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Cost of Studying MBA in Canada

Cost of Studying MBA in Canada

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Planning to pursue your MBA in Canada? Curious to know the cost of studying in Canada? Well, read this blog to know the in-depth details.

GyanDhan
Mansi Bisht
Updated on:  25 Oct 2023  | Reviewed By: 
Aman 
| 1.37K | 8  min read
 Cost of Studying for MBA in Canada

As we know, world economies are dynamic and keep on changing. It is crucial to have the right set of skills and qualifications for dealing with management situations. Here comes the role of an MBA; to expand the horizon of knowledge for accurate decisions. But to pursue MBA, it is important to have experienced faculties, a renowned institution, excellent infrastructure, and a good program.  

In this blog, we will understand why MBA in Canada is in demand and the cost of studying for an MBA in Canada with various other points

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Reasons to pursue an MBA in Canada

Canada, the country of maple Leaf is one of the top preferred destinations by International students to study MBA. Scenic places, beautiful valleys, world-renowned institutions, and good quality of life are a few of the reasons that attract International students. Let's look at facts and figures from various institutions ranking sites. 

  • list items According to Financial Times MBA Rankings 2022, around 5 universities in Canada are in the world’s top 100.
  • list items Based on QS MBA rankings (2022), almost 10 business schools & universities in Canada are ranked in the world’s top 100.
  • list items The business management program is one of the top programs preferred by students to study MBA.  
  • list items Students get an additional opportunity to work post-study. 
  • list items The Canadian Government is student-friendly and welcomes MBA students to present their startup ideas. 

Read more about: MBA in Canada: Top Universities, Eligibility, Cost and Scholarships

These are the top reasons for students that makes Canada an ideal country to study MBA. Now that we know the reasons, it's time to look at the types of MBA with their study costs in Canada.

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Types of MBA to study in Canada

Part-time MBA

CAD 30,000 - 40,000

Full-Time MBA

CAD 60,000 - 100,000

Executive MBA

CAD 40,000 - 135,000

International MBA (IMBA)

CAD 71,000 - 112,250

Dual-degree MBA

CAD 230,201 - 476,970

Accelerated MBA

CAD 79,000 - 84,000

  1. list items Part-time MBA
  • list items Part-time MBA is similar to EMBA with a difference in the number of years of work experience required.
  • list items Students with a minimum of 2 years of work experience can apply for a part-time MBA.
  • list items The duration of the course is also longer compared to EMBA, generally being 3 years.
  • list items Both, Part-time and Executive MBAs let you retain your full-time job. 

Average cost of Part-time MBA: CAD 30,000 - 40,000

  1. list items Full-Time MBA
  • list items The duration of a full-time MBA is 1-2 years. 
  • list items Students who want to understand the business industries and culture of Canada prefer to study Full-Time MBA. 
  • list items Students do not work professionally simultaneously with their studies. 

Average cost of Full-Time MBA: CAD 60,000 - 100,000

  1. list items Executive MBA (EMBA) or Professional MBA (PMBA)
  • list items Executive MBA is for professionals with an average of 16 years of work experience with an average of 10 years in a managerial role, mostly from a mid-to-senior manager role.
  • list items It is usually a one-year course that drastically accelerates your leadership skills and builds skills.
  • list items The curriculum is designed to suit the career goals of the professionals as is the class schedule.
  • list items Classes are mostly held on weekends (offline) and online during the week.
  • list items Admission may not require GMAT/GRE. However, it does require an interview, professional recommendations, and an essay. 

Average cost of Executive MBA: CAD 40,000 - 135,000

  1. list items International MBA (IMBA)
  • list items International MBA is a specialized program with a curriculum that revolves around global challenges faced by companies, foreign markets, global economics, and cross-border relationships. 

Average cost of International MBA: CAD 71,000 - 112,250  

  1. list items Dual-degree MBA

Also known as a Joint degree or Combined degree MBA, a dual degree allows students to combine a business degree with a different graduate program, for example, a Law degree or an MD. Some joint degree programs offered are: 

  • list items MBA-Law 
  • list items MBA-MSc in Healthcare Quality 
  • list items MBA-Masters in Finance 
  • list items MBA-MD
  • list items MBA-MA 
  • list items MBA-Masters in Fine Arts 
  • list items MBA-Masters in Engineering

Average cost of Dual-degree MBA: CAD 230,201 - 476,970

  1. list items Accelerated MBA
  • list items It is a cost-effective fully-packed course covered in less time and is as good as a 2-year program.
  • list items The quality of the course is not compromised, offering the same specializations as a typical MBA program.
  • list items Students with an undergraduate degree in Finance or Business Administration are admitted to the program. 

Average cost of Accelerated MBA: CAD 79,000 - 84,000

So, we are now clear on the various types of MBA offered in Canada. 

Our research doesn't stop here! Let's get deeper to know all the details.

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MBA Fees in Canada at the Top Universities

The cost of studying for an MBA in Canada varies from university to university. In general, it will cost you around $50,000 to $1,50,000 (institution cost only). When compared to countries like US and UK, the cost of studying MBA in Canada is more affordable. Also, there are various scholarships available for Indian students that we will discuss in the coming stages. 

The below table contains information about top universities along with the cost of studying and top programs.

Kellogg/York University: Schulich

$112,250

Cornell University: Johnson/Queen's University: Smith

$74526.11

University of Toronto: Rotman

$133,740

Queen's University: Smith

$104,100

Western University: Ivey

$123,500

York University

$133,700

HEC Montreal

$59,000,38 until summer 2022
$59 000 from fall 2022

McMaster University

$86,000-$92,000

University of Victoria

$40,824.64

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Cost of Living in Canada

A student living in Canada will have to bear expenses ranging from 19,000 to 22,000 CAD annually. The following is a breakdown of the same monthly:

Accommodation cost

900-1200

Food

400-500

Phone & Internet 

200-300

Entertainment

60-200

Miscellaneous 

200-400

Read more about: Cost of living in Canada 

Pre-Arrival Cost for MBA in Canada

It is estimated the pre-arrival cost would be around CAD 13184 to CAD 2000. 
Let’s understand the breakdown

one-way flight tickets

1500

Visa fees

150-200

University application fees

150 (varies according to the university)

Purchase of GIC (Guaranteed Investment Certificate)

10,200

Health insurance

600-900


The next part of the blog is a crucial segment as you will learn about the eligibility criteria

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Eligibility Criteria to study MBA in Canada 

The following are the most common MBA entry requirements, although each institution will have its own.

  • list items An undergraduate degree in any discipline from a recognized university. The majority of colleges ask for a four-year bachelor's degree, however, some may accept a three-year degree 
  • list items Experience in any related field of 3-5 years. Work experience of at least 12 months is preferred by institutions 
  • list items For Canadian universities, IELTS scores must be at least 6.5 
  • list items To be admitted to a good Canadian university, you need a GMAT score of 500-700 out of 800
  • list items Under special circumstances, a study gap is acceptable in Canada. 

 

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Scholarships

Often students search for scholarships to support their education expenses. Below are some of the scholarships that will help you out: 

  • list items Ivey MBA scholarships
  • list items Ontario Graduate Scholarship (OGS) Program
  • list items Rotman School of Management Scholarships
  • list items Sauder School of Business Entrance Scholarship

These are a few scholarships that might help you to fund your tuition fees. Read more about: Scholarships for International Students in Canada

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