USA vs Australia: Which Country is Better for Indian Students to Study Abroad?

The growth of economies, businesses, and globalization is making the Master of Business Administration (MBA) program increasingly popular both nationally and internationally. Over the years, companies have shifted from hiring fresh graduates and providing in-house training to preferring well-qualified professionals with broad experience, especially in the business sector. As businesses expand across industries, careers in business are becoming more attractive and promising. To meet the rising demand, many educational institutions now offer MBA programs. For many business education aspirants, studying abroad is a cherished dream, and they often find a wide range of MBA programs available internationally. The MBA remains the most sought-after program due to its lucrative salary packages, great career opportunities, networking potential, enhanced skills and knowledge of the latest business trends, and exposure to business organizations and potential employers. With so many options, choosing the right MBA program can be challenging.

To clear the air about studying MBA abroad, read on.

Why do students choose the USA for an MBA Abroad?

Many learners choose to study for an MBA in the USA because of the excellent career opportunities and top-ranked business schools available. The USA is often the first place people think of for an MBA. However, with so many options, it can be helpful to get assistance in selecting the ideal institute.

Pursuing an MBA in the USA offers numerous advantages. The country is home to top-ranked business schools like Harvard, Stanford, and Wharton, which provide rigorous programs and renowned faculty. The diverse culture and large international student populations enrich the learning experience and expand networking opportunities. The presence of major global companies, such as Amazon, Apple, and Google, offers excellent career prospects, with many MBA programs maintaining strong ties to top employers. The USA also provides various program options, including full-time, part-time, online, and executive MBAs, often with specialized tracks. The high-quality education emphasizes practical, real-world learning, leading to high salaries and career advancement. Additionally, numerous scholarships are available for international students, making the USA an attractive destination for an MBA.

However, many students also select Australia for their MBA studies. So why opt for an MBA in Australia?

Many international students opt for management education in Australia every year. Depending on your interests and desired qualifications, you can choose between a general management course—either standalone or with a specialized industry focus—or a Master of Business Administration (MBA).

Completing an MBA or management course in Australia offers numerous advantages. You’ll graduate with a high-quality, internationally recognized qualification that can enhance your career prospects globally. Australia boasts around 75 internationally accredited MBA programs, many recognized by AACSB and EQUIS. Australian courses combine practical and theoretical knowledge, emphasizing communication, personal, and leadership skills while fostering creativity and independent thinking. Many programs offer internships with local companies or international exchanges. Australia’s multicultural environment allows you to study alongside peers from diverse backgrounds, providing a broad cultural perspective on management and merging Eastern and Western business practices.

Difference between studying MBA in the USA & Australia:

• According to US Consulate officials, over a million international students enrolled in US higher education in the 2022/23 academic year, with 268,923 from India. In Australia, India remains the second-largest source of international students, with 122,391 Indian students enrolled.

• Some of the well-known universities for doing an MBA in the USA are Stanford University, University of Pennsylvania (Wharton), Northwestern University (Kellogg), University of Chicago (Booth), Massachusetts Institute of Technology (Sloan), Harvard University, New York University (Stern), University of California, Berkeley, Yale University, Dartmouth College, University of Virginia, Columbia University, Duke University, University of Michigan, Cornell University, Carnegie Mellon University, University of Texas, among others.

• The University of Melbourne, University of Sydney, University of New South Wales (UNSW Sydney), Australian National University (ANU), Monash University, University of Queensland, University of Western Australia, University of Adelaide, University of Technology Sydney and RMIT University are some of the best MBA colleges in Australia.

• The cost of an MBA in the USA varies widely, usually ranging from 50 to 83 Lakhs per year, depending on the school’s reputation, location, and program length. In Australia, MBA tuition fees typically range from 27 to 46 Lakhs per year.

• Scholarship availability for MBA in the US:

An MBA in the US can range from $50,000 to $60,000 per year, exclusive of living expenses of $10,000 to $18,000 (approximately) per year, depending on where and how you live. So if you want to avoid spending a fortune, MBA scholarships for international students in the USA is here to your rescue.

1. Stanford Knight-Hennessy Scholars Program – Stanford Business School

• Available to students in one of Stanford’s seven graduate schools.
• Applicants should show independence of thought, leadership driven by purpose, and a civic mindset.

2. Harvard Business School Scholarships – Harvard University

• Need-based scholarships for MBA students.
• Scholarship amount varies based on financial need; full financial details are required for consideration.

3. McKinsey Award – MIT Sloan School of Management

• Scholarships from McKinsey and Company for incoming MBA students.
• Requires outstanding academic records, leadership, and drive; final selection includes personal interviews.

4. Donald P. Jacobs International Scholarships – Kellogg School of Management

• Merit-based scholarships, including the popular Donald P. Jacobs International scholarships.
• Automatically considered once admitted, especially for strong international students in 2-year MBA and MIM programs.

5. Dean’s Scholarship – Stern School of Business

• Named after Dean Rangarajan “Raghu” Sundaram.
• Covers the entire MBA tuition for bright students.

6. Consortium for Graduate Study in Management Fellowship – Tuck School of Business

• Merit-based MBA scholarships through the Consortium for Graduate Study in Management.
• Available to students at the Tuck School of Business, Dartmouth College.

• Scholarship availability for MBA students in Australia

With a range of fully-funded MBA scholarships designed to cover essential educational expenses, Australian universities help students maintain a seamless academic journey.

Below are five premier MBA scholarship options in Australia, complete with all pertinent details:

1. ANU MBA Scholarship

• University: Australian National University
• Course Supported: MBA
• Eligibility: International students enrolled in a full-time or part-time MBA program at the Research School of Management.
• Perks: Covers a percentage (25%, 50%, 75%, or 100%) of tuition fees. Applied to Domestic or International Student Fees at the start of each semester.

2. Curtin International Scholarships – Merit Scholarship

• University: Curtin University
• Course Supported: Undergraduate and postgraduate coursework, including the MBA (Advanced) program.
• Eligibility: International students studying for the first time at Curtin University and enrolled in a full-time degree program.
• Perks: 25% off first-year tuition fees, up to 200 credit points.

3. Melbourne Business School-MBA Scholarships

• University: Melbourne Business School (University of Melbourne)
• Course Supported: Full-time MBA, Executive MBA, Senior Executive MBA
• Eligibility: Must have a valid GMAT or GRE score and be enrolled in a full-time MBA program at Melbourne Business School.
• Perks: Varies.

4. Monash International Leadership Scholarship

• University: Monash University
• Course Supported: Any undergraduate or postgraduate degree program
• Eligibility: International students enrolled in a full-time degree program.
• Perks: Covers 100% of program fees and includes participation in Monash University events.

5. Adelaide MBA Scholarship

• University: University of Adelaide
• Course Supported: Executive MBA (excluding online MBA programs)
• Eligibility: Proof of acceptance into the program, no more than one additional scholarship, and application based on the required study period.
• Perks: Covers the minimum number of courses required to graduate, including the Executive Graduate Certificate (12 units), Executive Graduate Diploma (24 units), and Executive MBA (36 units).

Choosing between an MBA in the US or Australia depends on your career goals, budget, and personal preferences. The US offers prestigious schools, extensive networking opportunities, and a wide range of specializations, but it’s expensive and visa processes can be tough. Australia, on the other hand, provides quality education at a more affordable cost, a great work-life balance, and easier post-study work visas. Consider where you want to work after graduation, how much you can spend, and which lifestyle suits you best to make your decision.