MBA in Canada: Top Programs and Requirements
Students looking to earn an MBA now frequently choose Canada as their destination. Canada provides MBA students with a distinctive and enriching experience thanks to its strong economy, diverse culture, and high-quality educational system. It is a desirable option for students from all over the world because the nation offers a variety of MBA programmes that cater to various career goals and interests.
One of the main factors contributing to Canada’s rise as a top choice for MBA students is its robust economy. Because of the nation’s strong and diverse economy, MBA graduates have no trouble finding work after earning their degree. Additionally, Canada is home to a sizable and expanding startup ecosystem, which has increased demand for MBA graduates with an entrepreneurial mindset. This has led to an increase in MBA programmes that emphasise entrepreneurship and innovation.
Additionally, Canada is known for its excellent educational system. The nation has a rigorous education system that is renowned throughout the world. Numerous MBA programmes in Canada have received accreditation from international bodies like the European Quality Improvement System (EQUIS) and the Association to Advance Collegiate Schools of Business (AACSB), which guarantee the programmes’ adherence to strict quality and rigour standards. The number of international students choosing Canada as their location for MBA studies has increased as a result of this.
Estimated Expenses for MBA in Canada
| Nature of Cost | Cost |
|---|---|
| Tuition Fees | CAD 34,000 to CAD 120,600 |
| Student Visa | CAD 150 |
| Cost of Living | CAD 950 to CAD 14,000 per annum |
| Cost of On-campus accommodation | CAD 3,000 to 7,000 per annum |
| Health insurance | CAD 864 per annum |
Tuition Fees
The cost of an MBA depends on the school you choose and the programme you enrol in. The average college fee for an MBA in Canada, however, ranges from $34,00 to $126,000. The fee structure varies, and universities charge international students more than they do domestic Canadian students.
However, Canada’s university costs are the lowest when compared to MBA programmes at institutions in the UK, USA, and Australia. Every year, universities reevaluate their fees and may decide to charge students higher or lower fees that year. You must also budget C$150 for the program’s Canada Student Visa fee.
Cost of Living
The other costs to consider are the accommodation fee, transportation, and other personal expenses. This generally depends on the city you choose to reside in and the type of accommodation you opt for. The three main types of accommodations available for students are university accommodations, private apartment stays, and shared homestays. These expenses could cost between C$ 950 and C$ 14,000 per annum.
For university on-campus accommodation, one needs to shell out approximately C$3,000 to C$7,000 per annum. If students want a bit of their own space, then private shared accommodation off-campus can cost anything between C$ 8,500 and C$ 9,500 per annum. Cities like Quebec, Montreal, and Ottawa are less expensive, and living expenses could range from $800 to $2,500 per month.
On the other hand, living in Vancouver and Calgary can turn out to be hefty on the pocketbook. The cost of accommodation in these popular cities could reach up to C$2,200 per month. Shopping at local supermarkets and grocery stores in Canada would require students to set aside C$300 per month. The cheapest outlets for shopping are Walmart and local Canadian supermarkets.
Mandatory Health Insurance
It is also mandatory to purchase health insurance, which could cost around C$864 per year. Some provinces offer their own health plans to students for free or at nominal charges. However, for most parts of Canada, private health insurance needs to be bought for the entire duration of the student’s stay in Canada.
To make up for the expenses, one can work part-time for 20 hours off-campus during the course of the semester or during the winter and summer holidays. Thankfully, no work permit is required for part-time work opportunities in Canada.
Top Colleges for MBA in Canada
According to the 2020 QS Global MBA Ranking, 5 MBA colleges from Canada made it to the list of top 100 MBA Colleges. Prominent among these business institutions are the Rotman School of Management in Toronto, ranked at number 53, followed by the McGill University in Montreal, ranked at number 71.
| University | Tuition Fees (Per Year) |
|---|---|
| Rotman School of Management, University of Toronto | CAD 59,450 (INR 35,96,587) |
| Ivey Business School, University of Western Ontario | CAD 1,11,750 (INR 67,60,615) |
| Desautels Faculty of Management, McGill University | CAD 44,500 (INR 26,91,406) |
| Schulich School of Business, York University | CAD 52,040 (INR 31,47,605) |
| Smith School of Business, Queen’s University | CAD 91,000 (INR 55,04,830) |
Besides the above B Schools, Sauder School of Business, Alberta School of Business, Simon Fraser University, and Edwards School of Business are other well-known institutions for MBA.
Enrolling for an MBA at one of Canada’s top universities guarantees a quality learning experience through an updated curriculum. The on-campus facilities, student support mechanisms, and infrastructure are also on par, providing international students with a comfortable atmosphere and a homely feel.
Canadian business schools give a lot of importance to academics. Along with academics, students can showcase their creativity and skill sets by participating in extracurricular activities offered by universities.
Students have the option to choose full-time or part-time MBA courses in Canada. The duration of completing an MBA is usually 1 to 2 years; however, the part-time course can extend up to 2.5 years or more. Fees for MBAs at these colleges are also affordable to suit the pockets of Indian students from middle-class family backgrounds. Many colleges also offer scholarships and financial aid to deserving students to encourage more aspirants to take up an MBA in Canada.
Eligibility Criteria for MBA in Canada
- There are a few criteria that need to be met before you decide to secure a master’s degree by pursuing an MBA In Canada.
- The candidate must have graduated from a recognized institution and have secured a CGPA of 7.0 – 7.5 or above.
- The candidate should appear for the GMAT exam and score over 550 to be eligible for MBA courses in Canada.
- Pursuing an MBA in Canada’s top universities may sometimes require the candidate to have two or more years of work experience.
- The applicant must also be fluent in the English language. For this candidates require between 80-110 for the TOEFL test and 6.0 –7.5 bands in case of an IELTS exam
Reasons to Study for an MBA in Canada
Getting an MBA degree from a Canadian University is in demand for several reasons. Canadian Universities have made their way to the top 100 Global MBA Ranking list and secured a prominent position despite the fierce competition from the popular Universities in the U.S. and Europe.
They offer affordability so that Indian students can take advantage of studying outside their home country without having to bear a hefty loan. Canada attracts students from all over the world, thus offering multicultural exposure to students. Moreover, the admission process and student visa approval procedures are simple, with an affordable Canada student visa fee.
Post-study in Canada, degrees from top Canadian universities help obtain them and also offer lucrative job opportunities for those who wish to stay back and work in Canada. Most Canadian universities stress practical knowledge as much as they do theory. Hence, students get the dual advantage of having their theory concepts clear and gaining hands-on experience while studying at the university.
Why Pursue an MBA in Canada
One of the most popular locations for MBA study abroad is now Canada. For international students, the nation provides a warm environment, a diverse culture, and fantastic job opportunities. In this section, we will examine the justifications for why obtaining an MBA in Canada may be a smart move.
Quality of Education
Some of the best universities in the world, including some in Canada, provide top-notch business management education. The best business schools in the world are consistently found in Canada, where a demanding curriculum equips students to face the challenges of a global business environment. The curriculum is created to provide a well-rounded education that covers all facets of business management, and the professors are highly skilled and experienced.
International Recognition
A Canadian business school MBA is highly valued and well-recognized worldwide. The accreditation of Canadian business schools by numerous international bodies, including AACSB, EQUIS, and AMBA, guarantees the highest calibre of instruction. Because of this recognition, graduates of Canadian MBA programmes are in high demand among employers all over the world.
The welcoming immigration laws of Canada also make it simpler for foreign students to remain and find employment there after earning their MBA. After completing their studies, international students can stay and work in Canada for up to three years thanks to the nation’s post-graduation work permit programme.
In conclusion, for those looking to improve their educational and professional prospects, pursuing an MBA in Canada may be a wise choice. The nation is a prime location for those looking for a global business education due to its high-quality educational opportunities, international recognition, and plentiful employment opportunities.
