During the last decade, Canada has transformed itself into one of the leading global hubs for education. Taking an MBA course in the country can lead to a multicultural and academically stimulating environment, lucrative employment opportunities, easy steps toward obtaining permanent residency and citizenship, and numerous other advantages. Based on reports, MBA courses are in high demand in Canada, and therefore, there is an active interest in the cost of MBA courses in the country. To know more about MBA courses in Canada, connect with the best Canada study abroad consultants.
Types Of MBA In Canada- Study Abroad
There are three types of MBA in Canada, which meet the needs of different students. Here are some examples of each type:
- Full-Time MBA: Full-time MBA programs in Canada last one to two years. These universities offer the opportunity for top faculty to work closely with global business leaders. In addition to field study, an integrated curriculum is offered to international students.
- Part-time MBA: This MBA program is designed for professionals who wish to complete their degree while working concurrently.
- Executive MBA: This program is specifically designed for students who are interested in working while studying in Canada and gaining practical experience. It is a three-month program.
Factors Influencing Cost Of Studying MBA In Canada
When you do not make a well-informed decision regarding all the details and factors involved, obtaining an MBA in Canada can be an expensive affair. In comparison to other countries, Canadian higher education is more affordable for international students. Due to its excellent educational quality and the availability of readily accredited Canadian degrees, students are encouraged to pursue further studies in Canada.
Students who complete an MBA program have the opportunity to follow a lucrative career path. However, you must first understand the MBA tuition fees in Canada. Furthermore, the number of Indian students opting to pursue higher education in Canada is increasing. Hence, before discussing the detailed cost of MBA in Canada in Indian Rupees, it is important to understand some of the major expense categories involved.
An MBA program in Canada is designed to provide students with a world-class education. Tuition fees at Canadian universities are affordable, making them an attractive option for international students from middle class backgrounds. Financial aid and scholarships are available to deserving students in order to reduce their financial burden. Tuition fees in Canada range from CAD 30,000 – 40,000 per year, which is significantly less than in other countries where students can study abroad.
Here are some of the leading MBA colleges in Canada and the estimated tuition fees they charge:
|University Name||Business School/Duration of Program||Tuition Fee (CAD)|
|University of Toronto||Rotman School of Management (2 years)||66,210 (for year 1)|
|Queen’s University||Smith School of Business (1 year)||66,210 (for year 1)|
|University of British Columbia||Sauder School of Business (16 months)||66,210 (for year 1)|
|Brock University||Goodman School of Business (2 years)||34,175 (per year for 10 courses)|
|McGill University||Desautels Faculty of Management (1 year to 20 months)||99,500|
|York University||Schulich School of Business (16-20 months)||112,250|
|Concordia University||John Molson School of Business (16-24 months)||47,900|
|University of Ottawa||Telfer School of Management (2-year)||64,000-68,000|
If you are interested in a low-cost MBA program in Canada, you have the option to choose from these several reputable institutions that offer this degree program. For more information, get in touch with skilled study abroad in Canada consultants.
Cost of Living
Among the costs associated with an MBA in Canada are accommodation fees, transportation costs, and other personal expenses. The type of accommodation you choose depends on the city you decide to live in. Moreover, students have the option of living in university accommodation, in a private apartment, or in a shared homestay. It is estimated that expenses could range between CAD 950 and CAD 14,000 per year.
Typically, housing options in MBA colleges in Canada cost between CAD 3,000 and CAD 7,000 per year. A private room off campus can cost approximately CAD 8,500 per year. A monthly budget of CAD 300 is required for students to shop at local supermarkets, grocery stores, and have meals at restaurants in Canada.
Below is a breakdown of the same on a monthly basis:
|Category||Cost (in CAD)|
|Accommodation with utilities||800-1200|
|Phone & Internet||100-200|
However, living in Vancouver or Calgary may prove to be quite costly, thereby increasing the cost of an MBA degree in Canada. Accommodation in these cities can cost as much as CAD 2,200 per month. It is recommended that students visit Walmart and Canadian Superstores for the most affordable shopping opportunities.
The cost of health insurance in Canada is approximately CAD 864 per year. Most importantly, student health plans are available in some provinces for free or at a nominal cost. In general, students enrolled in MBA colleges in Canada are required to have private health insurance.
Since MBA is a professional program, international students have limited opportunities to obtain financial aid. However, some students are eligible for scholarships based on their excellent academic record, work experience, and other accomplishments relevant to the program. In many cases, students are granted a partial waiver in recognition of their outstanding GMAT scores and other academic achievements. Additionally, candidates may apply to these popular scholarships to study in MBA colleges in Canada:
- Ontario Graduate Scholarships (OGS): This fellowship aims to provide high-quality education at the master’s and doctoral levels. The government funds it.
- University of Waterloo Graduate Scholarship: This scholarship is awarded to students who are pursuing graduate studies at the University of Waterloo.
- Central Sector Scheme of National Overseas Scholarship for SC etc. Candidates- (All countries except UK): It is awarded to students who prove themselves to be worthy of pursuing a master’s or doctoral degree abroad.
- Scotiabank Scholarship: A scholarship of CAD 30,000 is provided by Scotiabank.
- Go Clean Scholarship: The scholarship is awarded to meritorious students who want to pursue higher studies overseas.
In addition, various institutions offer scholarships such as the Claude Winspear MBA Award, the Accelerated Career Scholarship, the Robert Krembil Scholarship of Merit, etc.
The flexibility of Canadian visas and internship opportunities with management firms in turn attract half a million international students to Canadian colleges and universities every year. In case you are interested in studying abroad in MBA colleges in Canada, do not hesitate to contact one of the best international education experts who would be happy to assist you.