Masters in management in Australia- Everything you need to know

masters in management in australia

Pursuing a master’s in management in Australia is a smart move, considering that the country offers excellent prospects and lucrative starting salaries alike. MiM or masters in management is a one- to a two-year course that offers extensive learning regarding diverse streams such as entrepreneurship, finance, consulting, marketing, and more. The approximate master’s in management in Australia fees stand at INR 31-49 lakh for this course. 

Why study master’s in management in Australia? 

Studying at the best universities in Australia for a master’s in management is always a good move, due to the following reasons: 

  • Australia is one of the foremost global management education destinations, offering the world’s highest-ranked institutions and premier courses and diverse specializations. 
  • Australian universities offer excellent industry interfaces, mentorship, and practical learning opportunities. 
  • The average master’s of management salary in Australia is handsome, especially due to the country’s booming economy and rising demand for skilled management graduates in various fields. 

Leading universities for MiM in Australia

You can always pursue cutting-edge masters’ courses with platforms like upGrad Abroad for higher cost savings and end-to-end support. Here are some of the leading institutions for MiM in the country: 

Name of the Institution

Course Tenure

Cost of the Program

Monash University

1-2 years

AUD 47,800 (INR 25.40 lakh)

Australian National University

Two years

AUD 91,200 (INR 49.24 lakh)

University of Melbourne

1.5 years

AUD 52224 (INR 28.20 lakh)

University of Sydney

1.15 years or 60 Weeks

AUD 54,000 (INR 29.16 lakh)

La Trobe University, Melbourne

Two years

AUD 76800 (INR 41.47 lakh)

Macquarie University

1-2 years

AUD 56620 (INR 30.57 lakh)

Victoria University

Two years

AUD 59,400 (INR 32.07 lakh)

University of Wollongong

1.5 years

AUD 47,094 (INR 25.43 lakh)

University of Technology Sydney

1.5 years 

AUD 61,704 (INR 33.32 lakh)

 

Program Highlights

  • Name of the Course- Master’s in Management
  • Program Fees- Approximately INR 28.20-41.47 lakh
  • Course Duration- 1 to 2 years

Cost of MS in Management in Australia

The average tuition fees range between INR 28.20-41.47 lakh for MiM aspirants. Average health insurance costs stand at INR 1.28 lakh. Weekly expenses (excluding accommodation) stand at roughly AUD 900 or INR 48,600. 

Why a master’s in management over MBA Courses?

Those looking to earn business management degrees usually apply at leading MBA universities and colleges. Many students find the admission criteria and program costs hard to manage, so they look for easier alternatives like masters in management or MiM, which is also a globally valued degree but provides for a cost-effective than MBA and does not have stringent work experience requirements. 

Admission Procedure

You must fulfil these eligibility criteria: 

  • Bachelor’s degree in any subject. 
  • Interview/other formalities. 
  • IELTS/TOEFL/PTE scores. 
  • GRE/GMAT scores.

Here are the application timelines for MiM courses in Australia: 

Name of the Institution

Application Timelines

University of Sydney

January 31

University of Melbourne

March, July

Monash University

February

University of Technology Sydney

June 30

University of Wollongong

January 31,

May 08

Victoria University

March 31

La Trobe University, Melbourne

September 1

Macquarie University

February 07,

November 08

 

Necessary Documents: 

  • Academic transcripts and mark sheets. 
  • Scores of standardized examinations like GMAT, GRE, IELTS and TOEFL. 
  • Recent Resume/CV Copy. 
  • Personal Statement. 

Job prospects after studying MiM in Australia 

MiM (master’s in management) broadens the overall career scope of aspirants with good salaries and employment security. MiM graduates can earn up to AUD 124,000 per year or approximately INR 66.96 lakh. Job roles include product manager, general manager, business development manager, operations manager, executive manager, project manager, capital and risk manager, management consultant, etc. Salaries usually range between AUD 61,900 and AUD 203,000 (approximately INR 33.42 lakh and INR 1.09 crore). 

Some of the biggest recruiters of management graduates in Australia include Rio Tinto, Tesla, Clayton UTZ, PwC, Westpac, Accenture, Wesfarmers, BPH Billiton, GE Capital, and more.

Visa Procedure

The student visa subclass 500 allows staying in Australia for the study program tenure. Before applying, make sure that you have got enrollment in your course while holding the OSHC (overseas student health cover). 

Here are the required documents: 

  • Enrollment proof. 
  • Work experience and academic documents. 
  • Visa application fee payment receipt. 
  • A passport that is valid. 
  • Proof of funds. 
  • English language proficiency score sheet.
  • GTE (Genuine Temporary Entrant) statement. 
  • Health insurance policy information. 
  • Photographs (passport-size). 
  • SOP (Statement of Purpose). 

Available Scholarships

Here are some of the top scholarships available for international students: 

Scholarship Name 

Scholarship Amount

Business Dean’s Scholarship for Academic Excellence 

May Vary. 

Melbourne Graduate Scholarship 

Waiver of 25-100% on fees. 

Macquarie Vice-Chancellor’s International Scholarships

AUD 10,000 or approximately INR 5.5 lakh

Postgraduate Academic Excellence Scholarship 

AUD 5000 or approximately INR 2.75 lakh for session 1. 

Monash International Merit Scholarship 

AUD 10,000 or INR 5.5 lakh

Bharat Petroleum Scholarship 

May vary. 

La Trobe College Excellence Scholarship 

Deductions of 15%, 20%, and 25% on tuition costs (annual). 

UOW Alumni Postgraduate Scholarship

10% waiver on tuition costs. 

Destination Australia

AUD 15,000 or approximately INR 8.10 lakh per year. 

Victoria University International Scholarships

AUD 6000 or approximately INR 3.24 lakh. 

FAQs

Q1. Is Australia good for management students?

A. Australia is one of the world’s best educational hubs for management aspirants. It is one of the most coveted study hubs offering great research and learning opportunities in tandem with an innovative and flexible curriculum and great future job prospects at leading companies.

Q2. Is the GMAT required for a master’s in management in Australia?

A. GMAT scores are essential for getting admission into several MiM (master’s in management) courses in Australia. There are some institutions like the ANU or Australian National University, which do not need GRE/GMAT scores for admissions.

Q3. Which university in Australia is best for a master’s in management?

A. Some of the top universities for master’s in management in Australia include the following:

1. Melbourne Business School

2. Monash University

3. Queensland University of Technology

4. The University of Sydney

5. The University of South Australia

Q4. Is Australia good for management studies?

A. Australia is a great destination for management studies, offering the world’s highest-ranked institutions, comparatively reasonable tuition costs and wonderful prospects as managers employed with leading global companies. Starting salaries for management graduates are highly attractive in Australia, while diverse specializations cover almost everything from finance and business administration to business analytics.

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