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When considering pursuing an MBA abroad, international students often find themselves torn between Canada and USA. Both countries are among the most preferred destinations to study MBA abroad. International students planning to study MBA in Canada or USA must evaluate and look out various factors such as:
- Cost of living in the country
- Return on investment (ROI)
- Job opportunities
- University rankings
Most of the universities in Canada and USA offer a one or two year MBA program. A detailed comparison between MBA in Canada and USA, examining basic factors like tuition fees, living expenses, potential returns on investment, and job prospects, is explained below to guide prospective students in making an informed choice.
MBA Canada vs USA Highlights
| Parameter | MBA in Canada | MBA in USA |
|---|---|---|
| Duration | 1-2 years | 1-2 years |
| Annual Tuition Fees | 35 to 60 lakhs INR | 53 to 70 lakhs INR |
| Cost of living | 25,900 CAD (16 lakhs INR) | 27,000 USD (23 lakhs INR) |
| Financial Support | Scholarships, fellowships, loans, work-study | Scholarships, fellowships, loans, work-study |
| Visa | Study-permit | F-1 visa |
| Average Annual Salary | CAD 90,000 (55 lakhs INR) | USD 107,000 (88 lakhs INR) |
| Top Specializations | Finance | Consulting | Entrepreneurship | Marketing | Operations & Supply Chain Management | Technology Management | Healthcare Management | Human Resources | Real Estate | Finance | Consulting | Entrepreneurship | Marketing | Operations & Supply Chain Management | Technology Management | Healthcare Management | Human Resources | Real Estate |
| Exams accepted | GMAT - 550-680 | GRE - 300-324 | GMAT - above 650 | GRE - Above 300 |
| English language proficiency tests | IELTS: 6.5 | TOEFL IBT: 90-100 | IELTS: 7.0 | TOEFL IBT: 100 |
|
Table of Contents |
MBA Canada vs USA: Top Universities
According to the 2024 QS Global MBA Rankings, five business schools in USA are ranked among the top 10 globally for MBA programs. In contrast, Canada has six business schools that rank within the top 100 worldwide.
|
MBA in USA |
MBA in Canada |
||
| QS Global MBA Rankings 2024 | University | QS Global MBA Rankings 2024 | University |
|---|---|---|---|
| #1 | Stanford Graduate School of Business | #40 | Rotman School of Management |
| #3 | Harvard Business School | #=92 | Smith Business School |
| #2 | Wharton Business School | #74 | IVEY School of Business |
| #6 | Sloan School of Management | #73 | Desautels Faculty of Management |
| #7 | Columbia Business School | #98 | Schulich School of Business |
| #13 | Haas School of Business | #89 | Sauder School of Business |
| #15 | UCLA Anderson School of Management | #121-130 | Alberta School of Business |
| #12 | Kellogg School of Management | #131-140 | John Molson School of Business |
| #16 | Yale School of Management | #201-250 | ROWE School of Business |
| #17 | Stern School of Management | #151-200 | HEC Montreal |
Reasons to Pursue MBA in USA
Here are some of the reasons to pursue MBA in USA:
- In the 2024 QS Global MBA Rankings, the following universities have achieved a place among the top 10 globally:
- Stanford Graduate School of Business
- Harvard Business School
- Wharton Business School
- Sloan School of Management
- Columbia Business School
- MBA graduates in USA earn an average annual salary of USD 107,000 (88 lakhs INR). Top recruiters including Amazon, Accenture, Google, Deloitte, IBM, and Microsoft offer these excellent career opportunities.
- Many top universities in USA offer scholarships to international students to pursue a MBA in USA.
- Pursuing MBA in USA will offer a high return on investment of 145% for international students.
Reasons to Pursue MBA in Canada
Here are some of the reasons to pursue MBA in Canada:
- In the 2024 QS Global MBA Rankings, the following universities have achieved a place among the top 100 globally:
- Rotman School of Management
- Smith Business School
- IVEY School of Business
- Desautels Faculty of Management
- Schulich School of Business
- Sauder School of Business
- MBA graduates in Canada earn an average annual salary of CAD 90,000 (55 lakhs INR). Top recruiters including Scotiabank, Deloitte, PwC, KPMG and Ernst & Young (EY) offer these excellent career opportunities.
- Many top universities in Canada offer scholarships to international students to pursue an MBA in Canada to ease the financial burden.
- Pursuing MBA in Canada will offer a high return on investment of 124% for international students.
MBA in Canada vs MBA in USA Cost
| Country | Canada | USA |
|---|---|---|
| Total Tuition Fee | 35 to 60 lakhs INR | 53 to 70 lakhs INR |
MBA Canada vs USA Cost of living
The cost of living in USA and Canada includes major expenses such as housing, groceries, transportation, mobile and internet expenses, and electricity. The cost of living in USA is approximately 45.49% higher than the cost of living in Canada. Consult the table below for a breakdown of expenditures in Canada and USA.
| Expense Type | Canada (in INR)
Average Monthly Expense |
USA (in INR)
Average Monthly Expense |
|---|---|---|
| Accommodation | 85,000 | 1.24 lakhs |
| Utilities | 17,200 | 17,000 |
| Mobile & Internet | 6,000 | 9,980 |
| Meals | 5,200 | 27,700 |
| Transportation | 10,900 | 5,980 |
| Miscellaneous | 9,200 | 12,400 |
MBA Canada vs USA: Return on Investment
When considering studying in USA and Canada, it is important to calculate the Return on Investment (ROI). The table presents the total annual tuition fees of the top universities in Canada and USA for MBA programs, along with the average graduate salary per year.
| Country | Annual Tuition fees | Annual Salary | Return on Investment |
|---|---|---|---|
| USA | 53 to 70 lakhs INR | 88 lakhs INR | 145% |
| Canada | 35 to 60 lakhs INR | 55 lakhs INR | 124% |
MBA Canada vs USA: Jobs
After completing an MBA program, there are high-paying jobs in Canada and USA for international students.
Some of the popular job titles for MBA programs in USA and Canada are:
- Project manager
- Operations manager
- Financial analyst
- Human resources manager
- Senior financial analyst
The top recruiters in the field are Deloitte, KPMG, PwC, McKinsey & Company, Boston Consulting Group, Bain & Company, Goldman Sachs, JPMorgan Chase and many more.
In comparison to USA, Canada offers a more affordable cost of living and tuition fees for international students, making it a financially viable option. In terms of job opportunities, both countries present attractive prospects across various sectors. The roles and salaries might differ slightly, but both nations offer roles in project management, financial analysis, human resources, and consultancy, among others.
FAQs
Ques. What are the main differences between pursuing an MBA in Canada and the USA?
Ans. The main differences between MBA in Canada and USA are:
| Parameter | MBA in Canada | MBA in USA |
|---|---|---|
| Duration | 1-2 years | 1-2 years |
| Annual Tuition Fees | 35 to 60 lakhs INR | 53 to 70 lakhs INR |
| Cost of living | 25,900 CAD (16 lakhs INR) | 27,000 USD (23 lakhs INR) |
| Financial Support | Scholarships, fellowships, loans, work-study | Scholarships, fellowships, loans, work-study |
| Visa | Study-permit | F-1 visa |
| Average Annual Salary | CAD 90,000 (55 lakhs INR) | USD 107,000 (88 lakhs INR) |
Ques. How do the costs of obtaining an MBA differ between Canada and the USA?
Ans. The tuition for an MBA in USA is higher than it is in Canada. Living expenses may be greater in some US cities, which will affect the cost of education.
| Country | Canada | USA |
|---|---|---|
| Total Tuition Fee | 35 to 60 lakhs INR | 53 to 70 lakhs INR |
Ques. What are the admission requirements for MBA programs in Canada compared to those in the USA?
Ans. The basic admission requirements for MBA are similar in both countries, including ELP test scores, standardized tests, LOR, SOP, Resume, etc. The test scores range could vary as follows:
| Exams accepted | GMAT - 550-680 | GRE - 300-324 | GMAT - above 650 | GRE - Above 300 |
| English language proficiency tests | IELTS: 6.5 | TOEFL IBT: 90-100 | IELTS: 7.0 | TOEFL IBT: 100 |
Ques. How do the rankings and reputations of MBA programs in Canada and the USA compare?
Ans. According to the 2024 QS Global MBA Rankings, five business schools in USA are ranked among the top 10 globally for MBA programs. In contrast, Canada has six business schools that rank within the top 100 worldwide.
|
MBA in USA |
MBA in Canada |
||
| QS Global MBA Rankings 2024 | University | QS Global MBA Rankings 2024 | University |
|---|---|---|---|
| #1 | Stanford Graduate School of Business | #40 | Rotman School of Management |
| #3 | Harvard Business School | #=92 | Smith Business School |
| #2 | Wharton Business School | #74 | IVEY School of Business |
| #6 | Sloan School of Management | #73 | Desautels Faculty of Management |
| #7 | Columbia Business School | #98 | Schulich School of Business |
Ques. Are there differences in immigration processes for international students pursuing an MBA in USA and Canada?
Ans. Both countries have specific visa regulations for international students. The U.S. offers Optional Practical Training (OPT) for international students after completing their studies, allowing them to work temporarily. Canada also offers post-graduation work permits.
| Factor | Canada | USA |
|---|---|---|
| Student Visa | Canada Study Permit | F1 Visa |
| Work Permit | Up to 3 years (PGWP), potentially leading to permanent residency | Shorter permit (1-3 years) |
Ques. Are there differences in the duration or structure of MBA programs between the two countries?
Ans. MBA programs in both countries last for about two years. However, some universities in Canada offer accelerated or part-time programs that may differ in duration. The curriculum and structure can vary widely depending on the institution and program.
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