Canada is a sought-after destination for international students, especially for those pursuing an MBA. The combination of high-quality education, global exposure, and post-graduation opportunities makes Canada a top choice. However, understanding the cost of studying an MBA in Canada is essential for effective financial planning. This blog provides a detailed breakdown of costs, top institutions, and compelling reasons to choose Canada for your MBA.
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Why Pursue an MBA in Canada?
Pursuing an MBA in Canada offers access to world-class education, diverse career opportunities, and a multicultural environment. With affordable tuition compared to other countries, Canada’s strong economy and industries like finance and technology provide ample job prospects. The Post-Graduation Work Permit (PGWP) allows international students to gain valuable work experience after graduation.
- World-class education and innovative MBA programs.
- Strong career opportunities in tech, finance, and consulting.
- PGWP for up to three years of work experience.
- Multicultural and welcoming environment.
- More affordable than the USA or UK with global recognition.
Tuition Fees for MBA Programs in Canada
The cost of pursuing an MBA in Canada varies widely based on the university, program type, and specialization. Canada offers both traditional MBA programs and Executive MBA (EMBA) programs. The tuition fees range from CAD 30,000 to CAD 100,000 for regular MBAs and CAD 70,000 to CAD 120,000 for EMBAs.
- Full-time MBAs typically last 1 to 2 years, while EMBAs are often 1 to 1.5 years.
- Fields like finance, consulting, or technology may come with higher fees in some universities.
- Fees do not include living expenses, study materials, or travel for international opportunities, which can add CAD 15,000 to 25,000 per year.
Cost of Regular MBA in Canada
| University | Program | Tuition Fee (CAD) |
| Rotman School of Management (University of Toronto) | Full-Time MBA | 92,500 (2 years) |
| Ivey Business School (Western University) | MBA | 83,250 (1 year) |
| Schulich School of Business (York University) | Full-Time MBA | 56,000–67,000 (2 years) |
| Desautels Faculty of Management (McGill University) | MBA | 49,000 (2 years) |
| Sauder School of Business (University of British Columbia) | Full-Time MBA | 54,000 (16 months) |
| Alberta School of Business (University of Alberta) | MBA | 28,281 (2 years, domestic) |
| Smith School of Business (Queen’s University) | Full-Time MBA | 71,250 (1 year) |
| HEC Montréal | Full-Time MBA | 54,000 (1 year) |
| John Molson School of Business (Concordia University) | MBA | 42,000 (2 years) |
| Telfer School of Management (University of Ottawa) | MBA | 24,600–36,000 (2 years) |
Cost of Executive MBA in Canada
Executive MBA programs are designed for experienced professionals and typically have higher fees.
| University | Program | Tuition Fee (CAD) |
| Rotman School of Management | Executive MBA | 125,000 |
| Ivey Business School | Executive MBA | 122,500 |
| Sauder School of Business | Executive MBA | 85,000 |
| Smith School of Business | Executive MBA | 106,000 |
| Schulich School of Business | Kellogg-Schulich Executive MBA | 108,000 |
Also Read: Know all about the cheapest courses for international students in Canada. Check the list of courses and universities in Canada.
Top Universities for MBA in Canada & Fees
Canada is home to some of the world’s most renowned business schools offering MBAs with diverse specializations. Schools like Rotman, Schulich, and Sauder are highly sought after by international students for their global recognition and robust alumni networks. Fees for MBA programs in Canada range from CAD 24,600 (Telfer School) to CAD 92,500 (Rotman School).
- Popular fields include finance, consulting, entrepreneurship, and technology management, reflecting the demands of the global job market.
- Cities like Toronto, Montreal, and Vancouver attract students due to better job markets and diverse industries.
- Many of these universities offer generous scholarships, making high tuition fees manageable.
- The average salary for MBA graduates in Canada ranges between CAD 80,000 and CAD 120,000 annually, depending on the specialization and industry.
| University/Business School | Location | Tuition Fee (CAD) | Popular Specializations |
| Rotman School of Management | Toronto, Ontario | 92,500 (2 years) | Finance, Consulting, Entrepreneurship |
| Ivey Business School | London, Ontario | 83,250 (1 year) | Strategy, Leadership, International Business |
| Schulich School of Business | Toronto, Ontario | 56,000–67,000 (2 years) | Marketing, Business Analytics, Supply Chain |
| Sauder School of Business | Vancouver, BC | 54,000 (16 months) | Innovation, Finance, Product Management |
| Desautels Faculty of Management | Montreal, Quebec | 49,000 (2 years) | Healthcare Management, Global Strategy, Technology |
| Smith School of Business | Kingston, Ontario | 71,250 (1 year) | Consulting, Data Analytics, Digital Transformation |
| HEC Montréal | Montreal, Quebec | 54,000 (1 year) | International Business, Finance, Digital Strategy |
| John Molson School of Business | Montreal, Quebec | 42,000 (2 years) | Sustainability, Marketing, Entrepreneurship |
| Telfer School of Management | Ottawa, Ontario | 24,600–36,000 (2 years) | Public Management, Data Science, Finance |
| Alberta School of Business | Edmonton, Alberta | 28,281 (domestic); 60,000 (international) | Energy Management, Leadership, Accounting |
| DeGroote School of Business | Hamilton, Ontario | 44,000 (2 years) | Health Services, Operations, Marketing |
| Sobey School of Business | Halifax, Nova Scotia | 42,000 (2 years) | Finance, Innovation, Sustainability |
| Haskayne School of Business | Calgary, Alberta | 60,000 (2 years) | Energy, Entrepreneurship, and Risk Management |
| Gustavson School of Business | Victoria, BC | 40,000 (16 months) | Entrepreneurship, Service Management, Innovation |
| Lazaridis School of Business | Waterloo, Ontario | 48,000 (2 years) | Financial Management, International Business |
| Ted Rogers School of Management | Toronto, Ontario | 38,000–45,000 (2 years) | Real Estate, Retail Management, Innovation |
| Beedie School of Business | Burnaby, BC | 55,000 (16 months) | Technology, Sustainability, and Global Perspectives |
| Rowe School of Business | Halifax, Nova Scotia | 35,000 (2 years) | Leadership, Policy Analysis, Human Resources |
| Edwards School of Business | Saskatoon, Saskatchewan | 30,000 (2 years) | Indigenous Business, Social Enterprise, Marketing |
| Goodman School of Business | St. Catharines, Ontario | 34,000 (2 years) | Business Analytics, Accounting, International Trade |
How to Fund the Cost of Studying MBA in Canada?
Pursuing an MBA in Canada is a significant financial commitment, but there are several funding options available to Indian students, including education loans and scholarships. By combining these resources, students can manage their expenses effectively while focusing on their studies. They cover tuition fees, the cost of living in Canada, and other related expenses.
MBA Education Loan from Indian Banks
Education loans for an MBA in Canada offer several key benefits for students. They provide immediate financial support to cover tuition fees, living expenses, and other costs, allowing students to focus on their studies without financial stress. You can avail of funds up to INR 1 crore at interest rates starting from 9.25% p.a.
The flexible repayment options, which often begin after course completion, make it easier for students to manage their finances postgraduation. Additionally, education loans typically offer lower interest rates compared to personal loans and come with an income tax rebate on education loans under Section 80E of the Income Tax Act in India.
By taking an education loan, students can pursue their MBA at top Canadian universities and invest in their future without depleting their savings.
| Bank | Loan Scheme | Key Features | Loan Amount (INR) | Interest Rate |
| State Bank of India (SBI) | SBI Global Ed-Vantage Scheme | Higher MBA loan amount for premier institutes; repayment starts after 6 months of course completion | Up to 1.5 crore | 11.15% p.a. onwards (floating) |
| Punjab National Bank (PNB) | PNB Udaan | Covers tuition fees, travel, and living expenses; flexible repayment terms | Up to 1 crore | 10.25% p.a. onwards |
| HDFC Credila | HDFC Credila Education Loan | Customized loan schemes; pre-admission sanction available | Based on student needs (no upper limit) | 10.25% to 12.75% p.a. |
| Axis Bank | Axis Education Loan | Covers full expenses, including pre-visa costs; faster processing | Up to 75 lakh | 13.70% to 15.20% p.a. |
| Bank of Baroda (BoB) | Baroda Scholar Loan Scheme | Competitive interest rates; extended repayment period of up to 15 years | Up to 1.5 crore | 9.15% to 10.20% p.a. |
Also Read: Learn about how to repay your student loan in Canada and ease the financial burden.
MBA Scholarships for International Students
Scholarships for an MBA in Canada offer significant benefits over education loans. Unlike loans, scholarships are non-repayable, reducing financial stress after graduation. They can cover tuition, living expenses, and other costs, easing the financial burden.
Many fully-funded and non-government scholarships for international students in Canada enhance a student’s resume. They recognise academic or leadership achievements and provide an opportunity to study without accumulating debt, making them a preferred choice for international students.
1. Ontario Graduate Scholarship (OGS)
- Amount: CAD 15,000 per year
- Eligibility: International students pursuing graduate studies, including MBA, at participating Ontario universities.
- Features: Merit-based; requires academic excellence and recommendation from the host university.
2. Vanier Canada Graduate Scholarship
- Amount: CAD 50,000 per year (for up to 3 years)
- Eligibility: High-achieving international students enrolled in doctoral-level studies but available for MBA students engaged in research-based programs.
- Features: Supports leadership skills and academic excellence.
3. Lester B. Pearson International Scholarship
- Amount: Covers tuition, books, and living expenses.
- Eligibility: Outstanding undergraduate or MBA students nominated by their institutions.
- Features: Focuses on global impact and leadership qualities.
4. HEC Montréal MBA Scholarships
- Amount: CAD 5,000–20,000 (varies by scholarship type)
- Eligibility: Full-time MBA students at HEC Montréal with a strong academic background.
- Features: Multiple scholarships available, including merit-based and diversity-focused awards.
Indian students pursuing an MBA in Canada can make their dreams achievable by strategically utilizing education loans, applying for scholarships, and exploring additional financial aid options offered by Canadian universities.
To learn more about education loans, the best bank accounts for students, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
FAQs
Tuition fees for an MBA in Canada range from CAD 30,000 to CAD 100,000, depending on the program and university.
Yes, international students generally pay higher tuition fees than domestic students, which can range from CAD 50,000 to CAD 120,000 for the entire program.
Living costs vary by city but typically range from CAD 10,000 to CAD 15,000 per year, covering accommodation, food, transportation, and personal expenses.
Yes, additional costs include health insurance (CAD 600–900/year), books and study materials (CAD 1,000–2,000), and visa/permit fees (CAD 235).
Yes, international students can work up to 20 hours per week during the semester and full-time during breaks, earning approximately CAD 12–20/hour.
Top schools include Rotman (CAD 63,520–104,640), Schulich (CAD 52,040–74,040), and Ivey (CAD 123,500), with fees varying based on the program.
Yes, many universities offer merit-based and need-based scholarships, ranging from CAD 10,000 to full-tuition coverage.
Health insurance typically costs CAD 600–900 per year, which is mandatory for international students in most provinces.
Yes, you can consider universities in cities like Halifax, Winnipeg, or Montreal, where living costs and tuition fees are generally lower than in Toronto or Vancouver.
You can fund your MBA through scholarships, student loans, part-time work, or personal savings. Some programs also offer financial aid and work-study opportunities.
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