Top 10 Countries To Study MBA Abroad 2024

Career
08 Jan 2024
14 mins read
Written by pranit

A Master’s in Business Administration (MBA) degree is usually considered a worthy investment in your career for many. Whether getting job-ready for freshers or accelerating your trajectory for solidifying your role in the current employment, MBA has surely earned its place as one of the most in-demand post-graduation (PG) courses in the current times. Apart from many other benefits an MBA program offers, its highlight remains that it is designed to benefit people at all stages of their careers.

 

Pursuing an MBA in foreign countries offers incredible personal and professional growth opportunities. You can gain different perspectives, get exposure to various cultures and broaden your growth horizon. However, selecting the best countries for an MBA program can be tiring since each country has its educational systems, cultural aspects and opportunities.

 

Do You Know?

 

  • According to Indeed, a Master of Business Administration or MBA is one of the most sought-after master’s degrees among students.
  • Less than 6 per cent of business schools worldwide have obtained Association to Advance Collegiate Schools of Business (AACSB) accreditation.
  • According to a Forbes report, globally, around 78,061 students were pursuing full-time MBA compared to 53,281 pursuing MBA through online mode as of May 2022.
  • The total number of MBA students in 2021-22 in the UK was 38,050, according to the HESA Report.

 

As important as it is to get enrolled in the right MBA program from the right MBA college abroad, it is equally essential to choose the right country since it acts as a foundation stone for your successful career. Read on to know more.

Criteria for Choosing a Country for MBA Program

We list a few important criteria (which may vary from one individual to another) for choosing the right country for your education abroad.

 

  • Quality of education, that is, university ranking and international accreditation
  • Teaching faculty and the desired program offered
  • Cost of education and overall living
  • MBA scholarships offered by the university or government
  • Job prospects after course completion, since MBA, unlike many other courses, are more future-oriented
  • Personal preferences and language may also play a vital role for many for a fruitful study abroad experience.

Here’s a list of the 10 most popular and best countries for MBA programs.

 

1.

United States

2.

United Kingdom

3.

Canada

4.

Australia

5.

Germany

6.

Singapore

7.

Spain

8.

France

9.

Netherlands

10.

Italy

 
1. United States

MBA has its roots in the United States, and the country’s Harvard University Graduate School of Administration (now known as Harvard Business School) first introduced MBA in 1908. Since then, the country has been the first choice for many aspiring MBA students. about 558 US universities are offering MBA programs.

 

Top 5 Universities: QS Global MBA Rankings 2023

 

Global Rank

University

Overall Score

1

Stanford Graduate School of Business

Stanford (CA), United States

93.6

2

Harvard Business School

Boston (MA), United States

92.4

3

Penn (Wharton)

Philadelphia (PA), United States

92.1

4

MIT (Sloan)

Cambridge (MA), United States

91.5

5

Columbia Business School

New York (NY), United States

90.7

 

Cost of Studying

Category

Average Amount in USD

Annual Tuition Fees

$60,000 to $80,000

Monthly Cost of Living

$800 to $1,000

 

Top Specialisations

  1. Business Analytics
  2. Information Technology
  3. Economics
  4. Finance
  5. Marketing

 

Exams Required

  • Graduate Management Admission Test (GMAT)
  • Graduate Record Examinations (GRE)
  • Proof of English Proficiency (TOEFL/IELTS)

 

Immigration Policy for International Students

The MBA abroad application process for international students intending to study in the US begins by acquiring a valid USA student visa. An F-1 Visa (Academic Student) is required to enter the United States as a full-time student who wishes to pursue an MBA from an accredited college or university. 

 

Must Read: Best countries to study abroad

 
2. United Kingdom

The United Kingdom has a fantastic global reputation for some of the world’s best universities. Pursuing an MBA from the UK, especially London, holds immense importance for any MBA aspirant since London is considered the world’s most competitive and leading banking and finance centre. With excellent opportunities, the UK is among the favourite MBA abroad destinations for Indian students. More than 120 universities in the UK offer MBA programs, many of which are listed among the QS Global MBA Rankings 2023.

 

Top 5 Universities: QS Global MBA Rankings 2023

 

Global Rank

University

Overall Score

5

London Business School

London, United Kingdom

91.6

12

Cambridge (Judge)

Cambridge, United Kingdom

89.4

13

Chicago (Booth)

Chicago (IL), United Kingdom

89.3

16

Oxford (Said)

Oxford, United Kingdom

87.3

21

Imperial College Business School

London, United Kingdom

83.7

 

Cost of Studying

Category

Average Amount in GBP

Annual Tuition Fees

£30,000 to £1,00,000

Monthly Cost of Living

£290 to £460

 

Top Specialisations

  1. General Management
  2. International Business
  3. Business
  4. Finance
  5. Entrepreneurship

 

Exams Required

  • Graduate Management Admission Test (GMAT)
  • Graduate Record Examinations (GRE)
  • Language Test Requirements (IELTS/TOEFL/PTE)

 

Immigration Policy for International Students

A student visa is mandatory to pursue an overseas MBA program in the UK. International students are allowed to take a part-time job, work placement or internship while pursuing their MBA; however, they must adhere to the rules and laws pertaining to it.

 
3. Canada

Canada remains a favourite destination for MBA aspirants thanks to its cultural diversity, quality of business schools, employment opportunities post-graduation, and safe environment. MBA abroad benefits are thoroughly enjoyed in Canada as the country has a prospering economy, welcoming policies and a vibrant culture. There are more than 40 MBA universities in Canada, many of which have secured a place in global rankings.

 

Top 5 Universities: QS Global MBA Rankings 2023

 

Global Rank

University

Overall Score

41

Toronto (Rotman)

Toronto (ON), Canada

69.2

69

Western (Ivey)

London (ON), Canada

60.7

73

McGill (Desautels)

Montreal (QC), Canada

60.1

76

Queen’s (Smith)

Kingston (ON), Canada

59

92

UBC (Sauder)

Vancouver (BC), Canada

57.6

 

Cost of Studying

Category

Average Amount in CAD

Annual Tuition Fees

$40,000 to $1,00,000

Monthly Cost of Living

$1,350 to $2,500

 

Top Specialisations

  1. Finance
  2. Marketing
  3. Human Resource
  4. International Business
  5. Operations

 

Exams Required

  • Graduate Management Admission Test (GMAT)
  • Graduate Record Examinations (GRE)
  • Language Test Requirements (IELTS/TOEFL)
  • International students must undergo a medical test, and the results must be submitted with the student visa application.

 

Immigration Policy for International Students

If you wish to study MBA abroad in Canada, you need a study permit. Students must obtain an acceptance letter from the Canadian university and then apply for a study permit from Immigration, Refugees and Citizenship Canada (IRCC). The study permit allows you to work part-time for up to 20 hours per week in Canada.

 
4. Australia

In recent years, Australia has cemented itself as one of the best countries to study MBA abroad. Many of the country’s universities have secured a place in the global top lists due to their emphasis on practical learning and exposure to internships and work experience integrated within the degree programs. There are around 90 universities in Australia offering MBA courses in various specialisations.

 

Top 5 Universities: QS Global MBA Rankings 2023

 

Global Rank

University

Overall Score

27

Melbourne Business School

Melbourne, Australia

77.6

31

UNSW (AGSM)

Sydney, Australia

74.4

82

Macquarie Business School, Macquarie University

Sydney, Australia

58.6

84

Monash Business School

Melbourne, Australia

58.5

87

UQ Business School

Brisbane, Australia

58.3

 

Cost of Studying

Category

Average Amount in AUD

Annual Tuition Fees

$48,000 to $88,000

Monthly Cost of Living

$1,500 to $2,600

 

Top Specialisations

  1. Finance
  2. Marketing
  3. Healthcare Management
  4. Information Technology
  5. Entrepreneurship

 

Exams Required

  • Graduate Management Admission Test (GMAT)
  • Graduate Record Examinations (GRE)
  • Language Test Requirements (IELTS/TOEFL/PTE)

 

Immigration Policy for International Students

The MBA abroad application process for Australia requires international students to obtain student visas. Students must have a written offer of placement at the university and pay the required tuition fee deposit to apply for a student visa. International students can also work part-time for 40 hours per fortnight during the terms and full-time during breaks while pursuing an MBA. 

 

Must Read: Important financial considerations for studying abroad

 

 

5. Germany

Germany is considered one of the popular destinations for MBAs in foreign countries. Some of the key reasons are its world-class education system, ample post-study work options, and public universities in Germany not charging tuition fees, making them cost-effective. Also, most German universities and B-Schools now offer English-language courses, thus attracting students across the globe. Around 75 universities in Germany offer MBA programs.

 

Top 5 Universities: QS Global MBA Rankings 2023

 

Global Rank

University

Overall Score

43

Mannheim Business School

Mannheim, Germany

68.9

45

Frankfurt School of Finance & Management

Frankfurt am Main, Germany

68.1

59

WHU (Otto Beisheim)

Dusseldorf, Germany

63.6

85

ESMT Berlin

Berlin, Germany

58.4

121

HHL Leipzig Graduate School of Management

Leipzig, Germany

 

Cost of Studying

In Germany, public universities do not charge domestic as well as international students any tuition fee; only administrative fee is charged

Category

Average Amount in EUR

Administrative Fees  Per Semester (Public Universities)

€110 to €275

Annual Tuition Fees

€30,000 to €50,000

Monthly Cost of Living

€1,500 to €2,000

 

Top Specialisations

  1. Entrepreneurship
  2. Human Resource
  3. Finance
  4. Global Management
  5. International Marketing

 

Exams Required

  • Graduate Management Admission Test (GMAT)
  • Graduate Record Examinations (GRE)
  • English Language Proficiency tests (IELTS/TOEFL/iBT)

 

Immigration Policy for International Students

Pursuing overseas MBA programs in Germany requires international students to have a student visa to enter the country. However, Germany has visa-free entry for some countries. Additionally, upon arriving in Germany, you must apply for a student resident permit, allowing you to live in Germany while pursuing an MBA.

 
6. Singapore

The Lion City of South Asia, Singapore, is one of the most promising destinations for education abroad, especially MBA. The country holds a reputation for a solid education system, incredible career opportunities, strong global culture and international diversity. Around 19 universities in Singapore offer MBA programs, including the well-known National University of Singapore (NUS).

 

Top 5 Universities: QS Global MBA Rankings 2023

 

Global Rank

University

Overall Score

9

INSEAD

Paris, Singapore, France

89.9

28

ESSEC Business School

Paris, Singapore, France

77.1

26

National University of Singapore (NUS)

Singapore, Singapore

78.1

32

Nanyang NTU Singapore

Singapore, Singapore

73.9

151

University at Buffalo

Singapore

 

Cost of Studying

Category

Average Amount in SGD

Annual Tuition Fees

$25,000 to $1,00,000

Monthly Cost of Living

$750 to $2,000

 

Top Specialisations

  1. Finance
  2. Marketing
  3. Strategy and Organisation
  4. Real Estate
  5. Luxury Brand Management

 

Exams Required

  • Graduate Management Admission Test (GMAT)
  • Graduate Record Examinations (GRE)
  • English Language Proficiency tests (IELTS/TOEFL/PTE)
  • Personal interviews by some universities

 

Immigration Policy for International Students

Once you receive an MBA acceptance letter from a Singaporean university, you can apply for a Singapore Student Pass. All the visa documents, including the acceptance letter, will be verified by the Singapore Immigration and Checkpoint Authority (ICA), and the application form will be registered by the Institutes of Higher Learning (IHL). Students with a valid student pass are allowed to work part-time.

 
7. Spain

Spain is home to some of the finest business schools in the world. Hence, students looking for an overseas MBA program from a European country, Spain, can be an ideal choice for more reasons than one. MBA in Spain is renowned for its high academic standards, various specialisations and multiple MBA scholarships. More than 10 Spanish universities offer MBA programs.

 

Top 5 Universities: QS Global MBA Rankings 2023

 

Global Rank

University

Overall Score

7

IE Business School

Madrid, Spain

91.4

10

IESE Business School

Barcelona, Spain

89.8

17

Esade Business School

Barcelona, Spain

86.8

111-120

Universidad Carlos III de Madrid

Madrid, Spain

151-200

EADA Business School

Barcelona, Spain

 

Cost of Studying

Category

Average Amount in EUR

Annual Tuition Fees

Public universities: €960 to €1,800

Private universities: €10,000 to €20,000

Monthly Cost of Living

€650 to €1,200

 

Top Specialisations

  1. Finance
  2. Marketing
  3. Strategy and Consulting
  4. Entrepreneurship
  5. International Business

 

Exams Required

  • Graduate Management Admission Test (GMAT)
  • Graduate Record Examinations (GRE)
  • English Language Proficiency tests (IELTS/TOEFL)

 

Immigration Policy for International Students

  • For EU/EEA or Switzerland students: Only apply for a resident card.
  • For American students: A student visa is required if the course lasts more than 90 days.
  • For non-EU/EEA or Switzerland students: A student visa is mandatory.
 
8. France

France is the first European country to offer an MBA program at the INSEAD in Fontainebleau, France. France is considered one of the finest destinations for MBAs in foreign countries. The country offers many opportunities, global exposure, an excellent education system and much more. There are approximately more than 30 MBA universities in France.

 

Top 5 Universities: QS Global MBA Rankings 2023

 

Global Rank

University

Overall Score

4

HEC Paris

Jouy en Josas, France

92

9

INSEAD

Paris, Singapore, France

89.9

28

ESSEC Business School

Paris, Singapore, France

77.1

45

EDHEC Business School

Nice, France

68.1

48

ESCP Europe

Paris, London, France

67.3

 

Cost of Studying

Category

Average Amount in EUR

Annual Tuition Fees

€30,000 to €1,00,000

Annual Cost of Living

€12,000

 

Top Specialisations

  1. Finance and Digital Banking
  2. Digital Marketing
  3. Project Management
  4. International Business Development
  5. Travel and Tourism

 

Exams Required

  • Graduate Management Admission Test (GMAT)
  • Graduate Record Examinations (GRE)
  • English Language Proficiency tests (IELTS/TOEFL/PTE)
  • If you wish to apply for French taught program (DELF/DALF or TCF)

 

Immigration Policy for International Students

During the first year of the MBA program, students must have a valid long-term student visa, which also acts as residence proof. International students are required to register at the local French Office of Immigration and Integration (OFII) upon arrival to the country for a mandatory medical examination.

 

9. Netherlands

High-quality, affordable education is among the most sought-after MBA abroad benefits for international students. The Netherlands stays true to that. Thanks to the Dutch Government’s education subsidies, the MBA is cost-effective compared to the UK and US-based programs. There are around 10 MBA universities that offer English-taught MBA programs.

 

Top 5 Universities: QS Global MBA Rankings 2023

 

Global Rank

University

Overall Score

30

Erasmus (RSM)

Rotterdam, Netherlands

74.5

89

TIAS Business School

Tilburg, Netherlands

58

 

Cost of Studying

Category

Average Amount in EUR

Annual Tuition Fees

€40,000 to €50,000

Monthly Cost of Living

€300 to €600

 

Top Specialisations

  1. Human Resource
  2. Marketing
  3. Information Technology
  4. Finance
  5. Travel and Tourism

 

Exams Required

  • Graduate Management Admission Test (GMAT)
  • Graduate Record Examinations (GRE)
  • English Language Proficiency tests (IELTS/TOEFL/ PTE)

 

Immigration Policy for International Students

The Netherlands university applies for student visas on behalf of international students. You will then be issued a temporary Dutch residence permit.

 
10. Italy

Italy offers world-class education at a lower fee structure, making it among the best countries for MBA. With advanced infrastructure, practical curriculum, post-study opportunities and various other factors, it has become one of the favoured MBA abroad destinations for Indian students. There are around 7 universities in Italy offering MBA programs.

 

Top 5 Universities: QS Global MBA Rankings 2023

 

Global Rank

University

Overall Score

22

SDA Bocconi

Milan, Italy Jouy en Josas, France

83

71

Politecnico di Milano

Milan, Italy

60.2

131-140

LUISS University

Rome, Italy

201-250

MIB Trieste School of Management

Trieste, Italy

251+

Bologna University Business School

Bologna, Italy

 

Cost of Studying

Category

Average Amount in EUR

Annual Tuition Fees

€19,000 to €48,000

Monthly Cost of Living

€700 to €1,000

 

Top Specialisations

  1. Finance and Accounting
  2. Marketing
  3. International Business
  4. Human Resource
  5. Operations Management

 

Exams Required

  • Graduate Management Admission Test (GMAT)
  • Graduate Record Examinations (GRE)
  • English Language Proficiency tests (IELTS/TOEFL)

 

Immigration Policy for International Students

If you are planning to study MBA abroad, the application process in Italy starts quite early. You must apply for a student visa before the expected travel date to the country. After arrival, students must apply for a residence permit.

 

Must Read: How to answer these 10 most common questions for an overseas job interview

 

Other Emerging Destinations

Apart from the countries mentioned above offering excellent overseas MBA programs, below are emerging destinations that hold promise and steadily attract MBA aspirants.

  • New Zealand
  • Switzerland
  • Malaysia
  • Norway
  • Austria

Frequently Asked Questions

  • Which country is best to settle in after an MBA?

Countries like Australia, Canada, the United States and Germany are considered the best countries to settle after an MBA.

 

  • Which country MBA is highest paid?

The United States, Australia and Switzerland typically offer the highest salaries for MBA graduates.

 

  • Which country is the cheapest for MBA?

In terms of good quality education and low fees, Norway and Germany are the cheapest countries to pursue MBA programs as they do not have tuition fees.

 

  • Which MBA is most in demand?

MBA in Finance, Information Technology and Human Resources are the three most in-demand MBA programs.

 

  • Who is eligible for an MBA abroad?

Eligibility criteria for an MBA may vary from university and country. However, students must have an undergraduate degree, work experience of 3-5 years, competitive GMAT or GRE score and good language proficiency test scores to be eligible to study abroad.

Before you go…

Pursuing education abroad is a life-changing decision. Apart from understanding various nitty-gritty like the place to study, MBA colleges abroad, course to enroll, the visa and other requirements and other factors, students must also stay updated on the best ways to transfer money overseas. Since there is a high likelihood of working part-time alongside pursuing an MBA, apps like Instarem can make a money transfer to your loved ones overseas hassle-free, fast* and cost-effective#.

send money instarem

*rates are for display purposes only

 

Try Instarem for your next transfer.

 

Download the app or sign up here.

 

Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.

About Instarem

Instarem stands at the forefront of international money transfer services, facilitating fast and secure transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs like USD to INR, SGD to INR, and AUD to INR. If you're looking to send money to India or transfer funds to any of 60+ global destinations, Instarem makes it easy for you. We are dedicated to simplifying cross-border payments, providing cutting-edge technology that support individuals and businesses alike in overcoming traditional fiscal barriers normally associated with banks. As a trusted and regulated brand under the umbrella of the Fintech Unicorn Nium Pte. Ltd., and its international subsidiaries, Instarem is your go-to for reliable global financial exchanges. Learn more about Instarem.