MBA in the USA, Canada or Australia: How much does it cost to study abroad?

If you are planning to study for a MBA at a foreign universityOne of the key factors to consider is the cost involved. There are two popular destinations for Indian students wishing to study abroad: the United States and the United Kingdom.

There is no denying the fact that the US is the most popular destination for Indian students who wish to pursue higher studies such as an MBA or MS. Meanwhile, those who wish to go for a budget bet tend to opt for other destinations such as Canada either Australia.

Here we give you a summary of the costs one has to incur when studying for an MBA at any of the best universities in these countries.

According to the Ministry of External Affairs (MEA) 2022 dataThere are over 465,000 Indian students in the United States, followed by 183,000 in Canada. In Australia there are just over 100,000 and in the United Kingdom just over 55,000.

(Source: Ministry of Foreign Affairs, data 2022)

Let’s take each country one by one.

I, United States

In the land of opportunity, there are several business school options. Among the best are Stanford, Wharton, Harvard, MIT, Columbia, Northwestern and UC Berkeley, among others.

Tuition fees: The annual tuition fee is around $82,455 at Stanford, while the total cost is $1,30,746, which includes living expenses ($19,000), accommodation ($20,880), medical insurance ($7,620) and health expenses ($783). Thus, the total cost for an Indian student is $1,300,000. ₹1.09 crores. For a two-year MBA, this cost doubles. ₹2.18 crore.

Labor rights: International students in F-1 view Students are entitled to work up to 20 hours per week during term time and up to 40 hours per week during non-term time. After completing their studies, students are entitled to stay for one year as part of what is known as OPT, i.e. optional practical training.

OPT is temporary employment and is directly related to the F-1 student’s major field of study, for example, IT or finance. Students who are eligible for OPT may apply for OPT authorization for up to 12 months.

Additionally, if you have pursued a bachelor’s degree in the fields of science, technology, engineering and mathematics (STEM), then you may be able to apply for a 24-month extension of your post-completion OPT authorization, subject to meeting certain conditions.

II. Canada

America’s neighbouring country, situated on the North American continent, has been a hotbed of attraction for Indian students and Indians in general for a long time. Currently, there are over 1.83 Indian students studying in Canada (data as of 2022). Prestigious universities in Canada include Queen’s University, University of Toronto, University of Waterloo, University of York, McGill University, among others.

For example, an MBA at McGill University costs an Indian student about $102,500 in tuition fees, plus another $3,000 for an international study trip. To this must be added another $24,000 for the cost of living.

Therefore, the total cost of an MBA would be 105,500 + 24,000 = 129,500. For Indian students, this works out to around $100,000. ₹80 lakhs (1,29,500 X 62).

Labor rights: Students are allowed to work up to 20 hours per week. International students can apply for a 3-year PGWP (Post-Graduation Work Permit) even if the duration of the Master’s degree was less than two years. However, the candidate must meet all other eligibility criteria (e.g. the programme must have been at least 8 months long).

III. Australia

Those who cannot afford to study in the United States or Canada tend to opt for affordable options such as Australia, where the cost of living, as well as the cost of studies, is lower.

Top universities in Australia for an MBA include the University of Melbourne, Queensland, Sydney, Western Australia, Canberra, Wollongong, and Victoria University, among others.

The cost of an MBA at the University of Sydney for one year is $55,000. The total cost of a 1.5 year MBA would be $82,500. The cost of living ($2000 per month) for 1.5 years becomes $36,000. The total cost is therefore 82,500 + 36,000 = $1,18,500. When you convert this to Indian currency (at the rate of $1 equals $1,18,500), the cost of living for 1.5 years is $36,000. ₹56), the total cost becomes ₹66.36 lakhs.

Employment Rights: International students are allowed to work up to 48 hours per fortnight, which means 24 hours each week when university is in session.

After studies, one can apply for a Post-study work permit (Temporary Graduate Visa (subclass 485). For this visa, the applicant must have held a student visa in the last 6 months and be 35 years of age or younger.