MBA in Canada & What it Takes: Top Universities, Eligibility, Cost and Scholarships

The question of 'why study an MBA in Canada' is oft asked. Because, globally, colleges in the US and UK rank higher. Focusing on the top four colleges in Canada for an MBA, we explore this topic in this article.

More Reasons as to Why MBA in Canada is an Outstanding Option: For a student thinking of taking an Education Loan for Abroad Studies, the financial factor matters a lot because it determines the burden on the pocket. The cost of an MBA in Canada is relatively lower than that of most management programs in US/UK. Additionally, unlike US/UK, you can easily apply for a work visa / Permanent Residence in Canada after completing the studies.

Some common Eligibility features to pursue MBA in Canada are:

• English language tests: IELTS - 7.0 TOEFL- 100 iBT
• IELTS: 7.0
• TOEFL: 100 iBT
• GMAT: range of 655 to 680.
• Original and official transcripts of marks earned from previous institutions are to be sent directly to Canadian university after receiving and accepting an admission offer.
• University Health Insurance Plan (UHIP) is mandatory for all International Students studying in a university in Ontario, it covers all health services’ cost. Students considering Rotman, Ivey, and Schulich will need it and for Desautels applicants, IHI is required.

What are the Top 4 Universities for MBA in Canada?

Understanding that Canada makes for a superb place for higher education is part 1. Part 2 is knowing the best universities for MBA in the country. The finest MBA colleges according to QS are:

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1. Joseph L. Rotman School of Management

• Location: Toronto, Ontario
• College: University of Toronto
• Duration of MBA: 18 months (full-time)
• What’s the global MBA rank by QS: 43rd

Rotman ranks very high on the indicators of leadership, employability, and ROI. It has the biggest class sizes in the country with over 300 students in a batch. For admission, the school asks of a student:

• A bachelor’s degree with a minimum average of B score in the final year (or equivalent).
• An average GMAT Score of 672.
• The college asks you to upload one to three pictures to write an essay that explains the “spike factor” of the student.
• Reflection question which describes 3-5 characteristics of the student.
• Two professional recommendations.
• A video interview.
• Two years of work experience as a full-time employee (not mandatory).

Costs Involved at Rotman:

• Application process: 195 CAD$.
• A full-time academic fee: CAD $120,680 (both years).
• The ancillary and incidental fee: CAD $650 and CAD $1,600
• Quality of Life: around CAD $20,856 to $28,756 (Health insurance, conveyance, food, accommodation, etc.)

Financial Aid & Scholarships at Rotman:

• The Chung Entrance Scholarship: 10,000 CAD (academic merit and financial need).
• International Peace Scholarship Fund: $12,500 CAD ( aid to women and funded by the P.E.O).
•  Median base salary: CAD $85,000 plus signing bonus : CAD$13,500.

2. Desautels Faculty of Management    

• Location: Montreal, Quebec
• College: McGill University
• Duration of MBA: 20 months (full-time)
• Global MBA rank by QS: 60th 

Besides the usual elements, Desautels makes for a more than decent college for MBA in Canada because of its Base Camp. Every MBA student is required to attend the 2 weeks long comprehensive and intensive classes. These are preparatory lectures meant to bring the candidates up to the mark in the fundamentals of math, statistics and accounting for finance. When applying, the criteria to be fulfilled are:

• A bachelor’s degree (or any higher education).
• An average GMAT Score of 681.
• An essay along with extracurricular activities.
• Two years of work experience as a full-time employee is mandatory.
• 2 letters of reference.

Costs Involved at Desautels:

• Application process: CAD$ 105.80.
• The total tuition fee (MBA): CAD$ 89,000. It includes the international trip that is part of the degree but doesn’t include ancillary charges.
• The living expenses: Accommodations (includes food): CAD $9,000 to $14,500 Public Transportation: CAD $996 Books: CAD $2,000 Personal Expenses: CAD $2,000
• Accommodations (includes food): CAD $9,000 to $14,500
• Public Transportation: CAD $996
• Books: CAD $2,000
• Personal Expenses: CAD $2,000

The International Health Insurance Plan or IHI is mandatory for each scholar and costs about CAD$1,095 for a single person.

Financial Aid & Scholarships at Desautels:

• Adam Dinkes MBA Leadership Award: $10,000 CAD (for entrepreneurship).
• MLV & Co MBA Leadership Award: $20,000 CAD (Academic merit and leadership skills.
• Average base salary: CAD$ 85,000 , Signing bonus: CAD$10,000.

3. Ivey Business School 

• Location: London, Ontario
• College: University of Western Ontario
• Duration of MBA: 12 months (full-time)
• What’s the global MBA ranking by QS: 60th (tied with Desautels)

Renowned for the eponymous case-study method and the CEL approach, MBA from Ivey teaches a person about the growth of the entire enterprise and not just one person.

Eligibility Requirements are:

• Two essays and two video questions.
• Two years of work experience as a full-time employee is mandatory.
• References from two people.

The graph below gives an idea of the type of students that study at Ivey:

Costs Involved at Ivey:

• Application fee of CAD$150.
• The tuition fee for the whole program for an overseas student is near 111,750 CAD excluding the ancillary fee, charges for UHIP or the optional Preparatory Knowledge Program.
• One year living expenses: around CAD$27,000.

Financial Aid & Scholarships at Ivey:

• The institution automatically considers all exceptional international students for an admission award. The reward can range from CAD$10,000 to half of the tuition. 
• Another scholarship it awards is Ivey Global Leader Award, Value: $50,000 CAD for students from Africa, Asia, Europe, South America, or the Caribbean.
• Average salary: $103,000 CAD. 

4. Schulich School of Business 

• Location: Toronto, Ontario
• College: York University
• Duration of MBA: 16 to 20 months (full-time)
• Global MBA rank by QS: 76th 

One of the rare colleges to leap 7 QS Global MBA Rankings from 2018 to 2019, it offers a program that allows for 18 diverse specializations. It even caters to hands-on experience by allowing students to consult on real projects. 

Eligibility Requirements are:

• An undergraduate degree with an average score of B (or an equivalent).
• An average GMAT score of 670.
• Two years of work experience as a full-time employee (mandatory).
• Two letters of reference.
• 2 written short essays followed by two video questions and then another written and timed essay.

Costs Involved at Schulich:

• Application fee: CAD$150.
• Tuition fee: Approximately CAD$101,900. The figure encompasses the ancillary and referenda fees that the college charges but not UHIP.
• The living expenses for the complete four terms (one term = 4 months): Books/Course Materials: CAD $3000 Rent (on campus): CAD $20,000 Rent (off campus): CAD $8000 - $19,200 Food: CAD  $6,000 Personal: CAD  $4,000
• Books/Course Materials: CAD $3000
• Rent (on campus): CAD $20,000
• Rent (off campus): CAD $8000 - $19,200