MBA, Masters in Business Administration, is one of the most sought after courses to be pursued across the globe. Both the US and Canada are popular study destinations, and henceforth MBA in Canada can be a perfect alternative to studying in the US. An MBA in Canada is generally a 1-2 year degree program and offers good returns on the investment.
The cost of an MBA in Canada is between 16,000 to 80,000 USD per year. Successful students can earn between 40,000 USD to 200,000 USD annually on an average. The course fees in the USA are much higher i.e., between 170,000 USD to 220,000 USD overall.
The average package is 90,000 USD to 222,000 USD. From fees & package perspectives, MBA in Canada is a good alternative to that of the US.
Before opting for an MBA, you must consider the following factors:
- Budget
- Exposure
- Programs Offered
- Career Opportunities
The following are the 8 factors that make an MBA in Canada a viable alternative for candidates seeking an MBA degree from abroad.
Why Choose MBA in Canada?
Following are the reasons to choose MBA in Canada:
Great Place to Study
With an excellent economy, Canada attracts aspirants worldwide for quality education and better living standards every year. Montreal, Toronto, Vancouver, and Ottawa are among the top 50 student cities in the world. This makes Canada a lucrative hotspot for students taking up various educational courses and kick-starting their careers.
Facts & Figures
As per the QS World MBA Rankings of 2020, Canada is home to five b-schools among the first 100 top colleges in the world. Canada is also one of the safest countries to reside in. Canada is ranked 6th as per the Global Peace Index of 2020.
Affordable Fees
The financial aspect is one of the most crucial and primary factors that influence an aspirant’s decision. MBA in Canada has the edge over the USA in terms of financial aspect as it provides an equally quality course at a lesser cost. The average total tuition fees for MBA in Canada costs around 30,000 USD to 90,000 USD, which is appreciably less than what it would cost in the USA.
Simplified Visa Process
One of the primary hurdles of securing a seat in a USA based institute is its complicated and time-consuming visa claiming process due to the limitations upon the uptake of international students. Since the seats are limited, only the creamy-layer of the students can make it.
On the other hand, Canada’s admission and visa process are less cumbersome, thus providing opportunities to a larger chunk of aspirants each year.
Financial Aids & Scholarships: USA vs Canada
Though the USA provides a comparatively greater number of scholarships as compared to Canada. But the curriculum design of Canada assists students who perform well in academics; therefore, hard work and dedication are never in vain.
Some of the Scholarships provided by the USA for Indian native students:
- Asian Women in Business Scholarship Fund.
- Stanford Reliance Dhirubhai Fellowships for Indian students.
- Fulbright-Nehru Research Fellowships.
Some of the Scholarships offered by Canada for international students are:
- Canada Asia-Pacific Awards (CAPA).
- Sauvé Scholars Program by the Jeanne Sauvé Youth Foundation.
Job Opportunities after MBA in Canada
Canada boasts of various MNCs, and employers are constantly looking for erudite professionals. An average MBA graduate in Canada can easily earn up to 72,653 USD per year.
Top colleges like the Schulich School of Business had 89% of students hired within 3 months post-graduation in 2017. The average salary package was 48,000 to 190,000 USD. Top sector-wise recruiters were the Financial Services, Technology, Retail, Consulting, and Real Estate sectors.
Similarly, in Desautels Faculty of Management, McGill University, 90% of MBA students got placed within three months after graduating. The areas of recruitment were Finance, General Management, Marketing, and Business Development.
MBA in Canada – Competent Universities
Canada houses some renowned universities across the globe that maintain high standards of education like the USA counterparts.
The institutions are known for providing bright career opportunities to freshers as well as experienced professionals. Some of the renowned institutes of Canada are:
- University of Western Ontario.
- The University of Toronto.
- McGill University.
- York University.
- The University of British Columbia.
- Queen’s University.
Living Expenses
This is one of the aspects where Canada has a real edge over the USA, in terms of expenses other than tuition fees. The USA’s means of sustainability are quite expensive, and this is one of the aspects that a majority of students keep in mind while opting for a college either in the USA or Canada.
The average living expenses in the USA stand at roughly 8,000 to 15,000 USD per year. These expenses are variable and based on the amenities candidates use and other lifestyle factors.
On the other hand, the estimated living expenses in Canada vary between 5,000 – 12,000 USD per year, and this can also vary depending upon the factors mentioned above.
To conclude, education is of the highest quality in both the US & Canada. Henceforth, an MBA in Canada with such decent career prospects is a good alternative to the US. The package is nearly similar to that of the US in return for much lesser fees than the US. Apart from that living costs, a peaceful environment, easier VISA rules also make Canada a favored study destination to many. If you are planning for an MBA abroad, consider studying MBA in Canada for a secure career.
