Cost of doing MBA in Canada
- By Kanan Team
- Wed Nov 25 2020
Cost of doing MBA in Canada
Pre-arrival costs (Indian Rupees): Canada is a country which is a very well-known hotspot for international students who immigrate in thousands every year. MBA aspirants immigrate to Canada in order to gain their education from world-renowned Canadian institutes. The cost of doing MBA in Canada remains a major concern for students who wish to immigrate to Canada and study.
When compared to countries like the USA or Australia, the cost of doing an MBA is slightly lower in Canada. This article will provide you will all the insight you require about the cost of doing an MBA in Canada.
Table of Contents
1. What is MBA?
Master of Business Administration (MBA) is a well coveted post-graduate degree program that provides insight and knowledge to students and helps them get expertise in managing businesses. MBA graduates can use their knowledge to work in any kind of business such as low scale business, large scale business, or can launch their own start-up as entrepreneurs.
It is one of the most popular qualifications and is highly reputed in India and abroad for business aspirants. MBA degree can help the holder get numerous job opportunities and do better financially as MBA graduates are paid a handsome salary, not only in India but all around the world. To pursue MBA abroad, most international students prefer to study at Canada or US.
Cost of doing MBA in Canada for International Students
Also check this useful post on Cost of doing MBA in Canada for International students. There are various expenses that one should put under consideration before applying to study MBA in Canada.
The total cost of your MBA in Canada won’t just include your tuition fees which you pay to the MBA colleges, but will also include numerous other expenses such as pre-arrival costs, cost of living/accommodation, groceries/food, transport, healthcare, and personal expenses.
We will now look into detail about the entire expenses one should consider before opting studying MBA in Canada.
Pre-arrival costs (Indian Rupees):
- Indian students who are planning to study MBA in Canada have to pay several one-time costs as mentioned below in order to get their admission, visa, and travel to Canada.
- Program Application Fees: (h4) Around 6000 to 10000 INR
- Visa Application Fees(h4) Around 13,250 INR (Study Permit- 8500 INR, Biometrics- 4750 INR)
- Study Permit: (h4) Around 5, 00,000 INR for personal support to be issued under your name and bank account at a Canadian bank.
- Health Insurance: (h4) Around 7, 42,000 INR
- IELTS Fees: (h4) 14,000 INR
- TOEFL Fees: (h4) Around 11000 to 15000 INR
- Airfare: (h4) Around 33,000 to 1, 00,000 INR
Cost of studying in a business institute in Canada for Indian students
Most Canadian business institutes set their own fees for MBA courses depending on various factors such as:
What type of MBA programs in Canada:
- There are several different types of MBA and fees depend on the type of MBA you opt for. Following are the different types of MBA:
- Full-time MBA: Students who want to devote their full time to study opt for this type of MBA, which is generally 1-2 years.
- Part-time MBA: Students who want to study as well as keep working opt for this program. This program is of long duration and lasts about 3-4 years.
- International MBA: With duration of 20 months, International MBA provides international students an opportunity to learn from top professors and work with industry leaders. This program provides the students with necessary global exposure as it offers international field study and various global courses.
- Executive MBA: With a duration of just 13 months, the Executive MBA program is preferred by students who want to work in the financial sector while studying finance.
Level of the selected program:
You can either select an undergraduate program or a postgraduate program depending on your educational qualifications. For MBA aspirants, the selected program would come under the post-graduation category.
In Canada, the average tuition fees for a post-graduation program is around 18000 Canadian Dollars which is about 10 lakh Indian rupees.
University Ranking and Reputation:
You must expect high fees while opting for any of the top 10 business institutions in Canada. The tuition fee ranges from anywhere around 20, 00,000 to 60, 00,000 INR.
Tuition fees at the top five Canadian Business institutes:
- University of Toronto- 32, 65,000 INR
- McGill University- 25, 61,000 INR
- University of Western Ontario- 64, 53,000 INR
- Queen’s University- 52, 18,000 INR
Low ranked or middle-ranked business schools have lower fees which range from 3, 00,000 to 10, 00,000 INR.
Tuition fees for cheap MBA at low ranked business institutes in Canada:
- Memorial of University Newfoundland- 7, 00,000 INR
- University of Saskatchewan- 3,00,000 INR
- Southern Alberta Institute of Technology- 10, 00,000 INR
- Carleton University- 8,00,000 INR
Cost of housing in Canada for Indian students
For students who have been accepted in a university or a college and have received their study permits, have to select their housing option.
Types of housing accommodations available in Canada:
1. On-campus housing
This type of housing is generally located on the campus or very near the campus of the university. In the On-campus housing, students have to share their rooms/dorms with other students and can help students in making new friends and give them the benefit of staying so close to the campus.
Some institutes even provide meals to students for a negligible cost which can help students who are living alone for the first time. The dorm rooms are maintained by the institute and come equipped with all necessary amenities such as heating systems, running water, furniture, and storage space. This type of housing costs around 4, 00,000 INR per year on average.
2. Private housing
Students who do not prefer to stay with other unknown students as is the case with on-campus housing, choose the alternative private housing option. Private housing refers to renting private accommodations in an area of your choice.
Most international students prefer this option as they can rent a place where they can get separate rooms with common areas such as hall, bathroom, and kitchen and share it with their friends or relatives who are living in the same area/city.
This type of housing provides privacy but does not provide any pre-available furniture or amenities but still cost lower than on-campus housing. Students need to get their own furniture, Wi-Fi connection, heating system, and electricity.
The cost of private housing depends heavily on the city and the area you choose. You can expect the rent of private housing to be anywhere around 40,000 to 1, 20,000 INR per month.
Some universities and colleges have arrangements with local families who are willing to host students in their houses. This can be a great way for an international student to learn about the local culture and can help them settle in their new environment. Students are provided with a room and 3 square meals per day by the host family. This type of housing can cost you around 22,000 to 44,000 INR per month.
As each housing option has its own pros and cons, international students are advised to research and select their housing options based on their personal preferences, requirements, and budget.
Cost of living in Canada for Indian Students in INR:
Meals and groceries come under food expenses. You can expect to spend around 200$ or 11,000 INR each month on groceries. The cost of eating outside depends on the individual’s preferences. Eating at fast-food cafes or roadside stalls is comparatively cheaper than eating at a restaurant or hotel.
Transit Charges: (h5)There are various public transportation services available for Indian students to use. Transit services like buses, subways, taxis, or bicycles are available in Canada. In a city like Toronto, on average a bus pass would cost you 120$ or 6700 INR per month. Private transport is considered expensive when compared to public transport.
Healthcare Charges: (h5)Basic health insurance can cost you around 33,000 to 50,000 INR per year. In case of an illness or injury, you need to keep in mind the costs that are not covered under the basic healthcare insure provided. These costs can vary depending on various factors.
- Visiting a Doctor
- Medical Specialist visit
- Hospital Stays
- Medical Procedures
Books and study material:
Purchasing textbooks and other related study material can cost you anywhere near 11,000 to 16,000 INR per semester.
These extra charges can cost around 200$ or 11,000 INR per month and may include the cost of mobile phones, entertainment, and clothing.
Frequently Asked Questions (FAQs) regarding the Cost of doing an MBA in Canada:
Q. MBA in Canada cost in Indian rupees?
A. The average overall cost of doing an MBA in Canada which includes the pre-arrival costs, business institute tuition fees, housing costs, cost of living, and other miscellaneous expenses will be approximately around 60-65 Lakh INR and can vary based on the city and institution selected by the individual.
Q. Is there any financial aid available for students looking to pursue an MBA in Canada?
A. There are various scholarships available for students aiming to pursue MBA in Canada. Numerous universities give scholarships to students with an exceptionally good academic record and good competitive exam scores. Apart from this, candidates can apply to these popular scholarship programs to get financial aid:
Ontario Graduate Scholarships (OGS):
This scholarship is government-funded and aims to provide quality education at the masters and Ph.D. levels.
University of Waterloo Graduate Scholarship:
Students with exceptional academic qualifications are offered this scholarship by the University of Waterloo.
Go Clean Scholarship: Scholarship for students with exceptional qualifications who want to pursue their post-graduate studies abroad.
Q. Which Canadian provinces have a cheap and affordable housing market?
A. Housing market prices vary all over Canada based on the region, population, and demand. Provinces like New Brunswick, Nova Scotia, and Alberta have cheap and affordable housing markets with rent around 35-40 thousand INR per month as compared to Ontario and British Columbia where the rent is approximately around 1, 20,000 per month.
Q. Can I pursue mba in Canada without gmat?
A. Yes, various business institutes in Canada give admission to students regardless of their gmat scores.
Q. Cheapest mba in Canada for international students?
A. If you want to pursue MBA in Canada, but the tuition fees asked by the top-rated universities is too high, you can pursue MBA at other middle-ranked or low ranked but yet internationally recognized universities in Canada, like Memorial of University Newfoundland, which offers a course of two years and the tuition fee, is 9572 USD or 7 lakhs rupees.
Southern Alberta Institute of Technology offers a course of 1 year, and the tuition fee is around 13,947 USD or 10 lakh rupees.
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