MBA in Finance in Canada: Top Colleges, Cost, Admission Requirements, Scholarships, Scope

MBA in Finance in Canada may proceed for the duration of up to 12 to 24 months. During this period, students study subjects like financial analysis, corporate finance, business taxation, and other such topics. A handful of business schools in Canada offer MBA in Finance.

Annually, it would cost around 20,000 CAD to 40,000 CAD as tuition fees to study MBA in finance in Canada. This will range from 12 lakhs to 25 lakhs INR for an Indian student if it is an average university or business school. On the other hand, if it is one of the top universities of Canada, for say, Rotman School of Management, the tuition fee alone will cost you around 100,000 to 110,000 CAD.

Top graduates with MBA in Finance in Canada earn approx. 80,000 CAD to 180,000 CAD. Chief Financial Officer (CFO) is one of the highest-paid designations with an average salary of 148,000 CAD. Apart from that, popular MBA jobs in Canada for graduates with finance specialization are financial controller, senior business analyst, project manager, finance manager, finance manager, and other such posts. One of the biggest perks of getting a job after your MBA in finance is the opened door for immigrating to Canada. 

Top Universities for MBA in Finance in Canada

Amongst 4 business schools offering MBA in Finance in Canada, Rotman, Smith, and UAlberta rank in the top 150 business schools of the world, as per the QS MBA Ranking of 2022. All of them accept students in the general MBA program. Later on, students get to choose finance as a specialization, mostly in the 2nd year of study.

International applicants aiming to get into b-schools offering MBA in finance in Canada must keep a few things in mind- 

• There are only a few schools offering the specialization
• Competitive admission policies at these schools need to you have an outstanding academic record and submit additional documents like LORs, SOPs, resumes, etc.
• Applications are often invited for the Fall semester.
• Amid the Covid-19 pandemic, most classes are being held online or in a hybrid format. 

MBA in Finance University of Toronto

Rotman School of Management is ranked first among the top business schools in Canada offering an MBA by QS News Ranking of 2022. It offers a 2-year MBA Colleges in Canada with Financial Reporting and Analysis as one of the specializations. The majority of students enrolled in Rotman School of Management come from North America and Asia along with various students from Europe, Africa, and the Middle East.

Admission Requirements for Rotman School of Management MBA:

• Bachelor's degree in any field
• 2 LORs, preferably from the workplace supervisor
• 2 written essays (1000 words each)
• Interview
  • One pre-recorded video, no longer than 10 minutes
  • In-person interview, via telephone or video conference.

MBA in Finance at Queen’s University

Smith’s School of Business offers Finance as one of the specializations of its full-time MBA program. Students who opt for specialization get a certificate in their chosen area of specialization along with an MBA degree in Canada.

Admission Requirements for Queen’s University MBA

• 4-year bachelor's degree
• Cover letter
• 2 professional LORs for MBA in Finance
• 2 video questions and one written response
• Interview

MBA in Finance at University of Alberta

University of Alberta offers A 2 - year full-time MBA with finance as specialization is offered by the University of Alberta. Students can choose a specialization in the second year of study. The curriculum of first-year comprises courses related to general management.

Admission Requirements for University of Alberta MBA:

• 4-year bachelor's degree of any background (3-year also accepted with an applicant has a strong profile)
• 2 professional LORs
• 1 to 2-page Statement of Purpose for MBA in Finance
• 2 round of interviews:
  • 1st round: Submission of a pre-recorded video having answers to 4 questions: 3 of them should be verbal and 1 could be written
  • 2nd round: One-on-one interview with admission committee through Skype

MBA in Finance at Laval University

Laval University provides its MBA in Finance consisting of 4 semesters. It is ranked 416 in the QS 2022 MBA rankings. Laval University thrives on innovation and creativity. Its MBA in Finance degree trains students in corporate finance, financial analysis, portfolio management, market finance, and risk management.

Admission requirements for Laval University MBA:

• Undergraduate degree in administration, science, engineering, or related field
• Statement of Purpose of about 2 pages
• CV

Note: Students from non-French speaking areas must take one of the french proficiency tests as the curriculum of MBA at Laval University is offered in this language.

MBA in Finance in Canada Costs

Canada is one of the favorite destinations for students to pursue their desired studies and every year thousands of international students rush towards it to pursue MBA degrees. Let us have a look at how much the total cost to study in Canada is, from fixed expenses like fees to accommodation and living.

MBA in Finance in Canada Fees

These generally include the cost of living and tuition fees. MBA in Finance in Canada costs around 22.6 lakhs to 86.2 lakhs INR.

The cost of living in Canada varies from person to person, as per one's comfort of living. Usually larger or metro cities are quite expensive. Accommodation can be availed as per one’s choice. One can reside in university-provided hostels or privately rented apartments. Here is an average list of such expenses.

Scholarships for MBA in Finance in Canada

Various grants and scholarships are offered in Canada to support international students on various parameters. Some of these scholarship programs are briefed below:

For more scholarships in Canada, click here

Jobs after MBA in Finance in Canada

Canada is a developed country with a stable economy. Hence it is one of the favorite destinations for investors and giant businesses have their offices functioning there. As per the QS reports, 90% of students from the top Canadian universities get placed every year with an average pay of 90,000 CAD and median pay of 80,000 CAD.

Over the period of 2019-2028, 30,600 new vacancies will be created for them because of the expansion of industries. However, 33,300 new job seekers for this role will also enter the market. Hence, the job landscape for finance managers is going to be quite competitive in Canada. Here is data showing how much these jobs in Canada pays on average:

MBA in Finance has a broad curriculum that covers accounting, finance, market study, entrepreneurship, and management. On the other hand, MS or Masters in Finance in Canada focuses only on academic aspects of finance and accounting. The choice between both of them majorly depends upon what career path you are looking for in the future.

• MBA in Finance’s coursework has more business-related components. Courses like financial theory, mathematics, quantitative finance, investments, financial analysis, and reporting are part of MS in Finance.
• Admission to MBA in Finance is more competitive and requires submission on an above-average GMAT score and a minimum of 2 years of work experience whereas a GRE score is required for admission to some universities offering MS in Finance in Canada.
• MBA in Finance accepts applications from students having bachelor's degrees in any field. Applicants must have a strong background in finance to apply for MS in Finance.
• MBA Finance graduates can work in various fields whereas MS in Finance graduates are specifically trained for jobs involving trading, investments, and risk management.
• Graduates with having MBA in Finance in Canada can earn up to 90,000 CAD per year. The annual salary of MS Finance graduates in Canada is 79,500 CAD.

MBA in Finance in Canada provides great opportunities and premium salaries to the students. This country has gained recognition in higher education by its prestigious universities and business schools which are providing quality education to its students over the years. Master's in Finance in Canada is another degree that could be pursued by students interested in the finance field.

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