Cost and Requirement to pursue Masters in International Business from abroad: The advent of technology has enabled the world to become a global village. In terms of international communication and mobility, we have reached unprecedented levels. And in future, these levels are only going to increase.
With increasing globalization, businesses have also become global. Future managers need to have adequate skills to deal with problems at macro levels. In such a scenario, a degree like Masters in International Business (MIB) becomes very important.
Aspiring managers across the globe are getting attracted towards Masters in International Business. Rightly so, if you are also interested in acquiring this degree, but do not have clue about this one, then you are at the right place.
Today, we will tell you about some basic requirements to pursue Masters in International Business. From basic admission requirements to fees and financing, you will get to know everything about this important course.
Stay with and take a look at all the important details below: –
Masters in International Business: Admission Requirements
Candidates desirous of pursuing this course internationally, have to fulfill the admission requirements as laid down by the institute(s). Since we are talking about the course at the international level, the requirements for admission may vary from country to country. Therefore, it is better to check websites of institutes to which a candidate is applying.
However, taking a broad scope, the necessary requirements mostly include the below-mentioned points:
1) Bachelor’s Degree
The most obvious requirement is having a bachelor’s degree. As you are going to pursue a Master’s course, you must have a bachelor degree in hand.
However, in some parts of the world, and especially in the US, a 4-year bachelor’s degree is required. Therefore, the students who have a 3-year degree might need to complete some extra credits, to be accepted at the institute.
2) Proof of English Proficiency
Studying internationally will most probably require you to submit a proof of English proficiency. Standard tests like IELTS, TOEFL, and PTE etc are accepted for admissions in global schools.
As a minimum, one does need to have at least 6.5 bands in IELTS. In a test like Internet Based TOEFL, the score needs to be a minimum of 80. Also, such a score must not be more than 2 years old.
However, some schools might set a higher benchmark for acceptance. Therefore, a higher score is always better in increasing your reach and chances.
3) Work Experience
Generally, not all the universities across the globe ask for Work Experience before the course. However, some of them do admit candidates with work experience only. The admission requirements may require candidates to have more than 2 or 3 years of experience.
4) Application Essay / Statement of Purpose
An application essay or statement of purpose defines why are you seeking an admission into the program and why you are a good fit for the institute. An SOP is generally asked for in almost all the graduate programs abroad. The SOP includes a 400-500 word essay written on a single page.
5) Visa/Permit Related Requirements
Students also need to get a specified visa for studying. However, this is generally requested after the student has got admission. This is a procedural necessity and candidates can not pursue their studies without it.
6) Further General Requirements
Further requirements can include things like a Resume, Transcripts of Course Certificates, Application Fee, Reference, GMAT/GRE score (not more than 5 years old, if needed). Candidates will need to fulfill such requirements too.
7) Masters in International Business: Admission Process
Let us have a quick look at the admission process, before we jump on to the fees related requirements for Masters in International Business.
The process simply starts with filling the online application. After the basic form has been submitted duly, the admission authorities contact the candidate to inform about other requirements.
As soon as such requirements are over, the candidate may be called for an interview round. Such an interview can happen in person, on the telephone or via Skype.
After this, all the applications are collectively evaluated by the admission authorities and successful candidates are informed about their admission. They have to pay the preliminary fees to secure their seat in the institution.
8) Masters in International Business: Fees and Financing
Fees and Financing becomes a considerable thing when someone is going for an international program outside the realm of STEM subjects. Generally, Management related programs tend to have lesser scholarships as compared to Science related programs. Therefore, one needs to know about the fees and financing thoroughly, before going for such a program.
Further, since the best institutes are mostly situated in developed economies, they tend to be costlier for those who belong to emerging economies like India. Plus, one also needs to understand that Fees and Other Costs can vary hugely from institute to institute, and country to country.
9) Fees and Financing – Components of Total Cost
Everyone knows that the cost for such a program doesn’t include only Tuition fees. There are several other charges to be paid and several other costs to be incurred.
The parts which are direct to be paid to the institute include Application Fee, Tuition Fee, Insurance/Medical Charges and Confirmation Deposit. Further, one may need to pay additionally for books, library or for joining any special clubs and committees.
Apart from that, the major chunk of expense goes to accommodation. Housing, Utilities, Cost of Laptop/Computer, Food, and other living expenses do attract some good money, considering the cost of living in which a candidate goes.
10) Fees and Financing – Sample Fees Chart
Since fees vary across countries, one cannot quote a single number that how much you will need to pay for you Masters in International Business.
However, you can take a look at the fee details for some well-known institutes, which will give you an idea of how much the fees can be: –
- Hult International Business School, Boston, US
- Annual Program Fee: USD 46,000
- Application Fee: USD 150
- Confirmation Deposit: USD 2500
- Insurance: USD 2500Taking USD 1 equivalent to INR 70, such expenses, as a total, are around INR 35.8 lakhs for a year. The tuition fee part amounts to INR 32 Lakhs.
- University of Auckland, New Zealand
The tuition fee for Master in International Business in the University of Auckland is NZD 77662. Taking 1 NZD as INR 47.9, this amounts to around 37.2 lakhs. Not to forget that this is only the tuition fee.