Today, MBA is one of the most sought-after degrees globally. Getting an MBA abroad betters students’ chances to gain practical knowledge and get better work opportunities. For most international students, Canada is one of the most preferred countries for pursuing an MBA abroad.
This article will be addressing the requirement, costs, top business schools and scholarship opportunities to pursue an MBA in Canada.
An Overview of MBA
Master of Business Administration (M.B.A) is among the most respected and prestigious postgraduate degrees that help students become experts in managing businesses. These businesses can be in all forms; it can range from a big company or a start-up or even a small family business.
MBA is one of the most popular qualifications to have, and it is recognized globally by top employers. Having an MBA adds to an individual’s resume and paves the way for job opportunities.
If you are looking to pursue an MBA, then tag along as we give you a rundown on what it takes and the requirement to pursue an MBA abroad. What do you need to start your MBA journey? Location is crucial; it will be wise to decide which country abroad you want to study.
Acquiring education overseas can be financially overwhelming. So, it is essential to make the right decision at the beginning to ease your mind off any financial worries while studying.
Canada is a great country with a multicultural and beautiful environment where people can live, learn, work and explore. It also provides a high-quality lifestyle to all and sundry. You’ll be open to benefits like world-class health services, among many others.
According to the QS World University Ranking, Canada currently has seven of the world’s top 150 universities. So, if you wish to pursue an M.BA from one of the world’s best universities while saving money, Canada is the destination. Canada is one of the safest places to live in the world. It is group into provinces for easy allocations. Click here to read our article on all Canadian territories.
For both domestic and international students, Canada is fast becoming the most preferred country to study. There are provisions for international students in Canada after completing their MBA. Also, you can settle in Canada after your MBA as most universities offer great job opportunities.
A degree from any institution in Canada currently has high placement value, and it is extensively recognized globally. Pursuing an MBA in Canada is more affordable compared to other countries like the UK and the USA.
To be eligible to pursue an MBA in Canada, you must possess the requirements. Some of the requirements include:
- A bachelor’s degree
All candidates seeking an MBA must possess a Bachelor’s degree in any discipline from a recognized university.
- Work Experience
All candidates must have relevant work experience in any relevant field. Universities in Canada give preference to candidates with at least 12 months of work experience. Note that this is not compulsory, but candidates with work experience have the edge over others.
- English Language Proficiency
All candidates from a non-native English speaking county must prove their English language proficiency. Exams like IELTS and TOEFL has been put in place to test English ability in candidate Candidate must score good marks in either of the exams to secure an admission.
Candidates are also required to get a good GMAT score to secure admission to any of Canada’s top universities. Some of these business schools in Canada and their average GMAT score include:
|Business School||Average GMAT score|
|University of Alberta||623|
|University of British Columbia||646|
|University of Toronto||672|
|University of Western Ontario||655|
MBA Application Process in Canada
The application process to study MBA in Canada can be quite a hassle because all required documents and other requirements must be complete. It is advisable to begin your application process at least 15 – 18 months before your target session. To get an application form for most universities in Canada, you can visit their official websites.
Some of the required documents for the application process include:
- Academic Record
It includes all documents related to your previous degrees.
- Standard Admission Tests
It includes the result of any English proficiency test – IELTS/TOEFL and GMAT.
- Proof of Funding
You must show documents and bank statements showing proof of your financial well-being.
- Work Experience
It includes all documents relating to your work experience.
- Letter of Recommendation
You must show a letter of recommendation(s) from your previous or existing supervisor(s). The letter can be from your graduate faculty or your previous/current boss.
- Statement of Purpose
A statement of purpose is an essential element in your application process. The admission committee uses a statement of intent to evaluate a candidate.
- Visa Document
All documents relating to a visa, including a valid passport ID, must be provided.
Once your application is approved, you will receive a “Letter of Offer” from the university. To confirm the offer, you will need to respond by signing and sending an acceptance letter to the institution. You can do this by scanning and emailing the letter.
Average Cost of Getting an MBA in Canada
Tuition fees are an integral component of the total cost of getting an MBA in Canada. The tuition fees differ with the institution of application in Canada. The average price of an MBA tuition in Canada is between CA$30,000 – CA$40,000, which is considerably low compared to institutions in the US and UK. Below is the average cost/duration of getting an MBA in some business school in Canada.
|Universities for MBA||Average Work Experience of Candidates||Program Duration||Tuition Fees(CA$)|
|Rotman School of Management, University of Toronto||Eight years||Two years||120,680|
|Desautels Faculty of Management, McGill University||Five years||Two years||89,000.00|
|Ivey Business School, University of Western Ontario||4.8 years||One year||92,500|
|Schulich School of Business, York Université||Five years||One year||99,400|
|Smith School of Business, Queen’s University||Five years||One year||93,000|
|HEC Montréal||Seven years||One year||34,000|
|Sauder School of Business, University of British Columbia||Five years||16 months||80,060|
|John Molson School of Business, Concordia University||13.5 years||16 months||37,100|
|Alberta School of Business, University of Alberta||3.8 years||Two years||57,909|
|Beedie School of Business, Simon Fraser University||Five years||16 months||51,700|
Another factor to consider when budgeting the cost of pursuing an MBA in Canada is the living cost. Living cost includes accommodation, transportation, food, personal expenses, etc. These expenditures can sometimes fall between CA$965 – CA$1,160 monthly, excluding accommodation.
Accommodation cost depends on factors like accommodation, distance from school, province, etc. Living close to the campus is a great way to save cost on transportation.
Other fees to consider when pursuing an MBA in Canada
There are additional charges that come with pursuing an MBA in Canada. Insurance is one of these fees. Health and travel insurance are essential; most institutions do not offer students a valid health insurance admission.
There is currently no fixed insurance plan; most universities use their preferred ones. Institutions like the University of Toronto has a University Health Insurance Plan (UHIP). Also, the Sauder School of Business has a Medical Services Plan (MSP).
These health plans currently don’t have any fixed amount for charges, and the fee might vary per program, duration, and coverage. In some cases, the total tuition for an MBA in Canada covers health insurance charges.
Travel insurance is another requirement for prospective candidates. Although travel insurance is not compulsory, Most institutions in Canada recommends it.
As mentioned above, TOEFL/IELT and GMAT/GRE are mandatory exams to prove English language Proficiency. These exams do not come cheap and, most times, can leave a hole in candidates’ pockets.
Financial Aid and Scholarship for MBA Candidates in Canada
The scope of getting a scholarship for international students pursuing an MBA program in Canada is limited because an MBA is a professional course. However, students with exceptional academic records and other achievements can get scholarship offers relevant to the program. Most student receives a partial waiver in place of a scholarship, which means half the education cost is free. These students must have excellent scores in GMAT and other academic achievements.
Aside from this, candidates who still need some financial aid can apply to any of these popular scholarship programs.
- Ontario Graduate Scholarships (OGS)
OGS is a government-funded scholarship that aims to provide quality education for Masters and doctoral candidates.
- University of Waterloo Graduate Scholarship
The University of Waterloo offers deserving candidates in terms of academic pursuing graduate studies this scholarship.
- Central Sector Scheme of National Overseas scholarship
- Go Clean Scholarship
Click here to read on how to get a loan to aid your studies in Canada.
The cost of getting an MBA in Canada is relatively low, but it can pose difficulties for some candidates, especially those who have financial challenges.
There are several options available to help students overcome their economic challenges to an extent. This support comes in the form of employment for international students in Canada. Citizenship and Immigration Canada (CIC) lets international students work during their stay in Canada.
Students can choose to work on-campus, off-campus, as an intern, or even work as co-opt students. Students who are eligible to work off-campus can work up to 20 hours per week during their academic sessions.
Also, they can work full-time during the holidays. While for on-campus work, candidates must be full-time students and have a valid work permit.