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MBA in Canada can turn out to be an expensive affair if you are not making a well-informed decision considering all aspects and details. However, higher studies in Canada offered to International students come at a lower tuition fee than in most other countries.
The high quality of education and the readily accredited Canadian degree make it favourable for students to opt for Canada for their further studies. MBA is a lucrative option for students but before that, you need to know the cost of an MBA in Canada.
The number of Indian students wanting to pursue their higher studies in Canada is increasing each year. According to news reported by the Economic Times, Canada approved around 4 lakh study permits in 2019, out of which 1.39 lakh permits (34.5%) were given to Indian students. Indians are driven to pursue higher studies abroad, and pursuing an MBA in Canada tops the list for the preferred course and destination.
Through this blog, we will help you arrive at the estimated figure for pursuing MBA in Canada. We have prepared a concise calculation which includes all expenses like tuition fees, accommodation charges, health coverage, and other miscellaneous costs that you would need to consider to plan your budget effectively along with choosing the best suitable MBA college for you.
To know about scholarships in Canada, read here.
|Nature of Cost||Cost|
|Tuition Fees||CAD 34,000 to CAD 120,600|
|Student Visa||CAD 150|
|Cost of Living||CAD 950 to CAD 14,000 per annum|
|Cost of On-campus accommodation||CAD 3,000 to 7,000 per annum|
|Health insurance||CAD 864 per annum|
The tuition fees for MBA depend on the University you choose and the program you opt for. However, the average college fee for an MBA In Canada can cost between C$ 34,000 to C$ 120,600. The fee structure is varied and Universities charge more fees to International students as compared to the fees applicable to local Canadians.
But, when you compare the University fees with MBA colleges in the UK, USA and Australia, Canada turns out to be the cheapest. Universities revalue their fees every year and may charge higher or lower fees to students in that particular year. You also need to keep aside C$ 150 as Canada Student Visa fee for the program.
The other costs to consider are the accommodation fee, transportation, and other personal expenses. This generally depends on the city you choose to reside in and the type of accommodation you opt for. The three main types of accommodations available for students are university accommodation, private apartment stays, and sharing homestays. These expenses could cost between C$ 950 to C$ 14,000 per annum.
For university on-campus accommodation one needs to shell out approximately C$ 3,000 to 7,000 per annum. If students want a bit of their own space, then private shared accommodation off-campus can cost anything between C$ 8,500 per annum. Cities like Quebec, Montreal and Ottawa are less expensive and living expenses could range from C$ 800 to C$ 1,500 per month.
On the other hand, living in Vancouver and Calgary can turn out to be hefty in the pockets. The cost of accommodation in these popular cities could reach up to C$ 2,200 per month. Shopping at local supermarkets and grocery stores in Canada would require students to keep aside C$ 300 per month. The cheapest outlets for shopping are Walmart and local Canadian Superstores.
It is also mandatory to purchase health insurance, which could cost around C$ 864 per annum. Some provinces offer their own health plans to students for free or nominal charges. However, for most parts of Canada, private health insurance needs to be bought for the entire duration of the student’s stay in Canada.
To make up for the expenses, one can work part-time for 20 hours off-campus during the course of the semester or during the winter and summer holidays. Thankfully, no work permit is required for part-time work opportunities in Canada.
According to the 2020 QS Global MBA Ranking, 5 MBA colleges from Canada made it to the list of top 100 MBA Colleges. Prominent amongst these business institutions are Rotman School of Management in Toronto, ranked at number 53, followed by the McGill University in Montreal, ranked at number 71.
|Rotman School of Management, University of Toronto||CAD 59,450|
|Ivey Business School, University of Western Ontario||CAD 1,11,750|
|Desautels Faculty of Management, McGill University||CAD 44,500|
|Schulich School of Business, York University||CAD 52,040|
|Smith School of Business, Queen’s University||CAD 91,000|
Besides the above B Schools, Sauder School of Business, Alberta School of Business, Simon Fraser University, and Edwards School of Business are other well-known institutions for MBA.
Enrolling for an MBA in Canada’s top Universities guarantees a quality learning experience through an updated curriculum. The on-campus facilities, student support mechanism, and infrastructure are also on-par, providing the international students with a comfortable atmosphere and homely feel.
Canadian business schools give a lot of importance to academics. Along with academics, students can showcase their creativity and skill-sets by participating in extracurricular activities offered by the Universities.
Students get the option to choose full-time or part-time MBA courses in Canada. The duration of completing an MBA is usually 1 to 2 years; however, the part-time course can extend up to 2.5 years or more. Fees for MBA for these colleges are also affordable to suit the pockets of Indian students from middle-class family backgrounds. Many colleges also offer scholarships and financial aid to deserving students, to encourage more aspirants to take up MBA In Canada.
There are a few criteria that need to be met before you decide to secure a master’s degree by pursuing an MBA In Canada.
To read about IELTS Canada 2021, read here.
Getting an MBA degree from a Canadian University is in demand for several reasons. Canadian Universities have made their way to the top 100 Global MBA Ranking list and secured a prominent position despite the fierce competition from the popular Universities in the U.S. and Europe.
They offer affordability so that Indian students can take advantage of studying outside their home country without having to bear a hefty loan. Canada attracts students from all over the world, thus offering multicultural exposure to students. Moreover, the admission process and student visa approval procedures are simple, with an affordable Canada student visa fee.
Post your study in Canada, degrees from top Canadian Universities help obtain also offer lucrative job opportunities for those who wish to stay back and work in Canada. Most Canadian Universities stress practical knowledge as much as they do theory. Hence students get the dual advantage of having their theory concepts clear and gaining hands-on experience while studying at the University.
Canada is the most preferred study abroad destination for international students. Indian Students who pursue MBA from the territorial government are eligible for Post Graduation Work Permit. Management graduates can work in sales, marketing, project or product management post. For detailed guidance on studying in Canada contact Leap Scholar Counsellors.
Ans. The Average Tuition Fees per annum for an MBA in Canada is Rs. 14,75,000
Ans. The most affordable MBA College in Canada for Indian Students is the Memorial University of Newfoundland with a tuition fee of only $2,859
Ans. The Average Salary of an MBA in Canada is CAD 83,000.