A Master’s in Business Administration is one of the most popular and sought-after degrees in the world. Having an MBA sends a clear message to prospective employers that you are well versed in the fundamentals of management as well as marketing, finance, and accounting.
Most people who get an MBA do so because they want to take the next step in the corporate ladder and move onto management-level positions with higher salaries.
The best place to take this big step is in Australia. The business institutes of Australia are ranked as some of the best in the world and consistently produce some of the highest-paid MBA graduates in the world.
If you are one of the many students considering completing an MBA degree in Australia, then read on to find out more about the costs involved in getting this degree down under.
Availability Of MBA Courses
The top MBA institutions in Australia rank among the top MBA universities in the world, and there are over 30 universities that offer MBA courses and most of these are open to international students as well.
The cost of the average MBA course in Australia ranges between AUD 16,000 to AUD 126,000.
Here are the overall tuition fees for some of the most popular MBA universities in Australia:
Fees in USD
Monash Business School
The University of Melbourne Business School
The University of Sydney
The Australian National University
The University of Western Australia
The University of Queensland
The University of Adelaide
Melbourne Business School
AGSM Business School
Macquarie Graduate School of Management
Deakin Business School
La Trobe Business School
Visa and IELTS Costs
Apart from the tuition fees, you will also have to pay for your student visa before you study.
This usually costs around 420 US dollars. In addition, as part of your student visa application requirements, you will have to take a language proficiency test such as the IELTS or TOEFL exam.
These are language proficiency exams that determine whether or not a foreign student will be able to cope with the level of language used in their course.
The cost of the IELTS exam is around 250 USD each time you take the exam, while the TOEFL exam costs around 200 USD
Cost of Living in Australia
Living in a first-world country like Australia is quite costly. Let's take a look at the average costs of the average student's basic needs, starting with accommodation.
You can expect to pay around 440 – 1,100 AUD/month for hostel accommodation while renting an apartment can set you back about 750 to 1,700 AUD/month.
Food and groceries from the local supermarkets cost about $500 a month, and the average utility bill is around 100 to 200 AUD. Some other expenses worth noting are the cost of phone and internet services which can range between $15 to $30 per week, and transport at $30 to $60 per week.