Top 5 countries to study MBA abroad
Every year, thousands of students aspire to pursue an MBA from reputed universities in countries such as the UK, USA, Germany, Australia, and Canada. The MBA (Master of Business Administration) remains one of the most popular postgraduate programs globally, offering specialized knowledge in business and management. Universities abroad provide this program to nurture the next generation of business leaders.
Admission to these programs typically depends on standardized test scores such as GMAT or GRE and proficiency in English through exams like IELTS or TOEFL. The tuition fees for MBA programs abroad vary significantly, ranging from INR 1 lakh to over INR 1 crore, depending on the institution and specialization. Graduates often secure lucrative positions, with an average salary of USD 135,000 (INR 1.12 crore) per annum.
MBA Abroad for Indian Students
For Indian students interested in pursuing MBA courses abroad, the journey usually takes a route that is slightly different from the conventional. The students usually have to take the standardized test needed for any Indian college to complete the examination process, such as the Graduate Management Aptitude Test and the language proficiency test- The Test of English as a Foreign Language or The International English Language Testing System, which is required for the Master’s degree. However, there is no way to get an exemption if you have a low score on the language test.
The academic qualifications required for an MBA program abroad remain the same as the Indian standards, which entail that the student must have a 50% aggregate in graduation from the recognized university or be certified eligible for the equivalent of a graduation certificate. Additionally, many MBA programs abroad require applicants to have a good amount of work experience ranging from three to five years. The course can be costly, generally. The cost can range from INR 80 lakh to 1 crore. However, the cost factor does not deter the students’ zeal as they tour the world for an MBA for education, cultural exposure, and career opportunities.
Key Highlights of MBA Abroad (2024)
Particular | Statistics |
Total Number of MBA Universities Abroad | Approximately 1,432 |
Average MBA Tuition Fee Abroad | INR 22.86 lakh per year |
Average Living Expenses Abroad | INR 6.13 lakh per year |
Popular Specializations | General Management, Finance, Human Resources, Accounting, etc. |
Admission Requirements | IELTS/GRE/GMAT Scores, SOP, LORs, Resume |
Why Choose an MBA Abroad?
- Global Exposure: Studying abroad provides students with diverse cultural and professional perspectives, enriching their understanding of global markets.
- High ROI: MBA graduates from international universities often secure high-paying roles with leading global companies.
- Specialized Programs: Institutions abroad offer a wide array of specializations tailored to the demands of the business world.
Top 10 MBA Universities Abroad by QS Rankings 2024
Here is a curated list of the top 10 universities worldwide offering MBA programs based on the QS Rankings 2024:
University | QS MBA Ranking 2024 |
Stanford Graduate School of Business | 1 |
Penn (Wharton) | 2 |
Harvard Business School | 3 |
London Business School | 4 |
HEC Paris | 5 |
MIT (Sloan) | 6 |
Columbia Business School | 7 |
IE Business School | 8 |
Cambridge (Judge) | 9 |
IESE Business School | 10 |
Top MBA Universities Abroad by THE Rankings 2024
Listed below are the top universities for MBA programs, ranked by Times Higher Education (THE) for Business and Economics:
University | THE Rankings (2024) |
Massachusetts Institute of Technology | 1 |
Stanford University | 2 |
Harvard University | 3 |
University of California, Berkeley | 4 |
University of Cambridge | 5 |
University of Oxford | 6 |
The University of Chicago | 7 |
Tsinghua University | 8 |
Yale University | 9 |
Peking University | 10 |
Top Universities for MBA Courses Abroad
For Indian students considering MBA programs abroad, several countries are popular destinations, each offering unique advantages. Some top countries for pursuing an MBA abroad include the United States, United Kingdom, Canada, Australia, Germany, and New Zealand. Here's a brief overview of some of the top universities offering MBA courses in these countries:
Top Universities for MBA Courses in the USA
Massachusetts Institute of Technology (MIT)
Stanford University
University of Pennsylvania
Top Universities for MBA Courses in the UK
London Business School
University of Cambridge
University of Oxford
Top Universities for MBA Courses in Canada
University of Toronto
Western University
Queen's University
Top Universities for MBA Courses in Germany
Mannheim Business School
WHU - Otto Beisheim School of Management
Frankfurt School of Finance & Management
Top Universities for MBA Courses in Australia
The University of Melbourne
University of New South Wales
Macquarie University
These universities are renowned for their quality education, diverse student communities, strong alumni networks, and excellent career opportunities, making them attractive options for Indian students pursuing MBA programs abroad.
MBA Specializations Available Abroad
Here are some popular MBA specializations offered by top international universities:
Specialization | |
General Management | Business (Others) |
Finance | International Business |
Marketing | Entrepreneurship |
Human Resources | Supply Chain |
Accounting | Healthcare Management |
Business Analytics | Hospitality |
Project Management | Sports Management |
Tourism | Economics |
Media Management | Healthcare |
Discover more about the types of MBA specializations in demand abroad.
Cost of Studying MBA Abroad
The cost of pursuing an MBA abroad depends on the university, specialization, and living expenses of the respective country. Below are the average costs:
- Average 1st-Year Tuition Fee: INR 22.86 lakh
- Average Annual Living Expense: INR 6.13 lakh
MBA Abroad Eligibility
To apply for an MBA abroad, students must fulfill certain criteria:
- A completed bachelor’s degree in any discipline.
- GMAT scores (or equivalent) to secure admission.
- English proficiency test results such as IELTS, TOEFL, PTE, or DUOLINGO.
- Supporting documents like a Statement of Purpose (SOP), Letter of Recommendation (LOR), and Resume.
Learn more about MBA abroad eligibility and exams for Indian students.
Work Permits for MBA Abroad Graduates
International students are typically eligible to apply for post-study work permits after completing their MBA. These permits allow graduates to stay and work in the host country, following specific criteria laid out by respective governments.
Scholarships for MBA Abroad
Over 950 scholarships are available for MBA students studying abroad. Some popular ones include:
- Narotam Sekhsaria’s Scholarships
- Hani Zeini Scholarship
- Global Study Awards
- Rhodes Scholarship
MBA Jobs & Salaries Abroad
MBA graduates from foreign universities often secure lucrative job opportunities with top employers. Below is a glimpse of the average salaries for various job roles:
Job Role | Average Annual Salary (USD) |
Chief Financial Officer (CFO) | 153,683 |
Senior Financial Analyst | 85,986 |
Human Resources (HR) Manager | 73,732 |
Financial Controller | 93,811 |
Director of Operations | 111,518 |
Top MBA Countries by Average Salary (Source: QS)
Country | Mean Salary |
France | USD 118,500 (INR 99 L) |
USA | USD 117,028 (INR 98 L) |
Australia | USD 112,714 (INR 94.13 L) |
UK | USD 110,735 (INR 92.48 L) |
Italy | USD 99,333 (INR 83 L) |
Brazil | USD 68,000 (INR 56.80 L) |
China Mainland | USD 49,056 (INR 41 L) |
Publicly Funded MBA Universities Abroad
Below is a list of some top publicly funded MBA universities abroad with their 1st-year tuition fees:
University | 1st Year Tuition Fees (INR) |
University of Toronto | 49.4 Lakh |
Technical University of Munich | 17.3 Lakh |
University of East London | 22.7 Lakh |
Arizona State University | 62.5 Lakh |
The University of Melbourne | 62.1 Lakh |
University of Greenwich | 24.0 Lakh |
Visa Costs for MBA Students
To study MBA abroad, a student visa is mandatory. Below is the visa cost for different countries:
Country | Visa Cost |
Europe | EUR 90 |
Canada | CAD 150 |
USA | USD 185 (all visa types) |
Australia | INR 5,000 - INR 6,000 |
Ensure to check the exact visa fee for your chosen country before applying.
