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The cost of studying an MBA abroad ranges from  USD 30,000 to USD 50,000 (INR 24 Lakh - INR 40 Lakh). If you're planning to pursue an affordable MBA abroad, it's important to understand all the costs involved, not just tuition fees. As an Indian student, you might be exploring MBA colleges abroad with low fees that still offer great ROI. Beyond the classroom, your total budget will include living expenses, visa fees, travel, and other essentials.

Here’s a breakdown to help you plan better and make informed choices

Tuition Fees

MBA tuition fees abroad usually fall between USD 20,000 and USD 100,000. Costs depend on factors like the university's global ranking, program length, and location. Top-tier schools in the U.S., UK, or Switzerland tend to be more expensive, while options in Germany or Spain are relatively more affordable.

Living Expenses

Expect to spend USD 10,000 to USD 30,000 per year on living costs. These vary significantly based on your lifestyle and the city you live in. London, New York, and Tokyo rank among the most expensive cities, whereas smaller towns in Canada or Germany offer a lower cost of living.

Travel Costs

Include your round-trip airfare and any travel during holidays or internships. Travel can add a few thousand dollars to your overall budget, depending on the destination and frequency of travel.

Application and Visa Fees

Application fees generally range from USD 50 to USD 200 per university. Visa-related expenses, including processing and documentation, can cost anywhere between USD 500 and USD 2,000, depending on the country.

Other Expenses

Set aside USD 2,000 to USD 5,000 per year for essentials like books, course materials, health insurance, and daily personal expenses. These costs vary by program and individual lifestyle.

Cheapest countries for an MBA abroad for Indian students at low cost include Canada, Germany, Ireland and other European countries listed below. But you have already heard about this many times. Did you know that China is one of the best countries for an MBA abroad for Indian students? It has many MBA colleges with low fees, like Ningbo & Funan University. 

Let’s look at the cheapest countries for an affordable MBA abroad and their corresponding costs:

If you are seeking an MBA abroad for Indian students at a low cost, there are many affordable options available. And if it’s cheap, doesn’t mean it has to be bad, right? Universities like TUM in Germany and the Kaplan Business School in Sydney are some of the most popular MBA colleges, and offer affordable MBA programs abroad. 

Let’s look at some of the best business schools abroad at a low cost:

Moving forward, let's take a quick look at each of these cheap MBA colleges abroad.

1. Technical University of Munich

The Technical University of Munich (TUM) offers an excellent MBA in abroad for Indian students at low cost. As one of Europe's leading institutions, TUM ranks as the fourth most innovative university. Their Executive MBA in Innovation and Business Creation is tailor-made for working professionals and executives. 

This program integrates strong academic management with personalized start-up and innovation consultancy, offering a distinctive opportunity to acquire and enhance entrepreneurial skills.

Suggested: MBA Scholarships in Germany for Indian Students

2. Kaplan Business School, Australia

Kaplan Business School in Sydney is one of the best colleges that offer MBA in abroad for Indian students at low cost. Programs as famous as Master of Business Analytics, Master of Professional Accounting, and Master of Accounting have been under the umbrella of Kaplan. With years of efficient functioning, Kaplan Business School has developed strong relationships with various local businesses in Australia such as the Sydney Swans and Davidson. 

3. University College Of Birmingham, UK 

One such institution is University College Birmingham, which offers excellent but inexpensive education to international students from more than 60 countries. Due to the industry-oriented education and training, the employability rate at UCB has become very high. It is noted as one of the finest educational institutes around the globe and offers one of the most economical MBA programs abroad.

4. EU Business School, Barcelona

EU Business School (EU) in Spain is among the most affordable MBA colleges in the country. This private institution specialises in business studies, and was established in 1973. It holds certification from eduQua, the inaugural Swiss quality standard for higher education institutions. 

The MBA program at EU Business School earned recognition for its excellence in the Global MBA Ranking 2021 by America Economia and is renowned for offering the lowest MBA fees abroad.

5. The University Of Tübingen, Germany

Among the oldest universities in Germany, Tübingen offers a good MBA in abroad for Indian students at low cost. The Tuebingen MBA is particularly famous for its research-based and practice-oriented MBA program. For ambitious Bachelor students, the Master of Science program in International Business offers a unique opportunity in a program merging academic and cultural development.

6. University of Victoria

Located in British Columbia, the University of Victoria is a widely known public research university. It has over 21,000 enrollments, is rated as one of the affordable MBA colleges in Canada, and is in the top MBA colleges abroad for nominal tuition fees. Undoubtedly, the University of Victoria is a standout choice among low-cost MBA colleges abroad.

7. Memorial University Of Newfoundland (MUN), Canada

Memorial University of Newfoundland (MUN) ranks as one of the affordable MBA abroad options in Canada. Known for its low tuition fees and practical training methods, MUN offers an affordable MBA option for international students. With campuses in St. John's, Corner Brook, and Harlow, it provides diverse academic programs in a vibrant urban environment, making it a standout among low-cost MBA colleges abroad.

8. Deusto Business School, Spain

Deusto Business School holds prestigious accreditations from the Association to Advance Collegiate Schools of Business (AACSB) and the Association of MBAs. These global endorsements underscore the school's exceptional quality in business education, ranking it among the finest worldwide. 

Deusto offers good MBA in abroad for Indian students at low cost. Deusto alumni occupy key roles in 20 percent of Spain's 35 IBEX-registered companies, including CEOs, VPs, and general managers.

9. EAE Business School, Madrid

EAE Business School, with a history of over 60 years in shaping successful professionals, has educated more than 73,000 directors and executives. Since its establishment in 1958, over 65,000 executives have benefited from EAE's classrooms.

Participants hail from 72 nations spanning five continents, with 95 percent possessing professional backgrounds. Within the MBA program, the school offers a range of specializations, including a Master's in Financial Management, a Master's in Marketing and Sales, a Master's in Project Management, and more.

10. International Institute of Business and Information Technology, Sydney

The Institute of Business Information Technology (IIBIT) in Sydney offers an affordable MBA abroad for Indian students. It offers undergraduate and postgraduate degrees in Information Technology and Business Administration at its Sydney and Adelaide campuses. Additionally, the institute supports students in securing internships and placements, and it offers programs like the Master of Technology and MBA in International Business.

Before applying for an MBA abroad, it's important to know the basic eligibility requirements. These help schools determine if you're ready for the program. Here's a simple overview of what you'll need.

Bachelor’s Degree

A completed undergraduate degree from a recognised institution.

Work Experience

2-5 years of professional experience is often required, especially for top programs.

Standardised Tests

A valid GMAT or GRE score. Some programs may also accept the Executive Assessment (EA) for experienced professionals.

English Proficiency

Non-native English speakers usually need TOEFL or IELTS scores.

Academic Transcripts

Official transcripts from all previously attended institutions.

Letters of Recommendation

Usually 2-3 from professional or academic sources.

Essays or Statement of Purpose

Highlight your career goals, achievements, and reasons for pursuing an MBA.

Specific requirements may vary by school, so always check the details for each program you’re interested in.

To pursue MBA abroad at a low cost, you need to narrow down your options - country, universities, and the overall living costs. Choose countries with low MBA fees, like Germany, which has practically free tuition, Canada, and Australia. These countries offer excellent B-schools at very affordable rates, in comparison to the US and the UK. 

Apply for scholarships, grants and fellowships at your university, and from government and private organisations, if possible. Opt for cities which are more affordable, instead of the most popular and happening ones.

For example, if you’re studying in Germany, instead of Munich or Berlin, you can also study in Bremen and Dresden. Chances are that your salary/ part-time job wages will be 5-7% lower than the hub cities, but your living costs will also be much more affordable.

Manage your finances in terms of accommodation, groceries, optimise transport and other miscellaneous costs. 

Here are some ways how you can plan and fulfill your dream of MBA abroad at a low cost

Choose Public Universities

Many public universities, like those in the US, UK, and Canada, usually have lower tuition fees compared to private schools, and it can also offer many affordable MBA options abroad.

Apply for Scholarships: 

B-schools across the world usually have in-house scholarships for successful candidates, whether it’s fully funded or not. Apply for the scholarships at the time of your MBA application. You can get up to 100% scholarships for your MBA program if you have a good academic profile. 

Opt for Shorter Programs (if available): 

Many MBA colleges, especially in Europe and the UK offer a 1-year MBA program. These can be academically intense with lots of courses and research work, but will save on your tuition fees and living expenses. 

Minimise Living Expenses

Stay in shared accommodation, share grocery costs, don’t eat out often, and optimise your living expenses wherever it is possible. You can get student discounts at many restaurants, grocery stores, parking spaces (if you have a car) and flight bookings have student discounts by which you can save quite a bit of money.

Do Part-time Jobs 

Most countries will let you pursue part-time jobs under your student visa, so you can do that to help with your tuition fee and living costs. For example, Germany allows you to work for 20 hours per week under your student visa. You can check the part-time working rules for the country you’re studying in.

Employer Sponsorship

A great way to minimise your MBA tuition costs, check if your company offers employer sponsorship for your MBA program. Many employers give you sponsorship for pursuing your higher education.

Applying for an affordable MBA abroad is a significant decision and involves a well-planned and strategic process. There are many affordable MBA in abroad for Indian students at low cost. Research thoroughly, gather your academic transcripts, take the GMAT (if required), and apply accordingly.

Step 1: Choose an Affordable Country

• Since your priority is a low-cost MBA, choose a country that offers quality education at an affordable cost for Indian students.

Step 2: Choose your Program:

• Identify schools and programs that align with your career goals and preferences.
• Consider factors like program structure, rankings, and alumni network. 1-year MBA programs can be more affordable, so that will be an advantage for you.

Step 3: Check Eligibility

• Ensure you have a bachelor’s degree and 2-5 years of work experience.
• Prepare and take the and  TOEFL/IELTS 

Step 4: Prepare Your Application

• Gather your transcripts, update your resume, and secure strong recommendation letters for B-school.
• Write compelling SOPs and essays that showcase your goals and qualifications for an affordable MBA abroad.
• Complete and submit the online application by the deadline.

Step 5: Interview Preparation

• If shortlisted for MBA colleges abroad with low fees, practice for interviews, focusing on your experiences and goals, and why you want to study in that university.

Step 6: Financial Planning

• Research and apply for scholarships, grants, and loans.
• Plan for tuition and living expenses.

Step 7: Visa and Relocation

• Apply for a student visa upon acceptance. recognized
• Plan your move, including housing and adjusting to life abroad.

Choosing an affordable MBA program abroad can open doors to quality education without any financial strain. These top 10 budget-friendly colleges offer Indian students the opportunity to earn a globally recognized degree while managing costs effectively. By selecting the right institution and leveraging scholarships, financial aid, and careful planning, students can achieve their career goals without compromising on their financial stability.

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