Cheapest Country to Study MBA for Indian Students

MBA is one of the most popular programs taken up by students to study abroad. As per the Graduate Management Admission Council (GMAC), 300,000 students go abroad every year to pursue an MBA. Since MBA is considered one of the most expensive degrees, many students choose to drop their idea. But there are many countries that offer affordable MBA programs for international students. Here are the cheapest countries to study MBA for Indian Students.

Why Pursue an MBA Abroad?

Here are the top reasons why you should consider pursuing an MBA abroad:

• Higher earning potential after completing MBA
• High chances of landing a senior management position in a globally renowned company
• Networking opportunities to advance your career 
• Acquire practical skills and knowledge 

Cheapest Countries to Study MBA 

These countries offer the cheapest MBA in the world for International students.

Country	Average Cost of Living	Average Tuition Fees
Canada	CAD 1000 (INR 60,478)	CAD 30,435 – CAD 31,856 (INR (INR 81.5- 19.2 lakhs) /per year
China	RMB 3816 (INR 45,086)	RMB 1888,000 to RMB 438,000 (INR 22.28-5.17 lakhs) /per year.
Switzerland	CHF 1,850  (INR 1.6 lakhs)	CHF 28,500- CHF 70,000  ( INR 25- 61.6 lakhs)/per year
Germany	€850 (INR 73915)	€19,000 to  €45,000 (INR 16.5- 39.13 lakhs)/per year
Norway	NOK 12,352 (INR 1,02,160)	No tuition fees
Ireland	€ 590-€ 1,000 (INR 51,300- 86,940)	€8,000-  €30,000 (INR 6.95- 26 lakhs)/per year
The Netherlands	€800-€ 1,100 (INR 69,542-95,637)	€14,930 -€89,000  (INR 12.9- 77 lakhs) per year
Singapore	SD 1400 (INR 85,186)	€8,000-  €1,100 (INR 6.95 lakh -95,631) per year
France	€400-€800 (INR 34,783- 69,567)	€14,930 -€89,000  (INR 12.9- 77 lakhs) per year
Sweden	SEK 12,000 (INR 95,831) per month	SEK 330,000 (INR 26.35 lakhs)/per year

Canada

Canada is the world’s second-largest country by area. It is also one of the cheapest countries to pursue an MBA. The ease of getting a PR (Permanent Residency), affordable and quality education, lower living expenses, and diverse and inclusive environment make it the best country to study abroad. You will find top universities such as McGill University, Memorial University of Newfoundland, University of British Columbia, University of Alberta, and Simon Fraser University in Canada. Canada  MBA fees start at CAD 30,435 (INR 81.5 lakh)  to CAD 31,856 (INR 19.2 lakh) per year. 

China

China is home to more than 40 universities such as Peking University, Tsinghua University, Shanghai Jiao Tong University, Southwestern University of France and Economics, and Shanghai University of Finance. International students from over 196 countries study in China and over 90% of MBA graduates are employed after 3 months in Chinese business schools. Some of them even have 100% employment rates. The cost of living in China is RMB 3816 (INR 45,086) per month. China MBA fees for Indian students are between RMB 18,88,000 to RMB 4,38,000 (INR 22.28-5.17 lakhs) per year.

Switzerland

Switzerland houses one of the best business schools in the world. In fact, the top 2 universities in Switzerland also come under the top 60 QS World MBA rankings. You will find Switzerland universities for International students such as the Swiss Federal Institute of Technology, Zurich University of St. Gallen, University of Zurich, University of Lausanne, EU Business School, and American University in Switzerland. The cost of living in Switzerland is  CHF 1,850  (INR 1.6 lakhs) per month and the tuition fees are between CHF 28,500- CHF 70,000  ( INR 25- 61.6 lakhs) per year.

Germany

Germany is known for providing affordable education. The German student visa is powerful enough to allow you to travel visa-free around the whole Schengen area. It is also a stable and diverse country. In Germany, you will find top universities such as the Humboldt Universität, Berlin School of Economics & Law, University of Hamburg, Grenoble Ecole de Management, Munich Business School, and HHL Leipzig Graduate School of Management. Germany MBA college fees are around €19,000 to  €45,000 (INR 16.5- 39.13 lakhs) per year and the cost of living in Germany is around €850 (INR 73915) per month. 

Norway

Norway offers free tuition fees, English-taught programs, and high-quality of education for international students. The  QS World University Ranking 2022  has ranked 4 Norwegian Universities as the best. You can apply to the best universities in Norway for an MBA such as BI Norwegian Business School, NHH – Norwegian School of Economics,  Norwegian University of Science and Technology, University of Oslo, and the University of Agder. There is no tuition fee but the cost of living in Norway is around NOK 12,352 (INR 1,02,160) per month.

Ireland

Ireland is one of the best affordable countries to study MBA. This European nation has a 90% employability rate and has employers like Google, Amazon, Bank of Ireland, and Deloitte. Ireland B-schools also offer quality alternatives to MBA programs. You will find popular universities such as University College Dublin, Trinity College Dublin, University College Cork, University of Limerick, Dublin City University, Dublin Institute of Technology, and Irish Management Institute in Norway. The cost of living in Ireland is around € 590-€ 1,000 (INR 51,300- 86,940)  and the tuition fees are between €8,000-  €30,000 (INR 6.95- 26 lakhs) per year.

The Netherlands

In terms of MBA popularity, the Netherlands ranks 10th globally. It is the cheapest country for doing MBA in Europe. 49% of the students get hired within the institution and post-completion of the coursework the rest get hired as well. To study MBA you will find popular universities such as the University of Amsterdam, Maastricht University, Erasmus University Rotterdam, Nyenrode Business University, Hanze University of Applied Sciences, and Rotterdam University of Applied Sciences. The cost of living in the Netherlands is around €800-€ 1,100 (INR 69,542-95,637)and the tuition fees are between €8,000-  €1,100 (INR 6.95 lakh -95,631) per year.

Singapore 

Singapore is home to one of the 5 best universities in Asia. Here, you will find affordable education with minimum eligibility criteria. MBA graduates have one of the highest salaries in this country. It is also the second safest country in the world and is known for its academic excellence. Some of the top universities include – Nanyang Technological University, the National University of Singapore, the Singapore University of Technology and Design, Singapore Management University, INSEAD, and James Cook University. The cost of living in Singapore is around SD 1400 (INR 85,186) and the tuition fees are around  SD 28,000- SD 72,000 (17- 44 lakhs) per year.

France

France offers a great multicultural experience. Its close proximity to other European countries is also appreciated by International students. Once you are enrolled in a public university in France you are also eligible for 2/3rd of the waivers. This will make studying MBA even cheaper. Some of the top MBA colleges in France include- HEC Paris, INSEAD – Europe Campus, EMLYON Business School, ESSEC Business School, EDHEC Business School, and SKEMA Business School. The cost of living in France is between €400-€800 (INR 34,783- 69,567)  and the tuition fee is between €14,930 -€89,000  (INR 12.9- 77 lakhs) per year. 

Sweden

Sweden has an internationally renowned education system. The country also does not pose any limitations to how much a  student can work. It has also welcomed international companies such as Ericsson, IKEA, Volvo, and H&M, among many others. You will find popular universities such as SSE Stockholm School of Economics, Stockholms Universitet, University of Gothenburg, LUSEM – Lund University School of Economics and Management, among many others for MBA. The living cost in Sweden is approximately SEK 12,000 (INR 95,831) per month. The tuition fee on the other hand is around SEK 330,000 (INR 26.35 lakhs) per year.

Cheap MBA Colleges Abroad

 Here is a list of the top MBA colleges with low tuition fees for Indian students:

MBA Colleges	QS World Ranking 2022	Tuition Fees Per Annum
Memorial University of Newfoundland, Canada	751-800	22.56 lakhs
University of Victoria, Canada	370	33.07 Lakhs
EU Business School	61-70	6.34 Lakhs
Technical University of Munich(Germany)	49	1.21 Lakhs
University of Tuebingen (Germany)	177	2.60 Lakhs
Deusto Business School	201-250	20.83 Lakhs
EAE Business School in  Spain	44	₹19.2 Lakhs

How to Apply for MBA Abroad?

To study abroad you would need to follow the application process prescribed by the university that you are applying. Generally, the application process for foreign universities is as follows.

• Decide the course that you want to study and shortlist the universities that you want to apply to.
• Take entrance tests as required by the university. 
• Finally, compile your essential documents and apply to the university of your choice. This includes your statement of purpose, academic transcripts, and exam scores on the GRE, GMAT, etc
• You can then wait for the offer letter of admission. Once you get it you can digitally connect with your professors, classmates, and housemates.
• The last step is to get your visa approved and fly to your dream college.

MBA Abroad Eligibility Requirements

In order to pursue MBA abroad you need to fulfil the eligibility criteria for the same, which include:

• Bachelor’s degree in a related discipline. For example, BA, BE, B. TECH, B.SC
• Many B-schools require work experience. However, there are options to pursue an MBA without work experience
• Clearing language proficiency tests like IELTS, TOFEL, OR PTE.
• Clearing management aptitude tests such as GRE or GMAT.

• Correctly filled application forms and CV
• Recommendation letters
• MBA essays
• Entrance exam scores 

How to Reduce your Cost of MBA Abroad?

Here are some useful tips to help you reduce the cost of an MBA abroad:

• By choosing the right school to pursue your postgraduate education
• Selecting shorter MBA programmes to cut costs
• By applying for financial aid and scholarships 
• Working part-time while studying abroad

FAQs

Studying abroad can be expensive. So, looking at options to save money and get the best out of your investment is always a good idea. These countries help you do exactly that. Need help with study abroad admissions? Call us at 1800 572 000 and book our free 30-minute counseling session today.