Studying for an MBA degree offers the potential for personal and professional growth, plus a career boost. It’s known as a challenging, engaging and rewarding qualification that sets you up with an advanced skill set you can apply. The question for many students is what the best universities for an MBA are and what’s on offer. We turn our attention to Australia and explore the best business schools for an MBA, what you’ll study, what you need to get in and how much it will cost you.

Before we get started, we wanted to let you know that we have used the QS World University Rankings – Full-Time MBA: Global 2022 to create our list of the top business schools for an MBA in Australia.

Explore the MBA degrees on offer at the top universities:

Melbourne Business School

UNSW Business School

Monash Business School

University of Queensland Business School

Melbourne Business School

The Melbourne Business School (MBS) is the graduate school of business at the University of Melbourne. The school holds the distinction of being the first business school in Australia to offer an MBA. This pioneering and innovative approach continues to the present day. MBS is the undisputed number one business school for an MBA in Australia.

Firstly, the University of Melbourne itself is rated as the top university in Australia as per the Times Higher Education World University Rankings 2022. The Executive MBA programme at MBS is rated as number one in Australia by The Economist and The Financial Times. These two publications also place MBS as the number one business school in Australia.

The school offers 26 distinct postgraduate programmes across eight specialisations:

• Management
• Actuarial science
• Economics
• Human resources
• Finance and accounting
• Marketing
• Data
• Supply chain management

MBA programmes at MBS

MBS offers four MBA programmes, with two aimed at early to mid-career professionals, while the other two are for mid-career to senior executive level. The programmes on offer are:

• Full-time MBA (early to mid-career)
• Part-time MBA (early to mid-career)
• Executive MBA (mid-career to senior executive)
• Senior Executive MBA (senior executive)

If you’re looking for a qualification that focuses more on core management skills and requires less professional experience, then a Master of Management or Master of International Business would be appropriate.

Entry requirements 

To qualify to study for a full-time MBA at MBS, you will have to meet the following requirements:

• An undergraduate university degree with good academic performance
• Two years of professional work experience
• Two professional referees
• A good GRE / GMAT score (695 or higher)
• Minimum IELTS score of 7.0 or equivalent
• Four personal statements outlining your goals and objectives

How much does it cost?

Tuition fees for a full-time MBA programme at MBS come in at AUD 92,250. You will also have to pay a non-refundable deposit if you receive an offer of admission. Remember to budget for your visa costs which are approximately AUD 650. Don't forget medical insurance while studying, as this can cost up to AUD 1,500.

Are there scholarships?

MBS does have a range of scholarships and financial aid available for students. Scholarships available for international students wanting to study for an MBA include:

Find out more about studying for a master’s degree in Australia.

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UNSW Business School

The University of New South Wales Business School is rated number two in Australia for MBA studies as per QS. The school is officially known as the Australian Graduate School of Management (AGSM) and was founded in 1977. 

The online MBA programme offered by AGSM rates in the top ten globally, according to the Financial Times Executive Education Global Rankings. It also has a number one rating for accounting and finance in Australia.

MBA programmes at AGSM

AGSM offers five types of MBA degrees, namely:

• MBA full-time
• Executive MBA
• Online MBA
• AGSM Executive Education
• LLM MBA

The full-time MBA programme enjoys the title of number one in Australia as per the Financial Times, while the executive MBA ranked in the top three in Australia for part-time MBA studies (QS). AGSM also offers MBA qualifications with specialisations in:

• Finance
• Social impact
• Technology
• Law

You could also start your studies with a certificate programme, which can act as a good foundation for MBA studies in areas including:

• Technology management
• Strategic management
• Leadership
• Digital innovation
• Change management

What are the entry requirements?

To study for a full-time MBA in Australia at AGSM, you will need:

• Two years of work experience
  • Submit a detailed CV
• A GMAT or GRE test score.
  • GMAT should be higher than 650
  • GRE should be - Verbal 148; Quantitative 157; Overall 307.
• IELTS score of 7.0 with no band lower than 6.5 or equivalent. TOEFL, PTE and Cambridge are all accepted.

How much does it cost?

Are there scholarships?

There are several scholarships available for international students aiming to study for a full-time MBA at AGSM:

Read about how the grading system in Australia works.

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Monash Business School

Monash Business School is part of the Faculty of Business and Economics at Monash University. Based in the world-renowned city of Melbourne, the business school enjoys accreditation by EQUIS, AMBA, and AACSB. It also has specialist business units in Italy, Indonesia, and China.

The Monash Business School hosts 4,700 postgraduate students and has an extensive alumni community of over 128,000 graduates globally. The MBA programme offered by Monash has been rated in the top three in the Oceania region and the top 100 worldwide by QS. The school also enjoys high rankings for subject specialisations including finance, economics, and business administration.

MBA programmes at Monash

Monash Business School offers three distinct types of MBA qualifications. These are:

• Full-time MBA
• Global Executive MBA
• Digital MBA

Are you interested in finding out more about MBA specialisations?

What are the entry requirements?

To gain admission to study for a full-time MBA at Monash Business School, you will need:

• A bachelor’s degree (2:1 or equivalent)
• Three years of work experience or one-year managerial experience
• IELTS score of 6.5 or equivalent (no band lower than 6)
• Detailed CV
• Letter of recommendation

How much does it cost?

Fees for an MBA at Monash differ depending on the degree you select. The tuition fee costs are:

Are there scholarships?

There are scholarships available that can help you to cover the costs of studying for an MBA at Monash. The financial aid available includes:

Explore more about the top scholarships in Australia.

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University of Queensland Business School

The University of Queensland (UQ) Business School is part of the Faculty of Business, Economics and Law, with over 170 academic experts and 11,000 students studying at the school. UQ Business School is rated in the top for MBA education in Australia as per QS and in the top 100 worldwide. UQ itself is ranked among the top universities on the planet by QS.

UQ has been noted for the success of its graduates, with 100 per cent finding the role they desired within three months of graduating. The business school is also known for its flexible teaching and learning approaches and the quality of its student cohort.

MBA programmes at UQ

The UQ Business School offers a comprehensive full-time MBA programme that covers essential areas of expertise. The programme is divided into 24 units, of which four are core courses, 18 flexible core modules, and two capstone modules. You need to complete 12 courses to qualify. Some of the areas that you will study include:

• Strategic analysis
• Management frameworks
• Business economics
• Financial management
• Marketing management
• Innovation leadership
• Human resource management
• Industry engagement
• Entrepreneurship

The MBA programme at UQ is designed to include a work placement in industry, networking events and work with dedicated careers consultants. There is also the offer of hybrid and flexible learning options for students.

What are the entry requirements?

If you’re interested in studying for your MBA at UQ, you will have to meet the following entry requirements to make an application:

• Four years of work experience, including two as a manager
• A bachelor’s degree with a result of at least a GPA of 4.5 on a 7-point scale
• Complete the GMAT test with a score of 550
• Minimum IELTS score of at least 6.5 with no band lower than 6.0

There are other routes into the MBA programme at UQ, including first studying for a Graduate Diploma in Business Administration or a Graduate Certificate in Business Administration.

How much does it cost?

The tuition fees for an MBA at UQ are AUD 82,584 for 24 units of full-time study. Remember that fees can vary and are reviewed yearly by universities so it’s a good idea to check with the university. It’s also important to consider the additional cost of application and study, which are not included in tuition fees. At UQ these include:

• Student administration fees
• Application fees
• Programme expendables fees

Make sure to factor in your accommodation and daily living costs while studying in Australia too.

Are there scholarships?

The good news is that there is financial help available for prospective international MBA students at UQ. These include:

UQ also offers scholarships for students from different international countries. You can see what’s on offer by visiting their postgraduate scholarship page.

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Now that you have a better idea of the best universities for an MBA in Australia, you may want to explore more about studying in the country. You can read our beginner’s guide to studying in Australia and understanding the Australian higher education system.