The Differences Between a Full-Time MBA in New York City and Toronto
New York and Toronto are the largest cities in the United States and Canada, respectively. Both are major financial and cultural centers, and home to millions of hard-working students, employees, and businesses.
Both metros are also home to a number of quality business schools, each with their own prestigious full-time MBA programs. How do New York and Toronto compare as cities and as destinations for your full-time MBA studies? Let’s take a deeper dive and see.
Location
The most bustling and populous metro in the United States, New York City is is the capital of the business world. More Fortune 500 companies are headquartered here than in any other city. The Big Apple is not only home to Wall Street and the world’s largest financial institutions, but also media, marketing and advertising companies. New York is an enormous city and, unfortunately, expensive to live in, so it may not be for everyone.
When looking at metros with bustling financial sectors and companies, New York is often is the first to come to mind. But how about it neighbor to the north? Toronto is also considered one of the world’s fast-growing financial hubs. An article on the Huffington Post explains how Toronto has risen into the top 10 of the world’s most important financial centers. According to the Global Financial Centres Index from Z/Yen Group and Qatar Financial Centre, Toronto has surpassed Chicago and Boston to become the second-most important financial center in North America, and eighth in the world.
According to one unidentified New York banker quoted in the Global Financial Centres Index survey, “Toronto seems to get stronger and stronger. A number of our rivals have opened up subsidiaries there.”
New York City Full-Time MBA Programs
- Columbia Business School
- Stern School of Business – New York University
- Gabelli School of Business – Fordham University
- 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 median starting salaries for Columbia MBAs is $125,000, with 34 percent of full-time MBA of graduates being employed in the financial services industry. Students may assemble their own elective tracks, but the school also provides recommend course tracks for students interested in careers in entrepreneurship, healthcare, marketing, media, real estate, value investing, and social enterprise.
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. Stern makes sure that all students enrolled in the full-time program are ready for business school: Stern hosts a mandatory two-week orientation program in August called “Launch” as well as a special “Summer Start” program that allows students the school believes may need additional preparation to earn up to six credits before starting courses with their classmates in September.
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.
Toronto’s Full-Time MBA Programs
- DeGroote School of Business – McMaster University
- Ivey Business School – Western University Canada
- Schulich School of Business – York University
- Ted Rogers School of Management – Ryerson University
What stands out about these programs?
DeGroote’s full-time MBA is a 16-month program ideal for candidates who are early in their career and want to gain advanced business knowledge in order to have more job opportunities. McMaster is one of only four Canadian universities ranked among the top 100 in the world, including by premiere publications like The Financial Times.
Ivey’s full-time program stands out because it can be completed in one year. During the year, students will learn business essentials from Canada’s only case-based MBA program. Students are able to experience real-world business scenarios through more than 300 cases a year, providing them of hands-on experience for how to best handle a variety of business scenarios.
The Sculich School of Business full-time MBA program is non-traditional due to its amorphous teaching format: The organization, pedagogy, and style of classes is determined solely by the most effective way to teach a particular course. This means that while some course instructors make extensive use of case studies, others do not. Other approaches to delivering courses include in-class presentations, role-playing exercises and visiting speakers and business leaders.
Schulich’s program, however, is on the more expensive side when it comes to Toronto metro business schools. The current full cost of the program in 2018-19 is $77,900 CAD for Canada residents, and $99,400 for international residents. While the tuition costs are actually higher than the likes of NYU Stern or the Columbia Business School full-time programs, because of the cost of living in New York City, the price is actually negligible—especially for Canadian residents.
Schulich/NYU/Columbia Full-Time MBA Costs
| York/Schulich | NYU/Stern | Columbia Business School |
|---|---|---|
| $57,000 (Canada Residents) | $69,086 USD | $71,544 USD |
| $77,900 (Full Cost, Canada Resident) | $110,562 (Full Cost, U.S. Resident) | $107,749 (Full Cost, U.S. Resident) |
Ryerson’s full-time MBA stands out thanks to its Management of Technology and Innovation (MBA-MTI) program, which provides graduates with skills in problem-solving, critical thinking, communication and collaboration. Despite it’s technical sounding name, the MBA-MTO is not a technical program. Instead students enrolled in this track graduate with the skills needed to manage within companies that are focused on tech and innovation.
Breaking Down the Numbers
Even for those who do not pay extra for room and board, expenses for U.S. residents studying at many NYC business schools will be higher than their neighbors to the north. According to Numbeo, the cost of living in Toronto is 24 percent less than the cost of living in New York City, and rent is nearly 40 percent less.
However, the value of the individual school tends to favor New York City programs over its Toronto counterparts. NYU Stern is currently the 12th overall on the U.S. News & World Report 2018 ranking, with CBS coming even higher at 9th overall. The ranking comparison remains consistent with The Economist as well, with CBS coming in 9th (again), Stern coming in 14th. The highest ranked Canadian program in The Economist ranking—Ivey Business School—came in 59th.
NYC/Toronto MBA Rankings
| School | Financial Times Ranking (2018) | The Economist Ranking (2017) |
|---|---|---|
| NYU Stern | 23 | 14 |
| Columbia Business School | 7 | 9 |
| Ivey | 90 | 59 |
| Schulich | NR | 69 |
The higher rankings and costs tend to, unsurprisingly, have a high correlation with financial output. MBA graduates from higher-ranked NYC metro schools tend to do better in terms of salary and bonuses. As previously mentioned, CBS Class of 2017 MBA grads pulled in a median annually salary of $125,000. Class of 2017 Schulich grads, in comparison, made an average median salary of around $90,000 USD.
For more information on the best full-time programs, check out our New York City and Toronto metro pages.
Top MBA Recruiters: Finding Your MBA Career at PwC Firm Strategy&
Navigating job applications and interviews after all the hard work of earning your MBA can be tiresome. After devoting a year or more of your time to gaining the skills of a top business professional, shouldn’t future companies be knocking down your door?
It might not be that easy, but there are certainly a number of companies currently seeking the best and the brightest up-and-coming business leaders, who acknowledge the kind of skills an MBA can contribute to their team. Among them is Strategy&, one of the top recruiters of MBA students at business schools throughout the world.
For MBA graduates looking for careers in the consulting industry, Strategy& could be the perfect opportunity to break into the field and develop critical skills in strategy and consulting. And as an MBA graduate with a wealth of knowledge within the industry, companies like Strategy& are probably also looking for you.
About Strategy&
Strategy& was established more than 100 years ago by Edwin G. Booz, eventually being known for most of its life as Booz & Company. In 2014, the firm was acquired by PricewaterhouseCoopers (PwC), when it was renamed to Strategy&. The firm is headquartered in New York City, with more than 57 offices throughout the world. Today, the company features roughly 3,000 employees and more more than $1.3 billion in revenue.
Strategy& functions currently as the strategy consulting team for PwC, offering strategic solutions in an uneven business climate, helping companies to transform, invest in growth, and stay in tune with business trends even through rapidly changing times.
Why MBAs Love Strategy&
Strategy& is an active recruiter from business schools around the world, including top programs like Harvard Business School, NYU Stern, and INSEAD, among many others. The company is also supportive of staff who have not yet earned an MBA but hope to advance their business education. Strategy& even offers junior staff the chance to apply for full MBA sponsorship, and provides flexible work opportunities so students can pursue a degree while still maintaining their career.
The Strategy& consulting experience is shaped in a way that relies on mentorship, with a 1:6 ratio of partners to junior consultants. For MBA students—who have already demonstrated an interest in investing in their growth and education in the field—this type of setting means that class is always in session.
Life at Strategy&
New consultants at Strategy& can expect a clear and structured path laid out at the start of their career, with rapid career progression possible. New associates will advance towards roles as partners, typically spending two to three years at each level along the way.
While undergraduates would begin in associate roles, those with MBA degrees can jump right in at the senior associate level. Senior associates have the opportunity to develop their skills by working closely alongside clients to resolve complex issues and guide clients and their companies towards success. From there, MBAs could move upward into a manager role, then director, and finally partner.
The development of strong mentor relationships is seen as crucial at Strategy&. Mentors will provide a constant source of support for new associates, offering guidance as they move upwards through the company, choosing projects they are passionate about and forming strong professional networks. Mentors will also provide real-time feedback, helping pave the way for a successful career.
Landing a Job at Strategy&
Strategy& is an active recruiter of MBA programs throughout the country, where they may host events on campus and offer direct information to students on applying for positions at the company. Students from any program, even if the school does not actively recruit there, are able to apply directly for their internship and job openings through their website. Jobs are available at a number of the firm’s locations throughout the country and around the globe.
Summer internship opportunities are a great way for students to get their foot in the door at Strategy&, and may end up leading to full time employment. This was the case for Bryan, now a director at the company and based out of Chicago. Bryan interned for the company during the summer while earning his MBA at the University of Chicago Booth School of Business. He completed his MBA in 2011, joined Strategy& as a full-time colleague, and is now a key member of the Technology Strategy team.
“I had the opportunity to do an internship with the firm between my first and second year at business school, and I came away impressed with the caliber and character of the people at the firm,” Bryan said of his experience with Strategy&. “In only nine weeks, the camaraderie and professional bonds that I was able to develop with my teammates, fellow interns and leaders at the firm was special.”
School v. School: NYU Stern or Columbia Business School?
What happens when you pit two of the New York metro’s top business school’s against each other in a head-to-head duel of MBA might? It’s a school vs. school showdown, as we compare Columbia Business School to the Stern School of Business. Let’s take a deeper dive! Continue reading…
How NYC Business Schools Help the Underprivileged Applicants
Pursuing an MBA is a shrewd move for anyone looking to earn a competitive salary right out of school. Though attending a renowned school can up the price tag of earning an MBA, it may also increase the overall return on investment. According to an article in U.S. News & World Report, “… graduates of top-tier business schools usually earn higher starting salaries than their peers who went to lower-ranked schools.”
It’s not jut the opportunity to have a lucrative job right out of school that makes a high starting salary appealing. An enviable starting salary could mean more earning potential down the line. However, a top-tier school may seem out of reach for low-income applicants. After all, how can you enjoy the return on investment if you can’t afford to invest in the first place?
Luckily, many prestigious business schools offer resources for students from different socioeconomic backgrounds. Below, we’ve outlined the resources available for low-income applicants at five of New York City metro’s best business schools.
How NYC Business Schools Help the Underprivileged
Columbia Business School
Columbia Business School offers need-based awards to many students, which may result in anywhere from $7,500 to $30,000 in tuition support. Nearly half of applicants receive need-based scholarships, which are automatically renewed at the start of the second year. Columbia students can also apply for private and federal loans. To create incentive for students to choose careers in public and nonprofit fields, the school offers a Loan Assistance Program for students who utilize their education to pursue these paths. Students are eligible to apply for this program for up to five years after graduation. Depending on the extent of students’ debt, they may receive anywhere from $2,000 to $10,000 of annual support. Columbia students may also receive merit-based scholarships, such as the Columbia Fellows Program, which may cover full or partial tuition and is granted to applicants with an outstanding track record in leadership and creativity.
Stern School of Business—New York University
NYU’s Stern School of Business offers a variety of scholarships for high-achieving applicants. According to the school’s website, nearly a quarter of students who enter the full-time MBA program receive a merit-based scholarship. There are also additional merit-based opportunities for students coming from different backgrounds and perspectives. Scholarships like the Advancing Women in Business Scholarship and the Forte Fellowship are particularly geared toward female-identifying students, to support women in business. The ROMBA Fellowship aims to help LGBTQ students succeed in business education. The Consortium Fellowship exists to increase the number of minorities such as Hispanic Americans, Native Americans, and African Americans in business school as well.
Gabelli School of Business—Fordham University
At the Fordham University Gabelli School of Business, graduate students may be eligible for federal financial aid, merit scholarships, or a variety of graduate assistantships. Awards based on academic excellence range from $10,000 to full tuition. Exceptional students may be eligible for awards like the Dean’s Premier Scholarship, which includes a $20,000 living stipend, and may include a stipend toward one of Fordham’s global programs. Students can also apply for a plethora of need/merit-based scholarships, like the Hitachi Diversity and Inclusion Scholarship, which seeks to help underrepresented minorities finance their education.
Rutgers Business School, Newark and New Brunswick
The Financial Times ranked Rutgers Business School among the top 50 MBA programs for return on investment in 2017, citing a 130 percent increase in salary for students within three years of completing their degree. Moreover, the school’s website states that, “More than 80 percent of Rutgers students receive some form of financial aid.” Moreover, at $31,011 per year (not including fees), this program is far more affordable than many other prestigious schools. Students can apply for federal or private loans, grants, and an array of scholarships. In addition to the awards offered by the Rutgers Business School Graduate Scholarship Fund, the Rutgers website lists 30 fellowships, scholarships, and partnerships. The Ralph Bunche Fellowships, for example, provide tuition remission, and a $15,000 living stipend to minority students from disadvantaged socioeconomic backgrounds.
SC Johnson Graduate School of Management—Cornell University
Around 30 percent of entering the SC Johnson Graduate School of Management students receive some level of scholarship support. Scholarships like the National Society of Hispanic MBA’s (NSHMBA) and the TOIGO Fellowship specifically seek to help underrepresented minorities. The MD MBA Dual Degree Program and Lee Family Scholarship supports students on the rigorous path to receive their MD/MBA. Additionally, Cornell’s Park Leadership Fellows Program awards full tuition to up to 25 MBA applicants annually. The award is granted based on personal and professional achievements, academic performance, social contributions, and leadership. Students can also apply for federal and private loans.
The Not-So-Secret Way To Land a Job at EY-Parthenon
After the hard work and sweat of earning an MBA degree, you’ve probably thrown yourself into searching for the perfect job to match your new found expertise. Luckily, some of the world’s top companies are also looking for you.
Companies like EY-Parthenon are always looking to recruit top MBA talent seeking careers in strategy consulting. A division of Boston-based EY (formerly Ernst & Young), one of the world’s top professional services firms, EY-Parthenon is a strategy consultancy which aims to combine innovative thinking with clients’ smarts to create actionable strategies that can cause a real impact in today’s business world.
MBAs Love EY-Parthenon
For MBA graduates looking for a career in strategy consulting, there are few places that can provide the unique combination of diverse clients and rewarding entrepreneurial work that EY-Parthenon offers. Comments from Parthenon’s MBA-holding consultants on why they love their job range from the incredible relationships they get to build with clients to the competitive benefits package they receive (including a night at the EY suite at Yankee Stadium).
“There is certainly an attitude in the New York office that we work hard but ensure that we find that balance necessary to enjoy the great benefits of working with wonderful colleagues in the best city in the world,” commented a graduate of NYU’s Stern School of Business and current Senior Consultant at EY-Parthenon.
For Adam, a graduate of the University of Chicago Booth School of Business and current Vice President at the Shanghai office of EY-Parthenon, working at the company has given him the opportunity to use his industry specific expertise to benefit a diverse set of clients.
“[A]t any given time, I may be leading a two-week diligence for a private equity client while also working on an eight-week corporate strategy engagement,” he says. “Having such a variety of engagements while still being able to be focused on very strategic work within a single sector practice is what I think sets EY-Parthenon apart.”
Life at EY Parthenon
As a consultant at EY-Parthenon, MBAs will play a critical leadership role in the company. Serving as the primary contact for clients, MBA graduates will have the chance to get their hands dirty right away, developing and executing work plans for a diverse client set. Consultants will use their knowledge of teamwork, leadership, analytics and communications to excel in the role.
The consultant career track at EY-Parthenon consists of various phases, beginning with work stream leadership—a focus on gaining the crucial analytical skills needed to best help clients—and ending with client management, the final stage before moving into a role as a partner or managing director. EY-Parthenon accelerates individuals through their careers and have no official timetable for new consultants outside of their own ambition and ability to take on responsibilities.
According to anonymous profiles on Glassdoor, consultants at EY-Parthenon make an average of $173,814 annually.
Landing The Job
Anyone can apply for a consultant role at EY-Parthenon, but the company also actively recruits at a number of undergraduate and graduate business schools. The MBA programs the company recruits from are spread throughout the world, and include some of the United States’ top programs, such as Harvard Business School, Kellogg School of Management, and the Stanford Graduate School of Business. The company also heavily recruits at international schools like INSEAD and the London Business School.
MBA students in their second year may apply directly for a full-time consultant role with the company, and first year students are eligible to apply for the summer consultant position. Any student attending a school that EY-Parthenon directly recruits from should check for the specific instructions on how to apply to these roles, typically through their university’s career services. The interview process for these schools typically takes place over two rounds, with the first round taking place on campus and second round interviews at the one of the various global Parthenon offices.
For more information on the company and job opportunities for current MBA students and graduates, check out the official EY-Parthenon MBA job page.
The Lorenzo Fertitta Legacy at NYU Stern
“Never be the smartest guy in the room. Surround yourself with talent.”
