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Cost of MBA in Canada: Top Universities, Fees & Cost of Living

Updated on 17 March, 2025

Rakhee Talukdar

Rakhee Talukdar

Global Education Expert

The cost of an MBA in Canada varies depending on the university and program, typically ranging from CAD 30,000 to CAD 120,000. Canada has transformed into one of the leading global education hubs, offering a multicultural and academically enriching environment, lucrative employment opportunities, and easy pathways to permanent residency and citizenship. Given the considerable demand for MBA courses in the country, there is growing interest in understanding the expenses involved in pursuing this degree.

Read More: What is the Student Direct Stream in Canada?

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Table of Contents

1. MBA in Canada Cost-Why Study Here
1.1 Admission Requirements for MBA in Canada
2. MBA Fees in Canada at Leading Institutions
3. Cost of Living in Canada
3.1 Pre-Arrival Cost for MBA in Canada
4. Scholarship Opportunities & Financial Aid for MBA in Canada
5. Application Process for MBA in Canada
6. Affordable MBA Programs in Canada
6.1 Important Resources to Read About Canada:
7. Conclusion
8. FAQ

Why Study MBA in Canada ?

Apart from the comparatively reasonable Canada MBA fees, what are the other reasons for pursuing your MBA in the country? For starters, Canada is home to some of the world’s most reputed and recognized universities that constantly rank high in the global rankings lists, including QS Research, Academic Rankings of World Universities, and Times Higher Education. 

Coming back to the MBA fees in Canada, it should be mentioned that they are comparatively lower than similar courses in several countries, including the US and the UK. MBA fees in Canada for international students may be roughly between CAD 10,000 and CAD 35,000 annually, which is at least US$10,000 cheaper when considering the average course fee of $45000 in the US. 

In fact, the average cost of an MBA in Canada is lower than in Australia ($43,000) and the United Kingdom ($44,000). Almost half a million global students come to Canada annually, and the country offers ample opportunities to experience real multiculturalism along with political stability and a peaceful environment overall. The open and welcoming nature of the country and its citizens is another benefit.  

Along with Canada’s reasonable MBA course fees, students can also expect quality education options at globally reputed universities. Studying in Canada is always a value-for-money experience for MBA students. Successful graduates may earn up to CAD 79,076 annually as an average salary. Entry-level salaries start from CAD 34,170 annually and go up to CAD 120,793 per year for experienced professionals. 

Additionally, students may also expect comparatively easier visa and immigration processes in the country. The pathway is also more accessible for permanent residency and citizenship in Canada.

Admission Requirements for an MBA in Canada

To pursue an MBA in Canada, applicants must meet specific admission criteria set by universities. Below is a breakdown of the common requirements:

General Admission Requirements

Requirement Details
Bachelor’s Degree A recognized undergraduate degree (minimum GPA requirement varies by university).
Work Experience Most universities require 2–5 years of professional experience, but some may admit fresh graduates.
GMAT/GRE Scores Many programs require GMAT/GRE scores, though some offer waivers based on work experience or academic performance.
English Proficiency International students must submit IELTS (6.5–7.5) or TOEFL (90–100) scores unless they studied in an English-speaking country.
Letters of Recommendation (LORs) Typically, 2–3 LORs from employers or professors are needed.
Statement of Purpose (SOP)/Essays A well-crafted SOP explaining career goals, motivation, and why you chose the program.
Resume/CV Highlighting education, work experience, skills, and achievements.
Interview Some universities conduct interviews to assess applicants' communication skills and motivation.

Read More: Data Scientist Salary in Canada

MBA Fees in Canada at Leading Institutions 

Coming to a low-cost MBA in Canada, you can take your pick from several reputed institutions offering this degree program to students.  The MBA fees in Canada for Indian students may range between ₹11 to 59 lakh. The average cost of an MBA in Canada for international students ranges from CAD 30,000 to 40,000. Scholarships can help significantly reduce these costs, and it should be mentioned that Canada has 100+ leading institutions of higher education, while employment rates have also increased for Canadian MBA graduates. Getting admission into a leading MBA program in Canada will naturally have some specific requirements.

Understanding Fee Variations

The total cost of an MBA includes:

  • Tuition Fees – The primary expense, varying by institution and program type (full-time, executive, or online).
  • Additional Fees – Cover student services, health insurance, administrative costs, and study materials.
  • Living Expenses – Accommodation, transportation, and daily necessities, which vary by city.

Scholarships and financial aid can help reduce these expenses significantly. Canada, home to 100+ top institutions, offers strong employment prospects for MBA graduates, making the investment worthwhile.

Here’s taking a closer look at leading universities in Canada and the approximate tuition fees charged:

University Business School/Duration of Program Tuition Fee (CAD)
University of Toronto Rotman School of Management (2 years) $66,210 (for year 1)
McGill University Desautels Faculty of Management (1 year to 20 months) $99,500
Queen’s University Smith School of Business (1 year) $104,100
University of Western Ontario Ivey Business School (1 year) $88,125
York University Schulich School of Business (16-20 months) $112,250
University of British Columbia Sauder School of Business (16 months) $51,415
Concordia University John Molson School of Business (16-24 months) $47,900
HEC Montreal Department of Business (1 year)

54 000 until summer 2022

59 000 from fall 2022

Dalhousie University Rowe School of Business (23 months or longer) 82,205
McMaster University DeGroote School of Business (20-28 months) 86,000-92,000
Brock University Goodman School of Business (2 years) 34,175 (per year for 10 courses)
Simon Fraser University Beedie School of Business (16 months) 962.40 per unit
University of Ottawa Telfer School of Management (2-year) 64,000-68,000
Saint Mary’s University Sobey School of Business (16 months) 43,000
University of Victoria Gustavson School of Business (2 years) 39,331.40
University of Calgary Haskayne School of Business (2 years) 25,042.80 (for year 1)
University of Saskatchewan Edwards School of Business (2 years) 54,853.86 
University of Manitoba Asper School of Business (2 years) 765.26 per credit hour

Cost of Living in Canada

The annual cost of living in Canada for international students typically ranges between CAD 18,000 to 20,000, depending on the city and lifestyle. Below is a monthly breakdown of estimated expenses:

The cost of living can vary significantly based on location. Major cities like Toronto, Vancouver, and Montreal tend to have higher housing and transportation costs, while smaller cities like Winnipeg, Halifax, and Regina offer more affordable living options. Students can manage expenses by choosing budget-friendly accommodations, using public transport, and exploring part-time work opportunities.

Category  Cost (in CAD)
Accommodation with utilities  $800-1200
Food  $300-400
Phone & Internet  $100-200
Entertainment  $50-100
Miscellaneous  $100-200

Pre-Arrival Cost for MBA in Canada 

The pre-arrival cost for an MBA in Canada would roughly come out to ₹8 lakh. It would include standardized tests cost, one-way flight tickets, visa fees, university application fees, the purchase of GIC (Guaranteed Investment Certificate), and health insurance.

This includes:

  • Standardized Test Fees (GMAT/GRE, IELTS/TOEFL)
  • University Application Fees
  • Visa Fees
  • One-Way Flight Tickets
  • Guaranteed Investment Certificate (GIC) Purchase (Minimum CAD 10,000 for living expenses)
  • Health Insurance

Know more about: Statement of Purpose FormatSOP for Canada

Scholarship Opportunities & Financial Aid for MBA in Canada

Pursuing an MBA in Canada can be financially demanding; however, numerous scholarships and financial aid options are available to support international students. Below is a selection of prominent scholarships, along with their eligibility criteria and application deadlines:

Scholarship Eligibility Deadline
Ontario Graduate Scholarship (OGS) International students, high GPA, full-time graduate enrollment October (varies by university)
MPOWER MBA Scholarship Admitted/enrolled in an MBA program, international student Varies annually
UBC Sauder Scholarships Strong academic record, leadership, community involvement March 11, 2025 (International)
Canada Graduate Scholarships – Master’s (CGS M) Canadian citizens/PR, high academic achievement December 1, 2024
Study in Canada Scholarships International students from eligible countries Varies by institution

Application Process for MBA in Canada

Applying for an MBA in Canada involves multiple steps, from research to final admission. Below is a step-by-step guide with estimated timelines and required documents.

Step-by-Step Application Process

1️. Research and Shortlist Universities (12-18 Months Before Intake)

  • Compare programs, fees, and specializations.
  • Check admission requirements and deadlines.

2. Take Standardized Tests (10-12 Months Before Intake)

  • GMAT/GRE (if required)
  • IELTS/TOEFL for English proficiency

3. Prepare Application Materials (8-10 Months Before Intake)

  • Statement of Purpose (SOP)
  • Letters of Recommendation (LORs)
  • Resume/CV
  • Academic Transcripts

4. Submit Online Applications (6-8 Months Before Intake)

  • Apply through university portals before deadlines.
  • Pay the application fees.

5. Attend Interviews (If Required) (4-6 Months Before Intake)

  • Some universities conduct personal or video interviews.

6. Receive Offer Letters (3-5 Months Before Intake)

  • Accept admission and pay the enrollment deposit.

7. Apply for Study Permit & GIC (3-4 Months Before Intake)

  • Apply for a student visa (Canada Study Permit).
  • Purchase a Guaranteed Investment Certificate (GIC).

8. Plan Travel & Accommodation (1-2 Months Before Intake)

  • Book flight tickets.
  • Arrange housing and health insurance.

Required Documents for MBA Applications

✔ Academic Transcripts – Bachelor's degree certificate and mark sheets
✔ GMAT/GRE Scores – If required by the university
✔ IELTS/TOEFL Scores – Proof of English proficiency
✔ SOP & LORs – Personal statement and recommendation letters
✔ Resume/CV – Highlighting academic and professional achievements
✔ Proof of Funds – Bank statements or scholarship documents

Affordable MBA Programs in Canada

The type of MBA programs in Canada that can be pocket-friendly include Executive, Part-Time, Dual Degree, and Full-Time MBA. 

Here’s a list of universities offering affordable MBA programs in Canada

University  Fees ( for the entire duration in CAD)
Memorial University of Newfoundland  $9,666
Wilfrid Laurier University $16,994.12
University of Alberta $28,281
Vancouver Island University $720.00 per credit

Important Resources to Read About Canada:

Why Study in Canada? Cost of Living in Canada for Indian Students Average Salary in Canada
Part-time jobs in Canada Cost of Studying in Canada How to Settle in Canada from India?
Requirements for Studying in Canada Student life in Canada Student Accommodation in Canada
SOP for Canada Best City in Canada for International Students

Conclusion

Pursuing an MBA in Canada is a valuable investment, offering world-class education, strong career prospects, and opportunities for permanent residency. While tuition fees range between CAD 30,000 to 40,000, additional costs such as living expenses (CAD 18,000 to 20,000 per year) and pre-arrival costs must also be considered. Scholarships and financial aid can significantly reduce expenses, making it more accessible for international students.

For those looking to enhance their career with a globally recognized MBA, upGrad provides tailored learning solutions, helping professionals upskill with top universities. Explore your MBA options and take the next step toward success with upGrad!

Frequently Asked Questions (FAQs)

Is an MBA in Canada cheaper than in India?

An MBA in Canada is generally more expensive than in India, with tuition fees ranging between CAD 30,000 to 40,000 (₹18-24 lakh) for international students. However, Canadian MBAs offer global exposure, strong job prospects, and potential pathways to permanent residency, making it a worthwhile investment.

Which universities have the least expensive MBA programs in Canada?

Some of the most affordable MBA programs in Canada are offered by:

  • Memorial University of Newfoundland – Approx. CAD 4,800 per year
  • University of Saskatchewan – Approx. CAD 35,000 for the entire program
  • University of Regina – Approx. CAD 45,000 for the entire program

Can international students get financial aid for an MBA in Canada?

Yes, international students can apply for various scholarships, bursaries, and assistantships. Notable options include the Ontario Graduate Scholarship (OGS), MPOWER MBA Scholarship, and UBC Sauder School of Business Scholarships. Many universities also offer need-based financial aid.

Which MBA specializations offer the best ROI in Canada?

Specializations with the highest return on investment (ROI) include:

  • Finance – High-paying jobs in banking and investment sectors
  • Business Analytics – Growing demand for data-driven decision-making
  • Technology Management – Lucrative careers in tech-driven industries
  • Healthcare Management – Strong job growth in Canada’s healthcare sector

Are there any part-time work opportunities to cover MBA costs?

Yes, international students can work up to 20 hours per week during academic sessions and full-time during breaks. On-campus jobs, internships, and co-op programs help offset living expenses while gaining valuable work experience.

Is an MBA in Canada expensive?

One needs to consider the ROI when thinking about the cost-effectiveness of a program. So, yes, an MBA in Canada is expensive, and the tuition costs may go up to CAD 105,000 for the two-year course. But one also needs to be prudent when analyzing the salary packages and opportunities offered upon course completion.

What is the average cost of an MBA in Canada?

On average, one may spend CAD 30,000-40,000 on pursuing an MBA degree in Canada. The figure only includes the cost of study. Once clubbed with the cost of living, it will come out to CAD 50,000-60,000.

Rakhee Talukdar

Global Education Expert

Rakhee Talukdar is an edtech expert with five years of experience in the education technology sector, focusing on K-12 and higher education systems in various countries, including Canada, USA, Finland, France, and Germany. Her background includes founding a startup and working with early-stage educational ventures, giving her a nuanced understanding of the challenges and opportunities within these educational landscapes. Additionally, Rakhee specializes in helping students craft compelling Statements of Purpose (SOPs) for studying abroad, leveraging her insights into different education systems to guide students in articulating their academic and professional goals effectively. Her comprehensive knowledge and strategic approach make her a valuable resource for students navigating their educational journeys and financial planning.

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