Top MBA Universities in the World: Rankings, Intakes & More
Master in Business Administration (MBA) is one of the most prestigious courses in the world, taught by more than 1,500 institutes. However, not all of them can be considered best for every student since the requirements of every student vary. Also, the quality of education, research, and employability opportunities are essential in determining the best-suited college.
In this blog, we have discussed the benefits of pursuing an MBA from the top MBA universities in the world, along with their ranking, tuition fees, and list of required documents.
What is an MBA?
One of the most significance of pursuing an MBA program is that anyone can pursue it, whether a fresher or experienced professional.
It is among the most popular study programs by many ranking bodies and other authorities, such as The QS and Times Higher Education.
With the inclusion of industrialisation and globalisation, there was a constant demand for professionals who could handle the organisations at local and international levels. This led universities and other institutions to design curricula that are both student and industry-centric and capable of fulfilling this requirement.
Benefits of Top MBA Universities in the World
The following are the benefits of pursuing an MBA abroad for Indian students:
- Imparts Leadership Qualities: This is one of the biggest significances of choosing the top MBA universities in the world, which a student can inculcate by learning and understanding the requirements and demands of their specialisation course.
- Increases Value: Top MBA colleges provide knowledge relevant to today’s market scenarios. This bridges the gap between corporates and graduates since they can give real-life solutions. This makes graduates valuable for the organisation in which they are working.
- Develops soft skills: Pursuing an MBA incorporates several soft skills, such as communication skills, problem-solving, critical thinking, etc., which can be helpful for students not only in their professional but also in their personal lives.
- Appreciation for other Cultures: Pursuing an MBA in top countries like the USA, the UK, and France exposes students to multicultural heritage and diversity through connections with fellow students, professors, and local people. It develops a sense of gratitude for the opportunities that they have.
- Connections with Professionals: Pursuing an MBA abroad would enhance the connections between experienced and well-settled alumni in society and industrial experts, which provides valuable guidance and assistance related to academics and careers.
Top MBA Universities in the World: An Overview
Following is the overview of the MBA abroad program in the tabulated form:
| Duration | 1-2 Years (depending on the country and the university) |
|---|---|
| Average Fee (Per Year) | 25 Lakhs-95 Lakhs INR (depending on the country and the university) |
| Top MBA Specialisations | MBA in Finance MBA in Accounting MBA in Human Resources MBA in Hospitality Management MBA in Supply Chain Management MBA in Digital Marketing |
| Preferred Countries | USA UK Canada Australia France Germany |
Also read – MBA Syllabus in World’s Top B- School
Factors to Consider Before Choosing a Top MBA College
There are several aspects in which the top MBA universities in the world might stand out as unique in providing the best education and the right skills required for excelling in business and management. Let’s discuss them one by one and try to understand why these aspects are essential before choosing an MBA college:
Rankings: Before applying to a top MBA college, it is vital to learn about the institute’s rankings. These rankings authentically testify to the quality of education they impart to students. Students prefer higher-ranking colleges because they can fulfill their aspirations realistically.
Accreditation: It is an important aspect that every student should consider before applying for an MBA program in any institute. Accreditation is the form of direct approval from government agencies responsible for maintaining educational and research standards. Below, we have tabulated the different types of accreditation bodies along with their concerned country.
| Country | Official Accreditation Bodies for an MBA Program |
|---|---|
| USA | AACSB |
| UK | AMBA, QAA |
| Canada | CFBSD and regional accreditation bodies |
| Europe | EQUIS |
| Australia | TEQSA |
Specialisation Options: A wiser approach is to choose the right MBA abroad university by evaluating whether the desired specialisation is available in the particular institute. The specialisation should align with the student’s interests and career objectives.
Infrastructure & Facilities: The campus infrastructure and facilities can impact a student’s overall learning process and improve the academic experience. Modern amenities such as well-equipped laboratories, libraries, computer centers, study halls, etc., make the campus attractive and worthy.
Student-Teacher Ratio: A low student-teacher ratio allows students to pay attention without much distraction. It also enables teachers to address students more smoothly and effectively.
Career Support: While pursuing an MBA in a good college, students often interact with industry professionals whose backgrounds can motivate them to seek extraordinary opportunities in their domain. Apart from this, a good MBA college provides students with interaction with alumni and experienced experts of several fields in the form of industry visits. Workshops, seminars, etc.
Top MBA Universities for MBA Abroad
Below, we have tabulated the list of some of the top B schools in the world, along with their rankings measured by different authorities like the QS.
| MBA College | QS World Ranking | Tuition Fees (Per Year) |
|---|---|---|
| Harvard University | 1 | USD 76,410 |
| INSTEAD | 2 | EUR 89,000 |
| London Business School | 3 | GBP 115,000 |
| Stanford University | 4 | USD 82,455 |
| Massachusetts Institute of Technology (MIT) | 5 | USD 84,350 |
| University of Oxford | 6 | USD 78,510 |
| University of Pennsylvania | 7 | USD 84,830 |
| University of Cambridge | 8 | USD 69,000 |
| Bocconi University | 9 | EUR 75,000 |
| National University of Singapore (NUS) | 10 | SGD 76,000 |
Top MBA Colleges: Tuition Fee
Below, we have tabulated the tuition fees in top MBA colleges abroad.
| Top University | Tuition Fees (Per Year) |
|---|---|
| Harvard University | USD 76,410 |
| INSTEAD | EUR 89,000 |
| London Business School | GBP 115,000 |
| Stanford University | USD 82,455 |
| Massachusetts Institute of Technology (MIT) | USD 84,350 |
| University of Oxford | USD 78,510 |
| University of Pennsylvania | USD 84,830 |
| University of Cambridge | USD 69,000 |
| Bocconi University | EUR 75,000 |
| National University of Singapore (NUS) | SGD 76,000 |
| University of California, Berkeley | USD 74,000 |
| Columbia University | USD 85,000 |
| Monash University | AUD 45,000 |
Career after MBA
Below, we have tabulated the jobs after an MBA across various industries and sectors:
| Job Posts | Average Salary (Per Year) |
|---|---|
| Accountant | 30 Lakhs-80 Lakhs INR |
| Financial Analyst | 45 Lakhs-95 Lakhs INR |
| Financial Consultant | 65 Lakhs-2 Crore INR |
| Operation Consultant | 40 Lakhs-1.50 Crore INR |
| Financial Consultant | 70 Lakhs-1.5 Crore INR |
| Product Manager | 50 Lakhs-1,50 Crore INR |
| IT Project Manager | 60 Lakhs-1.30 Crore INR |
| Supply Chain Manager | 55 Lakhs-1.20 Crore INR |
| Operation Manager | 35 Lakhs-90 Lakhs INR |
| Quality Manager | 30 Lakhs-1.34 Crore INR |
How to Apply for Top MBA Colleges
Following is the overview of necessary details on some important requirements to get admission into a top B-school. They may vary depending on the institute and the specialisation.
- Previous academic certificates and transcripts: Bachelor’s in any field with a minimum 60-75% depending on the institute (degree in Business & Management, Economics, and Commerce is preferred)
- Standardised language proficiency test scores
- TOEFL: A minimum band score of 80-100
- IELTS: A minimum band score of 7.5-8.5
- PTE: A minimum score of 69-80
- Duolingo: A minimum score of 110-130
- A minimum GMAT score of 600 OR A minimum GRE score of 320
- 2-3 Letters of Recommendation: These showcase the recommendation of a candidate for an MBA program by their previous employer, professor, or head of the department.
- 1-2 Statements of Purpose: It includes the motive and aims behind pursuing the MBA program, along with future career goals.
- CV or Resume: It is the form of biographical information of the candidate such as personal information, academic achievements, previous or current extracurricular activities, etc.
- 2 Passport-sized photographs.
- A work experience certificate: Most of the institutions require it to check the aptitude of the candidate in leadership and managerial aspects.
- Valid Passport: It is mandatory to use it as a national identity card
- Non-refundable application fee (depending on the university/college).
- Health Insurance documentation
- Bank Statement
Conclusion
MBA being a popular post-graduate study program is available across more than 1,500 institutes all over the world, providing expertise in leadership and business-related fields. Before applying for this program, students evaluate the quality of their dream institutes based on several parameters such as rankings, accreditation, networking opportunities, academic excellence, etc. because they want to get productive results after the completion of the MBA. With the inclusion of globalisation and insutralisation which has revolutionised, various finance and marketing sectors are providing abundant career opportunities.
Due to this reason, global institutions are leaving no stone unturned in attracting international students to pursue MBA from their campuses.
FAQs
Which country is best for MBA study?
While choosing for best country for MBA study, one should consider various factors such as personal interest, availability of desired specialisation, ranking of the institute, ease of living based on living expenses, cost of study, etc. However, countries like the USA, the UK, France, Australia, and Canada are the best to pursue an MBA program.
How do I get admission to universities abroad for an MBA?
To get admission to universities abroad for an MBA program, students must have cleared the standardised exams like GMAT, GRE, and other language proficiency exams such as IELTS, TOEFL, PTE, etc. Based on scores of these tests, one can apply for admission to a top MBA college abroad on the official websites when the application window opens.
Is pursuing an MBA program in an abroad college better than IIM?
IIMs, or Indian Institutes of Management, are world-renowned institutions established by the Government of India. They provide comprehensive academic excellence and industrial exposure to MBA students. IIMs are considered one of the best MBA schools in the world when it comes to pursuing management programs in India. Abroad MBA colleges provide a more holistic and well-rounded educational experience to students.
What is the MBA application fee in abroad universities?
The MBA application fees vary significantly depending on the country and the institute. On average, it costs around 11,000-16,000 INR for Indian applicants.
What are the cheapest countries to pursue an MBA program?
Countries like Canada, Switzerland, Ireland, Germany, Norway, the Netherlands, Singapore, etc., are some of the cheapest countries for Indian students to pursue an MBA program in terms of lower study and living costs.
If you are an aspirant looking to study at your dream university, book an appointment with AdmitX today and start your applications early to avail yourself of all the benefits.
