- Tuesday, November 01, 2016
With 6 top business schools from Australia securing their place in the world's top 50 business schools, Australia has become the largest hotspot of MBA studies in Asia Pacific region. It’s no surprise if you are also one of the aspiring MBA students. However, given that Australia is a great destination to pursue your MBA dream, but how will you know which school is good for you?
Because it's not always about choosing the top business school, rather, it’s about choosing the school that can meet your requirements. These can be a lot of things, from budget to accommodation to the study courses offered by the school and a lot more.
The 5 Checklist for Choosing an MBA Program in Australia
What exactly are we looking at? Today we will discuss the five checklists you need to focus on while choosing an MBA program in Australia.
Checklist 1: Is the Business School Well Accredited?
Looking at the accreditation of a school is necessary, i.e. Choosing and internationally recognised MBA programs. This is very important if you intend to work overseas post course completion.
There are three main international accreditations you should look are:
- Association to Advance Collegiate Schools of Business (AACSB)
- European Quality Improvement System (EQUIS)
- Association of MBAs (AMBA).
Ensure that the schools or universities you choose have at least one or more international accreditation. For your reference, here the list of accreditations against the respective Australian universities:
Australian Universities accredited by AACSB
School/ Faculty University Location Faculty of Business Bond University Queensland Curtin Business School Curtin University Western Australia Faculty of Business and Law Deakin University Victoria Griffith Business School Griffith University Queensland Macquarie Graduate School of Management Macquarie Graduate School of Management New South Wales Monash Business School Monash University Victoria Business School Queensland University of Technology Queensland UQ Business School The University of Queensland Queensland Business School The University of Adelaide South Australia Faculty of Business and Economics University of Melbourne Victoria Newcastle Business School The University of Newcastle New South Wales The University of Sydney Business School The University of Sydney New South Wales UTS Business School University of Technology Sydney New South Wales UWA Business School University of Western Australia Western Australia UNSW Business School UNSW Australia New South Wales
Australian Universities approved by EQUIS
School/ Faculty University Location Bond Business School Bond University Queensland Melbourne Business School, Faculty of Business and Economics University of Melbourne Victoria Monash Business School Monash University Victoria QUT Business School Queensland University of Technology Queensland Business School The University of Western Australia Perth UQ Business School University of Queensland Queensland UniSA Business School University of South Australia Adelaide University of Sydney Business School University of Sydney Business School
UNSW Business School University of New South Wales Australia New South Wales
Australian Universities accredited by AMBA
School/ Faculty University Location Brisbane Graduate School of Business Queensland University of Technology Queensland Melbourne Business School, Faculty of Business and Economics University of Melbourne Victoria Monash Business School Monash University Victoria
Checklist 2: Is the Campus Well-located? Do they Provide Modern Facility?
Talking about location, Australia is definitely a keeper with its eight cities listed in the 50 best student cities that offers high-quality education as well as stunning. However, we mean that when you choose a school with a conveniently located campus, it is easier for you to attend classes, get access to on-campus resources, and time-saving while meeting staff or fellow students.
For students who are looking for the most affordable city to study in Australia, here is the list from the most affordable student city in Australia to the least:
5. Gold Coast
If budget is not a constraint, you can choose from these eight cities ranked as the best student city:
8. Gold Coast
When you are looking for a campus with modern facility, what are the facilities you should look for? Here is a list:
- Modern and hi-tech study space, for individual as well as group work
- Well-equipped library, preferably offering study skills workshops
- Online portal with access to various learning materials, example- online journals, scholarly articles etc.
- Additional facilities like counselling and career services
Checklist 3: Is the School Backed with Strong Industry Ties and Network?
It’s a great deal to get an MBA degree from a reputed university. But more than that, what’s great is to find the university that is well connected, through industry ties or through its alumni association.
Alumni Association: Alumni associations provide student with a constant opportunity for networking, thus opening doors to various opportunities and events available for their students. This is why you need to ensure that the school you enroll in is backed by a strong alumni network.
The Importance of University Network: For universities in Australia, the networks that they align themselves with is one of the determining factors for how the university is. These networks are indicative of the focus on intensive research and the broad range of degree offerings. These networks also provide exchange and study opportunities with other prestigious institutions outside of Australia.
Here are some of the networks you should watch out for:
Group of Eight Australian Technology Network of Universities Regional Universities Network Innovative Research Universities Network Association of Pacific Rim Universities International Alliance of Research Universities
University Ties: When universities have strong ties with companies and industries, it give students a hands-on learning experience and direct links to partner organisations. The stronger the ties, the more chances the universities’ MBA graduates garner higher salary package. In relation to that, here is the list of the 10 best business schools in Australia with the highest salaries:
University Average Salary (AUD) Average Salary (INR) University of Queensland $145,280 Rs. 73,82,488 Melbourne Business School $120,310 Rs. 61,13,623 La Trobe Business School $110,000 Rs. 55,89,714 University of New South Wales, AGSM $99,771 Rs. 50,69,921 Queensland University of Technology $99,300 Rs. 50,45,987 Monash University $85,000 Rs. 43,19,324 Sydney Business School $70,476 Rs. 35,81,279 Australia National University $63,000 Rs. 32,01,382 Bond University $58,000 Rs. 29,47,304 University of Western Australia $50,000 Rs. 25,40,779
If you are looking for a more specific information on the universities based on ranking, salary or affordability, you can check our guide- Study MBA in Australia: University Guide for Indian Students 2016.
Checklist 4: How Broad is the University’s Course Structure?
Aside the factors we have discussed above, you should also consider the course structure which will include the following:
- Duration of the program
- Time commitment required
- Subjects and specialisations offered
- Practical experience
- Business Case studies
Duration: Normally, the duration for completing an MBA in Australia will range from 1 year to 2.2 years. Sometimes, it can be upto 3 years with 1.5 years part-time equivalent.
Time commitment: Each school will have a requisite time commitment from the student. For instance, Melbourne school of business will require at least 38 to 40 hours on campus weekly whereas.
Subjects and specialisation offered: While choosing your course, make sure that the subject and specialisation are relevant to your career choice. However, you need to keep in mind that not all business schools offer specialisations. Some offer generalised programs so that students can combine electives of their choice. In case you haven’t made up your mind on which specialisation to choose, here is a list to help you with:
6 Popular MBA Specialisations (QS Worldwide) 6 Popular MBA Specialisations (Australia) International Business Accounting Strategy Accounting And Finance Marketing Information Technology Operations Management International Business Supply Chain Management Innovation And Entrepreneurship Human Resources Banking
Practical and Business Case Studies: Often ignored in the midst of choosing the course units and the specialisations, we often forget to look for schools offering a hands-on experience through their practical class work that includes field trips and group assignments. An additional perk is to look for programs that use real business case study so that your theory and practicality will be hand in hand.
Checklist 5: What are their Eligibility Criteria for an MBA Program?
Most management courses in Australia, especially MBA, require a combination of 2 to 5 years of work experience and previous qualifications in business. There are also some schools that are willing to be a bit more lenient, accepting equivalent business qualification with lesser work experience or vice versa. Business schools in Australia use Graduate Management Admissions Test (GMAT) as a standard aptitude test. This is especially required when the applicant doesn’t meet the academic requirements.
But the good news is, there are a number of good business schools that doesn’t require GMAT to get into the business school. Here is a list of 10 top business schools in Australia without GMAT score requirement:
1. Monash University
2. RMIT University
3. University of Technology Sydney (UTS)
4. Macquarie University
5. Deakin University
6. Curtin University
7. University of Adelaide
8. Griffith University
9. University of South Australia
10. University of Wollongong
Aside GMAT, TOEFL/IELTS scores are also needed to qualify for the business program. The average test score requirements are 6.5, a minimum score of 6 in each of the individual bands. However, the score requirements may vary school wise.
Opting for an MBA degree in Australia is definitely a great idea given that it has the world’s second-highest paid MBA graduates. So, if your budget is not a strain, you are on the right track.
If we missed out any query, you can let us know in the comment box.
No comment posted.