Enquire now

Affordable MBA Abroad for Indian Students

  • Gradstar
  • September 24, 2024
Affordable MBA Abroad for Indian Students

One of the drawbacks you may experience as an MBA degree seeker is finding options for an affordable MBA abroad for Indian students. But did you know that 1,335,878 Indian students went abroad to study for an MBA in the year 2024? What is their trick to getting a foreign MBA at a reasonable cost? 

For many Indian students like yourself, getting an MBA abroad is a great investment. Thankfully, some great options exist that will not collapse your finances if affordability is a major consideration. For starters, if you wish to study abroad and keep it budget-friendly, you should think of the country, city, and the type of courses that fit the bill. Another great opportunity that you should be looking at is the scholarships on offer. So, strap in and let’s find out the details of financing an affordable MBA abroad.

Why Study an MBA Abroad?

An MBA is an ideal option if you are really thinking about taking your corporate career to the next level. Pursuing an MBA program at some of the world’s best business schools overseas has great advantages. Many Indians who want to pursue an MBA check off some of the following reasons for doing so.

Better Employment Opportunities and the Possibility of Higher Earnings

An international MBA degree from a world-class university may add a great deal of value to your resume and improve your opportunities. Better jobs, greater promotion opportunities, and higher salaries at entry-level positions all become more accessible to MBA holders. 

Global Connections

International studies offer you the opportunity to connect with people from different countries. Not only will you experience new educational systems, but you will also encounter and network with various employers and students from more than one country. In this sphere, networking and communication are as critical as classroom learning.

Understanding of Global Business Dynamics

During your MBA studies abroad, you will develop the knowledge and skills of a professional who will thrive not only at home but internationally. Global MBA programs take a comprehensive and holistic view of the business world. You graduate with the experience and qualifications to thrive in the international job market.

Availability of Financial Aid for Students

The other advantage that comes with applying abroad is that you can lessen some of the financial burden with a scholarship. There are a lot more opportunities for an affordable MBA abroad for Indian students through different scholarships. These scholarships can help in reducing the cost of studying overseas which can otherwise skew more expensive than your budget may allow.

Key Factors to Consider While Choosing an Affordable MBA Program

To find an affordable MBA abroad for Indian students, you need to narrow your search using certain key factors. These factors are the main contributors to your expenses while studying abroad. The right combination of each of these key factors can positively impact the financial requirements of your study abroad journey.:

Tuition fees

The biggest expense while studying abroad is going to be your tuition fees. Naturally, the first consideration in finding an affordable MBA abroad for Indian students is the tuition fees. Tuition fees depend on the country you apply to, the reputation of the university, the location, the program itself, and more. A good way to predict tuition fees is as follows:

Traits More expensive if it’s More affordable if it’s
Size A large university A relatively smaller university
Prestige A prestigious and popular university Not very well-known
Public/private A private university (generally) A public university
Location Located in a big city (places with a higher cost of living) Located outside or far from any big cities (places with a lower cost of living)
Course facilities Highly technical facilities Less resource-intensive facilities

Scholarship Opportunities

Scholarships for Indian students are available in many countries and universities around the world. A good scholarship can drastically decrease your study costs. Some merit-based scholarships also cover living costs and provide stipends for other expenses. 

Career Prospects

Return on investment is important to consider when you invest in an MBA degree. You have to make sure you can earn up the money you spend on your study abroad. Your career prospects will depend on the country and university you go to.

Cost of Living

Affordable cities greatly change the living expenses you will incur. Living costs can change from one city to another within the same country. Besides the city, your cost of living will also depend on the housing, food, and facilities you opt for.

Top Affordable MBA Destinations for Indian Students

Canada

Canada is one of the first choices that come to mind when considering an affordable MBA abroad for Indian students. Thousands of Indian students choose to study in Canada for various kinds of degrees. Its top-ranking universities and excellent business schools offer world-class programs, and if you weigh your options, you can enroll in one without breaking the bank. 

Top Universities

University QS World Ranking in Business 2025
York University #151-200
University of Calgary #201-250
Simon Fraser University #251-300
University of Manitoba #451-500
University of Victoria (UVic) #451-500

Tuition Fees

Average costs in Canada to study an MBA range from CAD 20,000 to CAD 40,000 per year.

Cost of Living

The cost of living in Canada per year is roughly around CAD 15,000 to CAD 20,000. The most affordable cities for international students in Canada are:

● Montreal, Quebec
● Sherbrooke, Quebec
● Ottawa, Ontario
● Moncton, New Brunswick
● Winnipeg, Manitoba

Australia

Australia has more than 250,000 Indian students coming in every year, making it one of the most popular study-abroad destinations for Indians. The availability of scholarships, globally leading programs, and promising career opportunities drive this demand. Australian universities rank among the best and some excellent universities offer a reasonably low tuition fee for MBA degrees.

Top Universities

University QS World Ranking in Business 2025
Monash University =60
Deakin University #151-200
Macquarie University #151-200
The University of Western Australia #151-200
University of Wollongong #151-200

Tuition Fees

The average costs in Australia to study for an MBA range from AUD 45,000 to AUD 65,000 per year.

Cost of Living

The Australian visa office estimates living costs at around AUD 22,000 per year. The most affordable student cities in Australia are:

● Perth
● Brisbane
● Adelaide
● Canberra
● Gold Coast

Ireland

Ireland is a small country with an excellent education system for international students. Especially for those exploring an affordable MBA abroad for Indian students, Ireland is increasing in popularity. This is due to the lower costs of studying in comparison to its neighbors. Living in Ireland is also very safe, comfortable and affordable for Indian students. Among its relatively small number of universities, most are globally acclaimed and rank among the best in the world.

Top Universities

University QS World Ranking in Business 2025
Trinity College Dublin, The University of Dublin =133
University College Dublin #151-200
Dublin City University #251-300
University College Cork #301-350
University of Galway #301-350

Tuition Fees

Average costs in Ireland to study an MBA range from €15,000 to €18,000 per year.

Cost of Living

Living costs in Ireland for international students range between €8,000 to €15,000 per year. The most affordable student cities in Ireland are:

● Letterkenny
● Sligo
● Waterford
● Athlone
● Galway

Germany

Germany is a promising destination to get an affordable MBA abroad for Indian students. Many Indian students opt to go to Germany for their postgraduate studies. Study costs in Germany can be very low thanks to its strong public education system, even offering you options to study for free. The main obstacle to studying in Germany is the language barrier. Many of the programs, especially ones with free tuition, require you to learn the German language to enroll.

Top Universities

University QS World Ranking in Business 2025
WHU - Otto Beisheim School of Management =127
Ludwig-Maximilians-Universität München #151-200
Freie Universitaet Berlin #201-250
Humboldt-Universität zu Berlin #201-250
University of Cologne #251-300

Tuition Fees

Most public German universities do not charge any tuition fees for MBA degrees. 

Cost of Living

The German Authority estimates a cost of living of €11,208 per year for international students. The most affordable student cities in Germany are:

● Essen
● Bremen
● Aachen
● Leipzig
● Dresden

How to Apply for an MBA Abroad?

Research affordable programs:

The very first thing to do is search for affordable programs that still offer the quality and value you are looking for. Seek out course finders like GRADSearch that allow you to locate the cheapest MBA courses from the world’s best universities. It’s advisable to create a list of 5-10 schools you wish to apply to before working through your shortlist.

Take standardized tests (GMAT, GRE, IELTS, TOEFL):

Most business schools request the scores of such tests, especially English proficiency tests and the GMAT. So, when you are planning your application, make sure you are accounting for the time you will need to spend preparing and sitting for these tests.

Write your essay:

A statement of purpose is one of the critical components of your application. Here, you get to make a strong case for your suitability as a candidate for the MBA program. Discuss your motivations and goals, why you feel the program is a great fit for you, and why you are a great fit for the program.

Think about other expenses such as health insurance and books:

If you are looking at study options, don’t omit other factors influencing costs apart from tuition fees and living expenses. Health insurance for most countries will be mandatory, for example. Other costs you have to take into account are those of textbooks, resource fees, administrative fees, etc.

Scholarships for MBA Programs Abroad

Scholarships are the best way to decrease your expenses when studying abroad. To find an affordable MBA abroad for Indian students, you can consider programs offering excellent scholarship opportunities. There are many scholarships on offer at country, university, and course levels for Indian students. Some of the popular scholarship programs for MBAs are:

Scholarship Name Provider Eligibility Value
DAAD Scholarships DAAD (German Academic Exchange Service) An international student with high merit €11,208 per year
Fulbright-Nehru Master’s Fellowships USIEF (United States India Education Foundation) Indian graduates to study in the USA Tuition fees and living costs
Aga Khan Foundation International Scholarship Programme Aga Khan Foundation Graduate from a reputed university with financial need Tuition fees and living expenses. Half grant, half loan.
Narotam Sekhsaria Foundation Scholarship Narotam Sekhsaria Foundation Indian graduates admitted to top ranking universities

Full and part scholarships

Interest-free loan

JN Tata Endowment Scholarship TATA Group Indian graduates with high merit

INR 100,000 to INR 1,000,000

Interest-free loan

Rounding Up

Pursuing an affordable MBA abroad for Indian students is not impossible but rather a wise investment. The appropriate country, university, and scholarship opportunities can significantly help in reducing costs. Countries like Canada, Australia, Ireland, and Germany provide executive MBA programs at affordable rates with scholarships to ease the costs further. By taking the right measures and conducting the necessary research, you can turn your aspirations of going for an MBA abroad into reality at a minimal cost.

Banner Ad Desktop
Banner Ad Mobile