Entering 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. Don’t worry, because there are many solutions you can look into.
Read this to learn how you can fund your MBA program in Canada.
How Much Does An MBA Program In Canada Cost?
For the 2023/2024 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 $31,028, while those in executive MBA programs are set to pay $45,596.
Cost Of An MBA Program In Canada As An International Student
Over the last few years, the cost of tuition has risen for students in Canada. However, international students will definitely pay more than domestic ones overall. For instance, during the 2022/2023 term, intentional graduate students will pay a national average of:
- $31,028 for a regular MBA (vs $30,464 for Canadians)
- $76,687 for an executive MBA (vs $53,227 for Canadians)
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, 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 – 2 academic years and is awarded based on the number of consecutive terms that you study per academic year:
- $10,000 for 2 terms
- $20,000 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:
- $10,000 – $15,000 for the Global Business Leader Of Tomorrow Scholarship
- $5,000 – $15,000 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 th 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.
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 $64,957 a year (or $33.31 an hour), which is higher than most entry-level positions at $53,250 a year. The most experienced MBA graduates can earn up to $96,194 yearly.
Best MBA Programs In Canada
Here are the business schools that offer the very 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)
MBA Programs In Canada FAQs
How much money can I borrow for an MBA?
What do I need to apply for an MBA student loan?
- 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)
How much does an MBA cost in Canada?
Thinking About Applying For An MBA Program In Canada?
Good! Because matter how expensive it is, completing your MBA can definitely be the right choice, as long as you work hard and stay motivated. All that said, one of the best reasons to stay motivated is not having to worry about covering your tuition.
