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 |
Finding The Best Toronto Accelerated MBA Programs
One-Year or Accelerated MBA programs give students the opportunity to gain the strong business foundation of an MBA education in half the time as a traditional MBA. Students in accelerated MBA programs can also reduce the overall cost of their degree while also minimizing the amount of time spent without earning a full-time income.
Last summer, we took a look at some of the city’s best accelerated program offerings. However, we have updated our overview, including more of our favorite Toronto school’s with uniquely exciting accelerated programs.
The Toronto Accelerated MBA Programs You Need To Know
Schulich School of Business – York University
The Accelerated MBA at York University’s Schulich School of Business gives students the chance to dive straight into the second year of their degree program. With the option to pursue the degree either full or part-time, students can complete the Schulich MBA in as little as eight months. The program is reserved for students who have completed either a BBA or BCom degree in Canada within the past ten years that is similar in structure to the BBA at Schulich, but students without this requirement may still be eligible for some form of accelerated degree.
DeGroote School of Business – McMaster University
The Accelerated MBA at the McMaster University DeGroote School of Business can be completed in as little as eight months if pursued on a full-time basis. Students in the accelerated program are exempt from first year MBA courses and will only pay half the tuition of the two-year program. The accelerated program is designed for students who earned an undergraduate business degree in the last ten years, maintained at least a B average in the final two years of their undergraduate degree, and have at least one year of professional work experience.
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Ivey Business School – Western University Canada
The One-Year accelerated MBA program at the Ivey Business School at Western University Canada is designed for ambitious students who want to further develop their leadership ability and accelerate their career. The Ivey MBA gives students real-world experiences through global learning opportunities and projects that provide hands-on business practice. The Ivey curriculum is centered around a unique case study method, which uses over 300 cases each year to allow students to practice real business challenges.
Rotman School of Management – University of Toronto
For advanced business school students with more professional experience, the Rotman School of Management at the University of Toronto offers a uniquely inviting One-Year Executive MBA; perfect for upper level managers looking to further develop their skills in management, decision-making and leadership. Within 13 months, the EMBA will provide students with hands-on leadership experience designed to change the way MBAs approach business and make decisions. The degree is also designed work around a student’s career, providing the opportunity for students to constantly be applying their education outside of the classroom.
Ted Rogers School of Management – Ryerson University
At Ryerson University’s Ted Rogers School of Management, students can select from a number of different formats in which to pursue their MBA. Students with a BBA, BCom or equivalent degree and at least two years of North American work experience have the option to earn their MBA in just 12 months. The Ted Rogers MBA program is centered around experiential learning, with events like Integrative Week/Weekend, allowing student work to be critiqued by industry professionals. Students will also be required to complete their final semester centered around real-world application of theory and analysis learned in the classroom through a capstone project and internship.
Highest Paid Starting Salaries for Toronto MBA Grads
Earning an MBA in Toronto can be a practical decision for a myriad of reasons. Forbes named Canada the best country for business in the G20, with Toronto as its formal financial and business capital. It stands to reason Toronto may be one of the strongest areas for business not just in North American, but around the world as well. Its advantageous position close to the U.S. border makes the city a hotbed of international commerce, and as the fourth largest city on the continent, Toronto provides a wealth of opportunities for motivated professionals.
As though these reasons weren’t incentive enough to pursue higher education in Toronto, the city has the second highest quality of life in North America, according to the Mercer Quality of Living Survey. The city’s vital university system is full of talented and aspiring industry leaders ready to launch their own careers, readily taking advantage of everything the city has to offer.
For those of you planning to pursue your MBA in this cultural and fiscal epicenter, we’ve laid out which school grads have the highest starting salaries in the city.
The Highest Paid Toronto MBA Salaries
Ivey Business School—Western Canada University
Graduates from Ivey Business School will not be disappointed with the opportunities made possible by their degree. In 2016, 90 percent of graduating MBA students looking for jobs had received an offer by September and, by December, an impressive 96 percent of students were fielding offers. The average starting salary for grads in 2016 was $104,007 ($84,098 USD). The base salaries ranged from $40,000 to $192,000 ($32,344 to $155,255 USD), with the higher end of this range going to students who pursued consulting jobs. Since this program is just one year long, the high average starting salaries for students indicate a considerable return on investment, in terms of both money and time. Bloomberg BusinessWeek also ranked Ivey’s MBA as the best MBA program in Canada for the past three years.
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Rotman School of Management—University of Toronto
Those looking for an MBA education that will provide ample chance to earn a generous starting salary may be impressed with the possibilities open to Rotman School of Management grads. The average base salary for graduates in 2016 was $92,524 ($74,819 USD). The 2016 class had an employment rate of 80 percent within three months of graduation and an 85 percent employment rate after six months. The range of starting salaries for the class of 2016 went as high as $214,737 ($173,486 USD) in the legal services industry. Moreover, the Financial Times has named Rotman the best business school in Canada every year for over a decade.
Schulich School of Business—York University
An average starting salary of $91,860 ($74,282 USD) for the class of 2016 makes a Schulich School of Business an ideal place for motivated students to jump-start their careers. With 89 percent of MBAs from the class of 2016 hired within three months of graduation, Schulich grads clearly have a competitive edge in the business community. Schulich’s program is also renowned for its flexibility. Students can switch seamlessly between part-time and full-time enrollment, and can choose to accelerate their program for the opportunity to earn their degree in just eight months.
Schulich MBA Grad Turns YouTube Star
Certain careers are common for MBA grads: consultant, product manager, entrepreneur, finance director, etc. But YouTube star? It’s not a job you’d normally consider after getting your MBA, but that’s exactly what Shereen Ladha did after she graduated from York University’s Schulich School of Business in 2015. Ladha had been dancing since she was in diapers but it was only after completing her MBA that she decided to combine her knowledge of business and dancing into a career.
Kellogg-Schulich EMBA Program Celebrates 15 Years
To celebrate 15 years of success, the Kellog-Schulich Executive MBA program hosted its annual alumni gala at the historic University Club of Toronto. The event was an incredible opportunity to bring together over a decade’s worth of global alumni—over 80 in total—and to commemorate the EMBA program’s years of achievement. Continue reading…
Toronto MBAs that DO NOT Require Work Experience
Getting into a top-notch MBA program is a huge undertaking. You have to ace your test scores, provide glowing academic transcripts, garner appropriate letters of recommendation, write intelligent essays and somehow impress the admissions office during an interview. It’s a daunting task to say the least. And it’s even more intimidating if you’re a recent bachelor’s grad with little to no work experience.
If you’re sweating over getting into an MBA program, we’re here to make your decision a little bit easier. We understand that it’s enough to sweat the GMAT/GRE, you don’t need to sweat a job too. So, to help simplify your application process, we’ve vetted the top Toronto MBA programs to find the ones that don’t require you to have work experience.
If you’re interested in more schools that don’t require work experience for their MBA programs then see our MBAs without work experience guide or our Canadian schools that don’t require work experience for their MBA programs page.
DeGroote School of Business – McMaster University
Work experience is required for all international applicants and for domestic applicants applying for the full-time MBA and accelerated MBA programs. Domestic applicants do not need work experience when applying to the co-op program. However, only one year of full-time, continuous work experience is required. Also, for graduates from a North American university, DeGroote will consider an undergrad co-op or internship placement (totaling 12 months) in place of work experience.
As for why DeGroote requires work experience, they feel that their students are most effective when they’re able to pull from their own professional experiences and background. It helps its MBAs to be able to contribute to group work and discussions.
Ivey Business School – Western University Canada
The full-time and accelerated MBA programs require a minimum of two years of work experience. However, don’t let that stop you. The key for Ivey is that they want MBA candidates who can contribute to the classroom experience and discussions with maturity and context. Also, Ivey admits that they will accept applications with slightly less than two years of work experience. So, if you’ve only worked for a year and a half, you can still apply.
Rotman School of Management – University of Toronto
At the Rotman School, while two years of work experience are recommended, there is no minimum requirement for the full-time MBA program. That means that recent undergraduates are more than welcome to apply. However, all applicants should be aware that the average full-time MBA candidate has 4.1 years of work experience. As for the part-time MBA program, applicants are required to have two years of experience and most students have at least six years behind their belt.
Schulich School of Business – York University
If you’re interested in attending Schulich, a minimum of two years of relevant post-degree full-time work experience is required. However, that doesn’t mean you’re out of luck if you don’t have the necessary experience. The admission committee also accepts life experience. In special cases, you can apply for the MBA program is you have two years of experience volunteering overseas or you successfully completed a 2-year masters program. Also, co-ops or internships that were completed as a formal part of your degree, and noted in your transcript, can be counted for up to 12 months of work experience.
Ted Rogers School of Management – Ryerson University
While the Ted Rogers School requires two-years of work experience, there doesn’t appear to be a full-stop if you apply directly after undergrad. According to the school’s FAQ page, students can apply to the MBA program directly after undergrad, they just have to understand that preference will be given to applicants who have a minimum of two years full-time work experience.
Lazaridis School of Business and Economics Wilfrid Laurier University – Toronto Campus
If you’re a recent undergrad, the Lazaridis School can be a viable MBA of choice with no work experience, at least for those that decide to attend the full-time MBA program with co-op. For both domestic and international students, no work experience is required for the co-op and, in fact, the maximum amount of work experience allowed is two years (no exceptions). As for the full-time MBA program, two years of work experience is required and, unfortunately, part-time and summer employment does not count. However, the school will accept six co-op work terms during your undergrad.
So, to recap, for recent undergrads the best “no work experience” schools in Toronto are:
- The DeGroote School of Business does not require work experience for domestic co-op MBA applicants.
- The Rotman School of Management has NO work experience requirement for the full-time MBA.
- The Lazaridis School does not require work experience for domestic and international co-op MBA applicants.
