The cost of studying for an MBA abroad can be high compared to studying MBA in India. Indian students have to pay higher tuition fees than international students and have to manage living costs in a foreign currency.
All these factors can affect the overall cost of studying MBA abroad much higher.
Students can choose from any of the foreign nations to complete the MBA program. The cost of an MBA is determined by the area of expertise and study location you choose.
The typical tuition cost and daily living expenses for international students are listed below
Pre-arrival costs for studying MBA abroad
Even before departing for an MBA abroad, an international student must pay a range of expenditures. The pre-arrival costs associated with admission exam registration fees, application fees, visa application fees, flights, etc., must be included in the MBA fees in foreign countries.
Look at the estimated pre-arrival costs included in the MBA abroad tuition for Indian students:
Costs:
IELTS registration fee – INR 18,000-19,000
TOEFL registration fee – INR 14,550
GRE registration fee – INR 15,700
GMAT registration fee – INR 21,000
Airfare (depending on destination) - INR 30,000-120,000
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Application fees for International MBA
When enrolling for an MBA overseas, you will be required to pay an application fee. This cost is included in the foreign MBA pre-arrival costs.
Application costs for MBA at universities abroad:
USA – INR 16,000 to 24, 000
UK – INR 20,000
Canada – INR 3,000 to 20,000
Australia – INR 4,000 INR to 20,000
New Zealand – INR 2,000 INR to 7, 000
These ranges are for a single application. The total cost of applying to multiple business schools can go higher. Some universities do waive application fees for candidates but a huge set of universities do levy these fees on international students.
Application fees for visas for MBAs abroad
The cost of applying for a visa is one of the many pre-arrival fees for overseas students. There are many types of student visas that are required by various foreign nations; applications must be submitted on time and with the required fee.
Student visa categories and associated application costs for MBA study abroad:
F-1 student visa (USA) - INR 41,000 to 50,000
Tier 4 student visa (UK) - INR 35,000 to 40,000
Canadian study permit (Canada) - INR 12,000 to 15,000
Student visa subclass 500 (Australia) - INR 36,000 to 37,000
New Zealand student visa (New Zealand) - INR 28,000 to 29,000
Living expenses for international students abroad
The living costs for international students are one of the significant costs associated with an MBA abroad. Keep in mind that living expenses in other countries are much higher than in India and must be taken into consideration.
Only a select few of you will be fortunate enough to receive an all-inclusive scholarship that will cover your living costs, so for the rest of you, you will need to properly budget for this when determining the cost of an MBA program overseas.
Before looking at the cost of living for an MBA abroad, you should be aware that the precise amount will depend on the type of housing you select, such as on-campus or off-campus facilities, whether you have a private or shared room, the amenities you desire, and where you are located in the country.
When calculating the price of an MBA program overseas, you'll discover that certain places have significantly higher monthly costs than others. So, if money is limited, look for universities in areas with low costs of living.
In the majority of foreign nations, international students are also permitted to work part-time, which can be a very helpful source of revenue for your daily expenditures.
Annual living expenses for MBA study abroad:
USA: INR 765,000 - INR 13,80,000
UK: INR 920,000 - INR 18,40,000
Canada: INR 840,000 - INR 12,25,000
Australia: INR 920,000 - INR 16,86,000
New Zealand: INR 765,000 - INR 11,50,000
If you want to calculate the cost of college then you can check this link here.
Conclusion
Yes, the expense of an MBA overseas may seem overwhelming to you, but try not to get discouraged if the price tag is out of your price range.
There are many financial aid options available specifically for international students to allay your financial concerns and inspire you to pursue a degree overseas.
You can achieve your objective by working harder, taking on part-time jobs, or saving as much money as you can. Once you finish the program, all of your investment will eventually provide fantastic profits.
FAQ
Which country is the cheapest for MBA?
Germany is said to be the cheapest country for doing MBA.
Is MBA abroad expensive?
In India, an MBA will set you anywhere between INR 7,50,000 and INR 25,000.
On the other hand, the cost of an MBA will range from INR 20,00,000 to 75,00,000 if you plan to study abroad in a country like the United States, the United Kingdom, Canada, or Australia.
Is MBA cheaper in India or abroad?
This is a completely different premise, and the solution is straightforward: if you can afford it, an MBA from a mid-level university abroad is preferable to an MBA from a private institute in India.
The return on investment is just higher. A few foreign universities provide MBA courses at significantly cheaper costs than anticipated.
Can I study MBA abroad for free?
Search for grants and scholarships if you want to study abroad without breaking the bank.
Each year, thousands of overseas students get financial aid from universities, foundations, charities, and government agencies for their living expenses and tuition.
Consult an expert advisor to get the right plan
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