MBA on the Lake: Higher Learning in Chicago & Toronto
To have some type of natural source to balance out the cacophony of city life is crucial to a healthy mind. Not every major city is a concrete jungle, completely broken off from its former natural self or its surroundings. It might surprise city slickers the amount of wilderness opportunities that exist just outside their doorstep.
Take Toronto, for instance. Situated on the shoulder of Lake Ontario, Toronto is surrounded by plateaus, deep forest, ravines, and three rivers. While other Canadian cities may beg to differ, Toronto is the financial and cultural capital of the country. It has long been a hub for migration since the days of the Huron and Iroquois and houses the five largest financial institutions in Canada.
As the heart of American transportation and distribution, Chicago’s metropolitan reputation belies its abundance of natural splendors. Located at the toe of Lake Michigan, the Second City plays host to a wide array of green spaces—arboretums, nature centers, conservatories, and botanical gardens—as well as lakeside walking and biking paths.
Both Chicago and Toronto are world centers for higher education and research, yet offer resplendent surroundings to maintain a balanced state of mind. Both offer much more affordable living situations than New York or San Francisco and are highly underrated for their cultural appeal. Whichever you choose, you will find established, reliable education in your pursuit for the proper MBA. Last month, we analyzed the best part-time offerings in both metros, but let’s take a closer look at the full-time MBA options.
Our Favorite Toronto Full-Time MBA Programs
York University – Schulich School of Business
The Schulich School of Business at York University offers 18 MBA specializations. In addition to full-time programs, the school also accommodate working students with part-time programs that offer both day and evening courses. Students are also able to switch between full and part-time status during their tenure to suit their needs. In 2016, 89 percent of students were hired within three months of graduation by 140 companies. Graduates were employed with an average salary of $91,860 USD and an average signing bonus of $12,050.
McMaster University – DeGroote School of Business
DeGroote School of Business at McMaster University offers full-time and part-time options, as well as a three-year paid work term co-op schedule. Full-time applicants are required to have one year of full-time continuous managerial, professional, or technical work experience (this is where the Co-op plan can come in handy—work as you go). The school offers seven specializations and International study. About 94 percent of recent graduates were employed within six months (over the last two years) with an average starting salary of $71,930 USD.
Western University Canada – Ivey Business School
The Western University Canada Ivey Business School is technically located just outside of Toronto, in London, Ontario. The school offers a full-time program that gives students an opportunity to work with over 200 recruiters, with about 66 percent of graduates finding jobs in Canada. In 2017, 91 percent of the graduating class received a job offer by September 1. Average starting salaries were typically around $90,000 USD with an average signing bonus of $15,000. Other compensations averaged at $9,875.
CHECK THIS OUT: Kings of the North: Should You Get a Part-Time MBA in Chicago or Toronto?
University of Toronto – Rotman School of Management
Students in the Rotman School of Management full-time MBA program are offered 16 major options and more than 90 electives to allow for a very customizable experience. Between 2016 and 2017, 85 percent of full-time Rotman MBA students were employed within six months of graduation and 80 percent landed jobs just within three months. Average starting salaries were $85,000 USD with an average signing bonus of $13,500.
Ryerson University – Ted Rogers School of Management
MBA applicants at the Ted Rogers School of Management at Ryerson University are given two full-time options: the Global MBA or an MBA in the Management of Technology and Innovation (MBA-MTI). Their Global MBA program strives to help their graduates “understand the global context of various industries and have the knowledge necessary to drive innovation and deliver as capable and confident leaders.” The MBA-MTI helps students “gain the skills needed to manage within companies that are focused on tech and innovation.” Last year, about 80.3 percent of graduates found employment within three months of graduation and earned an average starting salary of $89,250 USD.
Our Favorite Chicago Full-Time MBA Programs
Booth School of Business – University of Chicago
The University of Chicago Booth School of Business offers what the school calls the “world’s most flexible MBA program,” and is regarded by U.S. News & World Report as the third best full-time offering in the U.S. The curriculum consists of 20 classes—nine mandatory and 11 courses tailored to personal interest—plus a Leadership Effectiveness and Development (LEAD) program. As of September 2017, an absurd 97.1 percent of graduates reported having received full-time job offers within three months, with 95.3 percent accepted offers in that time. Average starting salaries were an impressive $125,000 with an average starting bonus of $25,000.
Kellogg School of Management – Northwestern University
The Kellogg School of Management at Northwestern University offers two full-time MBA variations, either to be completed in one or two years. The school’s 2017 employment report, which can be downloaded here, detailed that 94.1 percent of graduates received job offers within three months and 90.8 percent of those grads accepted job offers. The average starting salaries for graduates with three-to-five years of work experience was an unsurprisingly lavish $128,686.
Like the Booth School of Business, when comparing Chicago and Toronto programs, financial gain is clearly an advantage for those who elect to study in the U.S. However, perhaps unsurprisingly, schools like Kellogg come with a steeper tuition cost. Applicants for the One Year full-time program should expect to pay more than $133,000 for the entire program, while those in the Rotman School of Management will have to pay around $75,000 USD.
Kellstadt Graduate School of Business – DePaul University
At the DePaul University Kellstadt Graduate School of Business, students can obtain a full-time MBA with the availability of 100 courses in 20 MBA concentrations and 17 specialized Master degrees. In 2016, within six months 89 percent of surveyed graduates were employed, 14 percent being entrepreneurial, contract or freelance. Average starting salaries were about $82,200.
Liautaud Graduate School of Business – University of Illinois at Chicago
The Liautaud Graduate School of Business at the University of Illinois at Chicago full-time MBA is a 13.5 course program, with six courses designed to deepened functional business knowledge, while the remaining 7.5 are geared towards allowing students to customize their experience towards their personal career interests. They provide twelve concentrations in their MBA program.
Mendoza College of Business – Notre Dame
The Mendoza College of Business at Notre Dame University offers two traditional full-time MBA options, which can be taken in two years, or just one in a more accelerated format. According to employment statistics recently released by the business school, about 88 percent of Two-Year full-time students were given a job offer within three months of graduating, with about 86 percent of those graduates accepting the offers. Like many of the major business schools located in the Chicago metro (although, yes, Notre Dame is technically in Indiana), full-time MBA grads enjoyed a lush base salary upon employment, with an average salary of $105,000 for the Class of 2017. Median signing bonuses also ranked in the higher end of the schools on this list, coming in at around $20,000.
The Mendoza College of Business is one of the many business schools in the U.S. that has seen a dramatic shift in terms of graduates moving into the tech industry. Three industries in particular dominated when it came to employing Mendoza MBA grads: tech, financial services, and consulting. However, a slim majority (24.7 percent) joined the tech industry, enjoying salaries slightly higher than the Mendoza average, coming in at $110,000.
Quinlan School of Business – Loyola University
The Quinlan School of Business offers full-time MBA offering is one of the most affordable high-quality Chicago options out there, with the most recent full-cost of the program coming in at $73,422; comparable to many of the aforementioned Toronto programs. And unlike many of the programs on this list, Quinlan isn’t located in some quaint suburb. Rather, the school is centered right on the historic Magnificent Mile in Chicago, fully integrated into the vibrant city.
What Are The Most Valuable Toronto MBA Programs?
For prospective MBAs, looking at the price tag of earning a degree can be startling- and may even deter talented business leaders from pursuing an advanced education. The fear is certainly justified: an MBA from some of North America’s top business school can reach upwards of $100,000.
Yet, when considering the well-recorded increase that most professionals witness in their salary after earning an MBA, along with a greater likelihood of finding employment, the seemingly impossible cost of an MBA can seem more within reach.
Factors like the cost of a degree, salary increase after graduation and employment rate of graduates are all key numbers that must be considered together before one can determine the true cost of a degree. Below, we take a glance at these different numbers and round up the Toronto MBA programs that provide the best return on investment.
Ivey Business School – Western University Canada
The Ivey Business School at Western University Canada MBA program began in 1950, and has since established itself as one of the best offerings in the world. The business school’s rich legacy has been recognized again and again by the likes of Bloomberg, which touted its MBA as the 11th best international MBA program in 2017. Ivey, with its main teaching center on Western University’s campus in London, Ontario, offers a variety of MBA experiences, such as an full-time, Accelerated, and Executive MBA. The Tangerine Leadership Centre in Toronto’s downtown business district also offers EMBA courses through the Ivey Business School.
The full-time MBA at Ivey is a 12-month program that costs $88,250 to attend for domestic students and $101,500 USD for international applicants. According to the most recent Ivey employment report, about 91 percent of the 169 students in the Class of 2017 earned a job opportunity shortly after graduation, reporting an average salary of $103,560. More than one-third of the Class of 2017 also earned a singing bonus upon employment with a median value of $15,000. Signing bonuses for Ivey MBA grads ranged as high as $45,000 alone, proving that even with high price tag, the degree can immediately pay off.
Ivey Return on Investment (In USD)
| Ivey MBA Tuition | Median Signing Bonus | Median Annual Salary |
|---|---|---|
| $88,250 | $15,000 | $103,560 |
Schulich School of Business – York University
The Schulich School of Business at York University offers students a number of ways to pursue an advanced business education, from full-time, Executive, and International MBA programs as well as offering Master’s degrees in accounting, finance, business analytics, and more. The Schulich International MBA is the first of its kind in Canada, and the Kellogg-Schulich Executive MBA is North America’s first ever cross-border executive MBA degree. However, length of programs should be taken into consideration, since it will determine the time without a full-time income; an important distinction for students that are looking to enter the workforce as soon as possible. At 16-20 months, an MBA at Schulich will take slightly longer to earn than year-long programs like at Ivey.
Roughly 89 percent of graduates from Schulich’s MBA programs find a job within three months, earning an average base salary of $91,860 USD and an average singing bonus of $12,050. Full-time MBA students at Schulich will pay a tuition of $77,900 during the life of the degree, while part-time students pay $81,000. Meaning, grads typically earn about $10,000 more in their first year of employment than the entire cost of the program.
Schulich Return on Investment (In USD)
| Schulich MBA Tuition | Median Signing Bonus | Median Annual Salary |
|---|---|---|
| $77,900 | $12,050 | $91,860 |
Rotman School of Management – University of Toronto
The Rotman School of Management at the University of Toronto can boast of origins dating all the way back to 1901, when the university first established a diploma program in commerce. By 1972, the School of Business was an official part of the university, and hasn’t stopped growing since. Today, the Rotman School of Management has become universally recognized by the likes of Financial Times the and Bloomberg as one of the best business schools in the country. Located in downtown Toronto, Rotman offers a two-year, full-time MBA degree, but also more flexible options such as part-time morning and evening MBA programs, executive MBA, and an 18-month Global Executive MBA.
The two-year, full-time MBA tuition at Rotman comes with a price tag of $101,350 CAD ($74,999 USD). However, graduates—80 percent of whom typically find employment within three months after earning their degree—saw a median base salary of $85,000 and median signing bonus of $13,500. This salary increase seems to be typical of MBA graduates in Canada, so considerations of employment rate and program duration may be most important when evaluating Return on Investment for top programs in Canada.
Rotman Return on Investment (In USD)
| Rotman MBA Tuition | Median Signing Bonus | Median Annual Salary |
|---|---|---|
| $74,999 | $13,500 | $85,000 |
Comparing The U.S. News Full-Time and Online MBA Rankings
When it comes to business school rankings, U.S. News & World Report issues one of the most comprehensive annual lists. The annual rankings includes separate lists for the “Best Business Schools” and the “Best Online MBA Programs,” but deciding which format is right for you can still be tricky. Continue reading…
Choosing the Best MBA: Philadelphia vs. Washington DC
On the surface, cities like Philadelphia and Washington DC appear to have a lot in common. Both have occupied roles as a center of U.S. history, and have transformed into exciting and ever-changing metros for both established businesses and new startups. If you’re interested in earning an MBA in a top metro area on the East Coast, it might seem impossible to choose between the two.
Even so, Philadelphia and DC offer a number of exciting—but different—kinds of opportunities for up-and-coming business professionals. Between what program you want to pursue and what kind of career you envision yourself in down the line, understanding the differences between top metros can be a crucial part of planning your future. Below, we’ll break down some of the biggest differences in location, programs, and job placement for each metro.
Philadelphia vs. Washington DC: The Differences
For ambitious business students hoping to put their education to work in a government agency, it’ll be hard to beat the nation’s capital for opportunities and experience. Even for those looking outside of the government setting, the DC metro area is home to fifteen companies on the Fortune 500 list, including corporate giants like Exxon Mobile and Walmart. Yet while such heavy hitting companies in the area provide a high earning potential, MBAs will still want to consider the high price of living in DC: currently, the city ranks as the third most expensive place to live in the country.
Check This Out: Searching for the World’s Top MBA Recruiters: Comcast
While Philadelphia may not be the city that pops into your mind as a bustling center of business, research shows the City of Brotherly Love can’t be beat when considering the job market and affordability: a 2016 survey from Adobo found that Philadelphia’s unemployment rate was 20 basis points below the national average, while the average price of a home was at or below 30 percent of the average income. MBA graduates will find no shortage of business opportunities in the city, even among major firms: in 2017, 20 companies in the Philadelphia metro made the Fortune 500 list.
Washington DC’s Full-Time MBA Programs
Featuring more than 35 higher education institutions with post-bachelor business programs, Washington DC is home to some of the top MBA programs in the United States. Fully aware that many of these programs will shape future politicians and government leaders, many of the MBA programs in Washington DC include a focus on integrity and ethics within the global business community.
Full-Time MBA Programs in DC Include:
- George Mason University School of Business
- George Washington University School of Business
- Kogod School of Business – American University
- University of Maryland R.H. Smith School of Business
- McDonough School of Business – Georgetown University
Philadelphia’s Full-Time MBA Programs
When it comes to business schools, Philadelphia is probably best known for The Wharton School at the University of Pennsylvania, consistently named as one of the top business programs in the world. But Philly is also home to a wide range of programs with a variety of specializations. Programs like the full-time MBA at Temple University’s Fox School of Business also offer students to take their education beyond Philadelphia, with international campuses based in Italy, London, and Japan.
Full-Time MBA Programs in Philadelphia Include:
- La Salle University
- LeBow College of Business – Drexel University
- Villanova School of Business
- West Chester University
Cost of MBA Programs
Just as important a factor as cost of living, average cost for an MBA program is an important consideration when choosing where to earn your degree. As expected, top programs in both Philadelphia and Washington DC can come with a high price tag. The average cost estimate for one year at Wharton is $105,265, while tuition at DC’s Georgetown McDonough School of Business is $90,591. The average for each city, however, remains much for affordable: approximately $82,090 for programs in Washington DC, and slightly lower in Philadelphia—schools like West Chester even offer an MBA as low as $21,000 per year.
Job Placement and Salary
With so many incredible companies located in both Washington DC and Philadelphia, MBAs have the chance to earn top salaries that can go a long way in both cities. Depending on the position, MBAs in Philadelphia can make anywhere from $64,665 per year (as a financial analyst) to $104,186 per year (as a senior product manager). In Washington DC, the average salary for an MBA graduate is in the $80,000 range, with employees reporting yearly salaries of $74,758 (operations manager) up to $111,983 (marketing director).
Showdown: Find Out if You Should Get an MBA in New York City or Los Angeles
The battle for hip-hop supremacy may have ended in the ’90s, but we can keep the East Coast-West Coast beef alive while looking at full-time MBA programs in New York City and Los Angeles.
Both cities are home to top business schools and are ripe with employment opportunities in booming industries. But which is best for you? Let’s take a deeper dive.
Location
We’ll start with location, location, location.
The most bustling city in the country, NYC is is the capital of the business world. More Fortune 500 companies are headquartered here than in any other city. The city is not only home to Wall Street and the world’s largest financial institutions, but also some of the largest media, marketing, and advertising companies. While New York City can be daunting in its size, it’s also furiously expensive to live in, so it may not be for everyone. Getting to know the city’s vast public transportation system is a must and it can get pretty cold in the winter, so if you’re looking for beaches, keep reading.
Meanwhile, LA is Tinseltown. The city’s economy is driven by entertainment industries like television, film, video games, music recording, and production, but also by international trade, technology, petroleum, fashion, apparel, finance, telecommunications, and tourism. In the 2017 Global Financial Centres Index, Los Angeles was ranked as having the 19th most competitive financial center in the world, and sixth most competitive in United States. The city is also the largest manufacturing center in the western United States, with the ports of Los Angeles and Long Beach comprising the fifth-busiest port in the world and a vital trade route within the Pacific Rim.
New York City Full-Time MBA Programs
Full-time MBA Programs in New York City include:
- Stern School of Business – New York University
- Gabelli School of Business – Fordham University
- Columbia Business School
- Zicklin School of Business – Baruch College
What stands out about these programs?
A Columbia MBA opens up countless career options and is sure to pay off in the long run: The average starting salaries for Columbia MBAs is $104,000, with 37 percent of full-time MBA of graduates being employed in the financial services industry.
Meanwhile, Stern’s MBA curriculum gives students tons of flexibility, and allows degree seekers to choose one or two MBA specializations, NYU allows up to three specializations from 20 plus options.
Both Gabelli and Zicklin’s full-time programs feature cohort-based structures. Gabelli’s program features a New York immersion experience where, over the course of five days, students are exposed to a number of company visits with corporations like Deutsche Bank, Money.net, and Hewlett Packard. As an alternative to completing a major, Zicklin students may pursue a joint JD/MBA in conjunction with Brooklyn Law School or New York Law School.
Los Angeles Full-Time MBA Programs
Full-time MBA Programs in Los Angeles include:
- Anderson School of Management – UCLA
- Argyros School of Business – Chapman University
- Graziadio School of Business and Management – Pepperdine University
- Marshall School of Business – USC
- Peter F. Drucker and Masatoshi Ito Graduate School of Management – Claremont Graduate University
What’s special about these MBA programs?
Anderson features a Business Creation Option for MBAs, which gives students the chance to start their own businesses while still in school. Meanwhile, the Special Project Option challenges groups to tackle problematic issues that impact an entire industry.
Chapman’s full-time MBA curriculum features three main components—core/required courses, a capstone course, and elective courses. Students have several track options available to concentrate their studies, including: Corporate Finance, Marketing, Investment Management, Entrepreneurship, Information Systems in Digital Times, and more.
Graziadio full-time MBA students have the option to spend a trimester abroad in the fall term of their second year at one of Pepperdine’s partner universities in Africa, Asia, Europe, Latin America, or Oceania.
USC MBAs have required study-away coursework called PRIME International Experiential Learning, a 10-day site visit overseas. Students must complete industry—and company-oriented recommendations in capstone projects that incorporate concepts from global strategy and global economics.
At the Drucker School, students may choose two areas of concentration to focus their studies, and select elective within these areas of concentration. Concentrations are offered in: Strategy, Finance, Marketing, Leadership, Global Management, and Information Technology Management.
Jobs and Salary
When it comes to job placement, both New York and Los Angeles have their perks.
New York is home to business school with the highest job placement rate: Around 97 percent of Columbia Business School graduates receive offers within three months of graduation. The school’s class of 2016 boasted an average starting salary of roughly $125,000 plus a $25,000 signing bonus. The top three industries that employ Columbia graduates are financial Services (37 percent), consulting (35 percent) and technology/media (10 percent).
Check out a complete breakdown of NYC salaries and employment opportunities, give our guide to getting paid in New York a read.
While Silicon Valley has a reputation for being the prime place for MBA jobs in California, LA has been catching up recently—and fast. Los Angeles has embraced the tech boom in a big way, with many Valley bigwigs and new startups alike moving their operations to Silicon Beach. With that in mind, the new era of LA innovation is creating some lofty starting salaries, particularly for MBA graduates.
Recent UCLA Anderson graduates earned an average starting salary of $121,250 with a $25,000 signing bonus, according to statistics released by the school. The top five industries to employ Anderson MBAs are in tech (30.6 percent), financial services (21.6 percent), consumer products (13.4 percent), and consulting services (13.4 percent).
Check out our guide to the highest MBA salaries in Los Angeles for more information.
What Are The Highest Paid MBA Salaries in San Diego?
If you’re looking to take in the California sun but avoid the fast-paced and high-priced centers of Silicon Valley or Los Angeles, heading southward to San Diego may be the perfect place for an up-and-coming business professional. Recently named the eighth best big city to live in the U.S., based on livability, education, health, and a strong local economy, San Diego is increasingly becoming the perfect spot for business students looking to advance their education and start a career. Not only is San Diego the perfect spot for those breaking into well-established fields within business, but it has also been ranked by Forbes as the best city to start a new business in the U.S. Demonstrating heavy concentrations in areas that predict high growth combined with adaptability to new business methods and tech make San Diego the perfect place for young entrepreneurs to put their education to work.
Of course, a city can really only top the list for business students if it can offer quality educations and high-value degrees. In a state with a notoriously high cost of living, students thinking about pursuing a degree in San Diego will want to be sure their investment is worth it.
Thankfully, San Diego offers a number of quality business schools with graduates that are able to quickly turn their degree into a high salary and promising career. Let’s take a closer look at the business schools with the highest post-graduate salaries for MBAs in San Diego.
Rady School of Management – UC San Diego
According to the Rady School of Management at UC San Diego Class of 2017 Employment Report for full-time MBA graduates, the overall salary average for MBA students was $84,335, with a majority of graduates finding jobs in San Diego’s ever-emerging technology industry. Tech-based companies actively hiring recent Rady MBAs include Amazon, HP, IBM, and San Diego’s own Qualcomm Technologies, Inc, among others.
Not only are the post-MBA salaries high for Rady graduates, but so is the likelihood that graduates will secure a job. About 82 percent of graduates had secured a job within just three months of graduating, and 10 percent started their very own company—reflective of San Diego’s entrepreneurial environment.
University of San Diego School of Business Administration
The average salary for graduates from The University of San Diego School of Business Administration is $72,363, with a true range of salaries anywhere from $50,000 to $100,000 per year. Within just three months after graduation from the School of Business, 83 percent of MBA students would find employment, covering a wide range of industries from technology (40 percent) to consulting (20 percent) and consumer products (20 percent). Top companies such as Amazon, Deloitte, Intel, and Hewlett Packard have hired USD MBA graduates.
Fowler College of Business Administration – SDSU
The Fowler College of Business at San Diego State University also boasts some of the highest MBA salaries in San Diego. More than two-thirds of graduates from the full-time MBA program at Fowler would find jobs or promotions within three months after earning their MBA, with an average salary of $61,467. Graduates were spread through a number of industries and professional functions, the most significant percentage working in business development/sales and within the Technology/IT/Information Systems fields. Following graduation, Fowler students found jobs with some of the country’s top brands, such as The Gap Inc., GEICO, HSBC Group, and PepsiCo Inc.
For prospective MBA students looking to get paid out west, you can check out our overview of the highest paid MBA salaries in Los Angeles and San Francisco as well.
