Source: Canadian MBA Alliance
MBA in Canada for Indian Students
Despite having over 3000 B-schools all over India, there are hardly any MBA colleges apart from IIMs and few private colleges like XLRI & ISB that stands at par with International standards. Moreover, the competition is so high that out of 2 lakh applicants only 1% students reach these top B-schools. Meanwhile, due to lack of quality educational institutes and rising competition, more and more students are moving out to pursue education abroad under International environment to have global exposure.
IIMs are a league apart, so choosing a foreign university over IIMs hardly makes any sense. Therefore, the question boils down to whether to pursue a degree from an average B-schools in India or to look for an option abroad?
Is MBA from Canada Better?
When it comes to foreign countries that provide world-class MBA programs US, UK, Canada and Australia are some of the most favoured countries that students look to explore. Due to very tough restrictions on international students who want to stay and work in US and UK, Canada and Australia are becoming the next potential destination by attracting the talented students to their programs.
But would it be worth it to study MBA from a country like Canada? Are there any major benefits of studying in Canada? What will be the cost of studying in Canada? Is there any salary difference between India and Canada? How long would it take to get a return on your investment keeping in mind the high expenses?
These are some critical questions that, I believe, every MBA aspirant encounters while thinking of studying abroad. Let us critically analyse the major benefits of studying MBA in Canada over studying in India
Where should you study- MBA in Canada vs. MBA in India?
With an increasingly larger number of aspirants looking at MBA abroad, what are the pros and cons of an MBA in India vs. MBA in Canada? Is it worthwhile to get an MBA abroad? This decision depends on a number of factors and ultimately has to come from you. We present these factors before you to help you in making this vital decision.
Following are the factors that affect your MBA program. The factors are explained in terms of both MBA in Canada and MBA in India to make a comparison between the two.
What are the Course Details for MBA in Canada vs. MBA in India?
MBA programs in Canada are typically divided into two parts: 2-year programs from universities, and 1-year program from colleges. Most of the Canadian universities require a work ex. of minimum 3 years, unlike Indian colleges where one can pursue MBA straight after graduation.
With over 80 universities and colleges offering MBA programs, Canada not only offers conventional MBA programs like finance, marketing, and HR, but also offers management courses from a varied field like sports management, entrepreneurship, etc. Students also have the luxury to customize their electives.
MBA courses can come in a wider variety of formats. The most common types of MBA courses in India are as follows:
- Full-time MBA
- Executive MBA
- Part time MBA
- Correspondence Course
- Distance MBA Courses
- Online MBA coursesThe Duration of the Course is 2 years, the typical full-time MBA student takes three courses, per semester. Most full-time programs feature two semesters per academic year, which means students can expect to complete their degree two full years after they began the program.
The courses offered by Universities of Canada is wider than B-schools of India. Thus Canada offers you a wide range of courses in the management field to choose from.
What is the Cost for MBA in Canada vs. MBA in India?
Studying in Canada is a lot cheaper when you compare it with US, UK, and Australia because almost all universities in Canada is funded and overseen by the federal and local government. However, the cost is a bit on the higher side when you compare it with the global average. Despite various scholarships available for master’s program, there are scarcely any for MBA programs. So, the students have to bear all the cost of studying MBA.
MBA from Universities costs around CAD$ 70000 -100000 (Rs 35–50 lakhs), however, the 1-year MBA program form colleges costs CAD$ 30000–40000 (Rs 15–20 lakhs). Accommodation and living expenses in Canada costs CAD$ 10000 (Rs 5 lakhs) per year. On the other hand, Indian B-schools charge Rs 15–25 lakhs for pursuing a 2-year MBA program.
Even though the cost of MBA abroad will be higher as compare to that of India but there are financial aids available for students to finance their international studies. There are millions of scholarships available globally for Indian students.
Apart from scholarships, there are education loans that act as a financial aid for abroad studies. Thus government and well-recognized universities globally make sure that cost of studying never become a hindrance.
What is the Employability and Salary Expectations after MBA in Canada vs. MBA in India?
According to the QS TOPMBA.com report, almost 90% of students from top Canadian universities get placed every year with an average pay of CAD$ 90000 (Rs45 lakhs) and the median pay of CAD$ 80000 (40 lakhs).
Under Student Partnership Program (SPP), it is mandatory for colleges providing 1-year MBA to maintain 80% employability rate. Students pursuing this program get placed with an annual salary of around CAD$ 60000-72000 (Rs 30–36 lakhs).
In India, only students passing from top universities get an average package of Rs 15–20 lakhs, whilean average package of around Rs 6–10 lakhs from other private colleges.
Thus in terms of employability and salary expectation, MBA in Canada is advantageous in comparison to MBA in India.
What are the Returns on Investment for MBA in Canada vs. MBA in India?
One of the reasons why MBA students flock to Canada is due to its work laws upon graduation. Under their law, students can extend their visa up to 3-years or 1 -year after completing a 2-year or 1-year degree respectively. Due to these work permit rules students can pay the loans easily because now they will earning in CAD$ and paying in Indian Rupees.
According to the same report of QS TOPMBA.com, it takes around 44 months after completing 2-year MBA to recoup the initial payments considering both the program cost and forgone salary of an earlier job. While it takes 2-years for 1-year MBA graduates. On similar lines, students passing from Indian B-schools payback in around 3–4 years.
The returns after MBA plays out over the entirety of one’s career. According to the study, those pursuing MBA from top Canadian universities is better off by CAD$ 670k (Rs 3.35 Cr.) within 10-years.
Although Job market for MBA graduates is always hungry for prospective students, when it comes to choosing a candidate, students with International exposure will always have a better hand. Canada, thus, with many low restrictions for PR and no dearth of opportunity proves to be a viable option for Indian students who are looking to pursue MBA
What are the top Universities for MBA in Canada?
Rotman School of Management
The University of Toronto’s Rotman School of Management maintains its position at the highest place of this year’s top business schools in Canada. The Rotman School is well symbolized in the latest ‘Thinkers50’ biennial ranking of the most powerful figures in management.
Ivey Business School
The Ivey Business School has moved from third to second in the Canadian MBA rankings. This institute’s first program was established in 1948 and is still running strong to benefit the student population.
Sauder School of Business
Vancouver’s Sauder School of Business has significantly recovered in its ranking from last year after it was placed in the seventh position among the top business schools in Canada. Presently, it’s up to third with the country’s second-highest gain in the academic segment which now forms 15% of the regional MBA rankings by QS.
Desautels Faculty of Management at McGill University
The Desautels Faculty of Management managed under McGill University,is placed fourth in Canada’s top 10 business schools in the current year. Apart from its full-time MBA, Desautels even provides a bilingual EMBA along with HEC Montréal and a weekend MBA program active in Japan from the institution’s base in Shinjuku, Tokyo.
Schulich School of Business
Schulich School of Business is one of the most renowned institutions in Canada which offers professional MBA courses. It provides a 16 month program which covers an integrated process to general management fundamentals.
According to the htcampus report, only 30% students return India after studying abroad. At the same time, Canadian laws do not put many restrictions when it comes to applying for a PR. Canada, thus, with much lower restrictions for PR and no dearth of opportunity proves to be a viable option for Indian students who are looking to pursue MBA.
Thus, to sum up we can say that pursuing MBA in Canada has many advantages over pursuing MBA in India. But irrespective of which school you get into in India or abroad, you need to prove yourself once you join the workplace. You need to market and sell yourself, having the MBA behind you.
What are your thoughts on pursuing MBA in Canada? Do share in the comments section below. Also, do share your suggestions and feedback.