Today, 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 in order to maintain his position and get recognized in the corporate world.
Earlier this course had limited options in terms of college 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?
There are three major categories where financing is required essentially while pursuing MBA; namely-
- 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. Compared to the Indian MBA which provides much relief and liberty-here too, the cost ranges from Rs. 7.5 to 25 lakh respectively.
- 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 expense 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 examine how much would it cost to complete an MBA at the most desired places and leading universities around the globe-
MBA Abroad Fees for United Kingdom (U.K.)
United Kingdom (U.K.) is one among the most desired destinations to study MBA abroad. There are universities which 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 programmes. 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, brand value of the institutions and internship opportunities along with several other benefits that is included within the programme.
United States of America (U.S.A.)
U.S.A. is the most famous destination when it comes to studying abroad. However, the accommodation cost and other expenditures when combined together 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 significant impact on the fee structure. For a full time MBA course in US- the average cost ranges from U.S. $35,000 to U.S. $96,000.
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 programme 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 with 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 an average the cost of a full-time two-year MBA ranges from $40,000 to $50,000 in New Zealand.
Australia is yet another favourite 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’s number one MBA and ranked within the Top-50 MBA programmes in the world. The cost of availing this degree is $70,000. This also includes the food and accommodation expenditure. Besides this, if we see the average cost of MBA in Australia it ranges between $45,000 to $80,000.
And, MBA Abroad Fees for 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 is 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 clearly seen.
Scholarships for complement the MBA Abroad Fees-
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 the international students. The 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 long run. The aforementioned expenses 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 satellites setups on the Indian campuses along with Malaysia and Singapore to provide students with an accredited MBA programme at a significantly lower cost.
MBA is an investment for lifetime which 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, foreign MBA is affordable and worth provided one makes the decisions wisely.