In today's world, getting a higher education isn't limited to just one place. There are lots of options available, and among them, getting a Master of Business Administration (MBA) is really popular. An MBA can open up great job opportunities and help people grow in their careers. But why do some students choose to study for their MBA in other countries? What makes them want to go abroad for their education? This article looks into the reasons why students are deciding to do their MBA abroad and the cheapest MBA universities in the world.  

Reasons why students prefer studying mba abroad :

  • International Networking opportunities
  • Career advancement
  • Attractive job package
  • Career change
  • Specialization opportunities
  • Business skills
  • Competitive advantage
  • Language learning
  • Leadership skills

According to the Cost of MBA Report 2023, The average total cost of studying at one of the world’s top MBAs is $202,200.The cost of an MBA increased 7% from last year—this is largely due to the majority of US schools raising their tuition fees.

When comparing prominent B schools in India, such as IIMs, XLRIs, and FMS, to B schools abroad, these Indian B schools are significantly cheaper for MBAs. But it's still possible to get an MBA degree abroad for a cheaper price. This article is about affordable business schools around the world, we'll cover some of the top and the most affordable business schools abroad.

Which is the best country to study MBA at a low cost?

The cheapest countries to study MBA for Indian students are listed below: 

  • USA
  • Australia
  • UK
  • Canada
  • Germany
  • Norway
  • Ireland
  • Netherlands
  • France
  • Singapore

MBA in the USA |Tuition fees, Cost of Living, and Top schools

  • An MBA in the United States is a strategic investment with a high return on investment — average graduate salary is $115,000, and lifetime earnings are over $4,000,000.
  • The U.S. MBA programs are highly regarded worldwide because of their rigorous curriculum and the wide variety of specializations such as finance, technology, international business, and those that can help align the study according to a career. 
  • More than 40 percent of Fortune 100 executives have an MBA
  • Salary benefits are just one of the many reasons MBA graduates can look forward to an average salary boost of $45,000 and a 10-year ROI of up to 325%, most notably from top-tier schools.
  • 80 percent of graduates are working within three months and many companies offer internships as a direct route into full-time. The high-demand sectors include consulting, finance, and technology, and your starting salary can easily increase beyond $100,000. It also helps with career shifts as over 50% of the graduates shift to new industries after the degree.
  • An MBA in the U.S. is a must-have for aspiring entrepreneurs, giving you a good basis for strategic planning, market analysis, and business management. The figure is around 10% of graduates who become self-employed, and MBAs statistically have a higher success rate in sustaining the business.

These are some low-priced MBA universities in the USA : 

Average Tuition Fee

Average Cost of Living

Top B-schools

10,000 USD-25,000 USD/ year

9,804 USD per year

  1. Worcester State University

  2. Polytechnic University of Puerto Rico

  3. Cameron University

  4. Southeast Missouri State University

  5. Northeastern State University

MBA in Australia |Tuition fees, Cost of Living, and Top schools

  • Australian MBA programs are well-known around the world. The country is full of some of the world’s top universities, and 9 of these institutions appear in the top 100 of the 2024 QS Global MBA rankings.
  • Melbourne Business School is globally ranked 30th for Thought Leadership and Employability. You know they are diverse universities, 5 of them are in the top 20 globally for diversity.
  • A culture that embraces multiculturalism is a rare opportunity for students to take an international view and build an international network that will prepare them for leadership roles in the global economy as well.
  • Australian MBA graduates are well placed to secure employability. QS’s Employability indicator also ranks Australian institutions highly because students do not just have access to good job opportunities but also a variety of them post-graduation. 
  • Australia’s economy continues to grow robustly, its business landscape is thriving and there are especially employment prospects in these areas.
  • Graduate surveys placed MBA graduates in Australia with higher salaries. In addition, the programs foster strong networking opportunities with peers that become important professional contacts for long-term career growth.

These are some Low-cost MBA universities in Australia : 

Average Tuition Fee

Average Cost of Living

Top B-schools

AUD 16,000 to AUD 126,000/year

   AUD 16,000 to AUD 126,000/year

20,000 AUD per year

  1. Kaplan Business School

  2. Holmes Institute

  3. Charles Darwin University

  4. Edith Cowan University

  5. Central Queensland University

MBA in the UK |Tuition fees, Cost of Living, and Top schools

An MBA from the UK is one of the most popular and recognized certifications in the world, graduates are acknowledged in all fields. The United Kingdom is a popular destination for international students because of its prestigious colleges and high-quality education for one-year affordable degrees. Here are some reasonably priced MBA universities in the UK :

Average Tuition Fee

Average Cost of Living

Top B-schools

£12,500  - £15,250/year

£1300-£1400 per month in London,    £900-£1300 in the rest of the UK

  1. University of Bolton

  2. Teesside University

  3. Staffordshire University

  4. Leeds Trinity University

  5. University of Ulster

MBA in Canada |Tuition fees, Cost of Living, and Top schools

  • There are many advantages of studying for an MBA in Canada, particularly for international students because Canada has a great education, it is affordable, and the experience is so rich.
  • Canada has many business schools which are offering very good infrastructure, exposure, and scholarships to ease their financial burden on the students.
  • If you’re comparing the costs of studying in Canada to, say, the UK, USA, or Australia, it’s considerably cheaper, tuition fees are around CAD 30,000 – CAD 60,000 with living costs of around CAD 1,500 – CAD 2,200 per month.
  • Students can also work part-time and gain valuable working experience, and a way to fund their living expenses.
  • International grads completing their MBA can apply for a post-graduation work permit (PGWP) for up to three years given an opportunity to gain valuable Canadian work experience.
  • There is a flourishing job market and with an MBA from Canada doors open to lucrative, competitive career opportunities.
  • For the application process, you will need to do some research, prepare for standardized tests such as GMAT or GRE, get the required documents, and finally apply for a student visa after you have been accepted.
  • The Canadian Government also offers benefits like scholarships and bursaries to students. As per Canadian legislation, students are required to fulfill certain eligibility criteria to study in Canada.
  • Students are required to deposit their one year’s living expenses into a GIC account.

These are some affordable universities for MBA in Canada :

Average Tution Fee

Average cost of living 

Top B-schools

CAD 18,738  - CAD 22,626/year

CAD 18,340 per year      

  1. Memorial University of Newfoundland

  2. University of Northern British Columbia

  3. University of Manitoba

  4. University of Saskatchewan

  5. University of New Brunswick

MBA in Germany |Tuition fees, Cost of Living, and Top schools

  • An increasingly popular destination for international students seeking an MBA, Germany provides an excellent academic experience along with an affordable price tag. As of 2022/2023, 458,210 international students were given an opportunity to study in Germany.
  • One great advantage of studying for an MBA in Germany is that public universities have a low or even tuition-free education, the only thing the students have to pay is a small administrative fee per semester.
  • But the cost of living is also very reasonable, and international students will spend approximately €992 per month.
  • An MBA in Germany will give you cutting-edge business skills and a global mindset. More importantly, a diverse student population contributes to a multicultural learning environment, creating a global reach.
  • MBA students also had the advantage of doing part-time work and getting work experience during their studies.
  • The extended residence permit means that after graduation students can stay in Germany for up to 18 months to search for employment.
  • A host of scholarships are on offer in Germany, with a rapidly growing economy, and it continues to be a popular destination for international students wishing to obtain an MBA in a high-quality, affordable program.

Average Tuition Fee

Average cost of living 

Top B-schools

€ 8000 to € 50,000/year

10,200-12,000 EUR per year

  1. Johannes Gutenberg University

  2. University of Bayreuth

  3. Ludwig Maximilians University Munich

  4. Esslingen University of Applied Sciences

  5. Offenburg University of Applied Sciences

MBA in Norway |Tuition fees, Cost of Living, and Top schools

  • Norwegian universities are publicly funded and they do not charge tuition fees. This is applicable to all local and international students.
  • Norway has over 70 institutes of higher education, including both colleges and universities. In Norway, universities have detailed business study programs, and they offer an outstanding educational experience that is recognized throughout Europe and the world. 
  • 53% of international students say the high quality of education is their main reason for studying in Norway. 
  • Norway is a very good choice for a top-tier MBA that does not come with a big price tag. And the living costs are high, but partially offset by the opportunities to work part-time for work, which many international students do.
  • Pursuing an MBA in Norway would certainly be one of the greatest advantages regarding work opportunities both during and after studies. Work experience is gained by international students through part-time work, in a thriving economy.
  • After you graduate, Norway has many work opportunities, especially for skilled professionals, and the possibility to extend your residence permit in order to get a job.
  • Apart from academics, Norwegian landscapes, from fjords to mountains, draw in 27 percent of international students with their unparalleled quality of life. Students are able to relax and regain the motivation they need to continue to work thanks to the beautiful nature as an escape from the work-life balance.

Here are some popular universities for MBA in Norway : 

Average Tuition Fee

Average Cost of Living

Top B-schools

No Tuition Fee 

€14,000 per month

  1. BI Norwegian Business School

  2. The Norwegian University of Science and Technology

  3. Norwegian School of Economics

  4. UiS Business School,

  5. University of Agder

MBA in Ireland |Tuition fees, Cost of Living, and Top schools

  • Ireland is one of the best countries to study MBA at a low cost for international students. Ireland B-schools are offering cheaper yet equally competent alternative MBA programs.
  • An MBA from Ireland is not only internationally recognized, but it also provides a wide range of specialties in addition to the traditional HRM, Finance, Marketing, and Sales. 
  • Many MBA programs in Ireland can be completed in just one year, and thus allow students to fast-track their careers while keeping student debt to a minimum.
  • It is also an ideal place for students to move smoothly into new career paths (Ireland’s MBA programs provide the skills required to shift from technical to leadership roles).
  • In particular, Indian students have quite low barriers to entry to the MBA programs in Ireland as they do not require work experience and also do not require GMAT scores.
  • Ireland’s education system encourages innovation and gives students the tools and networks to make a big impact in rapidly changing workplaces.
  • Ireland welcomes and boasts more than 30,000 international students including nearly 4000 from India. 

These are some low-cost universities for MBA in Ireland:

Average Tuition Fee

  Average Cost of Living

Top B-schools

€12,000-€22,000 /year

€7,000 to €12,000 per year

  1. University College Dublin

  2. Trinity College Dublin

  3. University College Cork

  4. University of Limerick

  5. Dublin University business school 

MBA in the Netherlands |Tuition fees, Cost of Living, and Top schools

  • MBA graduates in the Netherlands get to experience outstanding career prospects.
  • Non-EU students can look for employment in the Netherlands after completing graduation.
  • International graduates can also apply for a residency visa for entrepreneurship, which could potentially make it easier for them to start their businesses.
  • The country welcomed over 122,000 international students during the academic year 2022/2023 representing 15 percent of the total student population. 
  • The Netherlands is known for its quality of education, as 53% of international students come to study here because of that. 
  • Low tuition fees apply to European Economic Area (EEA) students, while non-EEA students pay higher fees but still find that Dutch education is cheaper than in other global destinations. 
  • English programs are given, and while there are many, they are largely at the master’s level making it accessible to students around the world.
  • Aside from academics, students like the Netherlands’ high standard of living, safety, and thriving labor market. Graduates from non-EEA countries are more likely to stay on for a period of time following their studies, for example in business, technology, or health.
  • The Netherlands offers a great opportunity to study, with a wealth of opportunities to work both during and after studying, making it a prime location for a well-rounded, internationally recognized education.

These are some economic universities for an MBA in the Netherlands :

Average Tuition Fee

Average Cost of Living

Top B-schools

€12,000 - €54,000/year

€800 – €1,200 per month

  1. University of Amsterdam

  2. Maastricht University

  3. Erasmus University Rotterdam

  4. Nyenrode Business University

  5. Hanze University of Applied Sciences

MBA in France |Tuition fees, Cost of Living, and Top schools

  • Enrolling in a public institution qualifies you for a two-thirds fee remission from the state, making France one of the top study destinations in the world for international students.
  • Over 412,000 students from all over the world study in France every year, solidifying France as the sixth most popular country in the world for international education, this represents 14% of all the students studying within France. 
  • The affordability of French education is one of the main benefits — it’s much cheaper than studying in the US, UK, Canada, or Australia. 
  • It's also handy for students because France has a strong tradition of making employability the biggest priority. 
  • A large number of French universities organize apprenticeships and internships that put students into the job market while having them acquire useful work experience as well as their degrees. 
  • Practical learning focuses on this means graduates will be prepared to be absorbed into the workforce in industries that value hands-on experience. 
  • As France is increasingly integrating English-taught programs to attract students from countries other than French-speaking countries, it becomes even easier for international students to come to France.
  • There is France’s strong entrepreneurial ecosystem, and its growing footprints in global university rankings as well. 
  • The french government plans to welcome 30,000 Indian students by 2030, with a government strategy to double the number of international students to 500,000 by 2027.

We have mentioned some cost-effective MBA universities in France here : 

Average Tuition Fee

Average Cost of Living

Top B-schools

€30,000 - €100,000/year

€980 to €1,200 per month

  1. ESG Management School

  2. EPITA Graduate School of Computer Science

  3. EFREI Engineering School of Information and Digital Technologies

  4. Neoma Business School

  5. Paris School of Business

MBA in Singapore |Tuition fees, Cost of Living, and Top schools

  • Singapore's business schools have minimal admissions requirements and provide an affordable MBA degree. It also has five of Asia's best universities, according to the Times Higher Education World University Rankings.
  • Singapore is well known for its top-tier education system in literacy, mathematics, science, and technology and has about 55,000 foreign students currently studying here. Singapore’s educational institutions have a very close relationship with the job market to produce the skills and knowledge that are relevant to the local and global economy. 
  • Furthermore, the country has forged partnerships with leading international universities and is working together to offer some joint programs, research partnerships, and interchange programs that make learning more rewarding.
  • The education sector in Singapore is dominated by higher education and skills upgrading wherein the government has taken steps like the Lifelong Learning Endowment Fund to show its continued education and professional development.
  • But, on top of that, Singapore is also in a geostrategic position in the Indo-Pacific region and has a reputation for high-quality education, which qualifies it as a gateway to the ASEAN market. 
  • This is the perfect option for international students from India, Malaysia, Indonesia and China

These are some low-priced MBA universities in Singapore : 

Average Tuition Fee

Average Cost of Living

Top B-schools

21,000 SGD to 91,000 SGD/year

1,515 SGD to 1,530 SGD per month

  1. Nanyang Technological University

  2. NUS Business School

  3. EBS Business School

  4. Singapore Management University

  5. ESSEC Business School

I hope this article helped you in getting the idea of affordable business schools around the world. If you think we missed out on any of the affordable business schools, you are most welcome to share with us in the comments section below.

Students who are willing to study abroad mostly look for education loans to finance their studies. If you want to take an education loan to finance and support yourself in your dream country, don't hesitate to contact our team at WeMakeScholars as we have the best education loan deals in the market. 

Our financial team will help you apply for education loans and connect you with the best lenders. Get in touch with our team and we'll reach out to you soon.

FAQ

  1. What are the benefits of pursuing an MBA abroad?
    An MBA abroad has many advantages. It gives students the opportunity to network with like-minded peers and professionals from all over the world. This can lift the career progression level by opening the way for the career to international job markets with their promise of attractive job packages. And the study abroad also supports career change through specialization in fields that you cannot find in your home country. Students also get advanced business skills, leadership skills, and proficiency in language. This would foster well-rounded professionals who are ready to excel in any part of the world.
  2. What are the cheapest MBA universities abroad?
    Affordable MBA programs are offered by many countries for international students. Some of the cheapest MBA destinations include the USA, Australia, the UK, Canada, Germany, Norway, and France. Germany is famous for its tuition-free universities, and Norway gives education to domestic and international students without any tuition fees. Public institutions also in countries like France and the Netherlands provide reduced fees for an affordable MBA like the Netherlands. Affordable programs are offered by Institutions like Johannes Gutenberg University (Germany), BI Norwegian Business School (Norway), and Paris School of Business (France).
  3. What are the cheapest MBA universities in the USA?
    There are many affordable MBA programs in the USA. Worcester State University, Polytechnic University of Puerto Rico, Cameron University, and Northeastern State University are some of the most cost-effective. Tuition fees at such institutions vary from $10,000 to $25,000 per year, so they are affordable for international students. Also, the United States cost of living on average is about $9,804 per year. Quality education and networking opportunities with the world’s largest economy at a fraction of the cost of other more prestigious institutions.
  4. What are the cheapest MBA universities in the UK?
    There are many affordable MBA programs in the UK. The University of Bolton, Teesside University, Staffordshire University, and Leeds Trinity University are some of the cheapest MBA universities from where the tuition fee costs between £12,500 and £15,250 per year. Different cities have different costs of living and the costs in London are the highest at £1,300 to £1,400 per month, other cities in the UK cost between £900 and £1,300 per month. One of the things that make the UK so popular is its one-year MBA programs, which are internationally acclaimed and fast and cheap ways to gain a degree.
  5. What are the cheapest MBA universities in Canada?
    Affordable MBA programs have made Canada an increasingly popular place to go. Memorial University of Newfoundland, the University of Northern British Columbia, and the University of Manitoba charge a tuition fee of CAD 18,738/CAD 22,626 per year. CAD 18,340 annual average cost of living in Canada. Among other things, Canadian universities are affordable, they deliver high-quality education, and students are eligible for scholarships and bursaries. Being one of these institutions is internationally recognized for offering excellent career opportunities and living in a diverse and welcoming country.
  6. How much does it cost to pursue an MBA?
    Pursuing an MBA costs hugely, depending on the country and institution. The Cost of MBA Report 2023 states that the average total cost of studying at a top global MBA program is $202,200. But in countries like Germany and Norway, tuition fees start at €8,000 and go up to €50,000 each year. The cost of MBA programs in the USA is between $10,000 – $25,000 per year and that in Canadian institutions is CAD 18,738 – CAD 22,626 annually. These are also living expenses, which vary across the country.