Study MBA in Australia

In terms of study destinations, Australia is one of the top choices for international students. For international students interested in pursuing MBA abroad, Australia ranks among the top five study destinations according to the QS ranking. The Australian High Commission in New Delhi reported that 12,86,400 Indian students were studying in Australia in November 2021, out of which 20,000 were studying for an MBA. Almost every graduate today hopes to boost his or her career by pursuing an MBA (Master of Business Administration). It is definitely easier to gain a competitive edge by pursuing it from a leading international destination. 

Furthermore, it gives MBA professionals a head starts in their careers. Students, however, face a dilemma regarding the application process for foreign universities. This article summarizes details about the application process, estimated costs and duration of the MBA program in Australia. In addition, there are information about the eligibility criteria, job opportunities, and MBA scholarships for international students. 

MBA In Australia Highlights

Australia’s Top MBA Universities 

Students from all over the world are attracted to Australia as one of the most sought-after study destinations. MBA aspirants choose Australia as a study destination because of its quality education, top-level research opportunities, and excellent career prospects. Almost all Australian business schools have AACSB, AMBA, and EQUIS accreditations. Not only in Australia but also internationally, they rank highly among international students. 

Besides this, Australia’s favourable visa policies also encourage a lot of students to pursue higher education there. Australia’s universities are internationally renowned and offer courses in the most widely used language, English. As part of their management courses, these universities offer internships in top companies that help students gain real-world experience and develop leadership skills. University applications to Australian institutions fall into two main categories: 

• The first is in February 
• And then it is in July 
• However there is this third intake in November, but it is applicable only for a few universities. 

Why do an MBA in Australia? 

Business degrees are gateways to success. In addition to advancing one’s career, it enhances the skills necessary to remain competitive and also facilitates networking. The reasons for pursuing MBA and acquiring the skills and knowledge required to increase one’s career vertically are numerous. As part of the MBA program, students learn how to manage a business successfully and adapt to the latest global trends. Additionally, this program gives students skills to run and revive a business in a crisis situation. Here are a few reasons why you should study MBA in Australia: 

• In Australia, MBAs are recognized globally because of the AQF’s comparative qualifications.  
• Admission to MBA programs at Australian universities may or may not be based on GMAT scores. 
• Working 40 hours while studying MBA in Australia is permitted for international students. 
• Approximately 45,500+ jobs are available each year for MBA degree holders in Australia. 
• In Australia, over 6,000+ vacancies are available to Finance MBA graduates each year. 

National Office of Overseas Skills Recognition (NOOSR) List 

For students wanting to study in Australia, recognition of foreign institutions might be an issue. Prior to applying to an MBA program at an Australian university, experts recommend that students evaluate their credentials. It involves evaluating your credentials and comparing them with Australian education standards. 

For instance, An aspirant seeking admission to Melbourne Business School who completed his bachelor’s degree from a university of ‘A’ category in India and scored 70% is equivalent to another aspirant who completed his bachelor’s degree from a university of ‘B’ category and scored 75%.  

AEI NOOSR is a government agency that provides a fee-based service. It can take up to 3 months to receive recognition.   

Admission requirements for MBA programs in Australia  

For international students to be eligible to study MBA in Australia, they must achieve at least 60% at the undergraduate level, have a minimum of two years of work experience, and have adequate English language proficiency. Know about it in the following sections in detail:  

Course Duration for MBA in Australia 

The MBA program at most universities lasts two years. It usually takes between 15 months and two years to complete an MBA at most Australian universities. In addition, a number of universities are now offering one-year MBA programs, such as Melbourne Business Schools. Following is a list of MBA programs. Some of the top business schools offer these programs: 

Australia MBA Exams  

ELICOS (English Language Intensive Courses for Overseas Students) courses are the equivalent of English language courses in Australia for students who do not meet the TOEFL / IELTS / PTE English language requirements. Under ELICOS, students needing English language proficiency to study at a university, vocational school, or work may enroll in any course. There are different types of ELICOS courses. Students can pursue any course depending on their requirements.  

Eligibility requirements for MBA programs in Australia   

For admission to a top Australian university/institution, you must meet the following requirements:  

• Bachelor’s degree: Applicants must hold a bachelor’s degree from a recognized university in any field.  
• IELTS: Australian visas require good IELTS scores. Admission to a university requires students from non-native English-speaking countries to demonstrate their proficiency in the English language.  
• Work Experience: Aspirants with two-three years of work experience are definitely advantageous, although it is not a requirement. It is common for universities to give preference to candidates who have two to three years of work experience in their field.  
• GMAT Score: Almost all Australian universities and colleges accept GMAT scores for admission to MBA programs. In order to get into a top university to pursue an MBA, you need to score well on the GMAT (The Graduate Management Admission Test). An Australian university requires a GMAT score of at least 700 to be considered for admission. However, a few colleges in Australia do not require GMAT scores for MBA admissions. 

According to their admission requirements, universities can be divided into three main categories:  

• Category 1: For admission to these universities, it is compulsory for students to have a good GMAT score, substantial work experience, and an IELTS score.  
• Category 2: Applicants to these universities must either meet GMAT requirements or have work experience and an IELTS score.  
• Category 3: Universities in this category only admit students based on their academic scores and IELTS scores.    

MBA Study in Australia: Costs  

A university’s curriculum and cost are two of the most important factors when selecting a program. Make sure you compare the costs of studying at different universities and choose the one that fits your budget. Many factors influence the cost of the project work, such as course fees, accommodation, travel expenses, and research. An MBA degree in Australia can cost from AUD 126,000 to AUD 16,000 depending on the program and location. The following is a list of the top 10 MBA schools in Australia according to their fees:  

Financial aid and scholarships for MBA in Australia 

Funding is the biggest challenge aspirants face when planning to study abroad. There are several ways to finance your education, but not all students qualify for education loans. There are few universities in Australia that offer tuition fee waivers or financial aid to students who are pursuing professional degrees like MBA. Therefore, students often seek scholarships for funding their education. Furthermore, they should always take note of the eligibility criteria and different types of costs covered by their scholarship.  

Some of the popular scholarships for pursuing an MBA in Australia are:  

• Central Sector Scheme of National Overseas Scholarship for SC etc. candidates: Successful candidates who wish to pursue master’s level courses abroad are provided financial assistance through this scheme.  
• Dr Abdul Kalam International Undergraduate Scholarship- Engineering Honours & Information Technology: This fellowship is awarded in the memory of Dr APJ Abdul Kalam. In 2011, he was awarded an Honorary Doctor of Engineering by the University of Sydney. It is awarded to students pursuing bachelor’s and master’s degrees.  
• Deakin India 10 per cent Bursary- MBA, Sports Management, International Finance & Commerce: Students seeking a master’s degree are eligible for this need-based scholarship. When students apply for admission to different courses, this scholarship is automatically considered, so students do not have to apply separately.  
• Scholarships for Indian students at Macquarie University – MBA: These scholarships are awarded to students who wish to pursue master’s degrees. To be eligible for this scholarship, a candidate must have three years of work experience.  

Salary after completing an MBA in Australia 

Employers are willing to pay handsomely for MBA if you have the right skills and talent. Undoubtedly, MBA graduates earn some of the best salaries in the world. Australia highly regards the B-schools due to their high demand among multinational companies.  

Top industries offering MBA jobs:  

• Financial Services  
• Consulting/Professional Services  
• Manufacturing/Engineering  
• IT/Computer Services
• Education  

Skill Shortage List  

DIBP’s Skilled Occupation List (SOL) for 2017-2018 indicates that if your occupation is on the list of shortage occupations, then you have a greater chance of getting an Australian visa. You must, however, also meet the other requirements. Even if you do not pass the points test, you can still get an Australian visa if you are under 45 years of age and possess at least 6-7 years of professional experience. 

Australia Work Visa after MBA  

An international student who has recently graduated from an Australian institution can apply for a post-study work visa in Australia. After completing his education, the visa holder may work, study, and stay in Australia temporarily. As primary applicants, students can get a Temporary Graduate visa (SUBCLASS 485) 

Know about Temporary Graduate Visa 485, its eligibility criteria, and the required documents. You can read it on our blog or watch it on our YouTube Channel.  

Conclusion 

So Australia has excellent opportunities for MBA students. Be it in terms of quality education, fees, or job prospects. The Australian MBA program is one of the most popular among international students. The MBA market in Australia is worth over 500 million AUD, promising students a brilliant career after completing the degree.