Cost of MBA Programs in Canada Universities
The cost of MBA Programs in Canada tends to differ from one institution to another depending on courses offered, duration of studies, nationality of the students, province, size of the university, and many other factors.
Regular MBAs cost around $23,900 on average, while executive MBA programs generally remain the most expensive and cost approximately $42,440 on average.
As one would expect, international students pay higher fees than Canadians in Business Schools.
According to the QS World University Rankings of 2018, seven of the world’s top 150 universities are based in Canada. Canada also has the highest number of international students, with about a 90% increase in the number of international students that enter Canada since 2008.
This means that Canada is a haven for international students. As an international student, you will feel comfortable studying in Canada as you will have the opportunity to study in one of the best universities in the world.
Why Prefer Canadian MBA?
Many local and international students prefer Canada to get an MBA from its education institutions (colleges and universities) because they are some of the best available.
Suppose you want to pursue an MBA course in Canada. In that case, it is essential to note that tuition fees are generally less expensive than in other popular Anglophone destinations, including Australia, the US, and the UK.
But even with that knowledge, it is also a fact that the tuition fees are quite high when compared to some other second and third-tier countries.
Furthermore, nine Canadian universities are among the top 150 universities for MBA globally, per QS MBA Rankings for 2020.
Moreover, a business degree in Canada is ranked among the top 10 universities with the highest salaries after graduation.
Types of MBA courses in Canada
There are various types of MBA programs that you can enroll in Canada, depending on the one that suits your specialization. They include
Full-Time MBA
With an understanding of the diversity of the Canadian workforce, an MBA program prepares a student to enter the job market as a leader.
- The program is usually a two years course, and students can choose to study full-time.
- This program is best suited for students ready to devote their time to studying.
- Candidates are required to sit for GMAT and language proficiency tests to get admission for full-time MBA courses in Canada.
Part-time MBA
- It has a more extended duration than a full-time MBA but is more suitable for working professionals looking for a degree.
- The average duration is 3-6 years, depending on the university of your choice.
- Fresh graduates who cannot devote time to on-campus studies can also choose a part-time MBA program.
Executive MBA
- It is a 13-monthly program where the ROI is both personal and professional.
- This is designed for executives and those with a managerial level of experience who want to advance their education.
- Candidates must get at least 8-10 years of experience to get admission to executive MBA courses.
Cost of MBA Programs in Canada
Canada’s 5 cheapest MBA Colleges
#1. Royal Military College
There are quite a number of MBA courses that the institution offers. The education that is provided combines commercial, military, and government perspectives.
When a student graduates, they will have gained valuable and wide-ranging knowledge in specific areas. Royal Military College tuition stood out the amount of the top MBA Programs in Canada.
Royal Military College offers about 14 courses that are mandatory for all students. In addition, overseas students can apply for an MBA course, full or part-time, at the institution.
The fee for an MBA program is about $13,900. Some of the minimum requirements required include original transcripts (degree/s), letters of reference, and the GMAT test.
#2. Memorial University
If you want to expand your horizon as a student, local and international, then Memorial University presents a great opportunity if you apply.
The MBA program that the institution offers takes about 12 months. Therefore, the environment is conducive in all respect for you to be able to study Business Administration, entrepreneurship, and social enterprise.
The institution aims to be able to prepare leaders both in leadership and business roles. A leadership that is able to meet the present and future challenges with great determination and enthusiasm. The institution, compared to other Canadian colleges, offers students MBA programs that are affordable. The affordable tuition fee is around $4,400. The program’s admission requirements include an undergraduate degree with a second-class standing from a recognized institution, a GMAT score of 550 minimum, work experience, and references.
#3. Laval University
Laval University is another learning institution that fits effortlessly into Canada’s category of the most affordable MBA School.
Furthermore, Laval University is considered among the top Canadian business schools. That is because the institution delivers high-quality education aided by its state-of-the-art facilities.
If you happen to be a deserving student, then you will receive a generous MBA scholarship in Canada from the institution, and that is, of course, apart from employment opportunities.
The tuition fees for international students are about $11,500, and the duration of the tuition is two years. The admission requirements for the program include an undergraduate degree from a recognized academic institution.
#4. University of Manitoba
For you to gain valuable experience in the business world, it is advised that the University of Manitoba becomes your institution for your studies. An ideal environment for studying MBA is created by various programs and, of course, the teaching blend.
As a student, you will be able to choose your program according to your interests and switch to part-time from full-time when needed.
The tuition fee for international students is about $4,456, and the learning duration is two years. The admission requirements include professional work experience, an undergraduate degree from a recognized educational institution, and language proficiency.
#5. Waterloo University
The duration of an MBA program that is studied full-time is one year. But if you love part-time studying, the university also offers that option in the evenings.
A student will be able to be introduced to various concepts of scientific management, including information systems and technology management, as they constitute foundations for effective and creative business management.
The tuition fee is about $18,000; the institution is among Canada’s most affordable MBA schools.
The course duration in Canada’s cheapest MBA College is about one year. The admission requirements include full-time experience in working, referee information, and a 4-year undergraduate degree.
Top 4 Most Expensive MBA Courses in Canada
Having looked at some of the most affordable MBA schools in Canada, I will delve here into the most expensive MBA courses.
It is important to note that even though the MBA programs are expensive, they are worth the price in the long run. A considerable investment generally translates into more or higher lifetime earnings.
#1. Rotman School of Management – U of T
If you desire to enhance your career and leadership prospects, this institution sitting comfortably in the bracket of the most expensive MBA courses, is the one for you.
The duration of the MBA program is two years, and the fee was about $110,000 in 2018. The program is offered full-time and part-time, and the institution provides close to 16 MBA majors to chart a new career path or enrich your expertise.
The minimum requirements for the program include demonstrating that you are and can be a leader and, of course, strong academic performance.
#2. Ivey Business School
The institution’s MBA program starts in March and lasts for one year. The program is designed for high-achieving leaders who still want to accelerate their success further.
An Ivey MBA program costs about $85,000 in tuition fees. Some of the minimum requirements for the program include a solid academic record, quality work experience, and leadership.
#3. Desautels Faculty of Management
The institution is ranked among the best business schools in the world, and therefore it is understandable if it features among those offering the most expensive MBA courses. Financial Times ranked the university #1 in Canada.
This Business School offers leading-edge learning to produce leaders with integrity and have the proper management skills for various disciplines.
The tuition for two years of the MBA program is about $89,000.00 for international students. Some of the entry requirements for the program include an application fee (non-refundable), Transcripts, and letters of reference.
#4. Queen’s School of Business
The institution offers a 12-month MBA program that starts in January. The program is flexible and exceedingly personalized to the management education approach tailored to your career goals. As a result, it is estimated that about 92% of the institution’s graduates are often employed within six months after graduation.
Specializations are offered in various areas or disciplines, including Healthcare Management, Finance, Marketing and sales, and consulting. In addition, lifestyle coaching, international exchange, and team-based learning extensively prepare you for a successful career.
The total fee for the duration of the MBA program is about $88,000.Some requirements that should be met include undergraduate education, work experience, and references.
Also Read: 2 Popular Colleges in Newfoundland and Labrador
Conclusion
In conclusion, the cost of a full-time MBA program in Canadian universities is definitely worth the investment. Each university offers a unique program and has different resources and benefits, so it’s important to do your research before making a decision. However, with careful selection and planning, an MBA can provide tremendous value and help you reach your career goals. So don’t wait – start your MBA search today!
