Determining the ideal country for an MBA is a tough choice to make especially with the improving standards of education and excellent opportunities provided by all countries. The MBA abroad cost can be an important aspect to be considered to understand the return on investment and what level of financial commitment you are going to make. MBA fees abroad in one of the top 20 universities will cost you around $50,000-90,000 on an average but can also go higher than this if you are looking at the 5 highest ranked institutions.
If you want to know the top MBA colleges abroad with fee structure, you have come to the right place. In this blog, we have covered every detail about MBA in abroad fees and how much is the cost of studying MBA abroad including pre-arrival expenses, MBA course fees in abroad, living expenses and answers to your most common questions about MBA in foreign countries fees.
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Pre-Arrival Expenses for Studying MBA Abroad
There are a variety of expenses on an international student’s plate even before leaving for an MBA abroad. MBA fees in foreign countries must include the pre-arrival expenses related to entrance exam registration fees, application fee, visa application fees, airfare, etc. Take a look at the estimated pre-arrival expenses that are part of MBA abroad for Indian students fees:
|
Expense |
Amount (in USD) |
Amount (in INR) |
|
IELTS registration fee |
$245-255 |
18,750-19,600 INR |
|
TOEFL registration fee |
$190 |
14,550 INR |
|
GRE registration fee |
$205 |
15,700 INR |
|
GMAT registration fee |
$275 |
21,000 INR |
|
Airfare (depending on destination) |
$300-1,500 |
30,000-120,000 INR |
Application Fees for MBA Abroad
You will have to pay a certain application fee when you are applying for an MBA abroad. This fee is a part of pre-arrival foreign MBA fees. Here is a table with the MBA in foreign countries fees for application charged by universities:
|
Country |
Application Fee |
|
USA |
$200-300 |
|
UK |
£200 |
|
Canada |
C$50-250 |
|
Australia |
A$50-100 |
|
New Zealand |
NZ$50-150 |
Visa Application Fees for MBA Abroad
Among the various pre-arrival expenses of international students is the visa application fee. Different foreign countries require different categories of student visa which must be applied for in time along with the application fee. Take a look at the different student visa types for studying MBA in foreign countries along with application fees:
|
Visa Type |
Application Fee |
|
$500 (including SEVIS fees) |
|
|
£348 |
|
|
Canadian study permit (Canada) |
C$150 |
|
A$620 |
|
|
New Zealand student visa (New Zealand) |
NZ$530 |
Insurance Cost for International Student Abroad
As international students, you will have to pay for health insurance annually. The health insurance plans vary in different country and a rough estimate has been provided below for your understanding:
|
Country |
Annual Health Insurance |
|
USA |
$500-1,000 |
|
UK |
£470 |
|
Canada |
C$600-900 |
|
Australia |
A$480-520 |
|
New Zealand |
NZ$650-700 |
Top MBA Colleges Abroad with Fee Structure
The best way to get a clear idea about MBA abroad cost is to take a look at the MBA fees in foreign universities. Discussed below are the country-wise 5 top MBA colleges abroad with fee structure:
MBA Cost in USA
USA happens to be one of the top choices of international students for pursuing MBA abroad. Take a look at the MBA abroad for Indian students fees in top US universities:
|
University Name |
Tuition Fees (in USD) |
Tuition Fees (in INR) |
|
Stanford Graduate School of Business |
$76,950 |
59,00,000 INR |
|
Harvard School of Business |
$73,440 |
56,32,000 INR |
|
The Wharton School |
$83,320 |
63,90,000 INR |
|
Sloan School of Management |
$80,400 |
61,65,600 INR |
|
Columbia Business School |
$77,376 |
59,34,000 INR |
MBA Cost in UK
UK universities give a tough competition to the excellent quality of education and opportunities provided by US universities. On comparing foreign MBA fees, UK and USA have closely similar tuition rates. Here are the top 5 universities in UK for MBA along with fee structure:
|
University Name |
Tuition Fees (in GBP) |
Tuition Fees (in INR) |
|
London Business School |
£97,500 |
93,29,000 INR |
|
Said Business School |
£65,520 |
62,70,000 INR |
|
Judge Business School |
£61,000 |
58,36,600 INR |
|
Imperial College Business School |
£57,200 |
54,73,500 INR |
|
Warwick Business School |
£45,950 |
43,95,100 INR |
MBA Cost in Canada
Canada being one of the most well-developed countries provides excellent job opportunities and high salary prospects which is one of the reasons why international students prefer pursuing MBA in Canada. Here is the fee structure of MBA in the 5 highest ranked institutions in Canada:
|
University Name |
Tuition Fees |
Tuition Fees (in INR) |
|
Rotman School of Management |
C$129,190 |
77,49,100 INR |
|
Smith Business School |
C$104,100 |
62,45,700 INR |
|
Ivey Business School |
C$123,500 |
74,10,120 INR |
|
Desautels Faculty of Management |
C$99,500 |
59,70,100 INR |
|
Schulich School of Business |
C$112,250 |
67,49,800 INR |
MBA Cost in Australia
Australia is also home to several well-established business schools and provides world-class education. The standard of living in Australia is worth praising and definitely one of the aspects considered by students who are planning to move to an entirely different country. Take a look at the most coveted Australian universities providing MBA along with their tuition fees:
|
University Name |
Tuition Fees |
Tuition Fees (in INR) |
|
Melbourne Business School |
A$92,250 |
50,52,425 INR |
|
Australian Graduate School of Management |
A$78,480 |
42,98,800 INR |
|
Monash Business School |
A$93,200 |
51,01,030 INR |
|
Macquarie Business School |
A$80,000 |
43,78,570 INR |
|
UQ Business School |
A$82,584 |
45,20,425 INR |
MBA Cost in New Zealand
Being ranked among the top 5 countries in the world for business in the Forbes is what gives an edge to MBA graduates in New Zealand. MBA programs in New Zealand focus on the overall personality development of students which help them to get better opportunities in the job market. Here is a list of top business schools in New Zealand along with their tuition fees:
|
University Name |
Tuition Fees |
Tuition Fees (in INR) |
|
Otago Business School |
NZ$60,892 |
30,38,690 INR |
|
Massey University |
NZ$46,800 |
23,35,455 INR |
|
University of Waikato |
NZ$59,485 |
29,68,475 INR |
|
University of Auckland |
NZ$42,220 |
21,07,195 INR |
|
Auckland University of Technology |
NZ$53,700 |
26,80,160 INR |
Cost of Living Abroad for International Students
One of the important components of an MBA in abroad fees is the living expenses for international students. Mind you that the cost of living in foreign countries is far more than in India and therefore must be accounted for. Only some of you will be privileged enough to get an all-inclusive scholarship that will provide for your living expenses but for the others this is something that must be properly budgeted while estimating cost of studying MBA abroad.
Before taking a look at the foreign MBA cost of living, you must know that the exact cost will depend on which type of accommodation you choose between on-campus and off-campus facilities, whether you have a private room or shared one, amenities you are looking for and where you are located within the country. While finding out the cost of doing MBA abroad, you will see that the monthly expenses in some cities will be much higher than the others. So if you have a tight budget go for universities in cities with affordable living costs. Most foreign countries also allow international students to work part-time which is a very useful source of income for your living expenses.
Take a look at the yearly living cost of studying MBA abroad in various foreign countries:
|
Country |
Average Annual Cost of Living (in USD) |
Average Annual Cost of Living (in INR) |
|
USA |
$10,000-18,000 |
765,000-13,80,000 INR |
|
UK |
$12,000-24,000 |
920,000-18,40,000 INR |
|
Canada |
$11,000-16,000 |
840,000-12,25,000 INR |
|
Australia |
$12,000-22,000 |
920,000-16,86,000 INR |
|
New Zealand |
$10,000-15,000 |
765,000-11,50,000 INR |
Yes, the fee structure for MBA in abroad can be overwhelming for you but don’t be disheartened if the costs exceed your budget. To relieve you from your financial worries and encourage you to study abroad, there is an array of financial aid opportunities specially for international students. By putting in some extra effort and taking part-time jobs or saving as much as you can will help you reach your goal successfully. Eventually, all your investment will pay great returns once you complete the program.
Frequently Asked Questions about Cost of Doing MBA Abroad
Ques. How much is the cost of doing MBA abroad?
Ans. MBA fees abroad will be around 20,00,000-75,00,000 INR depending on the institution and country you wish to enroll in. You will find universities offering cheaper MBA as well as more expensive programs.
Ques. Which is the country with the cheapest MBA fees in abroad?
Ans. Among the top countries for pursuing an MBA, New Zealand universities have some of the lowest MBA course fees in abroad. Portugal is the country offering the cheapest MBA fees in abroad with low tuition fees and at the same time multiple financial aid options.
Ques. Are MBA course fees in abroad expensive?
Ans. Yes, MBA course fees in abroad are definitely expensive when compared to Indian B-schools. While the cost of an MBA in India is around 7,50,000-25,00,000 INR, the cost of MBA abroad can go as high as 50,00,000-1,50,00,000 INR.
Ques. Which country is best for MBA abroad for Indian students fees?
Ans. The best MBA fees in foreign countries with good returns are USA, UK, Canada, Australia, New Zealand, Germany, France among others.
Ques. Is it better to do an MBA abroad or in India?
Ans. If you compare the ROI for MBA in India and abroad, MBA abroad definitely offers better returns as well as jobs with lucrative packages and a lot of other benefits.