There are plenty of factors to consider when choosing an MBA or Master's in Canada ©Annie Spratt/Unsplash
Canada is home to breathtaking vistas and memorable experiences, top-ranked business schools, and a wealth of career opportunities.
The destination is also a savvy choice if you want to get a globally recognized business degree at a lower cost. Many MBA programs in Canada take less than two years to complete and it’s possible to spend far less than the average of US$243k to study a two-year program in the US.
But with so many b-schools to choose from, deciding where to go for your master’s or MBA in Canada might be a challenge. These are the top factors you should consider when deciding on the best business school in Canada.
6 factors to consider when choosing an MBA or Master’s in Canada
1. Type of programs
The first decision you’ll need to make is whether to study a business master’s or MBA degree, which will typically be decided by how much professional experience you have and the kind of career you’re aiming for after graduating.
If you have a specific sector or industry in mind, you might opt for a specialized master’s or MBA in Canada designed for that career path. Popular specializations include business analytics, finance, and tech.
For example, at Toronto Metropolitan University’s Ted Rodgers School of Management, you can study an MBA in Sport Business, which opens doors to careers in organizations like the NBA in Canada.
2. Location
Your eventual business study destination might depend on the school or program that appeals to you, but you should also consider your living situation during the one or two years you’re studying.
Each Canadian province has its own major population center, so you should factor in the area you’d like to experience while deciding where to study.
If you’re after untouched nature, consider studying in Vancouver, British Columbia, or Halifax, Nova Scotia, both known for their outdoor activities as much as their industry connections.
For example, over half of Dalhousie University's MBA graduates (57%) find employment in Nova Scotia after they graduate, and 22% of graduates receive job offers from their internship provider.
For a more metropolitan experience, consider the larger cities of Toronto or Montréal for your master’s or MBA in Canada. In these diverse cities, you’ll find some of the best MBAs for international students in Canada.
At Concordia University’s John Molson School of Business in Montréal, 40% of the MBA class is international, and students represent a range of industries from non-profit to aerospace and consulting.
3. Accreditation
An accredited business school is an institution that has been assessed by one of the three main business school accreditation bodies: the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA), and the European Foundation for Management Development’s (EFMD) Quality Improvement System (EQUIS).
Choosing an accredited business school offers you a quality guarantee, and most of the top business schools globally will have accreditation from at least one, if not two, of the above bodies. There are three AMBA-accredited business schools in Canada—the same as in the US—and 28 AACSB-accredited schools.
4. The cost of studying
Although studying for a master’s or MBA in Canada may be cheaper than in the US, there are still considerable costs to prepare for. Consequently, financial aid can be crucial in choosing the best business school in Canada for you.
Thankfully, applicants are automatically considered for scholarships at many Canadian business schools, and some schools offer waivers for out-of-province domestic students.
At McMaster University’s DeGroote School of Business, scholarships can total anywhere between US$1,700 to US$22,000 depending on your profile. Meanwhile, at Simon Fraser University’s Beedie School of Business, more than half of the graduate cohort obtain a scholarship for their degree.
Where you study can also impact the cost of a master’s or MBA in Canada. While Toronto enjoys the benefits of being a large, diverse, and highly cultured city, living there comes at a cost. Students wishing to take advantage of the career opportunities available in the city could choose a program in nearby London or Hamilton, where they’ll benefit from lower costs while studying.
For example, 75% of MBA students at Ivey Business School at Western University find employment after their degree in Toronto, London, or the Greater Toronto Area.
5. Career opportunities
Canada is a great place to begin your business career. Current rules for the post-graduation work permit (PGWP) allow eligible master’s graduates to work in Canada for up to three years after their full-time degree.
Plus, there are career opportunities for graduates in various industries. Toronto, Ontario, is one of the world’s leading finance hubs (ranked 23rd globally in the Global Financial Centers Index), and all Big Five Canadian banks have their headquarters in the city.
Graduates of business schools in Toronto will find strong ties between their schools and the financial services industry. An impressive 34% of MBA graduates of Rotman School of Management at the University of Toronto are employed in finance, and companies within the sector are also the biggest employer of MBA grads from York University’s Schulich School of Business (28%).
Canada is also a leading destination for professionals interested in working in sustainability. For example, Vancouver is the fifth-best city in the world for sustainability jobs, beating London, UK.
At the UBC Sauder School of Business, MBA students can opt for a program specializing in Climate. Courses include climate and economics strategy, ESG reporting, Indigenous relations, and impact investing.
Students just starting their careers might choose the MSc in Sustainable Energy Development at the Haskayne School of Business at the University of Calgary. This interdisciplinary program prepares students to be leaders in green energy while connecting cohorts with organizations in Canada’s leading energy city, Calgary.
6. Startup culture
Entrepreneurship is a popular route for master’s and MBA graduates, but if you’re thinking about starting a business once you graduate, it helps to be situated somewhere with excellent support for founders.
While the US is widely known as a startup powerhouse, Canada offers equally lucrative opportunities to entrepreneurs. The Toronto-Waterloo region is ranked the eighth best startup ecosystem in North America—beating US cities such as Austin, Denver, and Atlanta—while Vancouver and Montréal are included in the top 20.
But you don’t need to study in a large Canadian city to access startup support.
In New Brunswick, MBA and master’s students at the University of New Brunswick-St John benefit from the J Herbert Smith Centre for Technology Management & Entrepreneurship, which has partnerships with organizations like the Global Accelerator Network and Startup Canada.
Choosing the best business school in Canada, for you
Ultimately, the decision of where to study an MBA or master’s in Canada will depend on your personal study preferences and career aspirations. Each business school and city in Canada has unique connections to industries and employers, while high financial costs can be a barrier for many applicants.
Regardless of where you decide to study, Canada is an exciting place to begin your professional business career. A master’s or MBA can offer unforgettable experiences alongside the best industry experience.
This is a sponsored article, paid for by the featured business school(s).
