While the benefits of earning an MBA are numerous and well-documented—and typically include a post-degree salary increase—the upfront cost of earning a degree can still be extremely prohibitive. Many top MBA programs in the United States come with price tags of more than $100,000 just for tuition—not to mention additional costs and fees that are required on top of tuition costs. But there are some affordable Toronto MBA options for those who decide graduate school in the U.S. may not be for them.
Nonetheless, the whopping price tag should never be a deterrent for an eager student looking to advance their business education. Even for costly programs, scholarships and funding is often available either through the school or through private sources. But for busy students without the time to search for scholarships, there are thankfully a number of much more affordable MBA programs in metro areas throughout the world. And when you spend less on earning your MBA degree, that post-graduate salary increase (nearly 40 percent increase on average!) will equal a lot more money in your pocket.
In the Toronto metro area, there are a number of affordable MBA programs that can help students to save money on their degree.
Ted Rogers School of Management – Ryerson University
Tuition for the MBA Global and MBA-MTI programs at the Ted Rogers School of Management is one of the most affordable in the Toronto metro. With an MBA program that takes just 12-months to complete on a full-time schedule, the domestic tuition fee at Ted Rogers is $20,252.54 and $32,488 for international students.
Given the high quality of a Ryerson MBA, this program definitely provides students with the most “bang for their buck.” A program that has been ranked among the best in Canada for years, the Ted Rogers MBA still takes just 12 months to complete, enabling students to get back to earning faster. Around 90 percent of graduates from the program were employed in just six months after graduation, boasting a 39 percent average increase in salary from their pre-degree earnings. And if the price tag still seems daunting, the school gives roughly $300,000 in awards and scholarships, giving students a chance to reduce the cost of their degree even further.
DeGroote School of Business – McMaster University
The total cost to earn a full-time MBA at the DeGroote School of Business is $41,200 for a Canadian citizens/landed immigrant or $80,000 for a visa student. For slightly more ($46,500 Canadian citizen or $85,000 visa), students can also opt to earn DeGroote’s co-op MBA, a program which takes 28 months to complete but which practices “earn while you learn,” with students completing a full year of paid work experience while simultaneously earning their degree. A first of its kind when the program was introduced in 1973, the DeGroote co-op MBA keeps costs low by allowing students to both gain professional experience while using their work term salaries to pay for their degree.
Wilfrid Laurier University – Toronto Campus
The Wilfrid Laurier MBA is an incredibly affordable option in Toronto, with full-time tuition at just $30,040. per year. Since the program is just one year—the first full-time one year MBA in Canada—students can save an incredible amount of both time and money. The Laurier MBA focuses on an integrative teaching approach that is unique to the university, teaching students the eight foundational areas of business and integrating them into the rest of the educational experience. The MBA also offers 10 different specialization options for the degree, allowing students to get a uniquely tailored education at an affordable price.