The Australian economy has seen 20+ years of consistent growth, and is expected to reach growth rate of 5.1% by 2015. It has escaped the global economic slowdown, and while the GDP measures $926.2 billion in 2011, it is expected to reach $1.122 trillion by 2015. The economy is well diversified, led by the services and manufacturing sector. Australia is also blessed with abundant natural resources, dominating Australia's $272 billion exports in 2011.
Australia is the world’s #1 when it comes to recoverable deposits of brown coal, uranium, lead, nickel, zinc, zircon, tantalum and rutile. It is also #2 with regard to gold, silver, copper, bauxite, and ilmenite. Iron ore is another major contributor to exports. Other major exports include beef, wool, mutton and cereals. The export boom is led by strong Chinese demand. Australia, along with New Zealand, is one of the most popular destinations for immigration. According to Australian Bureau of Statistics, overseas migration arrivals touched 423,897 in 2011, for a net overseas migration of 170,279. In fact, Australia granted citizenship to as many as 84,000 people in 2011.
Australia boasts of the highest MBA salaries in Asia-Pacific, and 2nd highest in the world after Switzerland. It also has one of the most relaxed work hours, with the average population working for 33 hours a week in 2010. Managers though worked harder, averaging 43.3 hours a week, which works out to 8.6 hours a day for a 5-day week, still lower than other countries. What's more, there are only two people per square km - the world's lowest population density. Australia also has low crime rates, an outdoor lifestyle, 10,000+ beaches and great job opportunities that make it one of the best MBA destinations. A new post-study work visa scheme is all set to come into effect in 2013, whereby MBA students can obtain a 2-year post-study work visa.
Here are the top 3 sectors for MBA graduates in Australia
The consulting industry is part of Australia's highly developed services sector, and earned revenues of $6.6 billion in 2010. It is expected to grow at an average 5% per year, to go beyond $8 billion by 2015. Australian consulting firms range from top international companies to a plethora of smaller national and local ones. The major consulting firms in Australia include KPMG, Deloitte, E&Y and PWC, all of which have offices in six major cities - Adelaide, Melbourne, Brisbane, Sydney, Perth, and Canberra. Other big consultants like Booz & Co, Accenture, IBM, A.T. Kearney, BCG and McKinsey also have a prominent presence here. The main areas of employment are in General Business, HR, Marketing, Financial, Market Research and Production Management. A major chunk of the revenues comes from the Financial Sector, followed by other Private Businesses, Federal Government and the State Government.
These industry statistics are reflected in the employment data from AGSM, Australia's top B-School. Management Consulting hired 46% of the class, for an average salary of $126,394. Further, 52% of the class was hired to work as consultants, earning an average of $131,115.
Australia has one of the world's most advanced financial systems, ranking as the 5th biggest financial systems and capital markets according to the WEF Financial Development 2010 report. The strong, well regulated banking industry is increasingly engaged in regional and global markets. The financial sector makes one of the largest contributions to the national output, tallying A$135 billion. The total assets of Australian banks (Or Authorized Deposit-taking Institutions) were A$2.7 trillion. In addition, 20 among Forbes’ top 25 banking institutions have presence in Australia.
55.9% of the financial sector is made up of Authorized Deposit-taking Institutions (Banks, A$2,724b); 35% by Life offices, Superannuation Funds & Other Managed Funds (A$1,707b), 3.5% by Registered Financial Corporations ($169b); 2.9% by Securitization Vehicles (A$141.6b) and 2.7% by General Insurance Offices ($134b). Australia is also home to an A$620 billion commercial lending market and the #2 project finance market in Asia-Pacific worth $14.6 billion in 2010. It also has the 2nd largest free-floating stock market in Asia-Pacific, with a market capitalization of $1.1 trillion, and the region's 2nd largest Equity Capital Market with $199 billion in equity issued between 2005 and 2010.
The banking, finance and advisory sector serves private, government as well as institutional organizations, offering niche expertise in mining & resources, agriculture, infrastructure & project finance and property. At AGSM, Banking & Finance accounted for 23% of the class, with an average salary of $105,975. Students in Accounting & Finance roles made up 21% of the class, earning an average of $110,780.
IT & Telecom
The IT sector has been growing rapidly, even faster than UK, USA, and Singapore between 2005 and 2010. The revenue is projected to reach $66 billion, in 2012-13. The growth rate till 2017 is likely to be nearly 8% CAGR. The Australian government and universities provide cutting edge support to the sector, with over 80 top public sector research facilities, like National ICT Australia, Commonwealth Scientific and Industrial Research Organization (CSIRO), and Co-operative Research Centers. A world class National Broadband Network with speeds of 100 Mbps using 4G technology, is expected to be running by 2015. The industry occupies nearly 300,000 expert professionals, and has helped develop technology like the Wi-Fi, Gi-Fi, Open Kernel Labs, the Ultrasound Scanner, and Google Maps.
The telecom sector earned $40 billion in 2011, and is expected to grow by 280% by 2015. Australia is also among the top smart phone dependent nations and has very high mobile penetration. At AGSM, IT & telecom IT together account for 14% of the class with high salaries of $118,794.
Career services at the top Australian B-schools are designed to help students evolve their career goals, and develop plans to achieve them. Here's a gist of the top 3 school's career services.
AGSM Career Services
Career Management Program
• Skillsets for proactive career management
• Self-assessment activities
• Identifies career/life preferences
• Methods to research the job market
• Detailing techniques for job search
• Self-Assessment I & II
• Career Strategy & Planning
• Playing the Interview Game
• Resume Writing
• Interview Practice
• Various online resources
• Jobs board
• Website links
• Interview question examples
• Resume templates
• Industry research guides/ publications
• Helps build and develop relationships with companies
• Successfully alignment of skills and experience with the right company
• Previous and prospective recruiters are marketed to
• Strong Alumni base
• To present resumes to potential employers
• Is extensively marketed to all contacts and possible recruiters Workshops and events
• Case Study Workshops
• Industry Overviews
• Image & Attitude Workshops
• Networking/Social Events
• Visa Workshop for International Students
• Student clubs also conduct various events
• Social events throughout the year
• Students can meet with company representatives
• Invitations for Alumni services including School Dinner and Alumni industry presentations
MBS Careers Centre
The Careers Centre has four kinds of career services on offer:
• Jobs online
• Resumes online
• Free resume review service by external specialists On-campus recruitment events
• Employer presentations
• Industry Briefings
• Mock Interviews
• Corporate sponsored networking events
• Expert panel forums
• Alumni guest speaker presentations
• Virtual conferencing for international recruiter Current programs
• Self-awareness and understanding to aid career decision-making
• Long-term goal setting
• Career plans
• Research for decision-making
• Job search
• Networking skills
• Job search strategies
• Managing agents
• Recruitment and search consultants
• Internet and remote job search
• Resume writing and management
• Employment contracts
• Case interview preparation
• Pyramid logic
• Psychometric assessment tools
• Business etiquette
• Professional presentation
QUT Careers and Employment
• Identifying skills developed
• Career direction and planning
• Discuss options
• Mock job interviews
Career Mentor Scheme
• Matches with an industry professional
• Supports career development
• Mentor has common interests and experience
• CareerHub - A Free Online tool
• Online job listing
• Info sheets
• Resume and application writing
• Selection process
• Job seeking
• Employer Presentations
• Careers fairs
• Professional Associations Websites
• Business directory websites
• Voluntary organizations
• Salary information
• Employer listing
• Employer profiles
• International employer listing
Interviews On Campus
• Notify successful students of interview selection and the scheduling process
• Allocate interview times for successful applicants. Resume Feedback Service
• Currently enrolled students and graduates of the last 6 months
• Checking and feedback
• Resume writing info sheets
• Resume writing workshops
• Faculty examples
Reference: WEF Financial Development 2010 report
1) MBA in Australia (Top 3 Schools)
2) Funding MBA in Australia
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