Renowned as the “Land of Poets and Thinkers”, Germany has always been at the forefront of imparting quality education and has nurtured some of the best innovative and greatest minds. A world-class study destination, it is a popular choice amongst international students planning to pursue best-in-class education at affordable costs. Home to many top-ranked academic institutions, Germany offers a varied range of quality academic programmes in almost every field of study. For those planning to pursue an MBA degree abroad, Germany needs to be at the top of your list! This blog aims to provide you with all the key details you need to know about the cost of MBA in Germany as well as the country’s top business schools you must consider.
|Minimum GRE/GMAT||550 (GMAT) and above; equivalent GRE|
|Average Salary||120,000 – 130,000 USD|
|Job Positions||Project Manager, Consultant, Business Development Manager|
|Average Tuition Fees||17,000 – 45,000 USD per annum|
Must Read: Free Education in Germany
This Blog Includes:
Why Study MBA in Germany?
When it comes to studying in Germany, the country’s academic institutions have enticing and beneficial propositions to offer to international students. Studying for a globally acclaimed degree like MBA in Germany can be advantageous for various reasons. The country has a methodical and coherent education system that emphasises more on practical learning as compared to theoretical education. Before moving on to the cost of an MBA in Germany, let’s first explore the key factors that make it a wise decision to study a Masters of Business Administration at a German university:
- Studying an MBA in Germany allows one to receive a globally recognized degree which is very oft highly valued by employers. Pursuing a global master’s degree from a German academic institution, you can avail the best industrial exposure and networking opportunities to steer towards your dream career.
- Amongst the world’s top study destinations, Germany provides a wide range of well-curated specializations spread across fields like International Business, etc. for its MBA courses. The curriculum for a specialised MBA in Germany is impeccable and innovatively conceptualised.
- The affordable cost of MBA in Germany is also one of the major factors that make it an even more alluring study destination as it is substantially economical as compared to various other global educational hotspots. With nominal tuition fees and affordable accommodation, financial restraint while studying an MBA there can be efficiently managed.
- Germany is home to many globally acclaimed brands like Adidas, BMW, Mercedes Benz, Bosch, Siemens, etc. thus offering immense career opportunities for those completing their MBA in the country.
The eligibility criteria for pursuing MBA from Germany varies from university to university. Mentioned below are the basic eligibility criteria –
- Candidates must have a four-year Bachelor’s Degree or a three-year degree with a one-year Master’s Degree in Business Administration.
- Candidates must have cleared the entrance exam for the required university.
- Candidates must have appeared for GMAT/GRE.
- Candidates must have appeared for english proficiency test like – TOEFL/IELTS, if required.
Top Universities for MBA in Germany
Along with the economic cost of an MBA in Germany, the country’s academic institutions are also a greater factor that attracts international students from around the world. There are various German universities offering MBA programs in Germany with an array of specialisations to explore. Choosing the right university can be disconcerting therefore we have listed down the best universities in Germany providing top MBA programs:
- EU Business School, Munich
- Gisma Business School
- WHU Otto Beisheim School of Management
- IUBH University of Applied Sciences
- International Graduate Center, University of Bremen
- Technical University of Munich
- Frankfurt School of Finance and Management
- Mannheim Business School
Cost of Studying MBA in Germany
The cost of MBA in Germany is quite economical thus making it a preferred study destination to opt for. Understanding the cost of studying MBA in Germany is a multifaceted process as there are various considerations to be taken into account. Further, as the public universities in Germany offer programs at no tuition fee with minimal administrative costs, you will be required to submit the course fees if you are pursuing an MBA from a private university in Germany. The following section elaborates on the cost of MBA in Germany considering both public and private universities in the country:
Tuition Fees Costs for Top Universities
Students must also be aware of the average tuition fees costs of the top universities. Tabulated below is the tuition fees for some of the universities –
|Mannheim School of Business||32.3 Lakhs|
|Frankfurt School||31.12 Lakhs|
|Munich Business School||26.21|
Public universities in Germany don’t charge any tuition fees from national and international students. These universities believe that everyone is entitled to the right to education. But these universities charge an administrative or semester fee from its students which is substantially low and costs around 111-275 EUR (roughly 9600-23780 INR) per semester. Also, the tuition fees for those master’s courses in Germany are exempted which are consecutive degrees, i.e. the student is pursuing the master’s program after completing bachelor’s at the same university. For those pursuing an MBA or related master’s degree in Management as a non-consecutive course at a public university, the average cost can be somewhere around 3 Lakhs to 25 Lakhs. Since these are only indicative costs, students are advised to check the official website of their chosen university to know the actual cost of the MBA course.
Private Universities of Germany charge tuition fees for all their prospective programs, unlike public institutions which are funded by the government. Most international students apply for these universities since they have simpler eligibility criteria as compared to public ones. Like any other world-class universities in the country, these institutions serve to provide the best curriculum for MBA programs. These universities also offer specialized MBA programs thus students have a lot of options to choose from. The cost of MBA in Germany at private universities varies across courses and institutions and the average cost of an MBA program at such institution can be somewhere around 30,000 EUR-50,000 EUR (roughly 25,93,700 INR-43,22,800 INR) for full-time MBA and ranging averagely at 90,000 EUR (roughly 77,80,960 INR) for executive MBAs.
To know more, read our blog on Cost of Studying in Germany!
Living Costs in Germany
Along with the cost of MBA in Germany, you must also consider the living costs ranging from accommodation to food and entertainment and other miscellaneous expenses. Rent would constitute a major portion of living costs if you are not opting for on-campus accommodation. Rent for international students would approximately cost around 750 EUR (roughly 64,900 INR) to even up to 5300 EUR (roughly 458,300 INR) per month according to Numbeo and these costs can vary based on the location of the accommodation. Along with this, other related expenses on a monthly basis are enlisted below:
|Type of Expense||Indicative Costs (subject to differ)|
|Food||168 EUR (roughly 15530 INR)|
|Transportation||94 EUR (roughly 16780 INR)|
|Utilities||150 EUR (roughly 13000 INR)|
|Miscellaneous||140 EUR (roughly 12,200 INR)|
Cost of German Student Visa
Students wishing to study in Germany have another additional cost which forms a part of the total cost of studying MBA in Germany. It is a mandatory payment that international students need to provide and the German student visa application fee can cost around 75-80 euros (6500 INR-7300 INR).
Note: The costs mentioned above are only for indicative purposes and are subject to change based on the university, course or location of residence.
Listed below are a few of the top scholarships students might avail themselves for
DAAD (Deutscher Akademischer Austauschdienst) or the German Academic Exchange Service
The DAAD scholarship is awarded to students who want to get a qualification in a full-time course of study. The applicants should have completed their Bachelor’s degree and they should have at least two years of proven work experience.
Erasmus offers financial assistance for one year exchange periods for international students at universities in Germany. It is one of the most popular European Scholarships and the most competitive one as well.
Women in Business Scholarship
Offered to women applicants by certain universities to encourage female participation in business programs. The funding under this scholarship depends from university to university.
BrokerFish International Student Scholarship
The Brokerfish International Student scholarship is awarded to students planning to pursue an MBA in Germany and the maximum scholarship per student has been set at USD 1,000.
Career Scope and Job Profiles
MBA graduates from Germany have plenty of job options. Some of the most important job sectors for MBA graduates are Consulting, Technology, Ecommerce, Finance, Technology, Education, Automotive, and Marketing. SMEs (Small and Medium-sized Enterprises). The job prospects for MBA graduates are further enhanced by the creation of around 250,000 jobs in these SMEs every year.
The top recruiters for MBA graduates from Germany are –
MBA is only free in Public universities of Germany. Private universities and independent B-schools charge a usual fee for the MBA course in Germany. The cost of pursuing MBA in Germany would depend on the kind of university you pick.
Yes, an MBA in Germany is a great option for Indian students. The overall cost of studying is affordable in comparison with other study abroad options for an Indian student. Candidates get exposure to global markets, a chance to expand their network and build a great career ahead.
Germany is surely on the list of cheapest countries for MBA as it offers affordable education to students. Apart from the studying expenses, there are scholarships available for students along with opportunities to work part-time to manage finances.
Following are the best options for MBA in Germany:
Mannheim Business School
Frankfurt School of Finance and Management
WHU- Otto Beisheim School of Management
European School of Management and Technology (ESMT)
HHL Leipzig Graduate School of Management
Must Read: Best MBA universities in Germany!
Thus, the cost of an MBA in Germany can be quite perturbing if a person is unaware of the different expenses that can incur. We hope that this blog familiarised you with the major costs and other factors pertaining to the expenses for pursuing an MBA in Germany. The dream of studying at your chosen university is possible only when you get through the cumbersome process of sorting out funds, application process and other things. Our Leverage Edu experts can lend you a helping hand in finding the best scholarships and education loans to fund your chosen course along with guiding you throughout the admission process. Sign up for an e-meeting with us today!