In spite of this, however, there is an associated cost when it comes to MBAs, which can be a real deterrent for many people.
Maybe you’re hesitant to embark on an MBA because of the cost. Perhaps you simply want to know what the cheapest MBA in Australia is, or understand what a post-MBA salary looks like. Either way, this guide will help you answer whether or not an MBA is worth it for your circumstances.
There is so much that goes into deciding the right MBA for you. Does the MBA offer the specialisation you would like to develop? Is the delivery format flexible so you can balance work and other commitments?
Then there’s the question of whether MBA study is the right choice for you in the first place. Will you get a return on the investment you’re making?
When it comes to the question of cost – from how much an MBA is worth, to the salary increases you’re likely to experience after graduating from the course – we cover it all below, step by step.
The average MBA cost in Australia is $58,000. This average covers both traditional on-campus MBAs as well as the more flexible online MBAs. Surrounding this average is a wide range of costs.
The cheapest online MBA costs in Australia start at approximately $16,000 and can be as high as $60,000 or more.
The most expensive MBA in Australia is a traditional MBA on campus, which costs $126,000. This is more than double the cost of the most expensive online MBA, so if cost is a concern, studying online will give you the most cost-effective MBA option.
In deciding whether the costs of these MBAs are right for you, there is something else to consider. With an online MBA, you pay for each unit as you complete it. The standard time allocated to completing an online MBA is two years, part-time.
Depending on your prior studies and experience, you may also be granted advanced standing for certain units. This will help reduce the MBA cost and timeframe required.
As we all know, cost is relative. What one person considers to be beyond their budget may well be fairly reasonable to the next.
If you’re wondering why MBAs are so expensive, it’s important to look at what goes into the cost of an MBA.
An MBA isn’t just a piece of paper. It could be the springboard to propel your career to new heights, help you change careers completely, or be the boost your startup needs to scale and grow. Whatever its purpose, it will add real value to your professional life.
When you pay for an MBA, you’re not only receiving the above benefits. You’re also paying for the expertise and knowledge of highly skilled:
MBA fees in Australia also support the infrastructure and resources required to run the program. For a traditional on-campus MBA, these costs include the physical space used for lectures and related tuition. For online MBAs, universities will invest in advanced digital infrastructure in order to support the program.
Cost is a consideration in deciding to do an MBA. But it’s wise to also consider the potential additional income you’ll earn once you’ve gained your new qualification.
MBA graduate salaries are approximately 28% higher after graduation. For an Executive MBA, the salary difference is even higher, at 44%. While these increases vary by industry, employers and recruiters do see great value in the skills developed through advancing your education.
If you look at the average post-graduate MBA salary in Australia, the figure speaks for itself. The average salary pre-MBA is $122,000, while a post-graduate MBA salary in Australia is an average of $157,000.
And so, whether you’re completing an MBA to scale a business or because you want to learn how to become a CEO, it’s clear that there are financial benefits to consider.
As you’ve probably already read, there’s more to an MBA than pure price considerations. Because, as we’ve come to see, it’s not always a direct comparison.
Rather than thinking about the cheapest MBA in Australia, it might actually be best to think about it in terms of value.
So, what are some ways you can determine value?
The first is to break it down to look at the number of units and the cost for each. Remember, if you’re happy to complete the MBA over a longer period of time, you may be able to spread the cost of the MBA over this time. This can help to reduce the annual fees and also gives you more time to complete your degree.
If value is important, consider an online MBA, which is becoming increasingly popular and often has lower costs. Online MBAs also have other benefits that can impact the overall cost of studying and the value of the course, including flexibility.
The flexible nature of online MBAs makes it easier to balance your studies with work. You don’t need to take time off to attend lectures as the course materials are all available online. Despite this, online MBAs are just as respected in the business world as traditional MBAs.
MBA scholarships are also available in Australia for various courses and you may be eligible to apply. To find out more, follow our application process below.
Costs aside, once you’ve decided to study, you need to know how to apply for an MBA. Here are the basics of what you need to know:
If you’re considering an MBA in Australia, it’s essential you understand the costs and other factors that will help you make the right decision.
So, when you’re ready to start, we’re here to help. We’ll provide you with the information you need to take your career and qualifications to the next level. Start your journey with us and find the right MBA study program for you.
Keen to read more? Take a look at our MBA frequently asked questions (FAQs) online.
Whether you’re ready to enrol, or just have a quick question, simply fill out the enquiry form below to speak directly to the university’s enrolment team. They will be able to guide you through:
