MBA Salary in Canada: What to Expect in 2024

An MBA (Master of Business Administration) is a prestigious and highly sought-after degree that can significantly enhance your career prospects and earning potential. 

In Canada, an MBA degree can lead to lucrative job opportunities in various industries, including finance, consulting, technology, healthcare, and more. MBA graduates from Canadian business schools command competitive salaries, reflecting their advanced skills, strategic thinking, and leadership capabilities.

Excel in IELTS with India’s Top Online Coaching

Leap has helped more than 1 Lakh students achieve 7+ IELTS band.

Request a Callback

You must also know that the MBA salary in Canada varies greatly on factors such as industry, geographic location, level of experience, and the business school’s reputation. 

• The starting salary of MBA in Canada is INR 32L annually.
• The average MBA graduate salary in Canada is INR 50L annually.
• The average salary for MBA in Canada can reach up to INR 78L annually.  

Moreover, according to QS Rankings, 7 reputed Canadian universities are currently in the top 150 universities worldwide. This stat alone cements it as one of the best countries for students to explore future educational qualifications, especially an MBA.   

Understanding the potential financial rewards of an MBA in Canada is crucial for prospective students and professionals aiming to advance their careers in this dynamic and diverse market. 

So, in this guide, we’ll not only discuss the different types of MBA salary in Canada but also examine the Universities you can hope to enrol in and the different types of streams you can opt for to build a lucrative career for yourself.

Key Highlights:

Why Pursue an MBA in Canada?

Pursuing an MBA in Canada offers numerous advantages for both domestic and international students.

For starters, Canada is home to some of the best universities in the world, such as Toronto University and McGill University, which allow students to study at top-class institutes.

Moreover, Canada also provides strong employment opportunities for MBA graduates, allowing them to attain high-paying jobs after graduation.

Here are some compelling reasons to consider Canada for your MBA studies.

1. High-Quality Education

Canadian business schools are renowned for their rigorous academic standards and innovative curricula. Institutions such as the University of Toronto’s Rotman School of Management and McGill University’s Desautels Faculty of Management are consistently ranked among the top business schools globally.

Excel in IELTS with India’s Top Online Coaching

Leap has helped more than 1 Lakh students achieve 7+ IELTS band.

Request a Callback

2. Strong Employment Prospects

Canada boasts a robust and diverse economy with a high demand for skilled professionals. MBA graduates often find lucrative job opportunities in various sectors, including finance, consulting, technology, and healthcare, soon after graduating from a top Canadian university.

On average, 90% of Canadian alumni take up a job within six months to 2 years after graduating.. 

3. International Exposure and Networking

Canada is known for its multicultural environment, allowing students to build a global network by interacting with students from various countries and continents. 

Did you know that, as of 2024, around 4,85,000 international students are studying in Canada, out of which at least 5,000 are pursuing an MBA yearly? Imagine the thoughts and ideas students can exchange with their peers.

Moreover, many MBA programs emphasise international business, offering global study-abroad options and corporate connections.

Confused About MBA Specialisations?

Book a free 30-minute consultation with our expert for a personalised course shortlist.

Book a Free Slot

Explore all countries

Study in Canada

Study in USA

Study in UK

Study in Australia

Study in Ireland

Study in Germany

4. Immigration Opportunities

Canada’s friendly immigration policies make it an attractive destination for international students. The Post-Graduation Work Permit (PGWP) allows graduates to work in Canada for up to three years, and many MBA graduates use this time to gain valuable work experience and apply for permanent residency.

One major benefit of acquiring a PGWP is that it is an open permit. This means you have the flexibility to work for any employer in Canada in any related field. This freedom will enable you to explore different career options and find the perfect fit.

5. Quality of Life

Canada is known for its high quality of life, safety, and beautiful landscapes. Cities like Vancouver, Toronto, and Montreal offer a vibrant cultural scene, excellent healthcare, and a welcoming community.

Toronto, in particular, is rated at 94% according to the quality of life index, making it the second most comfortable city to live in the country. Moreover, Toronto has an excellent air quality rating of 8.5 µg/m³.

Also Read: MBA In Canada Without Work Experience: A Detailed Guide

Most Demanded Jobs After MBA In Canada

An MBA opens the door to various job opportunities and lucrative salaries in Canada. The degree is highly valued across multiple industries, including finance, consulting, technology, healthcare, and more.

The average MBA salary per month in Canada can reach INR 40. On the other hand, the MBA Finance salary in Canada can range up to 93L. Also, the high-end executive MBA salary in Canada can reach 1 Cr. 

Needless to say, the salary prospects for MBA holders in Canada are competitive, reflecting the high demand for their expertise. On average, MBA graduates in Canada can expect to earn significantly more than their peers with only an undergraduate degree. 

Factors influencing salary include the industry, geographic location, level of experience, and the reputation of the business school attended.

Here, take a look at some of the most popular jobs after MBA in Canada and their average salaries:

Ready to kick-start your career? Maximise your earning potential with strategic career counselling and job placements through LeapScholar.

Top Recruiters that Hire MBA Graduates in Canada

The Canadian job market for MBA holders is thriving, with numerous industries ranging from finance and consulting to technology and healthcare offering competitive salaries. The demand for skilled professionals with advanced business acumen continues to grow, making Canada an attractive place for MBA graduates to launch and advance their careers.

On average, MBA graduates working for top employers like Rogers Group Inc. and Amazon can expect to receive an annual salary package of INR 40L to INR 70L.

In this section, let us examine the leading recruiters in Canada known for offering some of the highest salaries to MBA graduates, highlighting what makes them attractive employers and what you can expect when working with these organisations.

Here, take a look at some of the top MBA employers in Canada and the approximate annual salaries they offer:

Top 5 Cities To Work In Canada as an MBA Graduate

Canada is a prime destination for MBA aspirants due to its high-quality education system, diverse cultural environment, and strong economic prospects. The country boasts several cities that are particularly attractive for MBA students, such as Toronto, Vancouver, Montreal, etc., with each offering unique advantages in terms of educational institutions, career opportunities, and lifestyle. 

Here are the top five cities in Canada where pursuing an MBA can provide a transformative experience, blending academic excellence with vibrant professional and personal growth environments. 

1. Toronto, Ontario

Toronto is Canada’s largest city and a major financial hub. It is home to top business schools like the Rotman School of Management at the University of Toronto and the Schulich School of Business at York University. Toronto offers extensive job opportunities in finance, technology, and consulting. 

2. Vancouver, British Columbia

Vancouver is known for its stunning natural beauty and high quality of life. The Sauder School of Business at the University of British Columbia is a top choice for MBA students. The city has a growing tech sector and is a gateway for trade with Asia.

3. Montreal, Quebec

Montreal is a vibrant, bilingual city with a rich cultural heritage. It hosts renowned institutions such as McGill University’s Desautels Faculty of Management and HEC Montréal. The city offers opportunities in finance, aerospace, and technology.

4. Calgary, Alberta

Calgary is a key centre for the energy industry in Canada. The Haskayne School of Business at the University of Calgary is well-regarded for its MBA program. The city provides excellent career opportunities in energy, finance, and engineering.

5. Ottawa, Ontario

As Canada’s capital city, Ottawa offers a unique blend of business and government opportunities. The Telfer School of Management at the University of Ottawa is a notable institution. The city has a growing tech sector and is the headquarters for many governmental and non-governmental organisations.

Ready to embark on your academic journey but are still unsure about which city to choose? LeapScholar offers insights into each city’s unique advantages, aiding you in making an informed decision.

Ways To Get Employed In Canada After Completing an MBA

Landing that dream job in Canada after your MBA can be an exciting prospect. Here’s a breakdown of some key strategies you can utilise to get you employed in some of the top companies in the Great White North:

• Leverage your MBA: Highlight the valuable skills and knowledge gained during your MBA program. Focus on areas like business acumen, leadership, strategic thinking, and analytical abilities.
• Target in-demand fields: Research job markets in your desired Canadian location and identify industries where MBA graduates are in high demand. Examples include finance, technology, healthcare, and consulting.
• Network strategically: Connect with professionals in your target field. Attend industry events, join online communities, and utilise alumni networks to build relationships and gain insights.
• Craft a compelling resume and cover letter: Tailor your resume and cover letter to suit each specific job application, showcasing how your MBA equips you for the role and its requirements.
• Prepare for Canadian work experience: Highlight any relevant work experience you might have, and consider internships or volunteer opportunities to gain Canadian experience if needed.
• Polish your interview skills: Be prepared for interview questions that coincide with your MBA knowledge and its practical application. Research common Canadian interview styles and practise your responses.
• Work visa considerations: Research and understand the work visa process for Canada. Explore options like the Post-Graduation Work Permit Program, which allows international students with Canadian degrees to gain valuable work experience.

Following these strategies and actively seeking opportunities will increase your chances of securing a fulfilling position in Canada after completing your MBA.

Factors Influencing MBA Salary In Canada

Earning a prestigious MBA can open doors to exciting career opportunities and significantly increase your earning potential.

But have you ever wondered what exactly determines an MBA graduate’s salary in Canada?  The truth is, there’s no one-size-fits-all answer.

Regarding location as one of the primary criteria, the average annual salary of an MBA in certain places is as follows:

Interesting stat, right? This section sets the stage for us to explore other similar factors influencing MBA salary in Canada. Let us dive into how your choice of school, experience, specialisation, industry, and, as mentioned above, location can all shape your post-MBA income. 

With the help of this guide, you’ll be better equipped to navigate the job market and position yourself for a lucrative career after your MBA.

Some factors influencing MBA job salaries in Canada are:

1. University and Program

Attending a prestigious university with a well-regarded MBA program can significantly boost your earning potential. Graduates from schools like Rotman or Sauder can expect higher salaries on average.

2. Experience 

Your pre-MBA experience plays a significant role. The more relevant work experience you have, especially if it aligns with your MBA specialisation, the higher your starting salary will likely be.

3. Specialisation

Specific MBA specialisations tend to command higher salaries. Fields like finance, IT, operations, and HR are known for better job prospects and higher earning potential in Canada.

4. Industry

The industry you choose to work in can significantly impact your salary. Consulting and healthcare offer some of the highest-paying jobs for MBA graduates, while non-profits offer lower salaries.

5. Location

Salaries can vary depending on the city or province you work in. Generally, larger metropolitan areas like Toronto and Vancouver will offer higher salaries compared to smaller towns.

Also Read: MBA In Canada: Colleges, Fees & Courses.

Impact of Location on MBA Salary in Canada

The geographical location of employment significantly influences salary levels for MBA holders. This is particularly true in Canada, where regional economic conditions, industry presence, and cost of living vary widely across provinces and cities.

Canada’s major cities, such as Toronto, Vancouver, and Montreal, are renowned for their vibrant economies and diverse job markets. They often offer higher salaries due to the concentration of industries like finance, technology, and consulting. 

These urban centres attract top talent and host the headquarters of many multinational corporations, contributing to a competitive job market and elevated compensation packages. 

Conversely, smaller cities and rural areas may offer lower salaries, reflecting a different economic landscape and industry presence. However, these locations can provide unique advantages, such as a lower cost of living, a more relaxed lifestyle, and opportunities in emerging sectors or niche markets.

You can see a salary hike of almost 8% when working in a top job location like Fort McMurray. On the other hand, you can see a salary drop of nearly 10% when working in a remote or smaller location like Moncton.

Here, take a closer look at the table below to learn about the differences in salaries based on your job location:

India vs Canada Salary Comparison For an MBA Graduate

Are you considering a move abroad for work and opportunities in Canada?  Before you leave, it is worth knowing that Canada and India offer vastly different salary experiences. 

This overview highlights a crucial factor of the standard of living and purchasing power when considering job opportunities in either of these countries.

Canada is known for its high standard of living and strong job market. It generally offers much higher salaries than India. On average, an MBA graduate in Canada earns approximately INR 55L per annum.

On the other hand, while the cost of living might be lower in India, salaries tend to be significantly lower as well. On average, an MBA graduate in Canada earns approximately INR 8L per annum.

Top Universities Offering MBA In Canada In 2024

Canada is home to some of the world’s leading business schools, such as Ivey Business School and The University of Alberta, renowned for their high academic standards, innovative curricula, and strong industry connections. 

Pursuing an MBA in Canada at one of these reputed universities will provide you with a blend of theoretical knowledge and practical skills, preparing you for leadership roles in a global marketplace.

These top universities offer MBA programs catering to diverse interests and career goals, with specialisations in fields such as finance, technology, healthcare, and entrepreneurship. Moreover, they also provide various options to meet your needs, whether you are looking for a traditional full-time MBA, a part-time program, or an executive MBA. 

On average, you will need to spend approximately INR 35L to INR 85L to take an MBA course at any of the top universities in Canada.

Here is a list of the top universities in Canada that offer MBA programs:

MBA Universities In Canada: Admission Requirements

Do you dream of propelling your career to new heights with an MBA from a prestigious Canadian university? While the Canadian education system is known for excellence, securing a spot in a top MBA program requires you to have the necessary qualifications and documentation.

But fear not; with the right preparation and a strategic plan, you can conquer these challenges and land that coveted acceptance letter. 

Here’s a breakdown of the general admission requirements for Indian students applying to MBA programs in Canadian universities:

1. Academic Background

A four-year bachelor’s degree from a recognised university is mandatory. Some universities may consider a three-year degree with additional qualifications.

2. Standardised Test Scores

3. English Language Proficiency

International students must demonstrate English language proficiency through the IELTS or TOEFL exam. Top universities often expect a minimum score of the following scores:

Also Read: TOEFL iBT Or TOEFL Essentials: Difference Between TOEFL iBT & Essentials.

4. Work Experience

While not mandatory for all programs, relevant work experience of 2-5 years is a solid asset for your application. It showcases your professional skills, knowledge, and career goals.

5. Additional Requirements

• Statement of Purpose (SOP):  A well-crafted SOP outlines your career aspirations, reasons for pursuing an MBA, and how the specific program aligns with your goals.

• Letters of Recommendation (LORs): Strong LORs from professors or employers can add credibility to your application by vouching for your academic abilities, work ethic, and leadership potential.

• Resume: An updated resume highlighting your educational background, work experience, achievements, and skills is usually required.

• Financial Documents: Visa applications require proof of sufficient funds to cover tuition fees and living expenses in Canada. On average, International students, like Indians, must possess INR 70L – INR 80L to have a smooth study experience in the country.

Still confused regarding the admission process of MBA Universities in Canada? LeapScholar offers tailored advice to help you meet these requirements and strengthen your application.

Also Read: Ivy League Colleges In Canada: The Ultimate Guide To Get Admitted

Post Graduate Work Permit (PGWP) Eligibility For Students

Have you ever dreamt of staying in Canada and gaining valuable work experience after graduating? The Post-Graduation Work Permit (PGWP) program might be your golden ticket! 

This program is designed specifically for international students who’ve completed their studies at a Canadian institution. A PGWP allows you to work legally in Canada after graduation, opening doors to exciting career possibilities.

Eligibility Criteria

To be eligible for a PGWP after your MBA, you must:

• Graduate from a designated learning institution (DLI) offering programs eligible for a PGWP. Most Canadian universities with MBA programs are DLIs.
• You must also be a full-time student, with some exceptions for some programs with co-op placements.
• You must have a valid study permit when applying for the PGWP. The permit must have been valid at some point during the last 180 days of your studies.

Duration of a PGWP after MBA

The length of your PGWP will depend on the duration of your MBA program:

• For MBAs longer than 8 months but shorter than two years, the PGWP will be the same length as your program.
• For two years or more MBAs, you can get a three-year PGWP, the maximum allowed.

Summing Up

Pursuing an MBA and working in Canada is an excellent choice for you if you’re looking to work for reputable employers offering handsome salaries. 

In addition, pursuing an MBA in Canada will allow you to experience the country’s quality of life, gain international exposure, and access numerous immigration opportunities for future development.

Speaking of salaries, your workplace location influences your salary a lot, so to get the most out of your efforts, ensure that you live in top-paying cities like Fort McMurray and Ottawa that offer salary increments of up to +8% as compared to localities like Moncton and New Brunswick, where the salary drop is no less than -10% 

Canada is an excellent country for pursuing an MBA, but you should ensure you enrol in top reputable universities like Ivey Business School and the University of Alberta.

Frequently Asked Questions