The average first-year MBA in Canada costs about $5000. The average cost of living in Canada is estimated to about $10,000 per year. This depends on the preferred accommodation of candidate.
An MBA Program in Canada is about 2 years, but certain business schools in Canada have a way of speeding the time to about 18 months. There are also institutions that offer a year MBA program.
Among popular MBA scholarship programs in Canada, the entrance scholarship is intended to attract students who have an outstanding performance across the world to the universities offering these MBA programs. The value of this award may range $1,500 and $20k per individual. Offered to daytime and evening students.
However, this MBA program holds for only candidates who have a bachelor’s degree of a minimum 3.0 CGPA from a recognized institution. You must produce the original transcripts too.
Also, for MBA admissions, universities usually give preference to those candidates who have work experience.
List of Full Funded MBA Scholarships In Canada
The institutions of Canada offer several prestigious scholarships for MBA students of domestic and international backgrounds. Here are some of the best MBA scholarships in Canada:
1. Canada Graduate Scholarships-Master’s Program (CGS M): This scholarship is offered by the government of Canada, to candidate who excel in al discipline, including MBA. It provides financial aid for a part of the graduate program.
2. Ontario Graduate Scholarship (OGS): This scholarship is awarded to both domestic and foreign candidates based on merit. It supports graduate students in Ontario, including those pursuing MBA.
3.University-Specific Scholarships: many universities in Canada offer their own scholarships for MBA students. The Rotman School of Management at the University of Toronto and the Ivey Business School at Western University have their own scholarship programs.
4.Forte Foundation Fellowships: This body supports women pursuing full-time MBA programs at select business schools in Canada. These fellowships aim to increase the number of women in leadership positions.
5.Shad Valley Alumni Entrance Scholarship: This offer is available to candidates who are alumni of the Shad Valley program entering an MBA program at the Smith School of Business at Queen’s University .
6. Employer Sponsorship and Tuition Reimbursement: Some employers offer sponsorship to their employees who are pursuing advanced degree , including MBA.
7. Government of Canada Scholarships for International Students: The government of Canada offer sponsorship through such programs as the Vanier Canada Graduate Scholarships, open for international student pursuing graduate program in Canada, this includes MBA programs.
8.Specific Industry Scholarships: Some organizations in Canada offer scholarships for students pursuing advanced degrees in their field. For example, the Chartered Professional Accountants (CPA) of Canada may offer scholarships for students pursuing an MBA with a focus on accounting or finance.
9. Canadian Engineering Memorial Foundation: Though mainly focused in engineering, done scholarship programs from this institution supports candidates pursuing business related programs, including MBA.
10. J. Armand Bombardier Foundation Fellowships: Offered at the John Molson School of Business at Concordia University, these fellowships support students in the MBA in Investment Management program.
11. Social Sciences and Humanities Research Council (SSHRC) Scholarships: This institution sometimes sponsor scholarship programs relating to business programs, including management and administration.
12. Canadian Bureau for International Education (CBIE): This scholarship is open to Indian students pursuing graduate programs in Canada, including MBA programs.
13. Global Affairs Canada Scholarships for International Students: This scholarship is awarded by the government of Canada, that aids international candidates pursuing their graduate programs in Canada.
14. Indigenous Graduate Scholarship Programs: There are many scholarship programs to aid citizens of Canada who are pursuing graduate studies, Including MBA programs.
15. Canadian Nurses Foundation Scholarships: CNF offers some scholarships for students pursuing graduate studies in healthcare management, which may include MBA Scholarships in Canada programs with a healthcare focus.
16. External Scholarships and Corporate Sponsorships: Some private organizations, corporations, and foundations offer MBA scholarships in Canada to students. These may be based on merit
17. International Development Research Centre (IDRC) Scholarships: The IDRC offer a lot of awards and scholarships which may cover business related programs, including MBA programs. This aims at the development of the country’s economy
18. Mackenzie King Memorial MBA Scholarship in Canada: Awards by the University of British Columbia to students who merit it and are going for graduate education programs
19. Canadian Business and Professional Women’s Foundation Scholarships: This scholarship program is open for women pursuing post-secondary education, including MBA programs.
How much does an MBA graduate earn in Canada?
The salary is MBA graduates in Canada vary in depending on industry, location or level of experience. Here is a general overview of MBA salaries in Canada:
Salary of MBA Graduates in Canada
Level of Experience
Entry-level Position: Salaries may range from CAD 60,000 to CAD 90,000 per annum.
Mid-level Position: Salaries may range from CAD 80,000 to CAD 120,000 or more per annum.
Senior Management and Executive Positions: Salaries may range from CAD 100,000 to over CAD 200,000 per annum, and in some cases may be significantly higher.
Industrial Influence
The industry where a MBA graduate works significantly affect the payment he gets. MBA graduates who work under finance related industries often earn higher than other industries.
Industrial Specialization: Many MBA graduate choose to specialize in certain field, like finance or health care and are often paid more than those in the general management section.
Location
Salaries can also vary based on the region in Canada. For instance, major cities like Toronto, Vancouver, and Calgary generally offer higher salaries due to the higher cost of living.
Bonuses and Benefits: Many MBA graduates also receive performance-based bonuses, stock options.
Requirements for MBA in Canada for international students
To pursue and MBA in Canada for international candidates, certain criteria should be met. Certain requirements are needed and steps that should be taken.
1. Educational Background:
An aspiring candidate is expected to have completed at least 4 years undergraduate degree is its equivalent program from a recognized institution
2. Work Experience:
Many MBA programs in Canada let a candidate with work experience and skill. Typical programs like for candidates with at least 2 to 5 years pay graduate professional experience.
3. English Language Proficiency:
Candidates are required to be able to use English language efficiently, both vocal and written terms. Minimum scores for the TOEFL or IELTS exams may vary depending on the institution.
4. GMAT/GRE Scores:
Many MBA programs in Canada require applicants to submit scores from either the Graduate Management Admission Test (GMAT) or the Graduate Record Examination (GRE). Some schools may waive this requirement based on other qualifications or professional experience.
5. Letters of Recommendation:
MBA candidates require 2 to 3 lawyers from supervisors, who can testify to your qualifications and potential to succeed in the program.
6. Statement of Purpose (SOP) or Personal Statement:
Your required to submit a statement stating you reason to pursue MBA, what your career goals are, and how the program affects your aspirations.
7. Resume/CV:
Present a detailed resume outlining your educational background, work experience, achievements, and any relevant skills or certifications.
8. Admissions Interview:
This may be done in person, over the phone, or through video conference.
9. Financial Documentation:
There may be need to present evidence of financial stamina, that’ll will be able to cover, tuition, cost of living and other expenses.
10.Visa and Immigration Requirements:
If accepted into the MBA program, it is important to process a student permit to allow you study legally in Canada.
Dune requirement may vary depending on universities and MBA programs, so it is important to check the individual criteria of the institution you’re applying for.
Benefits of applying for MBA scholarships in Canada
Being accepted into the MBA program in Canada has its own many benefits, such as .
• Financial Support: Studying under scholarship may provide certain financial benefits, such as free accommodation, free tuition.
• Reduced student loan debts: Students studying under scholarship, may not rely on student loan. This provide more financial freedom because graduates can start their education live with low or no debts
• Community Contributions: Scholarship candidates may be required to engage in community service or other activities that benefit society. This encourages a sense of social responsibility and community involvement.
• Personal Growth and Development: Scholarships usually come with a huge respect to its candidates and this may help boost their self esteem and confidence.
• Career Advancement: Scholarships can open doors to internship, projects and other professionals slots that may not have been accessible without the scholarship.
• Recognition on a Resume: Stating an MBA scholarship certificate in a candidates resume may boost his favor in the sight of employers
• Time for Extracurricular Activities: With reduced financial worries, scholarship recipients may have enough time for other activities, or even internship programs.
• Access to Quality Education: Scholarships makes it possible for recipients to have quality academic programs which normally can’t be accessed financially.
FAQs About MBA Scholarships in Canada you need to know
• Does Canada offer scholarships for MBA?
Yes MBA scholarships in Canada is offered to student all round the world who is interested in studying in Canada.
Among popular MBA scholarship programs in Canada, the entrance scholarship is intended to attract students who have an outstanding performance across the world to the universities offering these MBA programs. The value of this award may range $1,500 and $20k per individual. Offered to daytime and evening students.
Who is eligible for MBA Scholarships in Canada?
The candidate must have a bachelor’s degree from a recognized university/institution.
Universities usually give preference to those candidates who have work experience.
How many years is MBA in Canada?
An MBA Program in Canada is about 2 years, but certain business schools in Canada have a way of speeding the time to about 18 months. There are also institutions that offer a year MBA program.