How to Study Abroad: A Step-By-Step Guide
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In 2022, nearly 7 million students worldwide were pursuing post-secondary education outside their home country. The number of international students worldwide continues to rise annually—in 2000, there were just 2.1 million.
People study abroad for many different reasons. For some, it’s a way of gaining a degree from a top-ranked international business school. For others, studying abroad is an opportunity to discover a new culture or learn a new language.
Whatever the reason, studying abroad is a valuable experience—but the process of getting there can be challenging. If you’re wondering how to study abroad as a business student, this guide has been made for you. We’ll cover:
• The benefits of studying abroad
• The most popular study destinations globally
• How to apply for a student visa to study abroad
• How to finance your studies
What are the benefits of studying abroad?
Attending an international business school or university abroad enables you to expand your professional network beyond your home country and explore diverse international job opportunities.
Studying abroad is an exciting opportunity to meet new people, learn a foreign language (like Spanish), and broaden your business experience. You can also opt to study at some of the world’s best business schools and universities, whether in the United States, Europe, or Asia. Here are some more reasons why studying abroad could be a valuable step in your business career.
Study at top-ranked international business schools
As a result, many students choose to study abroad because their home countries lack top-ranked business schools. Studying at an international business school can broaden your network, allowing you to learn from diverse cultures and expand your business perspective.
Access valuable networking opportunities
Discover a new culture
It is easy to forget that studying abroad will enrich you not just professionally, but personally, too. As you study abroad, you’ll learn to appreciate other cultures and ways of thinking, making you a more well-rounded and sympathetic individual.Access lucrative careers
Many international students use their study abroad experience to start a new business career. If there’s an industry or sector you’re interested in, this is your chance to move to a country where you’re more likely to find an opportunity that could turn into your dream job.Where should I study business abroad?
For example, are you targeting a particular industry for your career? Do you want to strengthen your skills in a specific language?
These are the destinations that attract the most international students (including business students) every year.
5. Australia
Between 2024 and 2025, there were more than 800,000 international students at Australian institutions, representing an 18% increase from the 2019 figures. The Australian government also recently opened the doors to more international students—raising the enrollment cap from 270,000 to 295,000—with the intention of encouraging more applicants from Southeast Asia.
4. Canada
Although the country’s visa rules have changed in recent years, Canada remains renowned for its high quality of life and top-ranked schools, as well as the popularity of its post-graduate work permit (PGWP), which allows graduates to work in the country for three years.
3. France
France is home to top-ranked business schools (including three of the world’s top five Master's in Management programs), and graduates of French business schools have gone on to successful careers in diverse industries as well as launched their own companies.
2. United Kingdom
Indeed, the UK is home to top-ranked schools such as the London Business School and the University of Oxford’s Saïd Business School. The UK also packs plenty of attractions in diverse cities such as London, Manchester, and Edinburgh.
1. United States
Four of the top ten MBAs in the world are in the US, at business education stalwarts such as the University of Pennsylvania: Wharton and Columbia Business School.
How do I apply to international business schools?
1. Find your ideal international business school and course.
When you’re preparing to study abroad, your country of choice will also be a significant factor. Think about the countries you’re interested in visiting: would you be prepared to spend a year or longer there? Then search for an international business school in that country that offers the program you’re interested in.
2. Prepare important documents
While every business school application will vary slightly, many international business schools require the same essential documents from applicants. These often include:
• Your degree certificate
• An academic transcript
• A one-page resume/CV
• 1-2 professional references
• A personal statement or letter of intent
Additionally, you may be required to provide a couple of test scores with your application. This includes an English-language test if English isn’t your native language. There are several internationally recognized English language exams, including the TOEFL, Cambridge, and IELTS.
3. Take the GMAT or GRE
The GMAT is the most popular standardized entrance exam for international business schools. You should start preparing for the GMAT in good time, as you may have to retake the exam if you’re not happy with your score. The GMAT can be taken at a testing center worldwide.
4. Apply directly through your chosen business school or university
Ensure you carefully check the application deadlines for your chosen school(s) before beginning the application process.
5. Prepare for your interview
Most interviews will take place online to accommodate international applicants. However, your school may hold in-person interviews at global locations.
You’ll likely be asked about the things you wrote in your personal statement and resume, as well as more generally about your goals and aspirations.
6. Wait for a decision on your application
What are the requirements for a student visa?
If you’re daunted by the process of applying for a student visa, you may get assistance from your chosen university or business school as you apply for one. In most countries, you can apply online for a student visa, though you might have to visit the country’s embassy or consulate in your home country.
For most student visa applications, you’ll need at least:
• A valid passport
• Passport photo
• An acceptance letter from a university or business school
• Proof that you can financially support yourself during your studies
• In some cases, your student visa application may also ask for:
• An academic transcript
• A letter of explanation or intent, outlining why you want to study in your chosen destination
• Evidence of health insurance
• Proof that you meet English language requirements by taking an accepted English language exam like the TOEFL or IELTS exam
Below, you’ll find important visa advice for some of the top study abroad destinations.
Australia
You should apply for your Australian student visa at least eight weeks before your program starts, but be aware that you might have to wait longer for your visa to be processed—90% of student visas are processed within five months of the application date.
To receive an Australian student visa, you must have Overseas Student Health Cover (OSHC) from an approved Australian insurance provider, which should start the day you arrive in Australia.
You also need to provide evidence that you have enough money for your stay; this could come from loans, scholarships, or grants. At a minimum, you need to prove that you have more than AU$29,710 (US$19,210), the average 12-month living costs in Australia, plus tuition and travel costs.
Canada
The study permit costs CAN$150 (approximately US$110) and requires you to prove that you have sufficient funds to cover your tuition fees, travel expenses, and living costs.
If you’re studying anywhere in Canada excluding Québec, you’ll need to prove you have at least CAN$22,895 (approximately US$16,500) per year, excluding tuition and transportation costs. If you’re studying in Québec, the figure is CAN$15,508 (approximately US$11,200). Applicants for institutions in Québec will also need a Québec Acceptance Certificate (CAQ), issued by the government of Québec.
France
Once you’ve registered on Etudes en France, you’ll apply for the long-stay VLS-TS visa on France-Visas. When you arrive in France, you’ll be asked for proof of sufficient funds to cover your stay, including your tuition fees and living costs equal to €615 (US$715) per month for one year.
United Kingdom
Most applicants will have to prove they have enough money for living costs in the UK: £1,483 (US$2,260) per month if you’re studying in London or £1,136 (US$1,520) if you’re studying outside London. If you’ve been in the UK on a visa for at least 12 months, you’re exempt from this requirement.
As part of your application, you’ll need to prove that you have sufficient English language skills—unless you are from one of the exempted countries.
United States
How can I pay for business school?
It’s no secret that business school can be expensive, but exactly how much you’ll spend studying business abroad will depend on a few factors, including where you study, how long your course is, and where you live.
The good news is that financial assistance is available to support your studies at an international business school abroad. This could be in the form of a full or partial scholarship from your business school or another organization. You might also enquire about student loans for your studies, or see if your student visa allows you to explore part-time job opportunities while you study.
How much does business school cost?
The total cost of your study abroad experience will depend on the country and international business school you choose to attend. Tuition costs, for instance, can vary significantly across different countries and programs.
On average, bachelor’s and master’s business programs have tuition fees of US$15,000 to US$60,000 per year. MBA programs typically cost more; it’s normal for total MBA tuition fees to exceed US$100,000, especially in the US.
Here’s an overview of yearly tuition fees for the top five study abroad locations. As program costs can vary across business schools at universities, always check your chosen program’s costs carefully.
United States
Average bachelor fees: US$20,000-US$40,000
Average master fees: US$30,000-US$60,000
Average MBA fees: US$100,000-US$160,000
United Kingdom
Average bachelor fees: US$13,500-US$54,000
Average master fees: US$22,000-US$40,500
Average MBA fees: US$68,000
France
Average bachelor fees: US$3,500-US$13,000
Average master fees: US$3,500-US$70,000
Average MBA fees: US$70,000-US$125,000
Canada
Average bachelor fees: US$26,000
Average master fees: US$15,000-US$55,000
Average MBA fees: US$73,000-US$102,000
Australia
Average bachelor fees: US$14,000-US$40,000
Average master fees: US$26,000-US$45,000
Average MBA fees: US$47,000
As of 2025, India is one of the cheapest study abroad destinations in the world, while Switzerland is one of the most expensive. Other common study abroad destinations among the most expensive in the world include Singapore, Norway, Australia, the United States, and New Zealand.
Some of the cheapest places to study abroad include Indonesia, Nigeria, Malaysia, Vietnam, and South Africa.
Popular study abroad destinations, such as London, Paris, Hong Kong, New York, and Los Angeles, also rank among the most expensive cities in the world. If you want to study at an international business school on a budget, you might consider living in a smaller town rather than a city, where things like rent and food will be more affordable.
Where can I find a study abroad scholarship?
The good news is that most business schools and universities offer a range of financial aid opportunities, including scholarships for international students, to which you can apply. Most of these scholarships will have specific requirements; for example, you must hold a particular nationality, be studying a specific program, or have a high GMAT score.
If you think you will need financial aid to pay for business school, check with your business school or university to determine your eligibility. If you’re eligible for any scholarships, you may have to apply for these at the same time as you apply for your business program.
Some global organizations offer study abroad scholarships to international students. Some of the most popular study abroad scholarships include:
• The Chevening Scholarships (UK, one-year master’s degree)
• The Commonwealth Scholarships (UK)
• Marshall Scholarship (US citizens studying in the UK)
• Fulbright Foreign Student Program (US)
• Erasmus Program (EU)
Some scholarships, such as the GMAT Talent and Opportunity Scholarship, award students with application assistance rather than financial aid. This can be particularly helpful for students from underrepresented communities or candidates with disabilities, who may not be able to fund the cost of the GMAT.
Can I get a student loan to study abroad?
Finding a student loan as an international student can be difficult. While many governments fund student grants and loans for study, these are often only available to citizens of those countries. However, if you’re finding it difficult to source financial aid for your study abroad experience, the following companies provide student loans to international students:• Prodigy Finance• MPOWER• Juno• Earnest Ensure you read the loan stipulations carefully, as many student loan providers only fund studies in specific countries or at certain institutions.
How can I prepare for business school?
So, you’ve been accepted to your business school of choice and received your student visa. Perhaps it’s only a few weeks until you leave to start your study abroad adventure. How can you prepare in the meantime?
• Find international student services
Every school has a dedicated office for international students where you can receive specific assistance with matters such as visa issues, finding part-time employment, and adjusting to life in a new country.
Ensure you know where to find these services before you arrive. You may not need assistance, but if you do, it’s essential to know exactly where to find it beforehand.
• Take time to adjust to a new culture
One of the most daunting aspects of studying abroad is adapting to life in a new country. While some students choose schools based on existing language abilities or family connections, you may have chosen a specific international business school without thinking of where it is based.
It will inevitably take some weeks for you to adjust to a new business school culture. To make it easier, do some research in advance to see what your new life might look like as you study and live in a new country. For example, you could see what clubs and extracurricular activities are available—joining a club is a great way to meet new people and feel more at home at your chosen business school.
You should also plan a study routine before you arrive. Staying on top of schoolwork will make it easier for you to feel relaxed and enjoy your time abroad. Additionally, it will make it easier for you to factor in time to explore your new home and become more familiar with your surroundings.
• Focus on improving your English skills
Though many universities ask for an English language exam score for entry into their programs (or as a requirement for a student visa), you might still feel uncomfortable living and studying in a non-native language. If so, you might use this time before you move abroad to work on your English skills.
Firstly, consider your language strengths and weaknesses. Do you find some situations more difficult than others? For example, do you feel comfortable speaking one-on-one but more anxious in a group? Or, do you feel confident ordering food in a restaurant, but are unsure how to tackle emergencies?
During this time before your move, consider participating in online or in-person English-speaking events. For example, Duolingo hosts free online events where you can meet other English speakers and improve your confidence.
Small talk is another area that some international students feel worried about. As with most skills, the only way to improve is to practice with native English speakers; however, there are some key points to keep in mind.
For one, you could have some go-to questions or statements ready for when you converse with your new classmates. These could include things like:
• “Are you living on or off campus? Do you enjoy it so far?"
• “What are you most interested in learning about on the program? Is there anything you’re particularly looking forward to?”
• “I found that class pretty difficult. What did you think?”
How can I network while studying abroad?
One of the most important aspects of business school is networking with other people, whether that’s with your peers or your professors. However, this can be daunting if you’re in a new cultural environment and using a non-native language.
Firstly, join clubs and societies related to your career aspirations. This will enable you to meet other individuals who share the same goals, as well as faculty members who may have connections in your chosen industry or sector.
You should also use this time to update your LinkedIn profile. This is where future recruiters and even faculty members will go to find out more about your background and professional experience, so make sure it’s up-to-date before you arrive.
TL;DR: How to study abroad
• Studying abroad can help you access valuable networking opportunities and lucrative careers, study at top-ranked international business schools, and discover new cultures.
• The most popular study destinations are the United States, the United Kingdom, France, Canada, and Australia.
• The application process to an international school typically requires documents such as your academic transcripts, resume, and a standardized test score (eg the GMAT). Ensure you’ve left plenty of time to apply for a student visa, as waiting times can be long.
• Ensure you have adequate funding to study abroad. The cost of studying abroad varies significantly depending on the country and program. Typically, tuition fees at business schools in the US are much higher than at schools in Western Europe.
• In preparation for studying a business degree abroad, you should ensure your GMAT score is competitive, practice your English skills, and make plans to network as widely as possible.
