Reasons to Opt for an MBA in Australia
Australia is home to some of the reputed B-schools in the world. If you are looking for a fulfilling career in management, then Australia is one of the most favored destinations. The country is considered as one of the most sought study destinations for international students. Some of the most important reasons to pursue an MBA in Australia are as follows-
An array of programs for you to choose!
Australia offers an array of MBA programs for students across the world. From specialized programs like sports management, education management to general ones like banking and finance- you have an array of options to choose from. Australia’s oldest universities, in particular, are internationally-reputed for their distinguished practices in terms of policies that promote the holistic development of an individual through exceptional andragogy and research.
Unique education model
Presently, a total of 50 Australian universities offer different types of MBA programs. The prevailing model at the B-schools is the ‘Harvard style’ management degree, which provides around 16 various business-related subjects, that is delivered over 16 months to 2 years full-time. The 16-month program is provided by universities who have chosen the trimester system as a means to overcome the opportunity cost of an MBA degree to its students. Students can also study part-time if they are doing a full-time job at the same time.
The MBA programs in Australia are international in its real sense when it comes to orientation and curriculum. This focus is usually enhanced by a large number of international students who come to study MBA program in Australia. For example, at Graduate Schools of Management, students from about 30 countries participate in the MBA program, and eventually, the graduates work in executive positions in organizations throughout the world. The universities in Australia offer MBA programs that are particularly well resourced when it comes to the quality of faculty, the ability of students and also in terms of library, technology, and other facilities.
Holistic development of students
With an emphasis on interdisciplinary, encyclopedic learning the universities try to promote the all-round development of a student focusing on developing communication, personal, and leadership skills to encourage creativity amongst the students. Also, owing to its location, the country is a melting hotpot of Western and Eastern cultures. As a result, their education system encourages the mixture between the two. There are tailor-made courses which focus on the business environs of the Asia/Pacific region.
Australia offers a meeting ground between West and East. For example, Perth is in the same time zone as Hong Kong, Singapore, and Taipei. Developments in Asia are subjected to close academic and business analysis within Australia, and specific MBA courses are tailored to bring out deep student understanding of the Asia/Pacific Region
Reputed universities in the global sphere
Australia holds a strong reputation in the field of global learning, with a total of seven universities in the top 100 of QS rankings. The country offers aspiring students with some of the best study programs that are available in the world. Complete harmonious incorporation of both practical and theoretical learning is considered as the trademark of Australian education. It has recorded impressive statistics, which says that 75 MBA programs are internationally acclaimed and globally renowned, most of which are accredited by AACSB & EQUIS.
Steps to Apply For an MBA in Australia
Research for universities
As an MBA aspirant, you need to first research for the universities that offer MBA courses in Australia. You should ensure to keep your specialization in priority while searching for a course as at the end of the day the department will matter the most. The entire process of applying for an MBA program in Australia takes around 10-12 months. Usually, the sessions for MBA programs start in February. It is always better to start researching for universities at least from April-May of the previous year.
Once you have shortlisted the universities, you need to check the individual deadlines of the universities so that you can prepare an application package accordingly. As the sessions in Australia usually start in February, the application period is between September and November.
A three-year Bachelor’s degree is generally enough to make one eligible for MBA in Australia. However, most business schools in Australia also demand work experience.
Work experience is also regarded as one of the most important criteria for admission to Australian business schools. Most business schools require work experience of 2-5 years for admission to their management courses. The work experience, of course, depends on the course one wants to pursue.
Besides the work experience, many business schools in Australia accept GMAT score as a part of the admission process. However, GMAT scores are not always required for admission to MBA courses in Australian business schools. Even though some schools accept GMAT score, work experience is preferred over GMAT score in most cases. The average GMAT score for getting admission in an Australian university is 590.
TOEFL is regarded as an English proficiency test for students from non-native English speaking countries. TOEFL is generally conducted more than 50 times a year at 4,500 test centers in 165 countries worldwide.
IELTS is also considered as an English proficiency test for students from non-native English speaking countries. IELTS test evaluates a candidate’s English language command on four different parameters, which are Listening, Reading, Writing, and Speaking.
Also, there are very few universities in Australia that require GMAT as they focus more on the practical (work) experience of the candidate. Australian universities look for candidates who have maintained a consistent record in their academics and also have got high scores in high school as well as the bachelors level program. Eligibility criteria usually vary from university to university. Universities in Australia can be classified into three main categories depending on their admission requirements:
Category 1: These universities generally require students to have a good GMAT score, significant work experience, and IELTS score as a mandatory requirement.
Category 2: These universities require MBA aspirants to either have a good GMAT score or work experience along with the IELTS score.
Category 3: In this category, universities generally grant admission only based on student’s academic score and IELTS score.
Most of the business schools in Australia tend to conduct a separate interview round for students whose applications have been shortlisted. An interview is essentially a conversation where the candidate is asked about his academic background and why the individual intends to join the particular MBA program. The candidate will also be asked about their previous work experiences.
The application package for MBA in Australia:
Personal statements: Many business schools in Australia usually require more than one personal statement of purpose. A personal statement or statement of purpose needs to be written by the applicant, and it should talk about his intention for joining the B-school as well as goals in life.
Recommendation letters: Letters of recommendations are statements that talk about a candidate’s potential from a third person. Most universities usually require at least two to three recommendation letters. Since universities in Australia require work experience, it is advisable to have the reference letters written by someone the applicant has worked under in his previous organization.
Resume: Some universities also require the candidate to submit a CV along with the application. It should contain necessary information like date of birth, academic qualifications, and achievements. The CV should also talk about the candidate’s work experience along with relevant proof.
GRE/TOEFL/GMAT/IELTS score proof along with reporting the test scores officially.
Academic Transcripts for the qualifications that are listed in the application form.
Certificates of Work experience, if applicable
Photocopies of the applicant’s passport
Certificates for extra-curricular activities mentioned in the application form.
How long does an MBA take in Australia?
In most Australian universities, the duration of the MBA program is two years. The period for MBA in most of the universities in Australia is between 15 months to 2 years.
How much does it cost to do an MBA in Australia?
The tuition fees for MBA in Australia varies with each university, ranging from AUS $50,000 to a course fee of AUS $81,400. For the year 2019, specific programs like an executive MBA at the University of Melbourne, the tuition fees are around $126,000.
Again, programs like Master of Business Administration / Master of International Commercial Law (MBA) In the University of Western Australia cost around $122,500. Also, Executive Master of Business Administration (EMBA) at the University of Melbourne cost about $103,500.
Different Types of MBA in Australia
If a student is looking forward to a leap in their career and has limited managerial experience, then a general MBA is considered as the best option. For most of the universities, applicants need to have at least 2-5 years of work experience in a relevant field before they apply for the MBA program.
The number of years may vary between universities. The MBA courses provide business skills which are applicable in varied job sectors. General MBAs are usually studied full or part-time. A full-time course will often take one to two years to complete.
Business schools in Australia usually provide units in:
- business policy and strategy
- data analysis and statistics
- global business
- human resources management
- organizational behavior
Research projects and groups that focus on sustainable and ethical business practice may also be offered.
If you are in a senior management position and you are looking for rapid career progression. The program mainly gives importance to developing the leadership skills which are required to manage business operations seamlessly.
Students who pursue this program are older than students pursuing general MBA programs as they have some experience under their belt. Aspirants go for this program mostly part-time during evenings and weekends, as you fit your course along with your day job, and take one to two years to complete the program.
If you already have some experience concerning a specific industry, then a specialist MBA could be your perfect choice. You’ll learn business and management skills but also apply those skills to certain areas of work. These courses are usually for students who feel that a general program does not meet their specific needs.
There are many specialized MBA programs offered in Australia. It ranges from international management, education management, sports management, Chinese language to engineering management or health services management. Specialist programs enable students to focus on their professional area while learning the fundamentals of business and management. You need to check with your preferred institution to see which specialized programs are offered.
Top Universities for MBA in Australia
- College of Business and Economics, Australian National University ANU QS WORLD RANKING- 24, THE Rank- 49
- Melbourne Business School, The University of Melbourne QS WORLD RANKING- 39, THE Rank- 32
- The University of Sydney, QS WORLD RANKING- 42, THE Rank- 59
- AGSM MBA, The University of New South Wales – QS WORLD RANKING 45, THE Rank- 96
- UQ Business School, University of Queensland QS WORLD RANKING- 48, THE Rank- 69
- Monash Business School, Monash University QS WORLD RANKING- 59, THE Rank- 84
- UWA Business School, University of Western Australia QS WORLD RANKING- 91, THE Rank- 134
- Sydney Business School, University of Wollongong QS WORLD RANKING- 218, THE Rank- 201-250
- Macquarie Graduate School of Management, Macquarie University QS WORLD RANKING 250, THE Rank- 201-250
- Graduate School of Business and Law, RMIT University, QS WORLD RANKING 250
- La Trobe Business School, La Trobe University, QS WORLD RANKING 397
The Scope of an MBA in Australia
Supported by internship programs and placement capability, Australia has a robust job market for skilled MBA professionals. The latest placement records talk about The Melbourne Business School having a 88% placement. The Australian Graduate School of Management (AGSM) has a placement record of 69%. Considering top-ranked institutions like Ross and UCLA also have an 88% placement record does tip the scale. Also, when the salaries are compared, Australian Universities fare much better than US Universities.
Australian MBA graduates are amongst the world’s best-paid according to a QS Top MBA report. They have the highest salaries in the Asia-Pacific region, and the second-highest salaries ($115,600) in the world, just below Switzerland graduates.
According to the report, MBA graduates from Australian universities have high salaries because of the ‘strong demand for MBAs amongst multinational employers across Asia and the strength of Australian business schools in recruiting and placing Asian candidates throughout the region.’
The domestic markets in Australia are steady and robust, sectors like real estate and the tourism sector are always on the rise. The latter has already experienced double-digit growth and continues to bring in more investors. Moreover, business houses across the country prefer specialists. So, if you are looking at getting a rather specialized degree, your chances are better.
To sum up, Australia provides a moderately safe place to invest your money in for an MBA program. The colleges are good; the admission procedure is pretty much streamlined and relatively more accessible. Staying in Australia offers a balanced picture as well as the cities rate amongst the safest and coolest cities for students across the world.
Some of the popular career options after an MBA in Australia are as follows:
- Account executive
- Business consultant
- Business development manager
- Finance Manager
- General Manager
- Industry specialist manager
- Marketing manager
- Operations manager
- Product manager
- Program manager
- Sales manager
Australia is home to some of the reputed companies in the world that hire MBA graduates now and then. Some of the most common names are:
- ANZ Banking Corporation
- Commonwealth Bank of Australia
- Telstra Corporation Ltd
- CIMIC Group
- Deloitte Australia
- Macquarie Group
- Virgin Australia
- Suncorp Group
- Scentre Group
- REA Group
- Vodafone Australia
The average salary for an MBA graduate in Australia is AU$100K.
What benefits does an Australian MBA provide in comparison to an MBA from another country?
Over the past decade, Australia has become popular and secured itself as one of the top destinations to pursue an MBA in. Quality education, high-end research opportunities, and excellent career prospects make Australia a hot favorite study destination for MBA aspirants. Apart from this, favorable visa policies also draw a lot of students to pursue their higher studies in Australia. Some of the benefits
Cultural diversity: Australia’s cultural diversity aids graduates with a deep sense of understanding and compassion towards people coming from ethnic backgrounds. Educated managers having a global view of the world and international business acumen are highly sought after in this country.
International recognition: Australia is considered as home to some of the most prestigious and internationally recognized business programs in the world. So, an internationally recognized degree always adds value to your career as recruiters will always look at your educational background while they are assessing your candidature.
Work while study: International students in this country are allowed to work even outside the campus while they are pursuing their MBA degree. During the semester, students can also work up to 20 hours and full-time during vacations.
Affordability: Australian MBA programs are significantly cheaper than studying abroad, such as in the U.S. or U.K.
Scholarships and Financial Support: Australian universities offer merit-based scholarship programs and funding opportunities to international students to support your MBA program. Universities like Australian National University (ANU), Curtin University, Monash University, UQ Business School offers varied scholarship programs for students across the world.
Support System: The Australian government warmly welcomes international students across the world. All the universities providing education to international students are required by law to provide support services to help them study and adapt to their new home. Many B-schools in Australia also have an international student support unit which can answer your questions and redirect you to the services you need. From providing advice on pre-departure and arrival, counseling services to guiding on orientation and study preparation programs- you will get all the required help from these support services.
Health benefits: If you are planning to go for a full-time MBA program in Australia, Indian students are eligible to receive free medical aid by Overseas Student Health Cover. OSHC provides international students to access health care services without experiencing any financial hardship.
The basic OSHC usually covers visits to the doctor, ambulance cover, hospital treatment, limited pharmaceuticals, few of the prosthetic devices, and access to private hospitals and day surgeries. Optical, dental, and physiotherapy treatments are generally not covered by basic OSHC cover but are available as ‘extras’ from some OSHC providers as part of more comprehensive OSHC cover.
Life in Australia: For MBA students, it is comfortable enough to sustain in the environment of the country, providing a perfect blend of global cultures. Students from different parts of the world with a contemporary way of thinking gather together to experience exciting opportunities. The weather is usually warm, the landscape is visually beautiful, and there are an array of activities that students can engage in. The facilities and amenities provided are world-class, and to experience student life in Australia is a once-in-a-lifetime opportunity.
How should a student maximize the value they get from an MBA in Australia?
A Masters in Business Administration opens an array of opportunities for you. The program requires an MBA aspirant to acquire a significant amount of learning across many fields. This requires a perfect balance between theoretical and practical skills. Some of the ways a student needs to maximize the value they get from an MBA in Australia is as follows –
Build your brand
To gain a competitive edge over other candidates pursuing the same MBA program, you need to identify new skills sets and learning experiences. Also, get a professionally prepared resume done which highlights these skills along with your brand. Well-done brand communication always draws potential employers, and it gives them a clear idea of who you are and whether employers would like to work with you. Apart from your educational accomplishments and real-world experiences, it shows that you think creatively and engage others well.
Find out where the open doors are
To connect people with your vision, you need to research your domain thoroughly, ask around, and even present innovative ideas or opportunities to your contacts. You’ll eventually see an open door or two, and perhaps also create a new door of opportunities. Seek out professional advice from human resource consultants who can give you valuable insight into current recruitment trends. Look for a mentor who has had the experience of job hunting out of college like you, and you’ll surely find someone who can relate to your experience and encourage you in your efforts.
Networking is a hugely valuable tool in obtaining a sound position in this competitive market. Start to develop both social and professional networks even before the time you graduate. You can build your profile on platforms like LinkedIn and the Alumni Network, apart from joining groups on professional organizations. Also, make it a point to attend networking and career events to develop network intelligently by building rapport, asking for referrals and recommendations. Also, exchange beneficial information with those professionals with whom you have made great connections.
Hone your technology skills
Some MBA programs are specifically tailored toward information technology careers, but students in most of the MBA programs will leave school with a good understanding of how technology and security play a pivotal role in any business. From acquiring knowledge about how to develop security policies to protect corporate data, technology skills are always vital for an MBA student.
For MBA students having prior IT experience, it’s possible to leverage your MBA technology skills into a career in management.
Apart from large corporations and Fortune 500 companies, small businesses also benefit tremendously from employees with a combination of business and technology skills.
With so many electronic transactions that are done daily, small business owners often need guidance on keeping their company data secure and the type of software and hardware they need. Brushing up your technical skills, you can determine the impacts technology will have on a business and develop plans to improve its systems.
Polish your soft skills
It is essential to hone your soft skills to maximize the value of your MBA. An MBA graduate works in senior positions where it is required to communicate effectively with your team members and also with the higher management. Strong communication skills are fundamental to manage a team and effectively carry out business operations daily. So, brush up your soft skills to get the best of opportunities in your domain,
Ensure your research project is relevant and practical
It is imperative to choose a final year project which is relevant to your domain and has practical, real-life applications at the same time. Most of the times, recruiters evaluate your candidature for a job role based on your final year project. So, choose the project topic wisely and make it a more practical approach oriented to make your profile more strong.
Internships help to strengthen your profile
Interning with reputed companies will always give you the necessary skills and practical, real-life experience required to work in industries. It strengthens your profile, and you get a practical knowledge of how an industry works. You need to intern with companies that are relevant to your MBA program to have better chances of employment once you complete your studies.
Market yourself innovatively
With so many innovations that we see daily, you also need to be innovative in your job search. Nowadays, visibility in the right platform online is everything. With the cost-efficient and technological marketing tools that are available, it makes sense to add creative effort to market your skills. Design professional business cards and go for a professional web page profile. Each time when you engage with your social and professional networks, you are marketing yourself, so look for creative topics to discuss that are relatable to your career goals.
To sum up, an MBA program in the UK provides high investment returns owing to excellent network opportunities and employment options available.
Can we get PR in Australia after MBA?
Most of the international students who come to Australia for studies, tend to stay back in Australia and eventually apply for permanent residency. After completion of an MBA degree, students have very few options to do this. Some of these options are as follows-
The first option is to go for a 485 visa, which allows an MBA graduate to get some work experience. This is also known as the Skilled Graduate visa. This is a temporary visa which comprises of two streams known as Graduate workstream and Post-study workstream. This is for international students who graduate with a qualification related to a skill level on Schedule 1 of the Skilled Occupations
For MBA students, the only option available is the post-study workstream. This stream is there for students who began their studies after November 2011. International students who have completed the duration of a two-year study program in Australia are eligible to apply for this particular visa. A temporary visa in this stream will be given for two years for MBA students. If you have an MBA which also has a research component attached to it, then you can get a three-year visa.
After a 485 visa, the student can apply for a 457 visa.
The second option is to go for an employer who sponsors you on a 457 (temporary) visa. A 457 visa is usually valid for four years which can generally be renewed after that. After you have worked with a 457 visa for two years, there is an option of applying for a permanent employer visa known as the Employer Nomination Scheme (ENS). Another option is to apply for a Regional Sponsored Migration Scheme (RSMS) which is also considered as a permanent visa where a regional employer would give the sponsorship.
The third option is to obtain state sponsorship and then opt for permanent residency in a relevant skill area. Every state in Australia has a separate skill list and work experience requirements. You need to have a relevant skill area and also relevant work experience to become eligible to apply for permanent residency. To apply for permanent residency in Australia, you need to have a minimum of 65 points in the Points Test.
Most international students from any part of the world are allowed to come to Australia for higher studies. General Skilled Migration (GSM) is an entirely different process to get PR after an MBA from Australia. It is by the Department of Immigration and Border Protection (DIBP) and is usually driven by the labor market needs of Australia.
GSM approval generally depends on your score in the Points Test, which grants you points based on your skills and experience. Studying in Australia does not guarantee any approval for GSM. But, there are a few other ways to increase your chances and boost your score in the Points Test. The details are as follows-
Minimum requirements for international students who wish to apply for GSM:
- You need to meet the Australian Study Requirement. You must obtain a degree in Australia as a result of at least two years of study.
- You need to be aged between 18- 49.
- You need to have a minimum score of 6 in IELTS(or equivalent in any other specified test of English language ability).
- You need to nominate and also opt for a skilled assessment for a particular occupation on the Skilled Occupation List. Migration is usually dependent on Australia’s employment needs. So, completing study in an area which leads to a high-demand field of employment that is listed on DIBP’s Skilled Occupation List (SOL) like health, education, trades or built environment is essential. Applicants nominated by a state government must choose an occupation from the Consolidated Sponsored Occupations List (CSOL). You need to review the list to see if your area of the study appears and also to check all the details of approved skill assessors. You can get more information on the Skilled Occupation Lists page of the DIBP(The Department of Immigration and Border Protection) website.
Improving your chances of being approved for the GSM program:
Stay in Australia after completion of your degree: You can get more time to hone your English language skills and also employment experience in Australia after completing your studies. For that, you apply for an 18-month Temporary Graduate Visa (Subclass 485). This will also give you the perfect opportunity to boost your score in the Points Test.
Climb the qualifications ladder: It is always worth building on your skills and knowledge by opting for a more advanced qualification in Australia. Diplomas and trade qualifications generally attract 10 points on the Points Test, and bachelor degrees attract 15 and doctorates attract 20.
Develop your English language skills: Applicants that have English language abilities termed as ‘Proficient’ (IELTS 7 or equivalent) or ‘Superior’ (IELTS 8) attract more points, 10 points, and 20 points respectively.
Study in a regional area: Students who have completed their Australian Study Requirement of two years in a local area are always eligible for an additional five points. Also, individuals who have lived in a specified regional area for at least two years and also have worked full time in that area for a total period of 12 months in a specified regional area of Australia are eligible for a different visa type, the Skilled Regional Visa (Subclass 887).
Consider your age: Your age can immensely affect your score in the points test. Those who are between 25-32 are awarded 30 points, while those aged between 45 and 49 are eligible for none.
Gain employment experience: The more years of employment experience you have in the occupation that you nominate on the SOL, you will be awarded more points. A period of one year of work experience in Australia can generally grant you five additional points. Previous employment overseas also may attract more of extra points.
Complete a Professional Year: Students who wish to complete a Professional Year gain valuable Australian workplace experience and are also eligible to receive an addition of five extra points. Professional Year courses generally run for a period of12 months and are available in the fields of computer science, accounting, and engineering. To be eligible for extra points, the course must be undertaken in the applicant’s nominated skilled occupation or another strictly relevant area.