An MBA degree from a good Canadian university is much sought after by students all over the world. Not only does this degree provide global recognition and acceptance, but students also receive proper industrial exposure, have access to world-class resources, opportunities to both work and study and enjoy a good quality of living. Additionally, another factor that drives international students to the Great White North is the comparatively cheaper cost of education in the country. To live and study in a country like Canada, there are several expenses that students have to incur, which are discussed below.
There are a variety of MBA programs offered in Canadian B-schools, which have a duration in between 1 to 2 years. Also, the fee depends on the program chosen and the ranking of the B-schools. For example, the Rotman School of Management hailed as the top business school in the country, has a total cost of $1,20,680 for its two-year program. Other popular B-schools like the Schulich School of Business and Smith School of Business, which rank slightly below the Rotman School of Management, have a total program fee of $93,000 and $99,400 respectively. There are also mid-range B-schools like the Alberta School of Business and the Beedie School of Business (under Simon Fraser University) which have course fees ranging between CAD $50,000 and CAD $60,000. However, there are many unique and cost-effective options available in Canada too. Take, for instance, the program offered by HEC Montreal, which offers a one-year MBA program costing only CAD $34,000. The most distinctive advantage of a course like this is that students can start their careers early and save their living expenses for an entire year. Also, many universities in the country provide Executive-MBA degrees as well.
| B-School | QS Ranking World University |
Canada (MBA) |
Avg. Work experience of applicants | Program duration | Tuition Fees (CAD $) |
|---|---|---|---|---|---|
| Rotman School of Management, University of Toronto | 28 | 1 | 8 years | 2 years | $120,680 |
| Desautels Faculty of Management, McGill University | 33 | 2 | 5 years | 2 years | $89,000.00 |
| Ivey Business School, University of Western Ontario | 214 | 3 | 4.8 years | 1 years | $92,500 |
| Schulich School of Business, York Université | 481 | 4 | 5 years | 1 years | $99,400 |
| Smith School of Business, Queen’s University | 239 | 5 | 5 years | 1 years | $93,000 |
| HEC Montréal | 6 | 7 years | 1 years | $34 000 | |
| Sauder School of Business, University of British Columbia | 47 | 7 | 5 years | 16 months | $80,060 |
| John Molson School of Business, Concordia University | 464 | 8 | 13.5 years | 16 months | $37,100 |
| Alberta School of Business, University of Alberta | 109 | 9 | 3.8 years | 2 years | $57,909 |
| Beedie School of Business, Simon Fraser University | 264 | 10 | 5 years | 16 months | $51,700 |
Along with the tuition fee, living costs in Canada should also be considered while planning to study in the country. After you have paid the tuition fees, there are still costs including your lodging, transportation and personal expenses that you have to keep in mind. The living expenses would depend on which Canadian city you reside in, the kind of accommodation you take and also how far it is from the university. For MBA students, there would be options like college-provided home stays, dormitories and off-campus housing available. Depending upon the city and the type of residence that the students are living in, expenses for accommodation may range anywhere between CAD $5,000 and CAD $10,000 (Rs. 3.5 lakhs and Rs. 8 lakhs) annually. However, one can reduce it significantly by sharing living spaces or staying in college-provided accommodation.
| City | Top Universities for MBA | Ave. Monthly Living Expenses (approx.) |
|---|---|---|
| Montréal | McGill University, Concordia University, HEC Montréal | INR 54,878 CAD $980 |
| Toronto | University of Toronto, York Université | INR 65,922 CAD $1,177 |
| Vancouver | University of British Columbia | INR 59,624 CAD $1,065 |
| London | University of Western Ontario | INR 52,320 CAD $934 |
| Edmonton | University of Alberta | INR 58,714 CAD $1,048 |
| Edmonton | University of Alberta | INR 58,714
CAD $1,048 |
Apart from accommodation, students who live on their own also have to bear costs for groceries (approx. $1800 p.a.), utilities (approx. $2400 p.a.), food (approx $1800 p.a.) and books (approx. $1000 p.a.) which account to about CAD $6,000 annually.
Another notable feature about an MBA in Canada is that students have to pay for their health insurance, which is mandatory. Most of Canada’s universities do not offer admission unless you choose health insurance for yourself. These universities can even recommend insurance plans (if they are not clubbed with the tuition fees) to students and some of them can also ask you to get travel insurance. The student health insurance differs from one program to another and depends on factors such as the duration of the course and the type of coverage provided.
There are many international students who take up employment in Canada to cover these costs and may also apply for scholarships. The Citizenship & Immigration Canada (CIC) is an organisation which permits various options to students like working on and off-campus, co-opt and internships which they can do alongside their course.
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