The cost of an Australian MBA

The average cost of an MBA in Australia increased 6% in 2017 to $47,500 AUD; the Melbourne Business School tops the list at $85,000 AUD as the most expensive Australian MBA program. With the one year Melbourne Business School MBA setting you back closer to $100,000 AUD once $30,000 living costs are taken into account, you want to make sure you are getting a reasonable return on investment - one hopes the network opportunities are sufficient.

So the average price of MBA tuition in Australia has risen causing the return on investment time frame to extend with costs skyrocketing for the majority of graduates. This is somewhat hampered by the soft employment market, poor financial fundamentals and opportunity cost that most business school graduates currently face. We are expecting similar increases once again in 2018 and one is hoping the employment market is improving to make the investment worthwhile.

Without taking into account the loss of salary during this period, this is becoming an expensive endeavor. With the average full-time Australian male salary now $81,947 AUD, the loss of income along with tuition fees gets close to $159,447 AUD. With the average Australian female salary now 70,392 AUD, total outlay is $147,892 AUD - these costs are now staggering. But when you start looking at post MBA salaries, you start to think - maybe it was worth the cost after all.

Whilst not willing to disclose my full MBA cost, I can state through my scholarship and choice of university that I paid below less than half the cost of average Australian MBA tuition fees. This will improve my return on investment but somewhat subdued by my advancing middle age. At 49, my return on investment is very different to an average graduate in a top business school in the coveted 28 to 32 age group so I have a different return on investment schedule than younger graduates.