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TOP Australian MBA (typical USD150 000+ salaries)

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TOP Australian MBA (typical USD150 000+ salaries) [#permalink] New post 17 Jul 2011, 00:27
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Gents,

Recently I came across employment reports of one Top Australian MBA school and was very surprised by average salaries students get after graduation: USD 150 000 and more, with 80% of class employed in Australia. I suspect the reason for such stellar salaries may be the need to compensate for working very far from US and Europe, but, frankly speaking, Australia is not that bad place to live. Ecology is good, ocean is near, people are nice, salaries are high - what else do we need to enjoy life? Moreover, according to surveys, Australians rarely work more than 50 hours a week!


Is there anybody who studied in Top Australian MBA or worked in Australia on a good position, who could tell us whether post MBA life in Australia is as beautiful as I pictured?
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Re: TOP Australian MBA (typical USD150 000+ salaries) [#permalink] New post 17 Jul 2011, 15:39
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I'd like to know of the source of your information (esp if you have any direct links you'd care to share). I am from Australia and I can tell you that this salary information just sounds plain wrong. The top Australian programs are AGSM (now called ASB) and Melbourne Business School. Neither of these schools lead to an immediate post MBA salary of 150K USD. In fact Australia is a country where MBA is not considered a such a big deal in terms of getting you executive positions. I suspect that the 150K salary is probably an outlier where the MBA student was probably already making over 100K before starting the program. Only a few top MBA programs (e.g. H/S/W/LBS/Insead etc) have a true brand "presence" here and often Australian students from these schools return to Australia to pursue consulting or banking careers. But even these folks don't receive 150K USD straight away as an Associate.

Australia (and Sydney where I am from) is an outstanding place to live. Quality of life is far superior to what I have experienced in London and Chicago (Maybe a little slower). But unfortunately it is isolated from the world especially if you are interested in Finance. Furthermore don't be deluded into believing Australians rarely work over 50 hrs a week. The true figure is more like 35-40 hours ;-) . However, for post MBA type jobs, you will still do the post MBA style hours. Finance and Consulting both demand and receive their pound of flesh. Industry life OTOH is pretty good.

Financier wrote:
Gents,

Recently I came across employment reports of one Top Australian MBA school and was very surprised by average salaries students get after graduation: USD 150 000 and more, with 80% of class employed in Australia. I suspect the reason for such stellar salaries may be the need to compensate for working very far from US and Europe, but, frankly speaking, Australia is not that bad place to live. Ecology is good, ocean is near, people are nice, salaries are high - what else do we need to enjoy life? Moreover, according to surveys, Australians rarely work more than 50 hours a week!


Is there anybody who studied in Top Australian MBA or worked in Australia on a good position, who could tell us whether post MBA life in Australia is as beautiful as I pictured?

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Re: TOP Australian MBA (typical USD150 000+ salaries) [#permalink] New post 17 Jul 2011, 19:49
Yes, I told about these two schools. There is a link to MBS employment report, the graph shows an average package of about A$142 000 (and $=0,93A$), but the text tells us about A$7000 less figure. This data is for 2008 year graduates and was collected in October 2008. However, it's a little confusing that MBS do not show us its employment statistics for 2009-2010.

http://www.mbs.unimelb.edu.au/index.cfm ... 0DECA6FECF
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Re: TOP Australian MBA (typical USD150 000+ salaries) [#permalink] New post 17 Jul 2011, 20:17
Thanks for sharing the link
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Re: TOP Australian MBA (typical USD150 000+ salaries) [#permalink] New post 17 Jul 2011, 22:25
I would add employment report of ASB, in which is stated about 150 k$.

Here is some class statistics.

Demographics
Male: 79%
Female: 21%
Average Graduate Management Admission Test (GMAT) result: 659
Average years of work experience: 7
Average age at entry: 30
International residency: 64%
Local residency: 36%
Countries by citizenship: 22

Regarding the GMAT -it is not a big deal at all
Minimum scores: Verbal 25; Quantitative 35; AWA 4.0. Overall: 550
The GMAT provides information about your ability to meet the Program's academic requirements.
All applicants must take the GMAT - there are NO exemptions regardless of experience or educational background.
The scores are valid for five years.
Incoming students typically have a GMAT score greater than 600, with the average GMAT for the incoming students in 2009 at 660.

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AGSM MBA Class of 2010 Employment Results.pdf [446.82 KiB]
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Re: TOP Australian MBA (typical USD150 000+ salaries) [#permalink] New post 17 Jul 2011, 22:42
Let ys take a look at GDP (purchase power parity) per capita:

US - $47,123
Australia - $39,699
UK - $34,920
European Union - $30,388
Russia - $15,836

What do I mean is that salaries in a given country tend to correlate with GDP per capita.
Figures do look so bad for Australia.

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Re: TOP Australian MBA (typical USD150 000+ salaries) [#permalink] New post 18 Jul 2011, 08:32
I don't understand. Why is it bad? PPP per capita is comparable and avg salary seems higher in Australia.


Pkit wrote:
Let ys take a look at GDP (purchase power parity) per capita:

US - $47,123
Australia - $39,699
UK - $34,920
European Union - $30,388
Russia - $15,836

What do I mean is that salaries in a given country tend to correlate with GDP per capita.
Figures do look so bad for Australia.
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Re: TOP Australian MBA (typical USD150 000+ salaries) [#permalink] New post 18 Jul 2011, 09:06
Well the graphs certainly look good. I was further amazed by the Chemical industry average remuneration of $350K !! I suppose it is a combined effect of a strong economy and a strong Australian dollar that skews a 130K AUD job towards 140K USD - whereas in the past (at least when I was still in Australia) the same 130K job would be closer to a 100K USD job. When and if the AUD falls back to a more historical average of 0.75 USD, the average salary figure wont look quite so good in USD terms.

Some of this is also a function of a very small class size for both schools - only 45 in Melbourne Business School and something similar in AGSM (http://www.mbs.edu/go/degree-programs/m ... ss-profile). So when that 2% of Chemical industry average salary may well be just one person who hits the salary jackpot.

If you are seriously considering going to Australia post MBA, then also factor in the Superannuation costs. Any base salary figure also has a 10% mandatory superannuation component that you never quite get to see (it goes straight to a pension plan).

@Pkit - The GMAT stuff is less important because the emphasis is very much on strong prior work experiences. Note that the average age is 30 with 7 years of WE. The dramatic post MBA jump is probably not quite so dramatic if you took away the internationals in the class and just did a calculation for Australians.

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Re: TOP Australian MBA (typical USD150 000+ salaries) [#permalink] New post 18 Jul 2011, 12:23
I've always read over the internet that Australian employers are reluctant to hire foreign MBAs who don't have either Australian PR or Work Permit, hence most of the foreign students have to return to their home countries post MBA.
Though, ASB report does show around 65% career or location changers. Is the situation has improved somewhat?

PS. Aus. has a point based system for immigration and if your education is different from the field you are working or you have spent less than a year in the occupation, which is present in the Australian Occupation in demand, you fetch less points and it makes difficult for you to immigrate without a job.
Especially in case of MBAs career changers, it will mostly certainly be the case that they might not have any experience in the Australian Occupation in demand, end result they will have lesser points to immigrate than required to get an Aus-Visa if they don't have a job.
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Re: TOP Australian MBA (typical USD150 000+ salaries) [#permalink] New post 31 Jul 2011, 19:16
Amazed by the employment statistics mentioned about the school
Re: TOP Australian MBA (typical USD150 000+ salaries)   [#permalink] 31 Jul 2011, 19:16
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