Australia’s economy follows open-market policies that encourage global trade and investment. It is home to dynamic entrepreneurs and a buzzing private sector. What makes Australia particularly attractive to MBA graduates are the highest average salaries in the Asia-Pacific region. MBAs in Australia working as Operations Manager earn the highest salary of up to AU$175,172, followed by Management Consultant at a maximum salary of AU$141,915 and Marketing Manager at AU$138,087.
According to GMAC Report, nearly 88% of the 4156 GMAT scores sent to Australia were from International students, proving that Australia is still one of the most popular destinations for students, especially from the Asia-Pacific region. Here are our top three picks for the best MBA programs in Australia
1) Australian School of Business (AGSM)
The Australian School of Business is located in Sydney, Australia’s financial capital. The school offers a 16-month MBA program and has all the traditional entry criteria, but one exception in the criteria makes it unique. Exceptional professionals without an undergraduate degree get the chance to join the program - if they have 6 years’ experience and a GMAT score of at least 550.
The class of 2013 represents 19 countries, with just 35% made up of locals. For the graduating students of 2011, there was an average 63.20% increase over the pre-MBA salary. The average base salary was $115,000, and an average total salary package $120,389. 72% of the class changed careers while 88% accepted offers 3 months after graduation. The major recruiters were Accenture, AT Kearney, Bain & Company, Commonwealth Bank, Deloitte, Ernst & Young, Expedia, Gallup, GE, Google, IBM, Johnson & Johnson, KPMG, McKinsey & Co, Oracle and Vodafone.
The MBA program strives to develop critical thinking, wide management skills, communication expertise and cultural awareness. The teaching methodology combines classroom lectures with case studies and teamwork. The internationally renowned faculty boasts industry experience, and students also benefit from interaction with current corporate executives.
Students can pick from a variety of electives to specialize in Accounting, Finance, Economics, Marketing, Organizational Behavior, Statistics & Operations Management or General Management. MBA students also participate in the 2-3 week ‘Integrative Experience’, a case study module that promotes holistic thinking and critical decision making. Students can also take on a management project, do customized management studies or be part of an international exchange program at one 28 schools like Stern, London Business School, ESADE or Wharton. AGSM has an alumni network of 12,000 spread across the world.
2) Melbourne Business School
The Melbourne Business School is located in Melbourne, Australia's fastest growing, and the world's most livable city. The School is a joint venture between big businesses who own 55%, and the University of Melbourne with a 45% stake. MBS offers a leading MBA program that is 12-months long.
The class of 2012 had more than 80% of students from outside Australia, with the faculty sourced from over 14 countries. In 2011, 91% of the students were employed in 3 months of graduating, with an average base salary of AU$108,729. The top companies that picked up MBAs include ANZ, A.T. Kearney, Booz and Co, Boston Consulting Group, Ernst & Young, Futurebrand, GE, Kellogg's, KPMG, Louis Vuitton, McKinsey & Co, National Australia Bank and Westpac.
While lectures are used, the bulk of the teaching methodology includes case studies, and experiential activities that promote action learning. Classroom lessons are applied to real-life scenarios through action learning clubs, syndicate groups, internships and projects. Students are also provided individual coaching and mentoring. MBA students can specialize in fields that include Marketing, Finance, Strategy, Social Impact and General Management. They also have the option of paid internships and international exchange with more than 30 schools, like HKUST - Hong Kong, Indian Institute of Management, Bangalore - India, SDA Bocconi – Italy, Copenhagen Business School – Denmark and Columbia Business School - USA.
The Business in Asia Study Project involves real-time corporate interaction and includes travel to markets across Asia. The school also focusses on Integrated Learning for a comprehensive view of business and the development of 360 degree solutions.MBA graduates from MBS gain from a wide alumni network of 14,000+ across 70+ countries.
3) QUT Business School
The Queensland University of Technology’s Business School is located in Brisbane, Australia’s 3rd most populous city. It offers an 18-month MBA program that has four starts in March, May, July and September. QUT was the first Business School in Australia to gain Triple Accreditation.
On average, nearly 20% of the class consists of international students. 2010’s graduating class had an average base salary of $55,000 with 85% being employed within 3 months of graduation.
The teaching methodology centers on the case method, and is aimed at transforming students’ thinking to empower them to lead effectively in complex business scenarios. The curriculum allows MBA graduates to specialize in fields like Leadership & Strategy, Entrepreneurship & Innovation, or even in traditional disciplines like Accounting, Human Resource Management, Marketing, Finance or Healthcare.
At the end of the course, students get the chance to take part in two Integrated Workplace Projects – the Business Research Methods project, and the Organizational Opportunities & Ventures project. Students taking the Entrepreneurial & Innovation concentration can do an Entrepreneurial Project while the rest are involved in a Consultancy Project. Another interesting development opportunity for students is through QUT’s Business Leaders Forum. It is one of the top leadership events in Brisbane, and had featured the likes of Steve Wozniak, Co-founder Apple & Chief Scientist, Fusion-io and Mike Smith, CEO - ANZ Group.
|Business School||Average GMAT Score||Average Experience (years)||Fee||Accreditation||Financial Aid|
|Australian School of Business (AGSM)||652||7||AUD$71,040||AACSB, EQUIS||Yes|
|Melbourne Business School||650||5||AUD$70000||EQUIS||Yes|
|QUT Business School||610||9||$38,000||AACSB, AMBA, EQUIS||Yes|