Toronto is the fourth most populous city in North America and widely recognized as one of the most multicultural and cosmopolitan cities in the world. It’s also an established global city, attracting people and businesses from around the world as a center of trade, finance, arts and culture. So, it’s no wonder that Toronto is also home to some of the most sought-after MBA programs worldwide.
Unfortunately, the very attractiveness of the city makes it an expensive place to live and go to school. The average monthly rent for a 900-square-foot apartment in the city is $2,248 Canadian dollars. Add that on top of a $40,000 two-year tuition at a school like the DeGroote School of Business at McMaster University, and financial assistance becomes an important consideration.
If you want to save money and still attend your favorite school in Toronto, we’ve outlined the top four Toronto MBA programs in terms of the funding assistance they provide.
DeGroote School of Business at McMaster University
Not only is DeGroote one of the more affordable MBA programs—only $10,000 a term for in-state residents—it also offers a variety of financial assistance options. MBA students at DeGroote can earn scholarships, apply for loans, receive bursaries or even work at the university to help pay for their tuition. A few of DeGroote’s most attractive awards include
- Entrance Scholarships: These scholarships are automatically awarded to applicants based on their GMAT score and academic excellence. Students can receive between $1,000 to $10,000 in funding.
- Adam Felesky MBA Scholarship: This invitation-only scholarship competition awards incoming full-time and co-op MBA students with full tuition.
Beyond scholarships, DeGroote offers two unique work opportunities to help pay for schooling. MBA students can either apply for a co-op work term or a teaching assistant position. Both work options provide competitive salaries and work experience. MBA students who choose the co-op work term can expect to earn an average of $3,700 to $4,100 per month.
Rotman School of Management at the University of Toronto
With more than $4 million in financial aid available to Rotman MBA students, it certainly seemed to deserve a spot on this list. At Rotman, students can receive funding in the form of scholarships and awards, government financial aid and employment opportunities. In addition, Rotman offers additional financial aid options specifically intended for international students.
One of Rotman’s most impressive features is its scholarships and awards. Every MBA student is automatically eligible to receive an entrance scholarship worth between $10,000 and the full cost of tuition. Also, MBA students can apply for additional scholarships throughout the program duration. These awards are administered through the Program Services Office and are available to domestic and international students based on academic merit and financial need.
Beyond scholarships, Rotman MBAs are also eligible for student loans from the Bank of Montreal (BMO) and the Royal Bank of Canada (RBC). Interest rates are competitive and cover up to 100 percent of program tuition fees.
Schulich School of Business at York University
When it comes to MBA scholarships, the Schulich School of Business stands out. The school offers more than 50 unique award opportunities for MBAs upon entrance, during the program and even after graduation. The awards range from $500 to $33,000. Most of the awards are available for full-time applicants and are awarded based on academic merit and financial need. A few of the most exciting awards include
- Peter F. Bronfman Scholarship of Merit: This $10,000 renewable scholarship is available for Toronto residents.
- Scotiabank Global Scholars Award: This scholarship includes two awards, one for domestic candidates and one for international candidates. No additional application is necessary, and winners receive $10,000.
Schulich MBA students also have the opportunity to be considered for an entrance bursary. Bursaries are granted based on financial need and do not need to be repaid. Bursary amounts vary, and applications are available at the beginning of each term.
Ted Rogers School at Ryerson University
Thanks to a $15 million donation, the Ted Rogers School issues 24 graduate entrance scholarships and awards each year. Each award is worth up to $20,000. However, that’s not the only option for MBA students. Students can also apply for Ontario Graduate Scholarships (OGS). OGS awards are merit based and offer up to $15,000 each year. Other scholarship options include
- Women in Leadership Association Award: The WILA award is worth $2,500 annually and is available to incoming full-time or part-time MBA students who are female or transgender.
- Supply Chain Management Association Award: Thanks to a $60,00 donation, MBA students specializing in supply chain management are eligible to receive this $2,500 award.
Beyond scholarships, Ted Rogers offers MBA students work opportunities as either research assistants or graduate assistants. MBA students in these positions work up to 10 hours per week. Teaching assistants earn between $39 and $46 per hour, while research assistants earn between $16 and $43 per hour.