Masters in UK
MBA,  Study Abroad

Most Affordable Countries to Study MBA Abroad for Indians

MBA is one of the world’s most sought after degree programs. Whether you are looking for a jump in the ladder of a corporate career or a career change, an MBA could be more than practical. A majority of students and seasoned professionals in India are considering an MBA at some point. 

An MBA is a great program, after all, for learning cross-functional skills and soft critical skills. In this post, we’ll look at the Indian students who best study MBA abroad countries.

People even look at the popular trends among all the international students, job prospects for post-MBA, top business schools, and the cost to study MBA abroad.

study abroad two prime factors define any parent or student to be in the most affordable country. The first is the amount of money they’d have to spend on tuition fees, and the other, the country’s living costs. Such two aspects are strictly regulated by several features that directly affect the student’s cost of living and tuition fees.

  • The Tuition Fees

The tuition fee varies within a country, depending on the different universities, courses, and cities. While you would need to apply for an Education Loan while enrolling in specific colleges. Undergraduate courses that are for a longer duration will cost students more than the usual one-two years of postgraduate study. Still, the tuition fee should not be taken as a yardstick for the quality of the intuition education provided. Additionally, tuition fees are much lower for government-funded colleges than private universities.

For students to apply, there are several scholarships and grants available which would significantly reduce their study expenses. Below is a comprehensive table showing the average first-year study cost in that country for the benefit of students planning to study abroad.

  • Your Cost of Living in Abroad

A student spends an average of around $10,000–$12,000 a year on living expenses. But this amount depends entirely on where a student resides. If a student wants to live in a metropolitan city, they will pay more than a student who opts for accommodation in a hostel or suburb. In general, countries with low cost of living include accommodation, room and boarding, food, travel, textbooks, weather-appropriate clothing, and entertainment expenses.

Other expenses covered by living expenses include travel expenses between India and the country of choice during the holiday period; large purchases, such as PCs, furniture or even a rental car; medical expenses are not covered by the health insurance, such as dental care, eye care, cosmetic treatments; social outings; weekend trips and personal and variable costs. Given these factors, we’ve collected a comprehensive average living expenses index for students who want to travel abroad.

Read on to find out the top destinations and colleges and preferences of courses for each country which is a significant favourite among Indian students traveling to study MBA abroad.

Top destinations and colleges and preferences of courses for each country :

1) Germany

Considering that most universities in Germany now offer English language courses, the number of students pursuing an MBA in Germany has increased. Germany has the highest national economy in Europe and ranks among the top 10 countries to offer MBA graduates the highest paid jobs in the nation. Most colleges here only get over 70 per cent of their enrollment from international students, a large number of whom are from India with study abroad scholarships.

Top Institutes in Germany are listed below:

  • HHL- Leipzig Graduate School of Management
  • Frankfurt School of Finance & Management
  • University of Cologne – Faculty of Management, Economics and Social Sciences

2) Canada

Canada is a top-rated destination for students from India looking to study abroad. The nation has some of the world’s finest high-ranking institutions offering high-class education. The Canadian economy has been prospering, and industries such as mining, manufacturing, and agriculture have grown year after year, which means that one can find sufficient employment opportunities in the country on its own after completing MBA. Relative to other foreign countries, the cost to study in Canada is also very competitive.

Top Institutes in Canada are listed below:

· Sulich School of Business

· Rotman School of Management

· Sauder School of Business

3) Singapore

Singapore is another Asia-Pacific country that is coming into the spotlight due to its rising infrastructure and economy. The MBA and executive MBA programs offered in Singapore are quite flexible, allowing students to pursue the degree while earning, which is why some of these universities allow their students to work 16-18 hours a week.

Top Institutes in Singapore are listed below:

· Nanyang Technological University (NTU) – Nanyang Business School

· NUS Business School, National University of Singapore

· Singapore Management University (SMU)

4) United Kingdom

The UK is one of the leading banking nations, and top MBA students are recruited from major banks across the globe. Different students from distinct parts of the world come here to pursue an MBA study in the UK and its top universities. GMAT and TOEFL / IELTS scores are generally considered when applying for admission to UK colleges. All the MBA programs offered in the UK come with multiple internship programs aimed at preparing the students industry through practical exposure.

Top Institutes in the United Kingdom are listed below:

· London Business School 

· University of oxford

· University of Cambridge

5) Australia

The MBA degree offered at Australia offers international recognition, which ensures you can find a job anywhere in the world with this MBA degree. In Australia, the cost of living is also quite affordable compared with living in the UK or the US. The top Australian universities offer various types of MBA programs. Austria is the cheapest country to study abroad.

6) South Africa

Hospitality at the South African universities is considerably affordable. South African universities offer competitive study abroad programs. Students in South Africa will find various facilities that could reduce their shelter and food expenses. But living in South Africa’s first-tier cities could be costly for students. Statistics show that total research expenditures in South Africa are at least $9,120 per year.

7) Taiwan

Taiwan, a country based in Asia, is accessible for study; it is a destination for low-cost study abroad. Students may find affordable accommodation with universities that provide relatively good educational quality. The drawback of Taiwan universities, however, is that there are limited educational programs. The average study cost in Taiwan is at least $9,500 per annum.

8) Finland

In some European countries, including Finland, EU or EEA citizens have the facility to study for free. Another way to apply without paying tuition fees would mean that exchange students do not actually have to pay tuition fees to international students. The cost of living is also reasonably affordable; the average price of studying in Finland is at least $9,300 per year.

9) Belgium

Belgium has many universities that offer relatively low tuition costs for education. Moreover, the programs are also taught in English, Belgium needs students to be well versed in an additional language-French, German or Dutch. You can also choose to find part-time jobs to incur your living and eating expenses. The average cost of living in Belgium is, according to the study, at least $10,700 per year.

10) Russia

International students studying in Russia have lauded the quality of education in Russia outstandingly. However, learning the Russian language is vital for a student, as it will help them to survive with better living and food facilities. Nevertheless, universities in Russia offer education by incurring relatively inexpensive tuition costs, living and food expenses are slightly more than affordability range. Still, it is one of the cheapest study destinations abroad, where the minimum average cost of living is $11,700 a year.

11) Norway

Nearly all Nordic countries are affordable and are considered to be among the cheapest countries to study for Indian students. Norway’s universities offer free education for countries based within or outside the EU, making it one of the most affordable countries to study MBA abroad, but it is limited to specific programs. The programs are offered in English and many of the country’s citizens are also well versed in the language. Unfortunately, the living costs in Norway are higher than one might expect, and the food costs are manageable. The average cost of living in Norway is at least $12,000 per annum.

12) Denmark

Denmark is one of the world’s safest low crime-rate countries. The international universities in Denmark have significantly low tuition fees or no tuition fees, and students have also been able to accommodate themselves in as little as $10,200 per year.

13) Sweden

Some of Europe’s cheapest universities are also located in Sweden for international students. The nation is charming to live in; students even heartily commend the quality of education. Throughout Sweden, the financial costs of living are comparatively smaller. Students have succeeded in accommodating, educating and feeding themselves an average of at least $8,500 a year.

14) Austria

In Austria, the tuition fees are affordable to international students. Austria’s Universities provide a reliable source of education. The Austrian public transport and accommodation facilities are considerably cheap. The educational institutes for international students are considered among most affordable universities. The average study cost in Austria is at least $10,500 per annum.

Final Words

Overall study abroad is expensive, but it’s affordable when managed with extreme care. A student has to be extremely aware of their financial expenditure to live and study in an accessible country. The cheapest way to study MBA abroad is to save or handle living abroad by seeking part-time jobs or internships that will pay or cover your necessary living expenses abroad.

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