The Canadian Business 2016 ranking of MBAs is based on a survey conducted by Roger’s Consumer Insights Team that polled nearly 1000 Canadians about 41 institutions that offers MBA programs in the country.

Rotman has “always been held in high regard on Bay Street, where many of its faculty established their careers”, it said. On the second spot is Queen’s School of Business followed by the Ivey Business School at Western University.

Incidentally, Rotman, at $95,100 also offers the most expensive MBA in Canada. It also boasts of a dean whose CV includes a stint as senior deputy governor at the Bank of Canada, being housed in a spanking new $92 million glass tower. While one of the respondents described it as a world renowned institution with international connections, another gave high marks to the professors, learning environment and knowledge acquired.

Canadian Business said that in previous years, the ranking methodology had put a strong emphasis on school reputation and the salary boost graduates see after completing their degrees (the survey results confirm these priorities: knowledge and learning, income improvement potential and prestige were identified by respondents as the three most critical factors in an MBA education).

This year, however, a substantial number of schools were not able to provide the salary data. So it was eliminated as a factor. The methodology still awards points for criteria that include program length and tuition costs (assuming lower is better), amount of work experience required and the quality of the classroom experience.

As to whether a school’s reputation actually mattered to aspiring students an overwhelming 87% of respondents felt that “having an MBA from a top branded program has great value.”

While the readers interested in applying for a program appreciated the listing, Canadian Business said the idea of ranking was not popular with all of the institutions. Six universities opted out of providing data for ranking purposes this year: Toronto, McGill, Western, British Columbia, Windsor and York.

Among the key findings of the survey were:
■ 38% percent of respondents believe that an MBA degree is maintaining its value; 36% say that the value of an MBA is steadily or rapidly increasing.
■ A little over one-third (34%) perceive Canadian MBA programs to be better than internationally available MBA programs. Another three in five (59%) feel that the programs are comparable.
■ MBA graduates say they have seen average income increases of 24% as a result of obtaining an MBA degree.
■ In terms of cost, graduates say that average tuition should be no more than $20,000.

While the readers interested in applying for a program appreciated the listing, Canadian Business said the idea of ranking was not popular with all of the institutions. Six universities opted out of providing data for ranking purposes this year: Toronto, McGill, Western, British Columbia, Windsor and York.

Some said compiling the exact data requested was challenging as well as a drain on resources; others disputed the weightings assigned to methodology. Several questioned whether it’s possible to do an apples-to-apples comparison of programs that vary in so many small but significant ways (for example, longer programs sometimes come with a valuable work placement that makes the extended time frame desirable).

Canadian Business also admits that the list doesn’t provide a full picture of the Canadian MBA landscape, nor does it factor in individual needs. It may, however, serve as a useful starting point for students seeking to make a choice from an ever-increasing array of options.

Canada’s Best MBAs 2016: The Top 10 by Reputation

1. Rotman School of Management, University of Toronto
Toronto, Ontario
Full-time Program Length: 20 Months
Full-time Program Cost: $95,100
First-year Rotman students take two core and two shorter terms, with an emphasis on developing understanding in all the functional areas of business. In their second year, MBA candidates can choose from 14 majors and more than 90 elective courses.

2. Queen’s School of Business, Queen’s University
Kingston, Ontario
Full-time Program Length: 12 Months
Full-time Program Cost: $77,000
The winner of Canadian Business’s 2014 ranking of MBAs, Queen’s offers a 12-month program focusing on business fundamentals. Specializations include consulting, entrepreneurship and innovation, and a relatively new option for students interested in the health care sector: health care management.

3. Ivey Business School, Western University
London, Ontario
Full-time Program Length: 12 Months
Full-time Program Cost: $82,000
Ivey’s case-based program of study draws on more than 300 actual business scenarios to help candidates acquire relevant skills. The 12-month program offers a solid grounding in fundamentals and emphasizes leadership abilities.

4. Schulich School of Business, York University
Toronto, Ontario
Full-time Program Length: 16 Months
Full-time Program Cost: $70,710
With overseas campuses in Beijing and Hyderabad, India, Schulich has the resources to back up its focus on international business. The school also emphasizes hands-on learning, requiring all students to take on the Schulich Strategy Field Study, a real-world consulting project.

5. HEC Montréal
Montreal, Quebec
Full-time Program Length: 13 Months

Full-time Program Cost: $7,500 (Quebec residents) $15,300 (out-of-province)
Revamped in 2014, the program now offers a theme-based teaching structure that focuses on topics such as communicating and leading and managing value creation. A mandatory five-week consulting project embeds teams of students in real companies (local and international).

6. Desautels Faculty of Management, McGill University
Montreal, Quebec
Full-time Program Length: 20 Months
Full-time Program Cost: $79,500
Real-world exposure is key to Desautels’ program, with all students taking part in a 10-day international study trip and completing an experiential component consisting of a paid internship, study-abroad experience or field practicum.

7. Sauder School of Business, University of British Columbia
Vancouver, British Columbia
Full-time Program Length: 16 Months
Full-time Program Cost: $43,883
Students at Sauder choose from among three distinct career tracks—Finance, Product & Service Management, and Innovation and Entrepreneurship—and pursue a course of study that develops the skills and knowledge relevant to the stream they’ve chosen. Students can also tap into a broader network of business institutiosn through Sauder’s membership in the Global Network for Advanced Management (GNAM), a program created by the Yale School of Management.

8. University of Alberta
Edmonton, Alberta
Full-time Program Length: 16–20 Months
Full-time Program Cost: $27,862
The University of Alberta offers a range of specializations, including natural resources, energy and the environment, sustainability, finance, innovation and entrepreneurship, international business, and public policy and management. A new focus of the program is leadership—recent additions to the course roster include women in leadership, and applied leadership.

9. Degroote School of Business, McMaster University
Burlington, Ontario
Full-time Program Length: 16 Months
Full-time Program Cost: $36,650
Students seeking practical work experience may want to consider McMaster for its co-op program, which features three four-month work terms that enable participants to gain on-the-job insights and expertise while studying. The standard full-time program also includes a work placement and offers several opportunities for specialization, including strategic marketing and health services management.

10. John Molson School of Business, Concordia University
Montreal, Quebec
Full-time Program Length: 16–24 Months
Full-time Program Cost: $7,000 (Quebec residents)
$16,000 (out-of-province)
John Molson prides itself on offering the oldest and largest international case competition for MBA students—this year marks its 35th anniversary. The competition gives students a chance to solve challenging real-world business problems, and the winning team receives $10,000.

Canada’s Best MBAs 2016: The Top 10 by Value

1. HEC Montréal
Montreal, Quebec
Full-time Program Length: 13 Months

Full-time Program Cost: $7,500 (Quebec residents) $15,300 (out-of-province)
Revamped in 2014, the program now offers a theme-based teaching structure that focuses on topics such as communicating and leading and managing value creation. A mandatory five-week consulting project embeds teams of students in real companies (local and international).

2. University of Ottawa
Ottawa, Ontario
Full-time Program Length: 12 Months
Full-time Program Cost: $25,116
At Telfer, MBA candidates can choose between an accelerated 12-month program and a more flexible 24-month version. Beyond acquiring general management skills, students can earn Bloomberg terminal, Lean Six Sigma and Project Management Professional certification, as well as the certified management consultant designation.

3. University of Alberta
Edmonton, Alberta
Full-time Program Length: 16–20 Months
Full-time Program Cost: $27,862
The University of Alberta offers a range of specializations, including natural resources, energy and the environment, sustainability, finance, innovation and entrepreneurship, international business, and public policy and management. A new focus of the program is leadership—recent additions to the course roster include women in leadership, and applied leadership.

4. Queen’s University
Kingston, Ontario
Full-time Program Length: 12 Months
Full-time Program Cost: $77,000
The winner of Canadian Business’s 2014 ranking of MBAs, Queen’s offers a 12-month program focusing on business fundamentals. Specializations include consulting, entrepreneurship and innovation, and a relatively new option for students interested in the health care sector: health care management.

5. Concordia University
Montreal, Quebec
Full-time Program Length: 16–24 Months
Full-time Program Cost: $7,000 (Quebec residents)
$16,000 (out-of-province)
John Molson prides itself on offering the oldest and largest international case competition for MBA students—this year marks its 35th anniversary. The competition gives students a chance to solve challenging real-world business problems, and the winning team receives $10,000.

6. Ryerson University
Toronto, Ontario
Full-time Program Length: 12–16 Months
Full-time Program Cost: $29,576
Students at the Ted Rogers School can choose between two primary streams: the MBA global program and an MBA in the management of technology and innovation (MBA MTI). The Integrative Semester, which completes both programs, allows participants to demonstrate their learning through a personal capstone project or four-month work placement.

7. University of Victoria
Victoria, British Columbia
Full-time Program Length: 17–21 Months
Full-time Program Cost: $34,945
Small class sizes that allow for personalized learning are a central element of Gustavson’s appeal, along with a program that the university describes as “international at heart”—global business content is worked into the curriculum and there’s a variety of international exchange possibilities. (Students can also earn a dual degree with partner institution EDHEC in France.) An entrepreneurship specialization offers aspiring startup founders a single-semester, experiential learning program.

8. Saint Mary’s University
Halifax, Nova Scotia
Full-time Program Length: 16 Months
Full-time Program Cost: $13,780 (Nova Scotia residents)
$16,340 (out-of-province)
Sobey has redesigned its MBA program to emphasize responsible leadership through an eight-month integrative course, and it employs active learning through what it calls “immersive” experiences focused on entrepreneurship, community and not-for-profit leadership, and an international class trip. (The program changes go into effect in September 2016.) Faculty and staff at Sobey also help students develop a plan for acquiring management skills and plotting their career paths.

9. University of Calgary
Calgary, Alberta
Full-time Program Length: 16–20 Months
Full-time Program Cost: $35,872
For students looking for opportunities in the energy sector, Haskayne may be a good fit. It offers a specialization in global energy management and sustainability, where students are put into five intensive residencies in key energy centres around the world over a period of 20 months to learn from top industry experts.

10. Memorial University
St. John’s, Newfoundland
Full-time Program Length: 12–24 Months
Full-time Program Cost: $4,400
Small class sizes at Memorial University allow MBA students to have plenty of interaction with faculty and receive personalized instruction. Full- and part-time options allow for flexibility, too.

Cover Image Courtesy Schulich

The winning team was made up of Schulich MBA students Jamil Damji, Sandra Krecisz, Emily Long and Lina Wong and received a $5,000 prize. The second place team of Schulich MBA students, Jeremy Hill, Stephen King, Elvis Xu and Edwin Yu, received a $2,000 prize. Columbia University’s  team members, Peter Chen, Alvin Kong, Edward Lay and Nicolai Skaugen, received $1,000.

The case involved a land and housing company in Calgary, Alberta, faced with a decision whether to embark on major land acquisition, while contending with a variety of issues, including its partnership structure, increasing competition, plummeting oil prices, weakening housing demand and a shortage of capital.

The final round presentation and awards reception drew over 100 industry representatives, who joined with the 14 expert judges to watch top real estate students perform at their best, witness the thrill of victory and the agony of defeat and network with the competitors and industry peers.

Andre Kuzmicki, executive director of Schulich’s MBA Program in Real Estate and Infrastructure, said the case competition was introduced in 2011 as a way to bring valuable experiential learning in a real-world setting to graduate students from leading schools.

“Developers’ Den is first and foremost an opportunity for students to develop and showcase their skills. Regardless of the results, winning and losing is simply part of that experience,” Kuzmicki said.

“We are delighted by the tremendous support the event receives from industry and alumni.  The event is getting bigger, better and higher profile every year.”

The final round was judged by executives from Allied Properties REIT; DREAM Unlimited Corp.; Mattamy Homes; Scotiabank; and TD Bank Group.

The fifth annual case competition, held at Schulich’s York University campus, was  organized by the Schulich Real Property Alumni Association and sponsored by RealNet Canada, the country’s leading real estate information services company, and the Altus Group.

Teams of graduate students from the Schulich School of Business; the Graduate School of Architecture, Planning and Preservation at Columbia University in New York; the Johns Hopkins Carey Business School in Washington, DC; the Rotman School of Management; the Ted Rogers School of Management at Ryerson University; and the School of Urban and Regional Planning at Queen’s University competed in the March 6  competition.

The study found that dirty money (in the literal sense) can not only alter what people choose to buy, but make them seemingly compensate for lower inferred value by purchasing items in greater quantity, Noseworthy said.

“When a person handles dirty money, they infer that the money is contaminated,” Noseworthy said. “This contamination can transfer to the products purchased, subsequently lowering their perceived value.”

This idea is not as farfetched as it may seem. We have all been asked to wash our hands after touching money for fear of germs and bacteria. As Noseworthy said, “We have known for some time that consumers infer contamination between and among objects, and contamination from money is no exception.”

Given that replacing currency is expensive and dirty money has been demonstrated to increase spending, it has been suggested that keeping worn bills in circulation could be a win-win solution

Across two studies, the authors found support for their hypothesis that the physical appearance of money can change product valuations. In both studies, participants were given a clean or dirty $20 bill and went shopping in a mock retail lab that the authors had set up to look like a convenience store.

The anatomy of dirty money! (Infographic courtesy creditnet.com)

In the first study, the store was stocked with snacks and beverages, while in the second study, the store was stocked with office supplies and cleaning supplies. On average, participants systematically spent more money and devalued the products purchased with dirty bills, with one striking exception.

“The cleaning supplies were interesting,” said Noseworthy. “Cleaning supplies cannot be contaminated as the purpose of most cleansers is to remove contaminants. We find a reversal in the results for dirty money, where the cleansing qualities of the cleaning supplies actually increased how much people valued them.”

“Cleaning supplies cannot be contaminated as the purpose of most cleansers is to remove contaminants. We find a reversal in the results for dirty money, where the cleansing qualities of the cleaning supplies actually increased how much people valued them.”

Furthermore, the authors demonstrated that the devaluation was caused by contamination inferences by varying whether participants could touch the products during the shopping experience. The authors find that product value only drops when participants with dirty money are allowed to touch the products.

Overall, the authors provide some of the first evidence that the physical appearance of money can change product valuations. These results are of interest to consumers, academics, and practitioners alike. In particular, the recent economic recession has sparked considerable media attention around the need to decrease government spending while increasing domestic spending. Given that replacing currency is expensive and dirty money has been demonstrated to increase spending, it has been suggested that keeping worn bills in circulation could be a win-win solution.

However, the current research argues that keeping dirty money in circulation might have negative long-run implications on consumer utility; as Noseworthy cautions, “Governments may be better served keeping bills in circulation, but the consumer may not be.”

Furthermore, the results caution consumers to pay attention to the consequences of the appearance of their money. As Noseworthy said, “If you find a dirty bill in your wallet — be careful how you spend it.” Cover Image Courtesy Supermoney.com

Key trends – MBA Class of 2013 placements

• 88% of students seeking employment were hired with 3 months of graduation
• 93% of students participated in the survey
• Average Salary: $84,305 *
• Salary Range: $45,000 – $180,000
• Average Signing Bonus: $8,617 **
• Number of companies that hired Schulich MBA students: 178

As compared to the placements in 2012, the average salary has fallen from $87,000 to $ 84,305. However, the highest salary offered to a Schulich student has improved by a healthy $40,000 over that offered in 2012.

Here are the key trends from the MBA placements at Schulich in 2012 to give you a more rounded perspective of how careers are shaping up for Schulich grads over the years:

Key trends – MBA Class of 2012 placements

• 87% of students seeking employment were hired within 3 months of graduation
• 92% of students responded to the survey
• Average Salary: $87,000
• Salary Range: $56,000 – 145,000
• Median Salary: $85,000
• Average Signing Bonus: $7,326*

Detailed placement report for the MBA Class of 2013