Wondering what an MBA in Germany costs and why you should travel all the way to the country to study an MBA? Germany is known for offering some of the finest MBA programs to aspirants. German MBA degrees are gaining popularity among aspirants, including Indian and other international students. Reports state that a whopping 4,00,000 international students are presently pursuing higher education in Germany, and the figure may even be higher, with a majority wishing to stay back and work in the country after graduating. The comparatively lower cost of living and studying in Germany is a major draw, funding opportunities and attractive employment prospects.
Germany MBA fees are quite affordable. MBA fees in Germany for tuition form the biggest component of study expenses. MBA courses are among the costliest study options available in most countries. Yet, in Germany, higher education is available at a comparatively reasonable tuition fee at leading private German b-schools. MBA fees in German public institutes are affordable too. Costs are comparatively lower when looked at with respect to the US and the UK. Just to cite an example, average MBA course fees in Germany maybe around $42,000 at institutions like the Frankfurt School of Finance & Management. In comparison, the same course at the UK’s University of Oxford will cost roughly $85,000.
At the same time, along with the comparatively reasonable MBA fees in Germany for international students, the educational standards are also high. In the European Business School Rankings for 2020 courtesy of Financial Times, eight German b-schools were listed among the top 100 for full-time management courses. Five German business schools found a place in the QS Global MBA Rankings for 2021. Four of these institutes have featured in the top 100 list of b-schools globally. As per the Association of German Chambers of Commerce & Industry, there is a requirement for 15 lakh skilled employees from foreign nations, hence no shortage of work opportunities. MBA employment increased by 10% in 2017, and a further 7% increase was witnessed in 2018. The figures have only gone up since.
Additionally, the Executive MBA course in Germany is the most rewarding in terms of employment and salary packages for alumni and graduates of leading universities in Germany.
The average cost of an MBA in Germany can be estimated by taking a closer look at the tuition fees of leading institutions in the country. The low cost of an MBA in Germany is usually due to the various study modes– part-time, full-time, and online—available for international students for a span of 1 to 1.5 years. According to Financial Times, there are 50+ colleges and universities that provide MBA in Germany, with close to five universities featuring in the top 250 of QS Global MBA Ranking and three universities ranking within the top 100 MBA schools’ list.
A bachelor’s degree and two-three years of work experience are compulsory for Indian students to pursue MBA from Germany.
MBA aspirants will require TOEFL/IELTS scores along with GMAT scores for admission. MBA graduates from top German universities may earn up to ₹91 lakh per annum as an average salary.
Here’s looking at some of the top universities in Germany for MBA programs, along with the duration and approximate fees for each of them:
Germany is one of the most affordable European countries. If you are a student from India studying in Germany, your approximate monthly expense will be Euro 850.
Of this amount, the biggest chunk will be spent on rent as it is quite high in Germany, but other expenses on daily utilities and food are relatively affordable.
If you are pursuing an MBA degree in Germany, your costs will vary according to the institute you are studying in. On average, the cost of doing an MBA in Germany ranges from approximately ₹14 to ₹33 lakh. The costs differ widely for public and private universities. However, Germany is affordable enough for Indian students wanting to get an MBA degree.
Pre-Arrival Cost in Germany : An Estimate
The pre-arrival cost in Germany generally includes entrance exam charges, application fees, visa charges, and airfare. This usually comes out to ₹1 lakh.
In addition, Euro 10,332 are paid into the blocked account when applying for a German visa.
What is a Blocked Account?
Money deposited into the “blocked account” cannot be withdrawn until the owner of the account arrives in Germany.
Sperrkonto, or the German blocked bank account, serves as a proof of financial resources to the international students and job-seekers for living in Germany for a year and is a requirement when applying for a German student visa.
The annual requirement that must be transferred into the blocked account when applying for a visa is Euro 10,332.
Part-time Jobs and Salary after MBA:
International students are allowed to enter Germany only with a German student visa. Other than giving the students other benefits, it also allows them to take up part-time jobs while continuing their studies. But there are a few rules that you need to take care of while looking for part-time jobs.
International students are allowed to work 240 half-days or 120 full days while pursuing a course in Germany.
Self-employment or freelancing is not allowed for international students working part-time.
As per the norms laid down by most universities, international students are not permitted to work over 20 hours/week during their term.
Students whose earnings are below Euro 450 per month or work for less than 50 continuous days in a year are not required to pay any taxes.
You might now be wondering about the sort of part-time jobs you can land in Germany. Some of the best part-time jobs for international students in Germany are-
Graduate/ Research Assistant at the university
Staff at cafeterias, restaurants, gyms, etc.
English tutor to German students
Industrial Production Assistant
You can expect a minimum wage of €9.50/hour working part-time as a student in Germany. This wage can vary depending on the city you are staying in and the kind of job you are doing.
While part-time job earnings are not enough to support your MBA course fees, they will add to your allowance and help improve your lifestyle.
Once you have completed your course duration, you can apply for an 18-month residence permit and look for a job that suits your qualifications. During these months, you can take up any kind of employment you wish to and raise money for your job search. But you should remember that the probability of getting a residence permit for work in Germany depends completely on your qualifications and your area of work.
The recently introduced EU Blue Card works as proof for non-EU citizens of their legal residence in the country for employment. You need to have a university degree and a signed working contract with a fixed salary with a German company to apply for an EU Blue Card.
There is a high demand for MBA qualified professionals in Germany, and they are handsomely paid in the corporate sector.
MBA Scholarships for Indian and International Students
Scholarships are saviours for international students who wish to pursue MBA in German universities as they can completely or partially cover their course fees. Some of the best MBA scholarships for Indian and international students in Germany are listed below-
HHL Leipzig Graduate School of Management Full-Time MBA Program – Future Entrepreneur Scholarship, open to students from all nationalities.
ESMT Americas Scholarship MBA is open to North, Central, and South American Students.
HHL Leipzig Graduate School of Management Full-Time MBA Program- Women in Business Scholarship, open to female students of all nationalities.
Kofi Annan Business School Foundation Fellowship is open to the students of least developed countries, landlocked developing countries, or Palestine.
HHL Part-Time MBA – Global Diversity Scholarship, open to students from all nationalities.
CBS Foreign Student Scholarship- open to international students.
Cost of Getting a Student Visa
A student visa to Germany will cost about €75, and you have to apply for it in person. The processing time for a long-stay study visa may take from 6 to 12 weeks from the application day.
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No, MBA in Germany is quite affordable even by Indian standards, and given the quality of education there, it is an extremely popular destination among international students. The average German MBA college fee is Euro 39,000.
Is it easy to get a job in Germany after MBA?
An MBA degree from Germany has high value and can help you get an attractive, high-salaried job. But your chances of getting a job after an MBA increase significantly if you are fluent in German.
How much do MBA graduates earn in Germany?
For an MBA graduate, the fresher base salary in Germany is around Euro 55,000 per year. You can also expect a bonus of around Euro 13,700 on top of your salary.
How much does it cost to study for an MBA in Germany?
If you are a student from India, studying MBA in Germany will cost you between ₹14 to ₹33 lakh. While rent is on the higher side, you can manage it easily with a part-time job.
What is the average cost of living in Germany?
The average cost of living in Germany will come out to roughly Euro 850 on a monthly basis. You will need approximately Euro 10,300 annually to live in Germany.
Can I get a job in Germany after an MBA if I do not speak German?
The job prospects after MBA and engineering are bright for international students, even if they don’t speak German. Around 85% of students in Germany get placed within three months of completing the course in the country.
What is the cost to get a German student visa?
A student visa to Germany will cost about €75. The processing time for a long-stay study visa may take from 6 to 12 weeks from the application day.
Bulbul is a self-driven professional and an expert writer & editor. She has been a part of the ed-tech industry for the past 2 years now and is motivated to provide study abroad aspirants with factually correct and relevant information. Her knack for impactful writing makes her blogs worth a read!
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