MBA stands for Masters in Business Administration. It is a postgraduate program offered by many universities across the world. It is one of the most renowned management degrees and several thousands of students pursue it every year. An MBA program equips you with basic management knowledge, allowing you to gain a comprehensive understanding of business across disciplines such as marketing, finance, and accounting while also cultivating those crucial soft skills and leadership abilities.
Canada is a famous destination for students who want to study abroad, especially for Indians. Good quality education and worldwide recognition make an MBA degree from Canada valuable and it provides you with a lot of opportunities to evolve your career. If you are considering doing an MBA from Canada then this blog is going to be very helpful in guiding you.
In Canada, there is no dearth of colleges and universities that provide MBA degrees. 47 colleges and universities in Canada avail MBA programs to international students. According to the QS Global MBA rankings of 2023, six colleges in Canada are ranked in the top 100 MBA colleges in the world.
Duration and Formats
The duration of a full-time MBA degree is generally 2 years in Canada. However, some business schools in Canada provide an 18-month Accelerated MBA program. A one-year MBA degree is also available from other colleges and universities. There are different formats of MBA programs. You can also opt for a part-time MBA or an online MBA. They are generally pursued by working professionals and the duration of these programs is usually longer than the full-time MBA program. A dozen universities provide online MBA programs in Canada such as Ivey Business School and Smith School of Business at Queen’s University.
The majority of colleges in Canada start inviting applications for MBA in September. The applications are invited in several rounds and the final round takes place in March. You need to start the preparation before you apply for college and keep your documents handy. To apply for most of these higher education universities, an international student is required to have a GMAT score of 650 or above and an average working experience of three years.
Requirements for MBA in Canada
There are many requirements you need to fulfill to pursue an MBA from Canada. The very essential requirement is you should have schooling of at least 16 years. You need an undergraduate degree with an average academic GPA of 3.3. Another important requirement is the English language test score i.e. IELTS. You should have a minimum score of 6.5 in IELTS. Your GMAT score should be an average of 550. You require a statement of purpose and a minimum of two letters of recommendation (LOR). Another important eligibility criterion is work experience which varies in different universities from 3 years to 5 years. Other important documents that you will need are a passport, student visa, and bank statements.
Best Universities in Canada for MBA
Selecting a university suitable to your needs can be a very tiresome task. Whenever selecting your university you should keep a few things in your mind like the quality of education, teaching standards, international student support, location, and its cost. Here is a list of the best universities in Canada for MBA, which are also mentioned in the QS Global MBA rankings:
- University of Toronto
- McGill University
- Western University
- Queen’s University
- York University
The University of Toronto needs a special mention. It offers a full-time, two-year MBA program that places heavy emphasis on business. The Financial Times has ranked the university among the top 40 globally and the top 22 in North America. The University of Toronto is also rated second in Maclean’s Top 10 business schools.
Numerous Canadian colleges offer MBA programs in a variety of specializations. In Canada, finance is one of the most popular MBA disciplines. Human Resources, Marketing, Business Analytics, and International Business are a few of the best MBA specializations in Canada.
Cost and Expenses
MBA from Canada costs approximately 130,000 CAD for an Indian student including traveling expenses, tuition fees, and living expenses. The cost of living might vary significantly depending on the lifestyle, financial limit, and spending habits of the student. The tuition fees of universities take up a significant share of the total expenses. You can check the university’s official website for the intake and academic year you intend to apply for as an overseas student. You will find all the details related to fees in the prospectus of every university. There are also many low-cost MBA colleges in Canada where tuition fees are approximately 66,000 CAD. The cost of living in Canada varies depending on the city a student is residing. The average cost of living in Canada for an international student ranges between 2,500 CAD to 2,000 CAD.
Scholarships for MBA
For doing an MBA from Canada you need to be financially strong. If you are not then don’t worry. To fulfill these monetary requirements many students rely on financial aid. There are many scholarships that you can apply for to cover your hefty tuition fees and even living expenses! Some of the famous scholarships to study MBA in Canada for Indian students are: Women in Business Excellence Award, Sauder School of Business Entrance Scholarship, Hari Varshney MBA Entrance Scholarship, Madhu Varshney MBA Entrance Scholarship, Ivey MBA Scholarships, MBA Admission Awards, etc. You can check out their official websites for eligibility criteria and other details.
Job Opportunities after MBA
After doing an MBA from a Canadian university you can easily land a job in the field of your choice. It is claimed that Canada is a land of opportunities. You can create your network while doing an MBA and yield employment opportunities through it. Many universities have a good placement rate and you can also apply for jobs listed on employment boards. The best job roles that you can seek after an MBA degree are Financial Analyst, Marketing Manager, Corporate Treasurer, Recruitment Manager, and Business Analyst. According to the reports of Glassdoor, the average MBA salary in Canada is around 66,000 CAD.
If we compare MBA from Canada with MBA from UK or US, then we can see a huge fee gap. MBA from Canada is much more affordable, especially for Asian students. Other perks like post-work visas, international recognition of MBA degrees from Canada, increased SMEs, flexible PR policies, support for international students, and the cultural diversity of Canada attract a lot of international students.