A Guide to GMAT Scholarships in Canada for MBA Aspirants

Embarking on an MBA journey in Canada is an exciting endeavor with endless growth opportunities and scope for career advancement. However, financing such programs can take significant time and effort. There are several scholarships in Canada tailored to GMAT scores. 

Candidates with good conceptual clarity who can score around 650-700 on the GMAT stand a high chance of being shortlisted for prestigious scholarships starting at 15,000 CAD and going up to the full tuition amount. In this comprehensive guide, we delve into the pool of GMAT scholarships in Canada that can provide significant financial assistance to budding corporate leaders.

Cost of Pursuing an MBA in Canada

On average, the tuition fees for international students planning to pursue an MBA in Canada range from 35,000 CAD to 60,000 CAD per year. For Indian students, this cost comes to around 20,00,000 INR to 35,00,000 INR per year. Additionally, international students must consider the cost of accommodation which ranges from around 10,000 CAD to 12,000 CAD per year including food, travel, and health insurance. GMAT scholarships in Canada offer a ray of hope for students looking for financial aid to fulfill their dream of attending a Canadian B-school.

Must Read: Education loan options for MBA in Canada

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Why Study an MBA in Canada?

There is not one but many reasons that draw Indian students to Canada. Let us explore why studying an MBA in Canada is a strategic choice for career advancement:

• Global recognition: An MBA from Canada is globally recognized for its excellent quality of education and diverse student body.
• Quality of education: Canadian business schools are known for their rigorous academic standards and world-class faculty.
• Strong economy: Canada has a stable economy and is a business hub that provides ample opportunities for MBA graduates.
• Standard of living: Canada has been consistently ranked for high quality of life and a safe and welcoming environment for students from around the world.
• Networking opportunities: Canadian business schools offer the opportunity to connect with industry leaders through internships, and networking events. Students also get access to an extensive alumni network that will provide support and mentorship throughout their careers.

Importance of GMAT Scholarships in Canada

Scholarships not only play a pivotal role in alleviating the financial burden of aspirants but also make major contributions in the following ways:

• Boosts accessibility: GMAT scholarships in Canada make pursuing an MBA more feasible for students who may otherwise face financial barriers.

• Attracts talent: By offering generous scholarships, Canadian B-schools attract top-tier candidates and enhance the diversity and competitiveness of the pool of applicants.

• Academic enrichment of students: By reducing financial burdens and facilitating access to higher education, GMAT scholarships in Canada contribute to the academic enhancement of students and foster an innovative learning environment.

• Promotes diversity: Financial aid encourages students from diverse backgrounds to apply for business programs. This creates skilled professionals who contribute to the growth of Canada’s economy.

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Top B-schools Offering GMAT Scholarships in Canada

Business schools in Canada have a competitive landscape where securing a scholarship is not merely based on GMAT scores but a combination of factors that showcase the candidate’s potential to excel in their field. Several top business schools in Canada offer MBA scholarships to attract and support talented students. Here is a list of top scholarships:

Rotman School of Management, University of Toronto

• International students at the University of Toronto are eligible to be considered for the entrance awards.
• The amount of entrance awards ranges between 10,000 CAD to 90,000 CAD.
• Around one-third of the students are awarded Rotman entrance scholarships.
• All entering students are automatically considered for the awards based on a review of the application for admission.
• Two exceptional students are also entitled to the Joseph L. Rotman scholarships covering the entire cost of tuition for an MBA.
• The University of Toronto with the support of the Ontario government offers Ontario Graduate Scholarships ranging from 10,000 CAD to 15,000 CAD per year to students enrolled in full-time studies who have obtained a first-class standing.

Ivey Business School, Western University

• The Ivey Business School at Western University awards admission scholarships to almost 80% of the incoming students ranging from 10,000 CAD to 65,000 CAD.
• To be considered for financial aid, students must complete the scholarships section included in the MBA admission application.
• International students are assessed based on academic merit, leadership skills, and prior work experience.
• Selected candidates will be notified regarding the award of scholarships along with the offer for admission.
• Apart from the entrance scholarships, the Ivey Global Leader Award valued at 50,000 CAD each is awarded to high-performing international students who fulfill the GPA and GMAT score requirements and demonstrate strong performance during the interview.

Sauder School of Business, University of British Columbia

• The Sauder School of Business considers international students for the UBC International MBA Early Entrance and Merit Scholarships.
• UBC awards scholarships worth 3,000 CAD to candidates with a GMAT score of 680 or above or equivalent GRE score.
• Students who apply by March 31 will be considered for the 1st Early Entrance Scholarship valued at 5,000 CAD and those who apply by June 30 will be eligible for the 2nd Early Entrance Scholarship valued at 2,000 CAD.
• The Dean’s Entrance Scholarship is the most prestigious award given to applicants with an exceptional track record in academics, community involvement, and business leadership skills. Interested candidates must submit a Scholarship Statement of Qualification when applying to the IMBA program. The value of scholarships ranges between 2,000 CAD to 10,000 CAD.
• International Talent Scholarships recognize high-caliber students who exceed the admission requirements by awarding scholarships worth 2,500 CAD to 10,000 CAD.

Alberta School of Business, University of Alberta

• The Alberta School of Business is dedicated to awarding financial support to academically strong students.
• The B-school has set a record of awarding financial aid over 1 million CAD.
• Almost all admitted full-time students enrolled in the MBA program are offered financial aid in the form of entrance awards, scholarships, and bursaries.
• All entering MBA students are automatically considered for the entrance awards based on fulfilling the criteria for admission.
• The value of entrance awards goes up to 15,000 CAD each.
• The UAlberta MBA scholarships are awarded to students during the MBA program. The criteria for each scholarship may vary. Students will be required to apply for the scholarship by submitting a separate application.

McGill Desautels Faculty of Management, McGill University

• A wide range of merit-based scholarships are available for MBA students enrolled at the McGill Desautels Faculty of Management ranging between 10,000 CAD to 25,000 CAD.
• All entering international students will be considered for the financial aid awards.
• Adam Dinkes MBA Leadership Award valued at 10,000 CAD is awarded to outperforming candidates preferably international students based on academic merit, leadership skills, and an interest in entrepreneurship.
• International students get access to several other scholarships such as the Alvin J. Walker Scholarship, the Dominic K.M. Lai MBA Fellowship, the Herschorn H E Graduate Award, and the Kelly Family MBA Leadership Award among others.

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Factors Considered for GMAT Scholarships in Canada

While a competitive GMAT score is important for GMAT scholarships in Canada, it is important to note that these scores are not the sole determining factor. Scholarship selection committees consider a holistic view of the applicant’s profile by taking into account a combination of factors such as academic achievements, professional background, leadership experiences, and supporting documents submitted as a part of the application process. Take note of the factors that are commonly considered for GMAT scholarships in Canada:

• Academic achievement: The most crucial factor for awarding merit-based scholarships is the applicant’s academic records including GPA and transcripts of the most recent degree.

• GMAT scores: Competitive GMAT scores are one of the key factors for admission to graduate management programs.

• Professional background: Some scholarships may prioritize applicants who have relevant work experience that aligns with the scholarship and program goals.

• Leadership skills: Candidates seeking admission to MBA programs offered at top B-schools in Canada must demonstrate leadership skills through extracurricular activities, community involvement, or professional experience.

• Letters of recommendation: Strong letters of recommendation from professors or previous employers who can attest to your capabilities can boost your chances of securing a scholarship. 

• Statement of purpose: A well-written statement of purpose outlining your career goals, motivation to pursue an MBA, and how you plan to create an impact in your field.

• Financial need: Some scholarship providers may also take into account the financial situation of the candidate before deciding on the financial aid package.

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Resources for Finding GMAT Scholarships in Canada

To apply for GMAT scholarships in Canada, you must thoroughly research and identify financial aid opportunities that align with your academic and career goals. Finding GMAT scholarships for studying in Canada can be facilitated through various resources including:

• University websites: The most convenient way to explore GMAT scholarship options in Canada is by visiting the websites of Canadian universities offering management programs. You will find dedicated pages on the website listing available scholarships along with complete details of eligibility criteria, application procedures, and deadlines. You can reach out to the financial aid offices of Canadian universities you're interested in attending.

• Scholarship databases: Various online scholarship databases such as Scholarship Canada can help you search for scholarships based on the field of study, location, GMAT scores, etc.

• Government websites: You can browse the websites of Canadian government agencies or departments related to education. 

• GMAT preparation resources: Lastly you can also check the GMAT preparation companies or websites that may offer scholarships or have partnerships with Canadian universities to provide scholarships for students who excel in their GMAT exams.

Pursuing a graduate management degree in Canada can be a significant investment in your future. Fortunately, scholarship opportunities for international students recognize and reward academic excellence and professional achievements while contributing to offsetting the costs. By leveraging GMAT scores, aspiring MBA candidates can turn their educational dreams into reality and graduate with minimum financial burdens.

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