Enrolling in an MBA program in Canada can be a great move for your career. However, entering a higher level of education typically means you’ll pay more in tuition. Moreover, the fees will vary based on where you live in Canada and whether you’re a Canadian or international student.
Even though Canada has lower post-secondary tuition rates than some other countries, it’s not always easy to pay for them. Fortunately, there are many financing solutions available to help.
Key Points:
- An MBA program is very expensive, costing upwards of $69,000+, depending on the exact course of study.
- Given the sky-high cost of MBA studies, many students turn to funding programs as a financial solution.
- Funding options to finance an MBA program in Canada include government student loans, private student loans, grants, and scholarships.
How Much Does An MBA Program In Canada Cost?
For the 2024/2025 academic term, Canadian graduate students will pay the highest tuition fees for MBA programs to date. Those studying in regular MBA programs will pay a national average of $33,127, while those in executive MBA programs are set to pay $69,310.
Cost Of An MBA Program In Canada As An International Student
International students pay more than domestic students overall. For instance, international graduate students will pay a national average of (as of the latest data available):
- $41,767 for a regular MBA
- $76,687 for an executive MBA
How To Finance An MBA Program In Canada
Before you enter an MBA program in Canada, make sure to speak with your school’s administrative office to discover all your options. Depending on who you are, where you study, and what kind of program you’re in, you may have several alternatives available to you, including:
Scholarships For An MBA Program In Canada
A scholarship is a financial award granted to students who display excellent academic merit. It doesn’t need to be repaid. So, if your grades are strong and you show aptitude in your field, you may qualify for scholarships to fund an MBA program in Canada.
Here are a few scholarships for MBA programs:
Ontario Graduate Scholarship (OGS) Program
The OGS is offered to Ontario graduate students in all disciplines at the master’s and doctoral level. Two-thirds of each award is jointly financed by the Province of Ontario, and the last one-third is funded by the participating school. It is issued for 1 to 2 academic years and is awarded based on the number of consecutive terms that you study per academic year:
- $10,000 for 2 terms
- $15,000 for 3 terms
Loans Canada Scholarship
Loans Canada has its own scholarship program to help students in Canada make better financial choices. It’s issued twice per year and awards $750 to one student, every semester, who displays excellent financial literacy. Instead of relying on your grades or GPA, the Loans Canada Scholarship eligibility requirements are minimal.
| Can You Get A Scholarship As An International Student? Yes, many schools offer scholarships specifically for non-Canadian students to get their MBA. A good example is the Sauder School of Business Entrance Scholarship, which is awarded to outstanding international students by the University of British Columbia (UBC). The Sauder School currently offers two types of merit-based scholarships: – $7,500 – $20,000 for the Global Business Leader Of Tomorrow Scholarship – $5,000 – $20,000 for the Accelerated Career Scholarship |
Government Student Loans For An MBA Program In Canada
Canada has many kinds of provincial and federal student loan programs. One of the most popular is the Canada Student Loan Program, which provides eligible full and part-time students with up to 60% coverage for their tuition costs in federal loans. After graduation, the entire loan amount must be paid back to the government, with interest.
Private Student Loans For An MBA Program In Canada
If you can’t get a scholarship or government student loan, you can consider a private student loan to fund your MBA program instead. Plenty of banks and credit unions offer large student loans and lines of credit, with flexible interest rates and conditions.
If you have bad credit, you can also apply for student personal loans with an alternative lender. They offer personal loans to students with bad credit or low incomes. However, having a good credit score can help you get the best rates. So if you have time, consider improving your credit score before applying.
How To Qualify For A Private Student Loan
To become eligible for a private student loan in Canada, you must generally:
- Be at least the age of majority in your province or territory (18 – 19+)
- Be a permanent resident or citizen of Canada
- Be earning a steady income
- Have strong credit history and good-to-excellent credit score (roughly 660 to 900)
- Have a maximum debt-to-income ratio of 36% – 42% (depending on the lender)
As a student, you may not have had the chance to establish a solid credit profile, especially if you’re an international student getting your MBA program in Canada. So, if your own income, credit score, and level of academia prevent you from qualifying, you might need to ask a parent to cosign your student loan or take one out in their name.
Tips For Choosing The Right MBA Program For Your Budget
To ensure to choose the right MBA program for your budget, consider the following cost-conscious tips:
Know The Full Cost Of Attendance
While tuition is certainly the bulk of your fees, there are many others to consider, like the following:
- Living expenses (rent, food)
- Books and materials
- Travel
- Club fees, networking events, and career fairs
Look Into Funding Options Early
Take some time to do some research into the various funding programs available o determine which one you may qualify for and that best suits your needs.
Choose The Right Study Format
Your mode of study will impact both the time it takes to complete your studies and its cost. For instance, full-time studies may come with a higher cost, but faster ROI once you get into the workforce. On the other hand, part-time or online studies come with a lower upfront cost, but lets you keep working while in school.
Location Matters
Studying in a big city can offer better networking, but it’s also more expensive. If you’re looking to save money, consider programs in smaller cities or public universities with lower tuition.
Is It Worth Going Into Debt For An MBA?
It depends on your education, but yes, it can certainly be worth it to take on debt in order to finish your MBA program in Canada. People with MBA diplomas make an average salary of around $80,000 a year (or $41.03 an hour), which is higher than most entry-level positions at $41,605 a year. The most experienced MBA graduates can earn up to $136,925 yearly.
Best MBA Programs In Canada
Here are the business schools that offer the some the best MBA programs in Canada:
- Ivy Business School (Western University)
- HEC Montréal (École des hautes études commerciales de Montréal)
- Ted Rogers School of Management (Toronto Metropolitan University)
- Smith School of Business (Queen’s University)
- Desautels Faculty of Management (McGill University)
- John Molson School of Business (Concordia University)
- Alberta School of Business (University of Alberta)
How To Apply For A Student Loan For An MBA In Canada
The application process for a student loan to cover the cost of our MBA varies slightly depending on the type of funding you’re looking to use:
Government Student Loans
To apply for a government student loan, follow these steps:
- Complete the application through your province’s student aid website. For example, in Ontario, this would be OSAP. And for BC, this would be StudentAidBC.
- Submit proof of enrollment and financial need.
- Wait for approval and disbursement. Funds are usually sent directly to your school or deposited into your account.
Private Student Loans
To apply for a private student loan, follow these steps:
- Compare lenders, which can be done quickly and easily with an online loan comparison platform like Loans Canada.
- Check your eligibility to ensure you meet the requirements.
- Apply directly through the lender’s website or branch.
- Provide the required documentation, such as proof of enrollment, income, and photo ID.
- Review terms carefully before signing.
What Do I Need To Apply For An MBA Student Loan?
This depends mainly on where you’re getting your student loan from. For example, when you apply for a TD Student Line of Credit, you’ll need to include your:
- Existing monthly debt payments (credit cards, loans, lines of credit)
- Household expenses (property taxes, utility fees, home insurance, etc.)
- Monthly rent or mortgage payments
- Social Insurance Number (SIN)
- Proof of enrollment in an acceptable MBA program
- Current address (and previous address if you’ve been in Canada under 3 years)
- Co-signer details (only necessary with Undergraduate Student Lines of Credit)
Thinking About Applying For An MBA Program In Canada?
No matter how expensive it is, completing your MBA can be the right choice, as long as you work hard and have a clear vision in mind of what your career path may be. All that said, a funding program can be just what you need to avoid having to worry about covering your tuition fees. Be sure to weigh your options and review your personal and financial situation before choosing a funding program.
