Cheapest Countries To Pursue Your MBA Education
MBA is probably the most sought-after master’s program, not just for its earning potential but also for the exposure and network that comes along with it. Many students struggle between an MBA in India or abroad. However, if you choose to go abroad, it comes with a pretty penny especially when targeting the USA, which is also the home to premier business schools of the world. This can prove to be a roadblock for many aspirants, who usually have to go via the loan route. While it is a harsh reality, there are many top business schools that will make a slightly forgiving dent in your pocket! We are here to discuss some options with you regionally, which will help you make a better decision.
MBA from UK / Europe
A. United Kingdom
UK is one of the most preferred B-School destinations and competes with the USA in terms of popularity. With it comes a hefty price tag when we talk about traditional business schools like the Oxford Said, Cambridge Judge, or the London Business School.
| S.No. | College | Fees in Pounds (1 Pound= INR 103.78) | Avg GMAT |
| 1. | London Business School | £109,700 | 710 |
| 2. | Said Business School – Oxford University | £71,440 | 690 |
| 3. | Judge Business School – Cambridge University | £64,000 | 690 |
| 4. | Warwick Business School | £49,950 | 650 |
| 5. | Imperial Business School | £61,500 | 650 |
However, there are many affordable options for those looking to study in the British country. For example:
| S.No. | College | Fees in Pounds (1 Pound= INR 103.78) |
| 1. | University of Worcester | 15,800 |
| 2. | The University of Wales Trinity Saint David | 15,000 |
| 3. | University of Bolton | 9,000 |
| 4. | York St John University | 10,800 |
| 5. | London Metropolitan University | 9,300 |
| 6. | Bath Spa University | 9,500 |
| 7. | University of Gloucestershire | 9,850 |
| 8. | London South Bank University | 9,880 |
| 9. | University of the Highlands and Islands | 9,900 |
| 10. | Ulster University | 10,410 |
B. France
While living cost in France is expensive, particularly in Paris, business schools in France are substantially more affordable than in the USA. For example, a 2-year degree from Stanford will cost you around INR 2.5-3 crore, while an HEC will be about INR 90 lakhs. The choices available in France are world-class, while they cost half or even less than in the US.
Here are the top business schools in France
| SNo. | College | Fees in Euro(1 EUR= 89.01) | Average GMAT |
| 1. | HEC Paris | 90,000 | 700 |
| 2. | INSEAD | 97,000 | 710 |
| 3. | ESCP Business School | 51,000 | 640 |
| 4. | EDHEC Business School | 46,000 | 650 |
| 5. | ESSEC Business School | 49,500 | 600 |
Spain
Spain offers some of the most highly qualified and distinguished faculty. Many of their business schools are part of international ranking. The teaching style, Industry readiness, and affordable fees make it one of the most attractive destinations for students. Spain is known for it culture and its work life balance in contrast to some other EU countries.
Here is an overview of the top Business Schools in Spain:
| S.No. | College | Fees (In Euro)(1 Euro= INR 89.01) | Avg GMAT |
| 1. | ESADE Business School | 76,500 | 660 |
| 2. | IE Business School | 82,300 | 670 |
| 3. | IESE Business School | 99,000 | 670 |
| 4. | EADA Business School | 43,000 | 650 |
| 5. | ESERP Business School | 15,100 | 620 |
D. Germany
Germany is an upcoming destination for students who want a quality education without exorbitant fees. It is a good location to pursue a top-class MBA. It is an industrial hub with top recruiters like Audi, Mercedes, Volkswagen, etc. On top of that, you do not have to mandatorily learn German although a working knowledge of German will give you distinct advantages.
Here are the top business schools in Germany
| S.No. | College | Fees in Euro (1 Euro=89.01 INR) | Avg. GMAT |
| 1. | Frankfurt School of Finance & Management | 42,000 | 49,500 | 640 |
| 2. | Munich Business School | 32,000 | 700 |
| 3. | Manheim Business School | 42,500 | 650 |
| 4. | University of Bayreuth | 17,200 | 600 |
| 5. | ESMT Berlin | 49,000 | 640 |
E. Norway
It is hands down one of the cheapest business school destination for Indian students. The tuition fee is nominal as compared to other countries and is next to nothing in public universities. Norway has one of the highest standards of living in the world and is one of the safest places. Also, their fee does not vary as per the country of the candidate.
| S.No | College | Fees in NOK (1 NOK= 7.59 INR) |
| 1. | Norwegian University of Science and Technology | 35,560 |
| 2. | University of Oslo | NIL, only the registration fee |
| 3. | Norwegian School of Economics | 1,80,000 |
| 4. | University of Bergen | 590 per semester |
| 5. | University of Stavanger | 1,50,000 |
Here are the top options in Norway:
As you can see, the cost varies across the board, but it is substantially less than in other places. However, these are just some of the options, and the GMAT score is relatively low at 600 approximately for most universities.
F. Other top destinations in Europe
These include Italy with Bocconi University and Luiss Business School being the top picks, and Poland with Universidad Kozminski and ESCP Business School. The options are endless!
MBA from North America
A. Canada
It is way more affordable than a US MBA, but also a lot more friendly country in general. As you can see in the table below, it does not have the exorbitant GMAT score requirement either. The Canadian MBA schools have world-class infrastructure and are way more affordable than other global management courses. Over and above, it is easier to secure employment in a burgeoning economy like Canada, along with extensive networking and internship opportunities. Eventually, students get absorbed in one of the top companies that come for recruitment. Another feather on the cap is a three-year work permit post-MBA for Indian students. In addition, it is well known that there is a strong Indian community, and students can work for 20 hours every week off-campus while pursuing their MBA.
Here is an overview of the top 5 MBA colleges in Canada
| S.No. | College | Fees (in CAD)(1 CAD = 61.9 INR) | Average GMAT |
| 1. | The University of Toronto – Rotman School of Management | $136,410 | 670 |
| 2. | Queen’s Smith School of Business | $105,100 | 654 |
| 3. | Western University – Ivey Business School | $126,600 | 680 |
| 4. | McGill University – Desautels Faculty of Management | $99,500 | 675 |
| 5. | York University – Schulich School of Business | $106,900 | 660 |
B. USA
The USA can be a cheap destination if you are willing to go beyond the usual top-ranked MBA colleges. For instance, UT Austin, MC Comb School of Business specializes in finance, or Kentucky State University can offer you a low-cost MBA without compromising the quality of education or infrastructure. Similarly, Iowa State University can be a viable option for those looking for a STEM MBA on a budget. In addition, many of these schools offer financial aid to meritorious candidates while offering best-in-class job offerings post-MBA.
Related Read: Overlooked Nuances Of Applying To International Universities
MBA from Asia
Here we will be discussing countries other than India, as Indian B Schools are a separate topic altogether. Asia still remains one of the top locations in the world for business school aspirants, given that
A. Singapore
One of the most obvious choices for students looking to go abroad. It is home to some of the top business schools in Asia, and the students routinely acquire lucrative packages after graduation from their business programs.
| SNo. | College | Fees (in SGD) 1 SGD = 60.56 | Avg GMAT |
| 1. | National University of Singapore | S$91,090 | 670 |
| 2. | Singapore Management University | S$70,200 | 660 |
| 3. | NTU Nanyang | S$70,953 | 677 |
B. Malaysia
A good option for freshers who do not have work experience, which is not mandatory for many top business schools in Malaysia. Also, it is a budget-friendly destination, with an easy visa approval process. Most schools do not require a GMAT but require a TOEFL score of over 80 and IELTS score of over 5.5.
| S.No. | College | Fee in INR |
| 1. | University of Malaya, Kuala Lumpur | ₹1.16L/Yr |
| 2. | Universiti Utara Malaysia, Changlun | ₹768.1/Yr |
| 3. | Universiti Teknologi Petronas logo, Seri Iskander | ₹10.87L/Yr |
| 4. | Universiti Sains Malaysia, George Town | ₹2,55 L /Yr |
| 5. | Universiti Teknologi Malaysia logo, Skudai | ₹1.41 L/Yr |
MBA from Oceanic countries
This includes Australia primarily. The land of Kangaroos is a growing attraction for Indian students, as it offers a wide industry-accepted MBA, along with other perks. Some of these include flexibility to work up to 20 hours every week during your course, and unlimited time during your time off, that is, holidays. Additionally, it is easier to get absorbed into the industry after an MBA and the continent country holds the reputation of being one of the highest-paying nations in the world. Additionally, they also have a burgeoning Indian community.
| S. No. | College | Fees in AUD (1 AUD= 54.56 INR) |
| 1. | Kaplan Business School | 15,375.00 |
| 2. | Holmes Institute | 17,600.00 |
| 3. | Charles Darwin University | 20,560.00 |
| 4. | Edith Cowan University | 20,600.00 |
| 5. | Victoria University | 20,940.00 |
GMAT is not required for many Australian universities, however, there is an IELTS/TOEFL requirement.
As you can see the opportunities are endless, and with a bit of effort, the world is your oyster. We at The MBA Edge will help you expand your horizons, and provide you with the best possible opportunities.
Note:
- This list is not exhaustive
- Ranking varies across the years
- The exchange rate fluctuates
- Please do in depth research of the college you are choosing
