Top MBA Programmes in Singapore

What is an MBA programme?

An MBA is a common abbreviation of Master of Business Administration. It is a general graduate business degree that equips students with technical, managerial, and leadership skills. 

As a generalist degree, it covers a broad range of topics such as Finance, Marketing, Economics and International Business.

Throughout the entire programme, students are typically given the opportunity to apply ideas and concepts gained in a classroom setting to real-world business cases and consulting projects. Concurrently, students may be attached to reputable organisations to learn from C-suite executives and business leaders. The end result? A comprehensive set of business and management skills that one can apply to any industry and career tracks.

Why do people want to pursue an MBA?

There are many reasons why people want to pursue an MBA.

Getting an MBA is widely perceived as a stepping stone to secure C-level positions at large corporations or for budding entrepreneurs. 

For others, having an MBA on their resumes opens up a broader range of career opportunities or justifies their request for a promotion or significant pay increment. For some, it is simply part of their professional development journey.

Is Singapore a good place to take up an MBA?

According to a 2019 summary report by the Graduate Management Admissions Council, the top three criteria that people look for when choosing an MBA programme is reputation of the educational programme, progression towards an international career, and career preparation.

Singapore, as a country, is definitely able to deliver on all. As a cosmopolitan city with various reputable organisations and MNCs setting base in Singapore, it is not surprising why our country is a huge draw for MBA candidates.

What kind of MBA can I take in Singapore?

There are a few types of MBA programmes that you take in Singapore, either on a full-time or part-time basis. 

Standard MBA Programme

This would be the regular MBA programme, where students are exposed to the managerial, technical and business skills. The standard MBA programme usually takes one to two years to complete.

Accelerated MBA Programme

This is similar to a standard MBA programme but the entire completion time is compressed to one year.

Executive MBA Programme

The executive MBA programme is a step up from the standard MBA programme and usually spans across two years. This programme is usually targeted at professionals with at least five years of professional management experience.

Dual MBA Programme

There are some graduate schools that offer dual MBA programmes, in which two Master programmes are rolled into one programme. Under the dual MBA programme, students will be able to obtain an additional Masters degree on top of an MBA. For most dual MBA programmes, it has to be taken full-time and usually requires around two to two and a half years to complete.

What are some of the top MBA programmes offered in Singapore?

Given Singapore’s strong emphasis on educational standards, it is not surprising that our nation boosts some of the top-ranking MBA programmes in the world.

If you are thinking of pursuing your MBA in Singapore, here are some of the top MBA programmes offered by the various tertiary institutions.

How much are the tuition fees of an MBA programme in Singapore?

The tuition fees of an MBA programme in Singapore varies widely depending on the type of MBA programme you opt for as well as the graduate school. The MBA programme fee in Singapore can range anywhere between SGD33,000 up to SGD70,000. 

For more reputable schools such as National University of Singapore and Singapore Management University, you can definitely expect the tuition fees to fall on the higher end of the spectrum.

Are there any other miscellaneous fees that are included in an MBA programme?

Besides the tuition fees, there are other miscellaneous fees that you should be aware of. This typically includes the one-time application fee, taking of GMAT or IELTS for English test scores, and study materials.

For international students, the miscellaneous fees will typically be higher given that you will have to account for living expenses, airfare tickets, health insurance, transportation, among other factors.

What is the general eligibility criteria?

While most MBA programmes have their own set of criteria, there are some general criteria that most MBA programmes look for in their candidates.

In terms of academic requirements, most MBA programmes will require students to hold a degree with a least second class upper honours from a reputable university. 

Similarly, work experience is a key consideration for most MBA programme admissions.

Besides the educational qualifications and work experience, most MBA programmes will require applicants to submit their GMAT and IELTS scores.

The GMAT score measures the verbal, mathematical, analytical writing, and integrated reasoning skills that you possess. Hence, a high GMAT score would be more favourable during the MBA application. 

Similarly, IELTS, also known as the international english language test score, is a test that measures your language score. Potential MBA candidates that come from a non-English speaking country will need to take an IELTS score if they wish to pursue an MBA in Singapore.

The big question: should I take up an MBA in Singapore?

There is no right answer and it really depends. The key questions to ask are: what you hope to achieve out of your MBA? Are you hoping to transition towards a managerial role? Are you looking to switch industries? Or is it to expand your professional network?

It is important to bear in mind that not all MBA programmes are created equally. Similarly, certain industries may not necessarily require you to have an MBA in order to advance in your career. 

Given that the cost of taking an MBA programme is no doubt a hefty one, you will need to consider your return on investment. Are you guaranteed that job promotion or pay increment with an MBA degree? As such, giving up your career and perhaps personal life for one to two years, may end up hindering your career progression instead.

Before deciding on whether to take up an MBA programme, it may be helpful to speak with your peers and do some industry research as to whether an MBA is valued in the career path that you ultimately want to go for.

How Long Does It Take to Get an MBA in Singapore?

It takes one to two years to earn an MBA in Singapore. Most weekdays start with a morning lecture, followed by breakout sessions and workshops in the afternoon. 

The MBA program typically runs from 9:00 AM until 5:00 PM, with most full-time students taking an average of two years to complete their MBA.

Some MBA programs have an accelerated study format allowing students to earn their MBA degrees in one year.

Funding an MBA in Singapore: What Options do You Have? 

Let’s admit, MBA is a big financial commitment.

There are many funding options for your MBA in Singapore, ranging from government scholarships to company reimbursements and personal loans.

You can choose between one of the following scholarships:

• Scholarships from business institutions and their affiliates
• Companies also offer scholarships for those who want to upgrade their skills and move to a better position
• Government scholarships
• Private scholarships. Scholarships from a variety of sources, including cultural, religious, or academic associations.

The best way to find out about funding options is to contact the school directly – they will be happy to assist you with information on different scholarship options.

There are also several other ways to fund your MBA in Singapore:

• You may use your credit card to pay the tuition fees and get a cashback rebate.
• Join an employer-sponsored tuition reimbursement program where the company pays for your courses, allowing you to reimburse them over time.

Employer-sponsored funding is the most common way to fund your MBA in Singapore. Employers typically pay for the tuition costs, and employees reimburse them over one or two years. The simplest way is to have your employer place a certain sum into a savings account every month, which you can then draw from to pay for school fees and other expenses.

• Apply and qualify for personal loans so you can continue working while studying.

If all the options suggested fail, consider taking up a POSB Further Study Assist Loan.

Also, consider taking up a POSB Further Study Assist Loan. They’ll offer you an education loan at an interest rate of 4.38% per annum, with a loan amount that’s up to ten times the combined monthly salary of you and your guarantor.

Eligibility and Fees

Borrower

• Must be a Singaporean citizen/ permanent resident
• Must be between 17 and 65 years
• Have at least annual gross income of $S 18,000

Guarantor

• Must be between 21 and 65 years old 
• Must have an annual gross salary of at least S$24, 000
• Must be your immediate family member

The loan comes with flexible repayments of up to 10 years. 

University Specific Eligibility Criteria in Singapore

The table below highlights the specific scores and additional eligibility that international students must fulfil to qualify for an MBA in Singapore:

Note that having prior working experience is always an advantage in the application process. Since GMAT scores and work experience are the two most important deciding factors, it’s suggested that you do not miss to include them in your application. Don’t forget to include a well-written cover letter as well.

MBA Application Requirements in Singapore

Here’s a list of all the documents you might be required to provide in your MBA application in Singapore:

• Passport details
• Applications fees receipt
• Student pass (for international students)
• Financial aid applications
• Tuition grant
• Past academic certificates
• Awards/extracurricular activities/competitions /co-curricular activities/criminal offence records/recognitions, if any
• Medical reports stating any condition, illness, or disability
• GMAT, TOEFL, and IELTS scores

Predeparture Expenses

There are several things you might be required to pay for before leaving for your studies (e.g., legal residency status or work permits). You may also need to pay for passport processing, medical tests, health certificates, etc.

Living Expenses in Singapore

After arriving in Singapore, you need to set up your new life. Living expenses can be quite high here – the average spending on food per month is S$500, and that’s not all! You might have to pay for transportation, textbooks, student ID cards, residence permits, accommodation deposits, and a whole lot more:

Government Grants for MBA

International students who are pursuing their MBA in Singapore are also eligible to apply for government grants. While they don’t have to pay these grants, they’re required to sign a bond that requires them to work in Singapore for at least three years after graduating.

The amount of the grant you receive also depends on your course and the institution you are studying at.

External Scholarships for MBA Students in Singapore

All students in Singapore are eligible to apply for external scholarships. However, they need to make sure that the Singapore Government recognizes the scholarship they’re applying for.

Here are some scholarships that are available to international students:

• Singapore International Graduate Award: Awards about US$1500
• Financial Sumo Educational Scholarship Program: Awards about US$1000 to international students.
• Central Sector Scheme of National Overseas Scholarship: Awards about U$15400 to international students
• Go Clean Scholarship: Awards about US$3500 to international students
• Broker Fish International Student Scholarship: Awards about US$1000 to international students
• Global Study Awards: Awards about U$12,995 to international students

University Specific Scholarships to Checkout

Some of the top universities in the country offer scholarships, bursaries, and other funding strategies for MBA students. While these are usually awarded based on merit, financial need is sometimes also considered during the application process.

Here’s a list of scholarships available to international students at different top universities in Singapore:

• Lee Kong Chian Graduate Scholarships at NUS: Awards up to U$16,000
• INSEAD Antonio Borges Endowed Scholarship: Awards up to S$11,286
• NUS MBA Study Awards: They have plenty of scholarships available to international students
• Nanyang Scholarship:  Offers US6500/year plus coverage of subsidized tuition fees.

The Scope of MBA in Singapore

If you’re looking for a career option that will allow you to earn good money, then doing an MBA in Singapore is an option worth considering.

With an employment rate of only 2.2%, Singapore faces a serious shortage of work-ready professionals.

In addition, the average starting salary of MBA graduates here is about US$50K, and top executives from multinational companies can earn as much as S$120K a year!

With a population of over 5 million people, Singapore has a thriving economy, which has made it one of the most competitive countries in the world. The public education system is also one of the best, with an excellent 100% literacy rate and quality infrastructures available to all students.

What’s more? Singapore has been ranked as the fifth most competitive economy globally by the  GlobalIMD World Competitiveness Ranking Report and the eighth-most innovative country by the Global Innovation Index.

Business schools in Singapore have one of the highest placement rates in Asia. About 90% of graduates from local universities receive job offers from top multinationals, including Dell, Microsoft, Boston Consulting Group, Ernst & Young, and Procter Gamble, JP Morgan Chase, among others.

With an MBA from INSEAD, NSU, or one of the top universities in the country, you’re eligible for an average salary of US$76K annually

These reasons make an MBA in Singapore one of the best opportunities for students, especially international students seeking to further their education and careers.

ROI of an MBA in Singapore

According to NUS, MBA graduates earn between S$88 000 and S$180 000 a year. 

The highest placement occurs in Australia, in sectors like technology, consulting, and financial services.

According to Nanyang Technological University (NTU), the salary of an MBA graduate with at least three years of working experience is $126 000.

The following table details NTU’s alumni absorption in different continents and countries: 

According to FT MBA ranking, here are the weighted salaries of MBAs from top universities in Singapore and their respective tuition fees:

ROI for Top Business Schools in Singapore

From the graph, it’s clear that the salary offered to an MBA graduate in Singapore is super-competitive, and the tuition fee is only about half of what you’ll be earning in a year after you graduate.

Choosing to do your MBA in Singapore over the US or UK, and more than likely even over Australia or Hong Kong, is a sure way of getting the best of both worlds: high-earning potential and affordable living.

The USA might be an economic powerhouse, and the UK might be an attractive study destination all around, but prices like these make studying in Singapore stand out even more.

Jobs after an MBA in Singapore

With around 76,000 Singaporean students enrolling in local universities (https://www.statista.com/statistics/624429/enrollment-in-universities-in-singapore/) every year, the demand for fresh talent is incredible.

Source: 

So, where do these bright new minds end up after they graduate? 

Most graduates stay for between 5 to 10 years working in some of Asia’s most reputable firms like DBS Bank, Google, Deloitte, and PwC. Most take up managerial roles or consulting positions, while others seek further education, teaching jobs, and even open their own businesses.

Study Visa for Singapore

After receiving the offer letter from your preferred education provider, you can apply for an appropriate study visa at the Immigration and Checkpoints Authority (ICA). 

The fee for a student pass tends to vary from college to college. Usually, it takes between 2 to 3 weeks to process your application and get the student pass. However, before you apply for the student pass, you have to make sure you have the following list of documents in order: 

• Student Visa application Form-ICA form 16 and form V36 
• Passport
• Visa application fee bill 
• Student Pass (for non – Singapore citizens)
• Tuition grant: if applied for any 
• Bank loan sanction letter
• Transcripts (Mark sheets from class 10 to graduation) 
• Work experience Certificate 
• Test score

One interesting aspect you should consider while applying for an MBA in Singapore is that most universities collaborate with both local and international companies, most of which organize business seminars and workshops. 

These are great opportunities to get your name out there and build up a network of potential employers. So, you might even consider doing an internship while you study for your MBA in Singapore!

Students are usually assigned teams projects to teach them how to explore and develop organizational and managerial communication skills.

The MBA courses are usually well organized, allowing students to work for approximately 16 hours for their pocket money. 

Getting an MBA in Singapore could give you a salary hike of as much as 148%!

Why an MBA in Singapore?

Above all, higher education is a hot commodity here as the nation strives to develop its intellectual capital and preserve its position as one of the preeminent business hubs in Southeast Asia.

In addition, universities offer loads of practical learning opportunities, excellent quality facilities and resources, and highly competitive programs that provide you with many employment and career options.

MBA Intakes in Singapore

MBA courses in Singapore usually have three major intakes: 

• February/March
• July/August
• October/November

Of the three intakes, July/August is the biggest, with most of the programs available at this time of the year.

However, if you are looking for flexibility in your schedule, opt for the October/November intake. This way, you can enrol for an MBA in Singapore just when you’re wrapping up your studies in your home country.

Admission Criteria in Singapore

The admission criteria for an MBA student in Singapore are usually pretty much standard across all local universities.  Most educational bodies follow the AACSB (Association to Advance Collegiate Schools of Business) standards for selecting students.

These criteria include:

1. The applicant should hold a Bachelor’s Degree in any field from an accredited university
2. Work experience – at least one year of work experience is required, although two years is ideal  
3. GMAT or GRE scores – GMAT score 750 (50th percentile) and GRE Quantitative and Verbal scores at 123 and 155, respectively
4. Personal statement – a brief essay in which you should explain your educational and career goals, as well as how an MBA will help you achieve these goals

In addition to these credentials, most universities also have their own selection criteria that include factors such as: 

• Academic performance in Bachelor’s degree
• GMAT or GRE scores 
• Language ability – if the medium of instruction is international English, a TOEFL score of between 600 – 719 (or IELTS) will suffice 
• Work experience
• Other relevant work experience

The Application Process

• Most universities in Singapore offer online application facilities, allowing the applicants to apply for MBA programs in Singapore through the internet. Applicants can either complete online application forms (attaching the required documents) or download them from the website and submit them by post.
• You’ll also be required to pay a small amount as the application fee. The amount to pay will always vary depending on the university you choose.
• Make sure you get your application in well before the deadline to avoid any inconvenience.

The Admissions Process (MBA in Singapore)

• After receiving applications, universities will carry out stringent selection processes depending on their selection criteria and shortlisting norms. Shortlisted applicants will be required to appear for an interview session, group discussion, or personal interview.

The Selection Criteria

Universities look at several factors for shortlisting applicants to study MBA in Singapore. Academic qualifications, work experience, and other achievements are the prime selection criteria used by most universities. Specialized areas of interest play an important role as well.

The Curriculum

Most universities in Singapore follow the semester system, and MBA programs usually last for 12 to 16 months. The first semester is generally dedicated to core courses, while electives are taken up in the second semester.

The Core Courses

Core courses cover essential areas such as accounting, finance, marketing, management, and economics.

The Electives

Courses offered in MBA programs are largely management-oriented. Candidates can opt for one of the many elective courses offered by universities to enhance their career prospects.

MBA Specializations

Specialization is available in specific areas, including Finance, Entrepreneurship, Human Resource Management, Microeconomics, and Business Analytics.

Examination Pattern

The MBA programs offered in Singapore are of two main types — full-time and part-time. Those opting for the full-time course will have to appear for exams at set intervals, while those on the part-time track might have to undertake tests only at the end of each semester.

Can You Fail an MBA?

It is highly improbable that you’ll fail an MBA, but it is possible. If you miss the required number of exams or perform poorly in your coursework, you may be asked to leave the program.

MBA programs in Singapore are recognized for their world-class curriculums and rigorous selection processes. The country’s top universities offer their MBA programs through a blend of specialization and flexibility.

5 Things to Consider When Applying for an MBA in Singapore

1. Cost Vs. Returns

Run the numbers to ascertain whether studying for an MBA in Singapore makes sense for you. Take into account the cost of education, fees, living expenses, and other recurrent expenses. 

An MBA is expensive, and the odds are good you’ll take in debts in the process. However, if you can see a clear return on your investment — in terms of salary increase and career prospects — an MBA is definitely worth the expense.

2. Location

Singapore is an international city-state with a cosmopolitan atmosphere. If you’re looking to experience new cultures and make global connections, an MBA in Singapore is perfect for you.  

On the other hand, if you’re looking for a more relaxed environment, some of the other Asian countries, such as Thailand or Malaysia, might be a better fit.

3. Know What Your GMAT Scores Mean

The GMAT (Graduate Management Admission Test) is a key component of the MBA application process. Your GMAT score reflects your ability to succeed in a rigorous business program. 

Most universities require a GMAT score of 600 or above for admission into their MBA programs. If your scores are below the requirement, you may want to retake the GMAT before applying.

4. Your Bonafides

The application process is rigorous and competitive, and your credentials play a significant role in determining your chances of getting into a university. 

Contentious issues such as citizenship and work permits can disqualify you from applying for specific courses, so make sure there are no constraints before going for an MBA in Singapore.

5. Visit the University Campus

Take a tour of the university campus and familiarize yourself with the admission requirements, courses on offer, facilities, and student life. Prospective students can learn more about an MBA program by visiting the campus and talking to administrators and students.

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