products in order to determine that he or she meets the quality standards. He or she develops, implements and manages test plans. 

2 Jobs Available
Structural Engineer

A Structural Engineer designs buildings, bridges, and other related structures. He or she analyzes the structures and makes sure the structures are strong enough to be used by the people. A career as a Structural Engineer requires working in the construction process. It comes under the civil engineering discipline. A Structure Engineer creates structural models with the help of computer-aided design software. 

2 Jobs Available
Process Development Engineer

The Process Development Engineers design, implement, manufacture, mine, and other production systems using technical knowledge and expertise in the industry. They use computer modeling software to test technologies and machinery. An individual who is opting career as Process Development Engineer is responsible for developing cost-effective and efficient processes. They also monitor the production process and ensure it functions smoothly and efficiently.

2 Jobs Available
QA Manager
4 Jobs Available
AWS Solution Architect

An AWS Solution Architect is someone who specializes in developing and implementing cloud computing systems. He or she has a good understanding of the various aspects of cloud computing and can confidently deploy and manage their systems. He or she troubleshoots the issues and evaluates the risk from the third party. 

4 Jobs Available
Azure Administrator

An Azure Administrator is a professional responsible for implementing, monitoring, and maintaining Azure Solutions. He or she manages cloud infrastructure service instances and various cloud servers as well as sets up public and private cloud systems. 

4 Jobs Available
Computer Programmer

Careers in computer programming primarily refer to the systematic act of writing code and moreover include wider computer science areas. The word 'programmer' or 'coder' has entered into practice with the growing number of newly self-taught tech enthusiasts. Computer programming careers involve the use of designs created by software developers and engineers and transforming them into commands that can be implemented by computers. These commands result in regular usage of social media sites, word-processing applications and browsers.

3 Jobs Available
Product Manager

A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

3 Jobs Available
Information Security Manager

Individuals in the information security manager career path involves in overseeing and controlling all aspects of computer security. The IT security manager job description includes planning and carrying out security measures to protect the business data and information from corruption, theft, unauthorised access, and deliberate attack 

3 Jobs Available
ITSM Manager
3 Jobs Available
Automation Test Engineer

An Automation Test Engineer job involves executing automated test scripts. He or she identifies the project’s problems and troubleshoots them. The role involves documenting the defect using management tools. He or she works with the application team in order to resolve any issues arising during the testing process. 

2 Jobs Available
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