| Updated On - Oct 23, 2024
Pursuing an MBA in Canada is a valuable decision for Indian students, due to the high-quality education and strong return on investment (ROI). Many top universities, including the University of Toronto and McGill University, offer globally recognized MBA programs to Indian students. The cost of pursuing these MBA courses in Canada is quite high as compared to the universities in India. Tuition fees across the reputed universities range from 88,000 CAD to over 120,000 CAD. However, students also benefit from a competitive job market and numerous opportunities to recoup their investment through lucrative job offers.
According to Statistics Canada, MBA graduates in Canada earn an average annual salary of 88,000 CAD (approximately 53.53 lakhs INR). Potential earnings in Canada for MBA graduates range from 34,000 CAD to over 300,000 CAD per year, depending on the field and experience level. Furthermore, MBA graduates from Canadian universities are eligible for a 3-year post-graduate work permit. This increases their chances of securing employment in the country post-graduation.
MBA Colleges in Canada with Fees
A detailed breakdown of tuition fees for top MBA programs in Canada is provided in the following table:
| Top Universities | Tuition Fees (CAD) | Tuition Fees (INR) |
|---|---|---|
| University of Toronto - Rotman School of Management | Year 1: 68,880 | Year 1: 41.89 lakhs |
| Year 2: 70,260 | Year 2: 42.73 lakhs | |
| University of British Columbia - Sauder School of Business | 103,258 | 62.80 lakhs |
| McGill University - Desautels Faculty of Management | 105,500 + 3,000 (MBA International Study Trip) | 64.17 lakhs + 1.82 lakhs |
| McMaster University - DeGroote School of Business | Full-time MBA: 113,500 | Full-time MBA: 69.03 lakhs |
| With Co-Op: 120,500 | With Co-Op: 73.28 lakhs | |
| University of Alberta - School of Business | 88,000 | 53.52 lakhs |
Accommodation Cost in Canada by City
Winnipeg and Quebec City has the most affordable accommodation options for Indian students in Canada. However, Quebec is the largest of the 10 Canadian provinces and a French-speaking province. It is advised to enhance your French language skills before selecting Quebec to study in Canada. Here are the average monthly rent across the various Canadian provinces:
| Province | Average Monthly Rent (CAD) | Equivalent Rent for Indians (INR) |
|---|---|---|
| Vancouver | 2,200 to 2,700 | 1.33 to 1.64 lakhs |
| Toronto | 2,300 to 2,500 | 1.39 to 1.52 lakhs |
| Mississauga | 2,300 to 2,600 | 1.39 to 1.58 lakhs |
| Victoria | 1,800 to 2,100 | 1.09 to 1,27 lakhs |
| Ottawa | 1,800 to 1,900 | 1.09 to 1.15 lakhs |
| Calgary | 1,500 to 1,900 | 91,256 to 1.15 lakhs |
| Montreal | 1,300 to 1,600 | 79,088 to 97,340 |
| Edmonton | 1,100 to 1,400 | 66,922 to 85,173 |
| Quebec City | 1,200 to 1,300 | 73,000 to 79,088 |
| Winnipeg | 1,200 to 1,300 | 73,000 to 79,088 |
Miscellaneous Expenses in Canada
Indian students should consider the necessary expenses like accommodations, books & materials, food, internet, phone, and personal expenses while studying abroad. Below are some of the common expenses to look at while planning budget to study in Canada:
| Expense Type | Average Monthly Expenses (CAD) | Equivalent Monthly Expenses (INR) |
|---|---|---|
| Utilities | 215 | 13,080 |
| Phone | 65 | 3,954 |
| Internet | 86 | 5,231 |
| Clothing | 130 | 7,908 |
| Transportation | 104 | 6,327 |
Other Expenses
Some of the significant expenses to consider while studying MBA in Canada are as follows:
| Expense Type | Costs |
|---|---|
| IELTS Fee | 17,000 INR |
| TOEFL Fee | 16,900 INR |
| Application Fees (one-time) | 80 to 160 CAD (4,866 to 9,733 INR) |
| Books and Material (yearly) | 960 to 1,600 CAD (58,400 to 97,333 INR) |
| Purchase of GIC (one-time) | 20,635 CAD (12.55 lakhs INR) + 150 CAD (9,125 INR) service charge |
| Visa Application Fees (one-time) | 150 CAD (9,125 INR) |
| Biometric for Visa Fees (one-time) | 85 CAD (5,171 INR) |
| Health Insurance (yearly) | 800 CAD (48,660 INR) |
| Airfare (one side) | 1,600 CAD (97,320 INR) onwards |
| Food and Beverages (yearly) | 4,800 CAD (2.91 lakhs INR) |
Although a bit expensive for Indian students, opting for an MBA in Canada offers a great return on investment. According to reports, MBA graduates in Canada earn about 88,000 CAD (53.53 lakhs INR) per year, on average. Salaries in this field widely varies between 34,000 and above 300,000 CAD per year, depending on skills and years of experience. Besides, MBA graduates who successfully complete a two-year master's program at a university in Canada are eligible for a 3-year work permit.
FAQs
Ques. What are the average tuition fees for MBA programs in Canada?
Ans. The average tuition fees for MBA programs in Canada range from 88,000 CAD to over 120,000 CAD depending on the university. For example, the University of Toronto's Rotman School of Management charges around 68,880 CAD for the first year of its MBA program, while McMaster University charges up to 120,500 CAD for its MBA with Co-Op program.
Ques. What is the average salary of an MBA graduate in Canada?
Ans. On average, MBA graduates in Canada earn about 88,000 CAD annually, which is approximately 53.53 lakhs INR. However, depending on the industry and experience level, salaries can range from 34,000 CAD to over 300,000 CAD per year.
Ques. What are the post-graduation work opportunities for MBA graduates in Canada?
Ans. MBA graduates from Canadian universities are eligible for a 3-year post-graduate work permit, allowing them to stay and work in Canada. This significantly improves their chances of securing employment after completing their studies.
Ques. How much does accommodation cost for Indian students pursuing MBA in Canada?
Ans. Accommodation costs for Indian students vary by city. In cities like Vancouver and Toronto, monthly rent ranges from 2,200 CAD to 2,700 CAD, while more affordable cities like Winnipeg and Quebec City have rents between 1,200 CAD and 1,300 CAD per month.
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