Canada, a popular study destination, is globally recognized for its academic and professional excellence. The top institutions in the country offer industry-integrated MBA courses that not only equip learners with deep knowledge but also help them secure better career prospects in the future. However, pursuing a masters abroad can be daunting and requires strategic financial planning.
Fortunately, a wide range of financial inducements are available to future MBA students in Canada. From scholarships and education loans to providing it yourself, this article introduces the varied sources of financial aid that students can access. The details give you an idea of how an individual can make informed funding decisions about their education and academics while planning to study MBA in Canada.
Cost to Study MBA in Canada
The prestigious institutions in Canada offer an MBA degree in various specializations. The exact cost to study MBA in the country depends on your college or university. However, the estimated tuition fee is between CAD $9820 and CAD $50868, which includes other mandatory expenditures such as the cost of living, which is over CAD $20635 per annum.
Ways To Finance your MBA in Canada
When students apply for an MBA program abroad, it could be for one of two reasons. It is a possibility that either they have completed their bachelor’s and are looking to broaden their horizons in business studies, or they are already employed and want to elevate their careers. No matter the circumstances, an MBA in Canada is a fruitful choice for a study abroad aspirant.
From the cost of studying to the cost of living, an international student has a lot to manage monetarily when studying abroad. Here are some of the best options to finance the cost of education.
1. Scholarships
Many universities and organizations offer scholarships for MBA in Canada specifically tailored for MBA students. These financial awards can be merit-based, need-based, or awarded for specific achievements or affiliations. Researching and applying for these scholarships can significantly reduce the financial burden of your MBA program.
Find below some of the popular options to explore.
Ontario Graduate Scholarship Program
- Scholarship Type: Merit-based
- Level of Study: Masters and Doctoral
- Scholarship Value: CAD $10,000 per term
- Application Deadline: It may vary depending on the institution you opt for.
IGSES International Student Scholarship
- Scholarship Type: Merit-based
- Level of Study: Masters
- Scholarship Value: CAD $6,000 annually.
- Application Deadline: No application is required
University of Waterloo Graduate Scholarship
- Scholarship Type: Merit-based
- Level of Study: Masters and Doctoral
- Scholarship Value: CAD $1,000 per term
- Application Deadline: No application is required
2. Overseas Education Loan
Canadian MBA aspirants can opt for foreign education loans as a finance pursuit, which is a viable option. These loans are purposely structured for overseas education and are intended to cover expenses, including tuition fees, living costs, and other educational needs.
Usually, banks and financial organizations will provide loans for studying abroad, which may include different and flexible payment terms and competitive interest rates. Also, some financial institutions can plan more specific loans for MBA programs like education loan without collateral, offering additional support like moratoriums and grace periods, which is convenient for borrowers to manage education costs during and after studies.
3. Self Funding
Usually, self-funding for MBA programs in Canada involves using one’s savings, family contributions and investments to cater for a large sum required to cater for the cost of education. Hence, most students use salvations to supplement this allowance with savings in their bank accounts, fixed deposits, or other financial holdings. One may also explore business opportunities like stock trading, mutual funds or real estate holdings to pay for their MBA expenses.
Using these funding sources, students can access granting or student loans to cover tuition fee installments, living costs and other educational expenses without borrowing money from outside sources.
In conclusion, pursuing an MBA in Canada offers numerous opportunities for personal and professional growth, but financing such an endeavor can be a challenge. However, exploring various funding options can navigate the financial landscape more effectively. Each funding avenue has benefits and considerations; students must evaluate their circumstances and goals before deciding.
Whether leveraging financial aid, securing a loan, or self-funding, the goal remains: investing in one’s education and future success. With careful planning, prudent financial management and professional guidance offered by study abroad consultants, students can overcome financial obstacles and embark on a rewarding MBA journey in Canada.