If you are planning to do an MBA from a foreign university, the cost involved is one of the most important factors to consider. There are two popular destinations for Indian students to study abroad: the US and the UK.

There is no denying that the US is the most popular destination for Indian students pursuing higher education such as an MBA or an MS, while those who opt for a more cost-effective alternative tend to head to other destinations such as Canada or Australia.

Here we provide an overview of the costs associated with studying an MBA at one of the top universities in these countries.

According to the Ministry of External Affairs (MEA) data of 2022, over 465,000 Indian students are studying in the US, followed by 183,000 in Canada. In Australia, the number is just over 100,000 and in the United Kingdom (UK) only over 55,000.

(Source: Ministry of Foreign Affairs, 2022 data)

Let’s go through each country one by one.

I. USA

There are a number of business schools in the land of opportunity. The top schools include Stanford, Wharton, Harvard, MIT, Columbia, Northwestern and UC Berkeley.

Tuition fees: The tuition fee for one year at Stanford is approximately $82,455 while the total cost is $130,746 including living expenses ($19,000), accommodation ($20,880), health insurance ($7,620) and healthcare expenses ($783). The total cost for an Indian student is therefore ₹1.09 crore. For a two-year MBA, this cost doubles to ₹2.18 Crores.

Labor rights: International students with an F-1 visa are allowed to work up to 20 hours per week during class time and up to 40 hours per week outside of class time. After completing their studies, students are allowed to stay in their home country for one year as part of a so-called OPT (optional practical training).

OPT is temporary employment and is directly related to an F-1 student’s major field of study, such as IT or finance. Students eligible for OPT may apply for OPT authorization for up to 12 months.

In addition, if you have a degree in STEM subjects (science, technology, engineering and mathematics), you can apply for an extension of your OPT authorization for 24 months after completing your studies under certain conditions.

II. Canada

The neighboring country of America on the North American continent has long been a hotspot for Indian students and Indians in general. Currently, over 1.83 Indian students are studying in Canada (2022 data). Some of the prestigious universities in Canada include Queen’s University, University of Toronto, University of Waterloo, University of York, and McGill University, among others.

For example, an MBA at McGill University costs an Indian student around US$102,500 in tuition fees, plus another US$3,000 for an international study trip. Another US$24,000 must be added for living expenses.

So the total cost of an MBA is 1,05,500 + 24,000 = 1,29,500. For Indian students, this is about ₹80 lakh (129,500 x 62).

Labour rights: Students are allowed to work up to 20 hours per week. International students can apply for a three-year PGWP (Post-Graduation Work Permit) even if the duration of the Master’s program is less than two years. However, the candidate must meet all other eligibility criteria (for example, the program must have lasted at least 8 months).

III. Australia

Those who cannot afford to study in the USA or Canada are more likely to choose cheaper options such as Australia, where the cost of living and tuition fees are lower.

The best universities in Australia for an MBA include the University of Melbourne, Queensland, Sydney, Western Australia, Canberra, Wollongong and Victoria University.

The cost of an MBA at the University of Sydney for one year is $55,000. The total cost of a 1.5 year MBA is $82,500. The living expenses ($2,000 per month) for 1.5 years is $36,000. The total cost is therefore $82,500 + $36,000 = $118,500. If you convert this into Indian currency (at the rate of $1 is ₹56) the total costs are ₹66.36 lakhs

Labor rights: Foreign students are allowed to work up to 48 hours every two weeks during the university’s lecture period, i.e. 24 hours per week.

After completing your studies, you can apply for a work permit (Temporary Graduate Visa, subclass 485). To apply for this visa, the applicant must have held a student visa for at least 6 months and be no older than 35 years.