"A premium still exists for the best international MBAs," he says. Guy Farrow, managing partner of Heidrick & Struggles' Sydney office, agrees with Nixon’s first point. There are a range of local MBA schools that are well-regarded that the local market would recognise as having high standards." "But I'm not convinced the investment in attending a less prestigious MBA school offshore creates return back in the local market. "They are globally recognised brands, which denote the high calibre of those individuals who attend. "Business schools such as Harvard, MIT, Stanford and INSEAD will always stand out," says Korn Ferry senior client partner Lynne Nixon. Executive recruiters say yes, but only to a point. While developing international networks in an increasingly globalised economy and having more internship opportunities in a global business hub are drawcards of an offshore MBA, the big question for most is whether it improves job prospects. Choosing a full-time MBA – whether overseas or in Australia – might mean giving up a well-paid job at a time when students are saving to buy homes or start a family. In Australia, part-time MBAs are increasingly popular because they allow students to keep their jobs and attend lectures at night and on weekends. The biggest financial hit for many students is the loss of income. While students also have these costs in Australia, they tend to be greater in the US and Britain, which higher education consultancy CarringtonCrisp says are the two most popular destinations for international MBA students. On top of tuition fees there are living expenses such as rent, food and health insurance. It's a big difference, but Bergin says places such as HBS have large endowment funds, which means many students receive financial aid. In Australia, full-time MBA fees at the top schools are about $75,000 to $85,000, according to the Australian Education Network's MBA guide. Tuition fees for a two-year full-time MBA at schools that top the global rankings are at least $130,000. Melissa Bergin says two years studying for her MBA at Harvard Business School will cost about $300,000, but it's worth it.Ĭost is a big factor.
#Harvard tuition and living expenses professional
"The key question to ask yourself is, 'What do I want to gain out of doing an MBA?' If it's largely about professional skill development and developing an Australian network, then perhaps an Australian MBA is the preferred option," she says, noting that fewer than 20 of almost 2000 students in her course are Australian. The value of HBS’ strong, international network cannot be overstated."īergin notes, however, that an offshore MBA is not for everyone. "We received advice from company executives, entrepreneurs and professors who are global experts in their fields.
"HBS gave me the space, confidence and opportunity to start my own business, which I ran for 12 months with another student," says the law/commerce graduate from Brisbane. The two-year stint in Boston has cost about $300,000, but Bergin, who will graduate in May, says it's worth it. When Melissa Bergin began her Harvard Business School (HBS) MBA in 2017, she had never studied or worked overseas.
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