MBA in Australia: Ranking, Cost, Eligibility, Exams

Australia has been considered as among the top 5 places to study MBA abroad. So, if you are planning an international MBA then taking a closer look at the Australia B-schools is something you should definitely consider!

Not only does Australia house a range of top-tier MBA programs, but there are plenty of career opportunities in the country as well. For those seeking an international placement through their MBA degree, Australia is a great place to choose. It has a great rate of industrial growth, and is considered to be one of the best places to have a career in consulting or finance.

So, what are the top places to study MBA in Australia and how do you get into them? You are going to find all the necessary answers below!

Top B-schools for MBA in Australia

Australia has a large range of business schools for you to choose from. Here’s a quick look at how these schools rank globally –

Business School Australian Rank Asia Pacific Rank
Melbourne Business School 1 3
AGSM MBA, University of New South Wales 2 5
MGSM Macquarie University 3 14
UQ Business School (University of Queensland) 4 15
UWA Business School (University of Western Australia) 5 16
Bond University 6 21-26
Deakin University 7 21-26
RMIT University 8 21-26
Wollongong (Sydney Business School) 9 21-26
La Trobe Business School 10 27+
Victoria Graduate School of Business 11 27+

Source: MBA News

A full-time MBA program at any of these schools will give your career the perfect boost it needs. They are highly accessible, and many of them are also one year in length. So, if you want a quick MBA course, you should definitely consider some of these schools.

If you are thinking about the industry that you are likely to be placed in, then here’s the data for industry wise placement from last year’s MBA batch of Melbourne Business School –

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By now you have definitely realized that these MBA programs hold a huge amount of potential. And another reason why they are becoming increasingly popular is due to the more relaxed nature of the application criteria. So let’s have a look.

Eligibility for MBA in Australia

GMAT score

Your GMAT score will serve as one of the primary aspects of your application. Depending on the B-school of your choice the average requirement can be anywhere between 650 – 700, so if your score is in the 680 - 690 range then you have a strong application.

Here are the average GMAT scores of the top Australia B-schools –

Ranking MBA Universities in Australia  GMAT Score
1. University of Melbourne: Melbourne Business School 695
2. University of New South Wales: Australian Graduate School of Management (AGSM) 686
3. Monash University: Monash Business School 650
4. University of Queensland Business School 600
5. MGSM Macquarie Graduate School of Management 680

Source: E-GMAT

What you can tell right off the bat is that these scores are much lesser than American or European MBA programs. Here are the average GMAT scores of some of the top American B-schools –

B-School Average GMAT Score 2018 Average GMAT Score 2017
University of Chicago – Booth School of Business  730 726
Kellogg School of Management  732 728
Harvard Business School 730 729
University of Pennsylvania – Wharton School 732 730
Stanford University – Graduate School of Business  737 737
UCLA – UCLA Anderson School of Management 715 715
University of Virginia – Darden School of Business 713 712
Columbia Business School 725 718

Even though the GMAT score requirements for the Australian B-schools are lower than the American ones, you may still be facing some difficulties. Here are pro-tips for applying to top MBA programs with a low GMAT score –

Work experience

Most Australian B-schools will require you to have 3+ years of work experience in order to qualify. But, your work experience will also be judged qualitatively. So, if you have less than 3 years of work experience but have gained important roles and responsibilities, then you will still be considered as a strong candidate as long as your GMAT score is above average.

Other requirements

You will require a set of recommendation letters as well as a good GPA from a reputed college. Most B-schools will also ask for your TOEFL/IELTS score as well, but the criteria for them are quite relaxed.

Costs & Scholarship for MBA in Australia

Studying MBA in Australia is not a costly affair at all. Rather, if you plan it right and secure good scholarship then you can easily manage the expenses!

Here’s a look at the course fee for the top MBA programs in Australia –

 
B-school Approx Course Fee
University of Sydney Business School  $97,500
University of New South Wales (AGSM)  $87,820
University of Melbourne (MBS)  $85,470
University of New South Wales (AGSM)  $84,135
Macquarie University (MGSM)  $80,000
University of Sydney Business School $75,000
University of Western Australia  $73,500
Curtin University  $71,200
Monash University  $65,600
University of Technology Sydney  $62,784
University of Adelaide  $60,000
QUT Business School  $57,600
University of New South Wales (AGSM)  $56,520
Bond University  $56,373

Source: MBA News

If these figures seem high to you, don’t be worried, there are plenty of scholarships to help fund your MBA in Australia!

Most of these schools have their own scholarship programs that you can find the details about on their websites. Here’s a quick overview:

B-school Scholarship Type Scholarship Amount (average)
Curtin University Curtin International Scholarship 25% of the tuition fee for the first year
Curtin University MBA International Scholarship 15,000 AUD
University of Queensland India Global Leaders Scholarships (Business, Economics & Law)  5,000 UD - 20,000 AUD
University of Queensland MBA Student Scholarship 25% reduction in tuition fee
University of Southern Queensland CEG Scholarship 20% waiver in tuition fee
Curtin University MBA (Global) Scholarship 20% waiver in tuition fee
University of Southern Queensland USQ Scholarship 20% waiver in tuition fee
University of Newcastle MBA Global International Student Scholarship 2,500 AUD

There are also external scholarships that you can apply for. These include the Deakin India Scholarship, the Dr. Abdul Kalam International Scholarship, etc.

Australia is definitely a great study and career destination. And if you are able to make it to one of these MBA programs, the rest of your career will definitely be an uphill journey!

Read Also:

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The 11 Mistakes Holding you Back from Getting your Dream MBA Business School Admit

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