As the name suggests, an MBA in Finance Canada is a specifically designed course for business aspirants who want to learn the finances and money management behind running a business. It is one of the most sought-after courses since it has high returns on investment, great job opportunities and rapid career development. Universities all over the world offer this course and its specialisations in various forms, but some of the top universities are located in Canada. It has a high standard of education at a much more affordable cost for international students. To learn more about how to pursue an MBA in Finance Canada, continue reading our guide!
Benefits Of Studying MBA In Finance Canada
Canada is a pool of opportunities for international students looking to stabilise their careers and gain more exposure. Hundreds and thousands of students choose this country as their preferred study-abroad destination for several reasons. Some of them are listed here.
- According to studies conducted by US News and World Report, Canada has been ranked 8th globally for its business and entrepreneurship courses.
- MBA graduates earn an average salary of CAD 93,000 per year, which is much higher than similar positions in competitive countries or courses.
- The process of obtaining a post-graduation work permit in Canada is comparatively more straightforward than in other countries, as it involves much less paperwork and overall hassle.
- The Canadian market for MBA graduates is expanding exponentially as more employment opportunities are created.
- MBA in finance in Canada fees are affordable and can be supplemented through different types of financial aid and scholarships offered by the universities and government.
Best Universities For MBA In Finance Canada
For a course as dynamic as this one, selecting the best university is crucial to gain the necessary facilities, career support, practical exposure, hands-on training and opportunities. More than 40 world-class universities offer MBA-related courses in Canada. Of these, the top 10 globally ranked MBA finance colleges in Canada are listed here.
| University | Times Higher Education World Rankings |
| University of Alberta | 118 |
| York University | 401 |
| Queen’s University | 251 |
| Wilfrid Laurier University | 251 – 300 |
| Dalhousie University | 301 |
| University of Toronto | 18 |
| Concordia University | 601 |
| Rotman School of Management | 67 (by subject) |
| Smith School of Business | 71 (by subject) |
| Laval University | 251 – 300 |
Courses Structure
MBA in Finance Canada focuses on enabling students to learn the skills that would help them advance their careers in corporate finance and investment management. The curriculum is designed to ensure that students learn how to apply financial concepts, analyse data from multiple sources, and evaluate investment strategies that would have high returns in the long run. Additionally, the course is designed to introduce students to the technologies used to strengthen an organisation’s foundation. They learn how to conduct business analysis, identify and solve business issues, communicate strategies, and implement long-term plans against the backdrop of set objectives.
An MBA in Finance Canada takes around one to two years, depending on the college and curriculum. Here are some of the standard MBA in finance subjects in Canada incorporated in a 2-year-long curriculum based on the semester pattern.
| Semester 1 | Semester 2 | Semester 3 |
| Micro Economics | Financial Modeling | Macro Economics |
| Principles of Accounting | Supply Chain Management | Business Law |
| Principles of Marketing Management | Business Intelligence | Operations Management |
| Tools and Frameworks for Decision-Making | Strategic Management | Corporate Management |
| Quantitative Methods and Statistics | Managerial Economics | Optimisation and Project Research |
| Corporate Social Responsibility | Marketing Research | Organisation Behaviour |
| Business Communication And Soft Skills | Business Ethics | – |
The final semester typically includes internships, volunteering, part-time jobs or practical projects based on theory.
MBA In Finance Canada Requirements
Before moving further to the application process, let us first consider the eligibility criteria and prerequisites. Being a corporate-based degree, the screening process is quite stringent, meaning the lack of even one factor can cost you your seat. Although the requirements vary in different colleges, we have derived a common list of MBA in finance in Canada eligibility criteria and admission prerequisites.
- A minimum of 75% – 83% in a 4-year bachelor’s degree from an accredited or recognised university.
- All official academic transcripts
- Scores of entrance exams
- Scores of English language proficiency tests
- CV/Resume
- Cover letter
- Letter of Recommendation (minimum 2)
- Statement of Purpose
- Details of work experience (if applicable)
- Financial documents
- Proof of finances
- Visa documents and a valid passport
Some universities accept applicants with a 3-year-long degree as well if they have a strong portfolio. Other than that, applicants must submit the scores of standardised tests mandatorily. The minimum required scores are summarised in the table below.
| Exam | Minimum required scores |
| GMAT | 550 – 600 |
| IELTS | 7.0 |
| TOEFL | 96 – 100 |
Application Process
The admission process in each university differs according to their eligibility and requirements. However, despite that, following each procedure can be overwhelming for international students. We have compiled a basic guide to applying to universities for an MBA in Finance Canada.
- Shortlist the universities that suit your interests and professional goals.
- Check out their eligibility criteria and prerequisites on their official websites to verify that you fulfil them.
- Compile a file of documents to stay prepared before applying.
- Check out the intakes, available specialisations, seats and deadlines before applying.
- Apply through the official portal of the university as soon as it opens, as the university may consider your application after the deadline has passed.
- Input your details and upload the necessary documents. You may be required to pay a nominal application fee.
- Depending on your application, you may receive an acceptance letter or a conditional offer letter. Fulfil their requirements and confirm your enrolment.
- As soon as our admission is confirmed, start the procedure for the Canada student visa, as it usually takes time.
Cost Of Studying
Finances are a crucial aspect of the admission process in any university. The cost of studying any course encompasses two significant factors – the tuition fees and the cost of living. The average cost of attendance for an MBA in Finance Canada is around CAD 46,915. Although this figure varies according to the university, course and duration, we have listed the average annual fees and the respective cost of living in the top universities to provide an insight into the fee structure.
| University | Average Annual Fee | Average Annual Cost Of Living |
| University of Alberta | CAD 30,578 | CAD 21,684 |
| York University | CAD 88,371 | CAD 20,088 |
| Queen’s University | CAD 98,100 | CAD 21,132 |
| Wilfrid Laurier University | CAD 52,256 | CAD 16,905 |
| Dalhousie University | CAD 21,735 | CAD 26,821 |
| University of Toronto | CAD 45,470 | CAD 20,088 |
| Concordia University | CAD 22,000 | CAD 25,632 |
| Rotman School of Management | CAD 57,993 | CAD 20,088 |
| Smith School of Business | CAD 34,700 | CAD 21,132 |
| Laval University | CAD 17,935 | CAD 21,684 |
In addition to the cost of tuition, it is essential to consider the living expenditure. The average annual cost of living in Canada is CAD 21,684. We arrive at this figure by calculating the expenses of accommodation, commute, food, groceries and utilities. Check out the following table for a detailed breakdown.
| Item | Cost of living in Canada (per month) |
| Off-Campus Accommodation | CAD 550 |
| On-Campus Accommodation | CAD 1,611 |
| Transportation | CAD 100 |
| Food | CAD 720 |
| Utilities | CAD 180 |
| Groceries | CAD 64 |
| Clothes | CAD 133 |
| Entertainment | CAD 60 |
| Total Cost Of Living With Off-Campus Accommodation | CAD 1,807 |
| Total Cost Of Living With On-Campus Accommodation | CAD 2,868 |
| Annual Cost Of Living | CAD 21,684 |
Scholarships
To help international students reduce the burden of expenses, the Canadian government and universities offer different types of financial aid, like scholarships, awards and grants. These are provided on the basis of academic excellence, past merit and economic background. Check out the following table for some of the most beneficial scholarships to study in Canada.
| Scholarships | Amount Awarded |
| Women in Business Excellence Award | CAD 13,000 |
| MBA Excellence Award | CAD 26,000 |
| AIMCo Scholarship | CAD 10,000 |
| Success Scholarship | CAD 1,000 |
| Entrance Awards | Up to CAD 15,000 |
Students must note that maximum scholarships are specific to universities and apply to their students only. Thus, exploring the scholarships available at the university you have applied to is wise.
Future Scope
Pursuing an MBA in Finance Canada provides numerous opportunities for graduates. The average salary for an MBA graduate is around CAD 93,000 per year. However, candidates can earn much more as they gain more experience and acquire new skills. Some popular job profiles among international students and their respective average annual salaries are listed here.
| Job Profile | Average Annual Salary |
| Finance Manager | CAD 83,000 |
| Chief Financial Officer | CAD 1,48,000 |
| Business Analyst | CAD 87,000 |
| Financial Analyst | CAD 84,000 |
| Chief Executive Officer | CAD 1,40,000 |
| Project Manager | CAD 84,000 |
| Management Consultant | CAD 80,744 |
| Finance Director | CAD 1,15,000 |
Canada Student Visa
When considering the student visa for Canada, you may or may not require it as the government has agreements with several nations where international students could be exempted under certain conditions. Thus, the first step is to ensure that you need a student visa. You will be required to pay an application fee of CAD 150 or INR 9,157. To ensure a successful application, you will require the following documents –
- The letter of acceptance from a recognised university
- Proof of identity
- A valid passport
- Recent passport-sized photos
- Proof of finances
- A personal essay explaining your stay and intent
- A Quebec Acceptance Certificate (if you plan on staying in Quebec)
- Consent form from parents or guardians if you’re under 17.
- The receipt for your payment of the application fee.
Create an online account on the official website and add your details. Upload the required documents before paying the fees. After this, you’ll be required to undergo biometrics and medical tests. Lastly, you will have to submit the results of English proficiency tests. Check whether there are any country-specific requirements with respect to your native. It is advisable to start soon as this process usually takes a long time.
FAQs
Q1. How much does an MBA in Finance cost in Canada?
Ans: The average cost of attendance for an MBA in Finance Canada is around CAD 46,915.
Q2. What is the scope of an MBA in Finance in Canada?
Ans: Graduates can acquire jobs in different industries after completing their Masters in Finance in Canada. Financial Analyst, Business Analyst, Project Manager, Management Consultant, and Finance Director are some of the popular job profiles.
Q3. What is the highest salary for an MBA in Finance in Canada?
Ans: Chief Financial Officer (CAD 1,48,000), Chief Executive Officer (CAD 1,40,000), and Finance Director (CAD 1,15,000) are some of the highest-paying jobs after completing an MBA in Finance in Canada.
Q4. What universities offer an MBA in Finance in Canada?
Ans: The University of Toronto, Concordia University, Rotman School of Management, Smith School of Business, and Laval University are some of the popular MBA Colleges In Canada.
Q5. What is the average duration of an MBA in Canada?
Ans: An MBA in Finance in Canada takes around one to two years, depending on the college and curriculum.
Q6. What is the difference between a master’s in finance and an MBA in finance in Canada?
Ans: Master’s programmes focus on more profound knowledge and deeper topics, whereas an MBA focuses on practical training and actual experience. Also, while a master’s won’t necessarily need work experience, universities usually require mandatory work experience for MBA candidates.
Thank you for reading our guide to pursuing an MBA in Finance Canada! Let us know your queries in the comments section below!
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