MBA in Australia: A Study Guide For Nepali Students

MBA (Master of Business) is a common postgraduate degree that falls under the field of Business, Management, and Commerce in Australia. It helps you to know, how businesses and big organizations operate. According to the Australian Government, 25 Australian Universities are ranked in the world’s top 500 Business Schools.

MBA in Australia

MBA in Australia focuses on guiding you to the future. It does not follow the traditional approach. Instead, you get to work on different projects with different companies. This way you will be working closely with business executives, leading professors, and project supervisors in order to advance your business career. 

During your course of study, you will be learning about various fields of Management and also, you will be developing leadership skills like people management, decision making, strategy management, operations management, marketing, and so on. All these skills will help you make better strategies and decisions in today’s fast-paced and ever-changing environment.

Intake

Two of the major intakes for applying for MBA in Australian universities are:

• January
• August
• September

The intake usually varies based on the universities. So it is recommended to check the official site of the university you are applying to.

Entry Requirements

Each individual must fulfill the following criteria to enroll in the MBA program in Australia:

• A completed bachelor degree in any discipline
• A GMAT score of at least 550, and 
• A minimum of three years of full-time equivalent professional work experience
• Applicants are also required to demonstrate English Language skills. To prove your English Language skills, you need to achieve a minimum score in one of the following English language tests.
  
  IELTS: minimum overall score of 6.5 with no less than 6 in each band
  TOEFL (internet-based): minimum total score of 79 with the minimum score of
  16 for listening
  16 for reading
  21 for writing, and
  18 for speaking
  PTE: a minimum overall score of 58 with no less than 50 in each of the four skills 

These are the minimum criteria required to enroll in the MBA program in Australia. However, the enrollment criteria may be different based on the university you are applying to. So it is recommended to contact the university representative or check the official site of the university.

Course Duration

The overall course duration of an MBA in Australia is 1.5 years full time. However, some university like Melbourne Business School now offers a 1 year MBA program as well. Here is a list of universities along with the duration of the MBA course.

Tuition Fees

The overall cost of the program is one of the major factors while deciding the university. Before choosing any university, it is a good idea to always check and compare the tuition fees of different universities. This might help you to manage your budget as well.

Here is a list of course fees of some popular universities offering MBA courses in Australia. If you could not find the details about the university of your choice, you can visit the official site of the university.

Also, the tuition fee that you pay depends on the calendar year in which you undertake your course.

In addition to tuition fees, students may be required to pay for textbooks, student services, and amenities, health insurance, and other course materials.

Living Cost

Apart from the cost of academics, students need to consider the expenditure on other requirements such as hostel and meals, transportation, personal expenses, insurance, and so on.

The living cost varies depending upon the lifestyle of the students. According to the Australian Department of Home Affairs, the 12-month living costs are:

• For students: AUD 21,000
• Partners coming with you: AUD 7,362
• For a child coming with you: AUD 3,152

The living cost is usually higher in places like Sydney, Melbourne, Brisbane, etc.

Scholarship

Australia Awards Scholarships: This provides an opportunity for Nepali students to undertake full-time undergraduate courses at participating Australian universities and Technical and Further Education (TAFE) institutes. To know more, visit Australia Awards Scholarships.

Also, do check the official site of the university for the available scholarship in your course.

Application Procedure

If you have selected the university of your choice, you need to complete and submit the application before the closing date. The application and closing date are provided by the official site of the university.

Once, shortlisted, you will be invited to attend the interview. The interview can be conducted in person, over the phone or by teleconference. Some universities consider an interview as a compulsory procedure of admission.

After the interview, you will be notified if you are selected or rejected for the program. Once, selected, you will receive an offer from the university. The offer may also include the award for a scholarship.

Once you accept the offer, you will be sent a confirmation of enrollment from the university. Some universities may also require you to deposit fee to confirm your enrollment. The fee is non-refundable.

The confirmation of enrollment is needed while applying for the visa.

Why an MBA in Australia?

MBA is considered one of the highest-paid jobs in the world. According to MBA news, the average earning of an MBA graduate in Australia is 98,400 Australian dollars.

During the course, you will get to learn about the following skills:

• Leadership
• Financial Reporting Analysis
• People Management
• Economics
• Finance
• Marketing Management
• Process and Operations Management
• Entrepreneurial Mindset
• Corporate Financial Management

After the completion of the course, you will be eligible to work in areas such as:

• Computer and Information Systems Manager
• Financial Manager
• Management Consultant
• Investment Banker
• Investment Fund Manager
• Marketing Manager
• Sales Manager
• Chief Executive Officer

Under the General Skilled Migration Program, most of these fields are considered skilled occupations. Hence you can apply for PR (Permanent Residency) even without any scholarship.