MBA In Canada
Canada is a popular choice for pursuing higher studies – seven of the top 150 of the top institutes around the world according to the QS Ranking of Universities are Canada based. Additionally, it is on top in the list of safest living places and also on the top spot in educated countries around the world.
There are 3,53,000 plus international students pursuing their higher studies in Canada currently which represents almost a 90% increase in the last 10 years.
The only obstacle Indian students may encounter in Canada is the language problem. With both English & French as national language, Canada is a bilingual country. And some of the colleges are running MBA programs in French also. If you are not good in French, you may have to pass the few college options. However, most of the courses are in English & French.
This article will look primarily at MBA in Canada from perspective of an International student. Critical facts about course duration, cost of living, fee details, after study-opportunities in Canada will all be covered.
Why do an MBA in Canada?
The exponentially growing economy and rich culture of Canada magnetize students from around the world. Due to the Top quality of living, premium-quality education at an affordable cost, exposure to a multicultural cosmopolitan environment and lenient post-study work rules, Canada is one of the hot favorites for higher studies. In fact, Canada is one of the top five most preferred destinations for higher studies in world. Vancouver, Montréal, Québec City and Toronto are the major cities of Canada.
Why would any international student choose Canada for MBA studies? There could be varied reasons ranging from world-class B-schools with state-of-the-art facilities, excellent faculty, multiculturalism as Government policy and the relative ease in securing visas and work permits when compared to the United States. Let’s take a look at all these factors one by one along with the pros and cons to help you decide on studying MBA in Canada and meeting your career goals.
Best MBA Institutes in Canada
Let’s look at some of the top B-Schools in Canada.
University of Toronto’s Rotman School of Management offers a two-year full-time MBA. The academic part is completed in 16 months followed by a four-month paid internship. It also offers more than 90 elective courses.
The program has a tuition fee of $120,680. You may have to spend around $30,000 per year by way of living expenses. Ranked number 1 by QS World University Rankings: Canada 2019, the cohort numbering 334, had an average work experience of five years.
Best MBA Programs in Canada
Canada has some of the top MBA programs at B-schools with state-of-the-art facilities in terms of infrastructure and faculty in cities comparable to those in the United States and Europe at considerably lower tuition and living expenses.
Among the advantages of studying in Canada is that it is considerably easier to apply and get a study permit that allows you to work part-time on the campuses of Designated Learning Institutions (DLI). It saves you the hassles of applying for a separate work permit.
Also, you could continue to work for a year or more, depending on the length of the full-time graduate program, in the country by applying for an extension of the study permit. The Post-graduation Work Permit Program (PWPP) also paves the way for securing permanent residence in Canada.
Affordable MBA Options in Canada
Pursuing an MBA from Canada is the best option for students who are seeking world-class education without burning a hole in their pocket. Canada equals the united state in terms of education standards, and that too at the 1/4th of the cost. Universities of Canada are actively trying to pull more international students with lower costs.
Also Read – What today’s MBA candidates want from employers
While the fee for an MBA at the top universities of Canada will average at around $40,000, there are lots of colleges where the fee of the program is not that high and at the same time, their world ranking for their education quality is decent. In addition to that, you can always make up for the cost by working part-time while studying in Canada.
MBA Salary in Canada
When it comes to employment opportunities and placements for MBAs, Canada may not offer the glitz and glamour of top brands or the kind of fabulous salaries in USA, but you can certainly expect a good salary and lifestyle.
Almost like Germany, around 98% of Canadian companies could be classified as small and medium enterprises, employing less than 100 people.
The remaining 2% comprises medium-size businesses, with around 500 people on the payroll. Together, the SMEs (small to medium companies) give employment to around 100,000 people and contribute more than 50% of the economy.
As in other countries, fresh MBAs could land jobs in financial services, consulting, retail, healthcare. Financial services were stated to be on the growth path, having expanded by 11.6% in the past decade. In 2017, it provided 831,000 job opportunities, accounting for 4.5% of the total employment.
Canada also offers unlimited opportunities for entrepreneurs including startups. Some of the well-known startups are Element AI and Connected in computer software, Wealthsimple and Clearbanc in financial services, Cannabis Compliance Inc in management consulting, League in insurance, Drop-in consumer services and Dialogue in health care.
Cost of MBA in Canada
The Range of Average MBA Tuition fee in Canada is 30,000$ to 40,000 $, which is less while comparing it with universities in US.
Fee for MBA in top Business Schools in Canada
|Rotman School of Management
|Queen’s Smith School of Business
|York University – Schulich
|University of Alberta
|Ivey Business School
Admissions – Eligibility, How to Apply, deadlines, Score Requirements
Are you eligible for pursuing MBA in Canada? The common eligibility criteria for pursuing MBA in Canada is as follows:
- Graduation Degree: The aspirant should have a Graduation degree from a recognized University
- Work Experience: The candidate should have requisite work experience, as there is a provision of preference for the aspirants with some work experience. In many Universities, work experience is an eligibility criterion to apply for an MBA course.
- Proficiency in English Language:Applicants from non-native English speaking countries have to provide a proof of proficiency in English language. They need a decent TOEFL or IELTS score.
- GMAT Score: The aspirant should have an excellent GMAT score
How To Get A Study Permit in Canada
If you are planning to go to Canada for higher studies, apart from the passport and other documents, you need to get a student permit for the duration of the academic program. It is a document that allows international students to study at Designated Learning Institutions (DLI) in Canada.
However, the study permit is not a visa. You should have a visitor visa or an electronic travel authorization (eTA) to enter Canada. The first step is to apply for the student permit along with the necessary documents. Once the Canadian authorities approve the study permit, you will be issued a visa along with your study permit. Read on for more information on how to apply, eligibility requirements, processing time and other relevant details.
Scholarships & Financial Aid
MBA is a course which is completely professional in nature. Therefore, sources of getting scholarships or financial aid for international MBA students in Canada are quite limited.
Nevertheless, students with excellent academic records and other significant achievements relevant to this course can get scholarships as well as financial aids.
Students with exceptional scores in GMAT or similar feats can get a partial waiver in most cases.
Other than that, students seeking scholarships should apply for the following scholarships. These are among some most popular scholarships for International MBA studentsin Canada.
MBA in Canada FAQs
Ans. An MBA in Canada costs between around 30,000 USD to 90,000 USD in terms of fee. This is equals approx to 25 Lacs to 68 Lacs for an Indian students. Living in Canada can cost 4,000 USD to 10,000 USD/month. That’s between 3 lac and 8 lacs a year for Indian students.
Ans. Worth is highly subjective and will vary from student to student. That said, Canada has a strong economy, plenty of employment opportunities and good placements after completion of an MBA.
Ans. Some things you need to be eligible for an MBA course in Canada are a four-year bachelors degree, GMAT scores (optional at some schools),and relevant work experience (some B-Schools don’t need this). Additionally, you will also need at least 2 letters of recommendation letters and a Statement of Purpose (SOP) to get into B-Schools in Canada.
Ans. Not necessarily. Most B-Schools in Canada require it though and the GMAT score range is 550-650 at most B-Schools. That said, some B-Schools such as Smith School of Business & Schulich School of Business accept students without GMAT.
Ans. Some of the more affordable universities in Canada offering cheaper study options are University of Alberta, University of New Brunswick, MUN, University of Calgary, Laval University, Carleton University, Ryerson University, etc.
Ans. A couple of the best business schools in Canada for an MBA are Schulich School of Business, Rotman School of Management, Desautels Faculty of Management, McGill University, Ivey School of Business, , Smith School of Business.
Ans. Absolutely! Canadian MBA degres are recognized globally and are respected in India. In-fact, many recruiters will value a Canadian MBA more than an MBA from many Indian B-Schools.
Ans. Dream on! Nothing in life including an MBA comes free. Though the country offers free healthcare services – they too are paid by tax dollars! Full scholarships in Canada are rare and so you can expect to shell out a minimum of 30,000 to 50,000 CAD for your MBA in Canada.
Ans. USA, UK, Canada, India, France, Australia and Germany are some contenders – the best depends on your goals. All of these countries offer world class education at globally ranked B-Schools that attract the A list of recruiters for graduates after an MBA.
Ans. Marketing is a safe bet in Canada as it is globally, with almost 70% of global industries hiring marketing professionals. Data Analytics & Data Science is becoming a big source of employment too with a big gap in talent versus demand. Machine learning, Consulting, Business Development, Finance and Operations are some other specializations with good prospects.
Ans. Yes. You can not only get a job in Canada with reeltive ease post your MBA, you can also look forward to Canadian citizenship with Canadian PR. Getting a three-year work permit post MBA in Canada is not tough for students with prior work experience.
Ans. No. Many Canadian B-Schools accept students without work-ex for their MBA programs. Some of these B-Schools are NYIT, University of Windsor, Brock University, etc.
Ans. Some specializations with good demand are MBA in Finance, MBA in Data Anlaytics, MBA Marketing, MBA International Business, MBA HR, and MBA in Digital Marketing.
Ans. Most business schools want 2 years minimum work experience. TO be competitive, you would need anywhere from 3-5 years work ex. to get admitted to MBA courses in Canada. There of course some outliers – universities that need as much as 8-10 years of previous work experience but this is usually for Executive MBA programs. Some B-Schools in Canada admit students without work experience too!