Masters in Business Administration
Masters of Business Administration, well known as MBA, is a high-value postgraduate degree designed for students to further develop their skills in Business and Management.
When a student does an MBA, it allows him to grow in different aspects of Business and Management. He gets to experience and understands real-life market skills through practical situations and theoretical knowledge. An MBA degree can transform the student’s raw knowledge into great opportunities.
Masters in Business Administration is the most popular internationally-recognized professional degree in the world. MBA is a very vast course and comes with various Specializations.
- MBA in Accounting – MBA in accounting focuses on developing the skills of a student by providing it with the knowledge of operation and control of the Accounting Information system used in the companies around the globe.
- MBA in Human Resource Management – There is a great potential in the Human Resource field, HR deals with the functioning of the organization. MBA in HR helps the student learn topics helpful incorporate such as compensation management and business coaching.
- MBA in Finance – Finance is a vital part of an organization that is mostly done by accountants and mathematicians. An MBA in Finance helps the student hone his accountancy skills and knowledge. A company prefers and MBA for financing because it understands it’s value.
- MBA in Marketing – The international market is very fast-paced, and it’s hard to keep up with changing trends. MBA in marketing offers courses in consumer behavior, brand and product management, promotions, and marketing strategies. An MBA in Marketing opens a lot of opportunities for students.
Cost of MBA Abroad
Today, the MBA has become the most sought-after course due to its high demand in the global scenario. Every individual (unless not pursuing some other relevant degree after graduation) needs to have a management degree to maintain his position and get recognized in the corporate world.
Earlier, this course had limited options in terms of colleges and universities, but now the situation in the past 8-10 years has changed greatly, and there are ample numbers of options available for the aspirants to choose from not only in their home countries but also abroad. While the quality of this supply might be questionable, the cost of this education is still high and is increasing every year.
Moving ahead, keeping this question in mind, let us analyze the main points that eventually come up while evaluating the most common question; how much will an MBA abroad cost?
The three major categories where financing is required while pursuing MBA abroad are:-
- Application Cost- These hold the initial most and the most significant position. Application cost includes the initial fees required for tests like GMAT/GRE and TOEFL/ IELTS, the preparation material for the tests, cost of an application for each B-school, cost of transcripts and attestations, scholarship/ loan documentation costs, courier/ postage charges, and stationery.
- Visa- Financing in VISA related issues require the visa application fees, documentation costs, and liquidity maintenance costs. This also includes extra charges in some cases where a criterion is not fulfilled, and extra documents are required to be made.
- Course expenditure- An MBA abroad at an economical institution may cost anywhere between Rs. 20 to 50 lakhs. It may even range up to Rs. 1crore if done from an extremely reputed institution. Indian MBA is cheaper, but it isn’t that diverse and does not contain the value that an MBA from abroad does
- Miscellaneous- These constitute the expenditure incurred on living, travel, food, transport, books and stationery, and other expenses. Staying in a country abroad often requires an individual to be in equal terms with the living standards of that particular area. It may increase your living expenses and also compel you to work part-time to make up for your lost costs and lead a better student life there. Miscellaneous expenditure also requires medical insurance because it is mandated in certain countries, and prior step in this direction is essential to ensure admission.
Now let us look at the top countries to do your MBA abroad and the cost it would take for you to study there:-
Cost of MBA in Canada:
Canada is one of the top countries to study abroad for international students because of its multicultural cities and natural beauty. The country is well known for its diverse areas of opportunities and experience that it offers to a student.
The cost of studying in Canada is comparatively less than in some countries (USA, UK and Australia). Canada is known as a Powerhouse in terms of MBA Education, with some of the best business schools in the world
If you wish to study in the Top tier MBA Schools, the fee may be around US$70,000 to US$85,000. HEC Montréal, which is one of the top-tier schools, offers MBA at a low cost of US$26,000. If you’re looking for a low-cost MBA, there are many options available.
Cost of MBA in the United Kingdom (UK):
United Kingdom (UK) is one of the most desired destinations to study MBA abroad. Some universities hold the topmost position in the rankings and also guarantee an assured future.
The most demanded of them being-The London School of Economics, which offers Masters in Management programs. This would cost around GBP 25,000, with additional costs for accommodation and food.
The average fee to study an MBA in the UK would range from GBP 15,000 to GBP 70,000. This is based on the term of the course, the brand value of the institutions, and internship opportunities along with several other benefits that are included within the program.
Cost of MBA in USA:
The USA is the most famous destination when it comes to studying abroad. However, the accommodation cost and other expenditures, when combined, are expensive, and the costs vary based on the duration of the course taken.
The ranking and popularity of the institution also count and pose a significant impact on the fee structure. For a full-time MBA course in the US- the average cost ranges from US $35,000 to US $96,000.
Cost of MBA in New Zealand:
Supplemented by its varied topography and landscape, New Zealand serves to be one of the most beautiful places to study abroad in terms of its scenic beauty.
The MBA program offered by the University Of Auckland Business School is ranked as one of the best. It consists of two options to gain a degree based on the duration, which also provides the difference in its cost. This provides the students with choice and makes it easier for them to decide. The options are priced at $27,252 (1 year duration) and $43,950 (2 year duration). On the average cost of a full-time two-year MBA ranges from $40,000 to $50,000 in New Zealand.
Cost of MBA in Australia:
Australia is yet another favorite destination for the students who wish to study abroad. Famous for its composed environment and high standard of living, Australia is marked among the top destinations to pursue any degree.
The MBA offered by the Macquarie Graduate School of Management is ranked as Australia’sAustralia’s number one MBA and ranked within the Top-50 MBA programs in the world. The cost of availing this degree is $70,000. This also includes food and accommodation expenditure. Besides this, if we see the average cost of an MBA in Australia, it ranges between $45,000 to $80,000.
Cost of MBA in Malaysia:
MBA abroad fees in Malaysia turns out to be the most economical decision for students in India. This is so because the living cost and fee structure of Malaysian universities are way more affordable than the other countries. An MBA from a leading Malaysian University will cost an average expenditure of RM 29,000 (Rs.4, 52,663) to RM 32,000 (Rs. 4, 99,491). A huge difference in cost is seen.
It is true that when we add up the fee structure, accommodation, and other expenses, the resultant cost is nowhere less, and there is hardly any relief provided. But, there is also an escape from it, which is provided by many reputed schools to international students. Scholarships and loans play a crucial role in this direction. In this situation, when the costs are sky-high, these initiatives are just like relief opportunities.
Having a scholarship or loan to your credit; is extremely beneficial in the long run. The expenses mentioned above tend to cut half or, if not half, then surely reduce to a level to provide the maximum benefit of its availability. Therefore, it is wise to seize the opportunity when the question is about probable relief opportunities.
Therefore, one must seize the opportunity; grab the scholarships because it makes a huge difference. The fees might work out to be a bit lesser. There are also satellite setups on the Indian campuses, along with Malaysia and Singapore, to provide students with an accredited MBA program at a significantly lower cost.
1. Which MBA is most demanding?
Ans. The most in Demand MBA-Specializations are:
- General Management
- International Management
- Finance Leadership
- Operations Management
2. Which is the Best course in MBA abroad?
Ans. The best courses in MBA are:
- General Management.
- Accounting Management.
- Operation Management.
- Global Management.
- Human Resource Management.
- Hotel Management
3. Which is the best country to do MBA?
Ans. The best countries are:-
- United Kingdom
4. How much does it cost to do MBA Abroad
Ans. An MBA abroad may cost around Rs. 20 to 50 lakh.
5. Exams Required for MBA abroad?
Ans. The primary exams needed for an MBA abroad are GMAT and GRE.
MBA is an investment for a lifetime that will always give positive outcomes. With numerous options available, it is now the choice of the student to pick the one that will best suit his needs and budget. Therefore, a foreign MBA is affordable, and worth provided, one makes the decisions wisely.