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MBA in Canada – Top MBA colleges, fees, and salary in Canada

MBA in Canada is a 1 to 2-year degree program which offers a good return on investment. It opens a path to working with top global companies while living in diverse, multi-cultural global cities. Moreover, Canada’s friendly immigration policies also paved a path to getting a Green card in the United States!

There are Canadian universities with accelerated MBA programs which can be less than a year. For instance, the Rotman School of Management offers a full-time MBA for two years and a part-time MBA for up to 32 months. Similarly, Ivey Business School offers an accelerated MBA for eight months or a one-year MBA program.

You should check the college website to know the duration of your chosen MBA program. Students are also offered Executive MBA programs. Some of the colleges that offer Executive MBA are – Rotman, Schulich, HEC Montréal, and Alberta School of Business. The duration can range from 13 to 20 months.

The GMAT score range for the top 25 MBA colleges is between 550 – 670. The business schools do not mention a minimum GMAT score. However, a 600+ score is considered competitive.

Here is a comparison between the top 25 MBA colleges in Canada based on tuition fee, GMAT Score, location, and type of MBA program available:

Sr.noBest MBA colleges in CanadaTuition FeeGMAT ScoreLocationType of MBA Program
1.The University of Toronto – Rotman School of ManagementCAD 1,27,930670TorontoFull time, Part-time, Executive, and dual degree
2.McGill University – Desautels Faculty of ManagementCAD 99,500670MontrealFull time, Part-time, Executive, and dual degree
3.York University – Schulich School of BusinessCAD 106,900660TorontoFull time, Part-time, Executive, and dual degree
4.Western University – Ivey Business SchoolCAD 83,250660LondonFull-time, Executive, dual degree
5.HEC MontréalCAD 54,000630+MontrealFull time, Part-time, and Executive MBA
6.Queen’s Smith School of BusinessCAD 99,500650KingstonFull time, Part-time, Executive, and dual degree
7.Alberta School of BusinessCAD 60,000605EdmontonFull time, Part-time, Executive, and dual degree
8.UBC Sauder School of BusinessCAD 85,761650VancouverFull-time, Part-time, dual degree
9.Concordia University – John Molson School of BusinessCAD 41,500580+MontrealFull time, Part-time, and Executive MBA
10.Sobey School of BusinessCAD 43,000590+HalifaxFull time, Part-time, Executive, and dual degree
11.Brock University – Goodman School of BusinessCAD 30,997550+St. CatharinesFull-time, Part-time MBA, and dual degree
12.Carleton University – Sprott School of BusinessCAD 55,000550+OttawaFull-time and Part-time MBA
13.McMaster University – DeGroote School of BusinessCAD 82,000590BurlingtonFull time, Part-time, and Executive MBA
14.Memorial University of NewfoundlandCAD 9,666600St. John’sFull time, Part-time,  and dual degree
15.Ryerson University – Ted Rogers School of ManagementCAD 38,740NATorontoFull-time and Part-time MBA
16.Simon Fraser University – Beedie School of BusinessCAD 55,825620VancouverFull time, Part-time,
17.Thompson Rivers University (TRU)CAD 30,571NAKamloopsFull-time, Part-time MBA, and distance learning
18.Université LavalCAD 30,448550+QuébecFull time, Part-time, and Executive MBA
19.University Canada West (UCW)CAD 35,100NAVancouverFull-time and Distance learning
20.The University of Calgary – Haskayne School of BusinessCAD 58,054550+CalgaryFull time, Part-time, Executive, and dual degree
21.The University of Manitoba – Asper School of businessCAD 27,919550+WinnipegFull-time and Part-time MBA
22.The University of New Brunswick – Saint John CampusCAD 22,626550+Saint JohnFull-time and Part-time MBA
23.The University of Windsor – Odette School of BusinessCAD 47,937600WindsorFull-time, Part-time MBA, and dual degree
24.University of Ottawa – Telfer School of ManagementCAD 64,000550+OttawaFull time, Part-time, Executive, and dual degree
25. Wilfrid Laurier UniversityCAD 46,215550+Toronto/WaterlooFull-time, Part-time MBA, and dual degree

Are you planning to enroll in a Canadian business school? Let us help you conquer the first step of the process i.e., taking the GMAT. Take a free GMAT mock to understand your baseline score and start your GMAT prep with our free trial. We are the most reviewed online GMAT Prep company with 2060+ reviews on GMATClub.

Before we move forward watch this video that highlights the top 5 reasons to pursue MBA in Canada:

MBA in Canada 2021

Here is a brief overview of what you can expect if you plan to study for an MBA in Canada:

Duration 1 – 2 years. Some universities also offer accelerated MBA programs for less than 1 year.
Competitive GMAT score 600+
Work experience 2-3 years generally
Fees CAD 22,000 to CAD 120,000
Top MBA Colleges in CanadaSome of the Top MBA colleges in Canada are Rotman School of Management, Schulich School of Business, HEC Montréal, Desautels Faculty of Management, and Queen’s Smith School of Business.
MBA in Canada – Average Salary CAD 82,670
MBA SpecializationMarketing, Finance and accounting, project management, Business design, consulting, funds management, information system, etc.

Learn post-MBA Visa and immigration conditions in Canada.

MBA in Canada can be pursued in several cities like Toronto, Montreal, Vancouver, Ottawa, and more. Besides, with the current uncertainty surrounding the H1-B visa program in the U.S,  Canada has quickly become a promising destination for international students.

To pursue an MBA in Canada, you must have a relevant bachelor’s degree obtained from a recognized institution and a decent IELTS score. Some of Canada’s best MBA colleges grant admissions based on the GMAT score and ask for work experience.

The tuition fees for the best MBA colleges in Canada range from CAD 22,000 to CAD 120,000. However, the total cost of pursuing an MBA degree from top colleges in Canada is different after adding additional expenses like the cost of living, books, supplies, etc.

Top MBA colleges in Canada

Here are the top MBA colleges in 2021:

  1. The University of Toronto – Rotman School of Management
  2. McGill University – Desautels Faculty of Management
  3. York University – Schulich School of Business
  4. Western University – Ivey Business School
  5. HEC Montréal
  6. Queen’s Smith School of Business
  7. Alberta School of Business
  8. UBC Sauder School of Business
  9. Concordia University – John Molson School of Business
  10. Sobey School of Business
  11. Brock University – Goodman School of Business
  12. Carleton University – Sprott School of Business
  13. McMaster University – DeGroote School of Business
  14. Memorial University of Newfoundland
  15. Ryerson University – Ted Rogers School of Management
  16. Simon Fraser University – Beedie School of Business
  17. Thompson Rivers University (TRU)
  18. Université Laval
  19. University Canada West (UCW)
  20. Haskayne School of Business – The University of Calgary
  21. Asper School of Business – The University of Manitoba
  22. The University of New Brunswick – Saint John Campus
  23. The University of Windsor – Odette School of Business
  24. University of Ottawa – Telfer School of Management
  25. Wilfrid Laurier University

Let’s look into the top 5 Canadian universities that offer the best MBA program:

University of Toronto’s – Rotman School of Management

The Rotman full-time 2-year MBA Program is one of the largest and most diverse programs offered in Canada. Its campus is located in downtown Toronto which is a large commercial and financial hub.

It ranks #3 for Bloomberg Best business School for an MBA in Canada. The average GMAT score of 670. The average salary of an MBA graduate in 2019 is CAD 99,419. 

Top MBA universities in Canada - Rotman school of management

MBA Curriculum, Electives, and Majors

The Rotman MBA curriculum is divided into core courses (that are spread out over the first year) and elective courses. Students can choose from up to 90 elective courses and 15 majors in the second year to tailor their MBA program.

Some of the areas of Interest available are:

  • Consulting
  • Global Management
  • Health Sector Management
  • Brand Management
  • Business Design
  • Investment Banking
  • Risk Management and Financial Engineering

Rotman has pioneered the teaching of integrative thinking and business design, which teaches students to go beyond the functional areas of business and consider the big picture. Integrative thinking, according to Rotman, shows how to use models to define and structure business challenges, thus improving your ability to solve complex problems.

Flexible Internship Program

Rotman’s flexible internship program offers students the opportunity to pursue an internship during any of the three different 4-month internship periods after the first year. The three different internship periods are:

  • May-August
  • September – December
  • January – April

Creative Destruction Lab

Those interested in evaluating and building early-stage tech businesses can participate in the Creative Destruction Lab (CDL). Founded by Professor Ajay Agrawal at Rotman in 2012, CDL has expanded to Vancouver (Sauder School of Business), Calgary (Haskayne School of Business), Montréal (HEC Montréal), Halifax (Rowe School of Business), and New York City (Stern School of Business).

Rotman Students work alongside CDL partners to help develop financial models, evaluate potential markets, and fine-tune strategies for scaling. There is a competitive selection process for the CDL course.

Ventures accepted into the CDL program have backgrounds in artificial intelligence, quantum computing, cleantech, and health. The following are some CDL alumni organizations:

  • Thalmic Labs (Waterloo)
  • Atomwise (San Francisco)
  • Deep Genomics (Toronto)
  • Automat (Montréal)
  • Kyndi (Palo Alto)

Are you planning to enroll in a Canadian business school? Let us help you conquer the first step of the process i.e., taking the GMAT. Take a free GMAT mock to understand your baseline score and start your GMAT prep with our free trial. We are the most reviewed online GMAT Prep company with 2060+ reviews on GMATClub.

McGill University’s Desautels Faculty of Management

Located in downtown Montréal McGill Desautels Faculty of Management’s MBA program is ranked #1 in Canada by Wall Street Journal, and #7 in Bloomberg BusinessWeek ranking 2019 – 2020.

The McGill MBA program offers students the ultimate flexibility in program length with 12, 16, 20, and 28-month options. The average salary of an MBA graduate in 2019 is CAD 87,661. The MBA program at McGill University has a small class size of 65-85 students and the average GMAT score of its class is around 670.

Top MBA universities in Canada -McGill Desautels Faculty of Management best colleges

Redesigned MBA Curriculum with a Student Centric Approach

The McGill MBA program has been redesigned to provide students a global perspective to help shape tomorrow’s world leaders. Experiential learning, case studies, real business projects, and international study trips are an essential part of the McGill MBA experience.

The McGill MBA curriculum can be divided into four distinct phases:

  • Laying Foundations
  • Integrating Disciplines
  • Specializing
  • Experiential Learning

The 1st phase consists of a Base Camp program that ensures all candidates have the required quantitative skills in Business Math and Financial Accounting. The 2nd phase consists of core courses structured around different disciplines. The Integration modules (in the 2nd phase) helps in combining all the learnings from the core courses and enhance the learning experience.

The 3rd phase is where you can start tailoring the MBA program to your own professional and personal learning objectives. Students can choose courses from 5-key subject areas and can choose to graduate with up to 2 specializations from the following key subject areas:

  • Global Strategy & Leadership
  • Entrepreneurship
  • Business Analytics
  • Marketing
  • Finance

The 4th and final phase is where students can choose from different experiential learning opportunities such as:

  • 10-day international study trip
  • Internships
  • International Exchange
  • Practicum

Personalized Career and Employment Resources

The McGill MBA program hosts more than 100 firms on their campus every year for both students and firms to explore various career opportunities. Additionally, the Desautels MBA program has full-time career coaches, specific stream advisors, and dedicated professional development programming to help students become successful in the job market post-MBA.

Some of the resources provided include:

  • Self-awareness and strengths-based psychometric assessments
  • Industry and Functional overviews
  • Skills-based workshops for resume and interview preparation as well as structured thinking and communication.

York University’s Schulich School of Business

The Schulich MBA program flexibility allows students to switch between full-time or part-time status. Students can choose to study at any of the two campus options located in downtown and uptown Toronto.

89% of Schulich MBA students were hired within 3-months of graduation. The average salary of an MBA graduate is CAD 93,100. The Schulich MBA program has a larger class size (420) as compared to other MBA universities.

The average GMAT score of its incoming class is 660. 

Top MBA universities in Canada - Schulich school of business

Schulich School of Business: MBA Curriculum

The MBA curriculum includes 33 credits, of course, courses. The core equips students with a common background and capabilities for effective management of public, private, and non-profit sectors. In addition to core courses, students are required to complete 27 credits of electives, which allows for a more in-depth exploration of an area of focus.

Strategy Field Study and Specializations

Students also participate in the strategy field study as the capstone of the program. The strategy field study is a 2-term consulting project where the student team conducts a strategic assessment of an organization and its environment. The student teams then present their recommendations to senior management.

Students can choose from over 15+ areas of specialization. Following are some of the more popular specialties offered:

  • Finance
  • Business Consulting
  • International Business
  • Strategic Management
  • Health industry Management
  • Marketing

Western University’s Ivey School of Business

The Ivey MBA is a one-year, full-time program that starts in March. The Ivey MBA program, like HBS, is delivered using the case study method. Students go through over 300 cases in a year, which helps mirror the challenges and complexities of real-world business in the classroom.

The average salary of an MBA graduate is CAD 92,000 and the average GMAT score for its incoming class is 660. 

Top MBA universities in Canada - Ivey Business School

Learning by Doing and the Case Method

The Ivey MBA program focuses on learning by doing. The case method, which forms the mainstay of the Ivey MBA program, encourages students to think of business challenges outside of the traditional function-based approach. This enables students to take a big-picture view and become comfortable with making decisions when faced with uncertainty.

Team-Based Learning Approach

Students work in teams to refine their assessments of a case, ideas, and plan of action and then participate in a class discussion where they debate and learn from diverse perspectives of other individuals and teams. The Ivey MBA classroom is the ultimate training ground to practice your business leadership skills and apply your theoretical business knowledge.

Strong Employment Statistics and Career Management Team

The average salary for an MBA graduate (2019) is CAD 115,146.  The career management team at Ivey is ranked #1 by its recruiting partners, and career coaching is built into the curriculum of the MBA program.

The career management team helps students in building a solid resume, preparing for interviews, and networking effectively. This helps students find hidden career opportunities and plan their career strategy.

HEC Montréal

HEC Montréal offers a 1-year full-time MBA program with a fully integrated learning approach. According to HEC Montreal, “The MBA program’s teaching approach is founded on the exchange of expertise, actively enhancing your skills, building your experience, and expanding your network.”

Top MBA universities in Canada - HEC Montreal

Business Consulting Project

The program includes a hands-on business consulting project that helps students gain practical experience. The MBA program’s small class-size is said to enhance faculty and student interaction. The average age of the MBA program class is 31 years, with an average work experience of 7 years, which is higher than the other MBA programs in this article.

The HEC Montréal program boasts of a 91% placement rate and average starting salary of CAD 80,000 Graduates of the HEC Montréal report an average wage increase of 28%. The MBA program consists of 3 phases:

  • Acquire Business Fundamentals
  • Develop Individual Competencies
  • Apply Knowledge and Skills

Some Employers of HEC Montréal MBA graduates include Accenture, Deloitte, Google, Pratt & Whitney, Proctor & Gamble, Ubisoft, Telus.

Learn more about the Best MBA Programs 2021 in the US, United Kingdom, Australia, New Zealand, Germany, and India.

MBA in Canada Salary 2021

According to PayScale, the average salary of an MBA graduate in Canada is CAD 82,670. The CEO and CFO earn the highest salary of CAD 154,000 and CAD 144,000, respectively. Here are some of the job profiles and salaries post-MBA in Canada:

MBA Jobs in CanadaAverage Salary (CAD)
Management Consultant88,000
Financial Controller87,000
Financial Analyst62,000
Marketing Manager72,000

Some of the top companies in Canada that hire MBA graduates are KPMG, Deloitte Consulting, TD Canada, Canadian Imperial Bank of Commerce, and many more.

Another report by Emolument points out that the average salary post-MBA in Canada is approx. CAD 89,000. However, if you pursue an MBA from top universities, then the average base salary is CAD 95,753.

MBA Salary in Canada for Top Canadian Universities

Top Universities for MBA in Canada Average Salary
The University of Toronto –
Rotman School of Management
CAD 99,419
McGill University –
Desautels Faculty of Management
CAD 87,661
York University –
Schulich School of Business
CAD 93,100
Western University – Ivey Business SchoolCAD 1,15,146
HEC MontréalCAD 80,000
Queen’s Smith School of BusinessCAD 1,28,681
Alberta School of BusinessCAD 88,881
UBC Sauder School of BusinessCAD 83,633
Concordia University – John Molson School of BusinessCAD 85,259
Goodman School of Business CAD 65,000

The average salary for the above-mentioned MBA colleges in Canada is CAD 97,200 (CAD). On average, an MBA in Canada for domestic students can cost approx. CAD 50,735 at these top universities. Similarly, the average fee for an international or Indian student is approx. CAD 78,934.

The stats above prove that the return on investment is positive if you pursue an MBA at the top Canadian universities mentioned above.

Know the value of your MBA investment in 2021.

Eligibility / Requirements to pursue MBA in Canada

To study an MBA in Canada, you must first apply to a Canadian university before you apply for a study permit. Some of the most common admission requirements are:

  • Relevant undergraduate degree
  • Work experience
  • TOEFL and IELTS score
  • A good GMAT score

Canada has opened a New Visa Stream for Indian students where your study permit is prioritized if you live in India.

The application process to study MBA in Canada can be lengthy, and thus it’s advisable to apply at least 15 months before. You can download the application form for most of the universities on their official website. Different universities/colleges have different admissions criteria.

List of documents required

  • Academic records: Transcripts
  • IELTS/TOEFL: English Proficiency
  • Work experience Proof
  • Bank statements for financial proof
  • Letter of Recommendation
  • Statement of Purpose
  • Related documents related to visa

Are you planning to enroll in a Canadian business school? Let us help you conquer the first step of the process i.e., taking the GMAT. Take a free GMAT mock to understand your baseline score and start your GMAT prep with our free trial. We are the most reviewed online GMAT Prep company with 2060+ reviews on GMATClub.

3 steps to apply to a Canadian business school

How to apply to a Canadian business school? 

To apply to a Canadian business school, you need to:

  • Step 1: Check the admissions requirements 

    Every b-school has a different set of criteria. Still, the most common one is having an undergraduate degree equivalent to an undergrad degree in Canada.  

    This is because each country’s education system is different and Canadian b-schools want to make sure that what you have been taught in your bachelor’s is similar to what is taught to a bachelor’s degree recipient in their country.

    Apart from this, you also require to take the IELTS or TOEFL to prove your proficiency in English. The required IELTS score range from 6.5 to 7, whereas for TOEFL, it is 86 to 100.

    The English-language proficiency scores are mandatory and cannot be waived off most of the time, and if you are an international student, you are generally required to take the test. However, if you meet one of the following criteria, you can be eligible to apply to Canadian universities without IELTS or TOEFL:

    – The country that you are from is English-speaking

    – You have studied in an English-medium school for four years

    – You are ready to take English courses of the b-school for a semester or a year

    – You are pursuing an Online course 

    Some of the top Canadian universities also require a good GMAT score with relevant work experience. The average GMAT score required to pursue MBA in Canada can range from 550 to 670.  

    However, for the top 5 Canadian business schools, the average GMAT score is 660+, which is lower than the top US ( 720+) and European b-schools (690+). 

    In general, 2 to 5 years of work experience is required to pursue MBA in Canada. However, the average work experience for the top 5 Canadian b-schools is approx. 4 years, which is similar to that at the top US and European b-schools.  

  • Step 2: Review the application process

    Canadian business schools, in general, have two intakes – Fall and Winter. Fall intake, which is a popular intake among international students, starts in September, and winter intake starts in January, which can act as an alternative if you miss the September intake.  

    MBA schools in Canada have either a fixed application deadline or a rolling basis application process, or a mix of both, like any other US or European school. Once you know the application deadlines for your chosen b-school, you need to fill out an application form and submit it according to its instructions. 

    The application process to pursue MBA in Canadian universities is similar to US and European b-schools. 

    Generally, the application form will cover your personal details, academic background, work experience, entrance exam scores, essays, and letter of recommendation. 

    So, if you have applied to US or European b-schools, you can recycle most of your application material to apply to Canadian business school, which will save you time and money. Here is a list of standard documents that the Canadian business schools ask for: 

    – Official Academic transcripts 

    – English Proficiency test – IELTS/TOEFL 

    – Standardized test scores – GMAT/GRE 

    – Work experience proof 

    – CV 

    – Letter of Recommendation 

    – Statement of Purpose

    The application process can differ for each business school, so it is advisable to apply 3 to 4 months before, which will give you enough time to complete your application and get your visa sorted out. Once you receive an acceptance letter from the business school, you can apply for a study permit.  

  • Step 3: Apply for a student visa

    Getting a student visa for Canada is much easier than its neighboring country, where almost 15 to 20% of applicants get rejected by US visa officers every year despite receiving an admit for higher education in the USA. In fact, one in three international business school students agrees that the ease of obtaining a student visa is what attracted them to Canada. 

    For your student visa, you need an acceptance letter from a designated learning institution (DLI). So do check out if your selected b-school is DLI approved. You will also require a valid passport and financial proof to support yourself and your family members who will come with you to Canada. Moreover, you may also need to submit a letter of explanation stating how your educational and work background prepares you for a rigorous MBA program and how having the MBA qualification will enhance your career and help you get to the next level.  

    The visa process for most international students is completed through an online portal. You need to complete the relevant form and upload supporting documents, which will cost you approx. 120 US dollars and is valid for the length of your study program, plus an extra 90 days. The processing time for the study permit can vary depending on your country of residence and the volume of applicants received. For example, for an Indian applicant, it takes up to 12 weeks. 

Result

Under your student visa, you can work up to 20 hours per week during your semesters and are free to work full-time during holidays. Just make sure that your visa includes a condition that says you can work on or off-campus. 

Once you obtain your student visa, you are ready to fly to Canada! 

FAQs- MBA in Canada

What is the duration of MBA in Canada?

An MBA in Canada is a 1-2 years degree program. However, there are colleges that offer less than a year degree called accelerated MBA. For example, Ivey Business school offers an accelerated MBA for eight months to one year.

What is the cost of pursuing an MBA in Canada?

The cost of pursuing an MBA in Canada can range from CAD 22,000 to CAD 120,000. This is equal to 12 to 68 lacs for an Indian student for completing an MBA in Canada. The cost mentioned includes only the tuition fee. There are other costs like books, suppliers, and living costs that you need to be aware of.

What are the best MBA colleges in Canada?

Some of the top best business schools in Canada for pursuing an MBA are Ivey School of Business, Rotman School of Management, Schulich School of Business, and many more. Check out this article to know the top 25 Canadian universities to pursue an MBA.

Why to pursue an MBA in Canada?

Here are the top 5 reasons to pursue MBA in Canada:
1. Affordable Tuition Cost
2. High Quality of life
3. Canadian Post-graduation work permit program
4. Internationally Ranked MBA programs
5. Multicultural and Diverse Society

Can I do MBA specialized degree in Canada?

Yes. Students who go for a management degree in Canada can choose to pursue a general MBA, or do a specialized degree in a subject like marketing, consulting, finance, and more.

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14 thoughts on “MBA in Canada – Top MBA colleges, fees, and salary in Canada”

  1. While MBA seems to be quite costly course, May I know Post graduate diploma courses of 01 year?
    Subjects interested are Supply Chain, general Management, International Business.
    Fees for the Post graduate diploma and which are good colleges with their location?

  2. I really appreciate the work you have done, you explained everything in such an amazing and simple way.

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