For international students, both the USA and Canada are top destinations for pursuing an MBA. Pursuing an MBA from abroad is a difficult choice to make for international students. MBA being an important degree in one’s life involves a significant amount of time and cost.
To choose which country best suits your choice, you need to understand the factors involved in selecting these destinations. The common parameters for comparison are on the basis of the following:
| Cost of pursuing an MBA | Quality of education |
| Program duration | Job prospects |
To get admission in MBA in USA, applicants will need a four-year bachelor's degree, TOEFL scores 90-110. Whereas, to secure admission in MBA in Canada most of the B-schools require 7.0 bands in IELTS and 100 in TOEFL iBT.
Apart from the above factors, the students also need to consider the eligibility criteria for pursuing an MBA in both these countries. In this article we will highlight the comparison factors between pursuing an MBA in USA and Canada.
Highlights
| Parameter | MBA in USA | MBA in Canada |
| Duration | Between 18 months to 24 months | Between 12 months to 24 months |
| Average tuition fees | 53,000 USD/year | 33,000 USD/year |
| Cost of living | USD 2500- 3000 per month | USD 1500-2000 per month |
| Financial Support | Scholarships, fellowship, loan, work-study | Scholarships, fellowship, loan, work-study |
| Visa | F-1 visa | Study-permit |
| Average salary | USD 110000-115000 | USD 87,000-90,000 |
| Top Specialisations | Accounting, project management, business analytics, entrepreneurship, operations | Finance, business analytics, supply chain management, health science |
| Exams accepted | GMAT, GRE | GMAT, GRE |
| English language proficiency tests | IELTS, TOEFL, Pearson | IELTS, TOEFL, CAEL, Pearson |
Cost of MBA
Cost is an important factor in deciding the country to pursue an MBA. When it comes to cost, USA can be a costly option in comparison to Canada. The components of the cost and the price are given for both the countries below.
| Cost | USA (in INR) | Canada (in INR) |
|---|---|---|
| Average tuition fee | 40.04 lakhs | 25.05 lakhs |
| Accommodation | 8.99- 16.11 lakhs (annually) | 3.4 lakhs- 6.74 lakhs |
| Meals | 60,321 INR- 1,89,000 INR (monthly) | 35,000 INR- 1,17,000 INR (monthly) |
| Transportation | 9,703 INR (monthly pass) | 5,337 INR (monthly pass) |
| Phone/Internet | 3,700 INR -9,200 INR (monthly) | 3,538 INR- 7,077 INR (monthly) |
| Personal Expenses | 1.50 lakhs | 90,000 INR |
Top Universities in USA vs Top Universities in Canada
There are lots of top universities for MBA in both USA and Canada. For the USA there are many universities among the top 100 in QS world University rankings. There are about 46 universities for MBA in the top 100. For Canada, there are only 6 top universities among the top 100 in QS world university rankings.
| MBA in USA | MBA in Canada | ||
|---|---|---|---|
| QS World Rankings | University | QS World Rankings | University |
| #1 | Stanford Graduate School of Business | #42 | Rotman School of Management |
| #2 | Harvard Business School | #64 | Smith Business School |
| #3 | Wharton Business School | #72 | IVEY School of Business |
| #4 | Sloan School of Management | #74 | Desautels Faculty of Management |
| #9 | Columbia Business School | #81 | Schulich School of Business |
| #11 | Haas School of Business | #84 | Sauder School of Business |
| #15 | UCLA Anderson School of Management | #111-120 | Alberta School of Business |
| #16 | Kellogg School of Management | #131-140 | John Molson School of Business |
| #18 | Yale School of Management | #151-200 | ROWE School of Business |
| #19 | Stern School of Management | #151-200 | HEC Montreal |
Reasons to Pursue MBA in USA
USA is the top destination for international students who want to pursue an MBA degree. Many international students visit USA every year to pursue MBA. Here are some of the reasons to pursue an MBA in USA.
- Top ranked Universities: USA has around 46 institutes among the top 100 MBA colleges in QS university rankings. Among the top 5 MBA universities, the top 4 belong to USA. This shows the quality of education provided by the MBA institutions in USA.
- Quality of education: The MBA programs offered by USA universities give real world experiences to the students. They help the students in understanding the real-world business scenario and act accordingly. This helps the student to bridge the gap between university and job.
- Employment opportunities: USA is home to many leading companies in the world like Apple inc., Google, Facebook etc. There are many job opportunities for MBA jobs in USA. All the universities in USA provide the students with suitable career opportunities and help them to land in a job after graduation
- High salary: MBA graduates are offered high salaries in USA by top companies after their graduation. The average annual salary of an MBA graduate from an USA university ranges between 100,000 USD to 115,000 USD.
Reasons to Pursue MBA in Canada
Canada is the third largest popular destination for international students who want to pursue an MBA. Canada universities provide world class business education and also provide ample employment opportunities. Some of the reasons to pursue an MBA in Canada are given below:
- Quality of Education: The business schools in Canada provide a curriculum that adds high value to the lives of the students. The students get real life exposure to the corporate world while studying at the university through internships. The environment of Canada universities is friendly and adds value to the career of the student.
- Cost of MBA: MBA education in Canada is affordable and budget friendly in comparison to the MBA in USA. The universities provide low-cost education without compromising the quality of the education. The cost of living in Canada is lower in comparison to USA.
- Immigration policy: The immigration policy of Canada provides somewhat relaxation in comparison to other countries. Students can apply for immigration in Canada and work there after completing their studies. Students can also apply for permanent residency.
- Job opportunities: Canada is one of the largest employment providers to the students. Toronto, a city in Canada alone has produced the largest number of tech and management jobs in the past years.
ROI of MBA in USA vs ROI of MBA in Canada
Pursuing an MBA is a very costly affair. So, the students should also calculate the returns on their cost spent. This factor called ROI becomes important in deciding whether to pursue an opportunity or not. To calculate ROI, cost of the MBA program and the salary earned after graduating from the program are taken into account.
After pursuing an MBA from a Canadian university, the average salary can range from 87000 USD to 94000 USD. Among this amount, around 10000 USD is the bonus component and the rest is fixed. After pursuing MBA from USA universities, the students can expect a salary within the range 100,000 to 115,000. Among this amount, around 18,000 is bonus and the rest is fixed.
| Country | Tuition fees (USD) | Fixed salary (USD/year) | Bonus (USD) | Total (USD) |
|---|---|---|---|---|
| USA | 110,000 | 82000-97000 | 18000 | 100000-115000 |
| Canada | 70,000 | 77000-87000 | 10000 | 87000-97000 |
Jobs in USA After MBA vs Jobs in Canada After MBA
Both the countries USA and Canada, provide high employment opportunities to the MBA graduates. However, the average salary of MBA jobs in USA is slightly higher than the MBA jobs in Canada. Some of the roles offered in both the countries and their annual average salary are given below.
| MBA in USA | MBA in Canada | ||
|---|---|---|---|
| Job roles | Annual salary (USD) | Job roles | Average Annual Salary (USD) |
| Project manager | 86,448 | Project Manager | 66,828 |
| Operations manager | 81,595 | Marketing Manager | 59,116 |
| Financial analyst | 66,146 | Management Consultant | 67,624 |
| Human resources manager | 73,306 | Financial analyst | 48,320 |
| Senior financial analyst | 85,219 | Senior Business analyst | 67,366 |
Also Check: MBA jobs in Canada
Both the country, USA and Canada are top destinations for international students who want to pursue MBA. Both countries provide high quality education and have universities that are among top 100 universities in the world. While the cost of living USA can be a bit costly for the students, the cost of living Canada is less costly than USA. The average salary earned by an MBA graduate in the USA is also slightly higher than that earned in Canada.
Explore! Cost of Living in Canada vs USA
