In the competitive realm of global business education, pursuing an MBA in Canada offers both prestige and tangible career advantages. Known for its top-tier universities and a thriving job market, Canada has cemented its status as a prime destination for MBA students seeking quality education and lucrative career opportunities.
In fact, Canada's appeal lies not only in its academic excellence but also in its diverse and inclusive business environment, which fosters innovation and growth across various industries.
For instance, data from the Graduate Management Admission Council (GMAC) indicates that MBA graduates in Canada see a significant increase in their earning potential post-graduation, with salaries averaging around CAD 90,000 to CAD 110,000 annually, depending on factors such as industry, location, and level of experience.
This article delves into the specifics of MBA salaries in Canada, offering insights into what prospective students can expect as they embark on their journey toward a rewarding career in business leadership.
What is Average Salary for MBA Graduate in Canada?
Canada offers a bunch of job opportunities for MBA graduates. As per Talent.com, as a student pursuing an MBA from Canada, you can expect an average salary of $80,604 per year upon finding a job.
However, this might vary from various Canadian cities based on their cost of living and job requirements.
Average Salary of MBA in Canada - City-Level
Based on different Canadian cities, an MBA graduate in Canada can be offered different salary packages.
Here is a list of average salaries offered to MBA graduates based on cities in Canada.
City
Average Salary for MBA Graduate (CAD)
Toronto
$54,406
Vancouver
$51,338
Calgary
$50,272
Montreal
$48,475
Ottawa
$75,403
Universities Offering High Placement After MBA in Canada
Canada is home to globally reputed universities such as the University of Toronto, the University of British Columbia, the University of Alberta, and McGill University.
These top-ranked universities along with several other offer globally recognized degrees and lucrative job opportunities. Meanwhile, it is important to note that the average salary after an MBA in Canada depends upon the university and program of the student.
Universities in Canada offer more than 55 MBA programs. The choice of specialization for studying in Canada should be made based on the job market, opportunities, and salary packages offered after course completion. Listed below are the top MBA specializations offered by Canadian B-schools.
Specialization
Type of Specialization
Areas of Function & Study
Average AnnualSalary
Best Universities in Canada
MBA in Finance
Functional
Financial management is a specialization that focuses on areas like financial management, accounting, money markets, capital, international finance, banking, and insurance. Students from commerce background and knowledge of accounting can go for an MBA in Finance.
The average salary is around $95,130 (INR 57,93,744) yearly after an MBA in Finance.
University of Alberta, University of Calgary, University of Toronto
MBA in Human Resource
Functional
Human Resource Management is a specialization that focuses on recruitment, employee engagement, staffing, retention, salary, performance appraisal and employee relations among others.
The average salary is around $67,657 (INR 41,20,447) yearly.
University of Alberta, University of British Columbia, University of Toronto, McMaster University
MBA in Operations
Functional
The specialization deals with areas like improving productivity to deliver value to the end customer, turnaround time, cost, and quality.
Average salary is around $83,120 (INR 50,62,294)yearly.
McGill University, University of British Columbia, University of Toronto, University of Concordia, Queen’s University
MBA in Information Technology
Functional
MBA in Information Technology revolves around programming, analytics, machine learning, artificial intelligence, and various technologies.
Average salary is around $72,001 (INR 4,38,565) yearly.
University of Alberta, University of British Columbia, University of Toronto, University of Concordia, York University, McGill University
MBA in International Business
Functional
International Business involves various aspects of business all over the world. IB professionals mainly research businesses across the world and determine their performance.
Average salary is around $93, 451 (INR 56,91,487)yearly.
University of Alberta, University of Toronto, University of British Columbia, University of Concordia, Queen’s University, York University, University of Montreal
MBA in Marketing
Functional
The areas of work include selling, business development, revenue generation, leads, customer service, market research, techniques, and marketing strategies.
Average salary is around $57,293 (INR 34,89,340) yearly.
Queen’s University, University of British Columbia, University of Alberta, University of Concordia, University of Toronto
MBA in logistics and supply chain
Functional
Areas like planning, implementing, and controlling the flow and storage of goods and services between the point of origin and consumption are the focus.
Logistics and supply chain is a rewarding career with an average salary of $67,032 (INR 40,82,479 ) yearly.
University of Toronto, University of Alberta, University of British Columbia, University of Concordia, Queen’s University, York University, University of Montreal
MBA in Healthcare
Functional
It is a fast-growing industry, and the scope is vast in the pharmaceutical and government healthcare sectors. Private sector offers equally rewarding opportunities.
Average salary is around $91,178 (INR 55,53,054) yearly.
University of Toronto, Queen’s University, McGill University, University of Concordia, University of British Columbia
MBA Data Science
Functional
The industry revolves around interpretation of data, researching data sources, processing data, and creating data models.
Average salary is around $99,528 (INR 60,61,597) yearly.
University of Montreal, University of Alberta, University of Toronto, University of Concordia, Queen’s University, York University, University of British Columbia
Top Paying Industries for MBA from Canada
1. Finance
Financial services rank high on the list of top-paying industries for MBA in Canada. With many job roles in the domain, an MBA degree can be a good choice to boost your career growth.
2. Consulting
The consulting sector has been recognized as one of the top choices in terms of industry destinations for MBA in Canada. About 25-30% of MBA graduates choose to enter consultancy firms in Canada. This sector records an average salary of $83,543 (INR 50,88,056) for MBA graduates.
3. Technology
The technology conglomerates in Canada proved to be the largest industry employers. A median MBA salary in Canada ranges around CAD 72,001 (INR 4,38,565).
Salary Levels of MBA Graduates in Canada
There exist variations in the salary of an MBA in Canada depending on the job titles and responsibilities. The average salary levels according to job titles are listed below:-
1. Project Manager
$88,146 (INR 53,68,394)
2. Chief Executive Officer (CEO)
$1,83,121 (INR 1,11,52,699)
3. Management Consultant
$1,02,504 (INR 62,42,846)
4. Senior Business Analyst
$92,526 (INR 56,35,151)
5. Financial Analyst
$69,327 (INR 42,22,253)
Register for Study in Canada FREE Course
The Canada hosts the largest number of international students from across the world. Over the past few years, it has become one of the most popular destinations for studying abroad. Reasons such as best-ranked institutions, excellent support facilities, flexible academic environment, and cultural diversity contribute to making it the most preferred destination amongst students planning to study abroad.
Highest Paying MBA Jobs in Canada - Career Options
Uncover the best-paying job opportunities for MBA holders in Canada, ranging from corporate finance managers to business development directors, promising substantial earnings and professional advancement.
1. MBA in Finance Salary in Canada
Doing an MBA in Finance in Canada can open potential job opportunities for various roles in the field. Here are some amazing job roles to consider for an MBA in Finance in Canada. Know about the salary of an MBA financial manager in Canada and other similar job profiles.
Financial Manager
As a financial manager in Canada, you will be responsible for maximizing the profit returns of your organization by analyzing the current data and advising senior managers. The average salary for a financial manager in Canada can be around $1,04,087.
Financial Analyst
A financial analyst is specifically concerned with matters related to money expending. These include bank loans, insurance, pension funds, and more. The goal is to generate profit for the organization by spending money. The average salary of a financial analyst in Canada is around $69,327 per year.
2. MBA in Marketing Salary in Canada
Choosing the marketing domain to pursue your MBA in Canada is another good option for exponential career growth. Here are some job roles related to it.
Marketing Analyst
As a marketing analyst, you will study various market aspects and understand their sentiments to help your organization excel in a particular domain. The average salary of a marketing analyst in Canada is $71,814 per year.
Marketing Coordinator
As a marketing coordinator, you will be responsible for successfully carrying out various marketing campaigns. Your potential salary in Canada can be around $48,757 per year.
3. MBA in Information Technology in Canada
MBA in Information Technology is an in-demand degree that can help you achieve new heights in your career. An MBA degree can open new job opportunities and promotions in your technical career.
Chief Technology Officer
As a chief technology officer, you will be your company's overall head of technology. Hence, all the technical tasks will be carried out under your supervision.
Being a position of officer rank, the pay scale for this role can be around $1,52,747 per year.
Project Manager
As an MBA graduate project manager, your primary role will include dealing directly with the client, understanding project requirements, and getting things done within the given time frame.
The average salary of a project manager in IT in Canada is around $88,146 annually.
Data Analyst
A data Analyst is usually responsible for conducting research on the data obtained from various sources and then using it in favor of the organization.
The average salary of a data analyst in Canada can be around $68,144 per year.
IT Consultant
An IT consultant is usually responsible for troubleshooting technical issues, recommending potential IT solutions that could benefit the organization, and maximizing the overall value of IT systems.
In Canada, an IT consultant with an MBA degree in IT can earn up to $83,540 per year.
4. MBA in Human Resource Management in Canada
Pursuing an MBA in Human Resource Management is another stream that opens a huge job market for you. Here are some in-demand job roles.
HR Coordinator
As an HR coordinator, your primary tasks will include redirecting calls and distributing correspondence among the team members.
You can earn around $51,078 per year working in this role.
HR Assistant
An HR assistant is usually involved in maintaining employee records and fulfilling the organization's human resource needs. This includes managing the hiring and payroll process along with some administrative tasks.
You can earn around $48,286 annually as an HR assistant in Canada.
HR Representative
Often handling tasks related to hiring, managing, and talent retention, the role of HR representative can be quite a few.
For such a job, you can expect to earn around $59,046 per year after earning an MBA degree in Canada.
Job Opportunities & Market Demand for MBA Graduates in Canada
Canada has a diverse market range and potential job opportunities for MBA graduates. After completing an MBA from a Canadian university, the Canadian market offers jobs for MBA graduates in various domains.
This includes almost every sector offering jobs for MBA graduates. From the IT sector, finance, healthcare, accounting, management, and more, the Canadian market offers immense jobs for MBA graduates. Some potential job roles available for MBA graduates in Canada include finance manager, financial analyst, marketing manager, risk manager, and other similar roles.
Moreover, by graduating from a Canadian university, you can even explore job opportunities during your campus placements and boost your career as an MBA graduate.
Top Recruiters that Hire MBA Graduates in Canada
Canada is one of the most powerful economies in the world. Top business organizations such as Amazon, Morgan Stanley, McKinsey, EY, KPMG, Deloitte, Infosys, HCL Technologies, Microsoft, Apple Inc., Google, and Accenture hire MBA professionals regularly from Canadian universities.
For instance, Amazon offers competitive salaries to MBA graduates, typically ranging from CAD 100,000 to CAD 150,000 per year in Canada. These figures can vary based on the specific role, level of experience, and location. Additionally, Amazon often includes performance-based bonuses, stock options, and other benefits as part of their compensation packages for MBA hires.
Province-Wise MBA Graduates’ Salaries
The average salary an MBA graduate can earn can vary based on region as well. Here’s a quick rundown of how much one can expect to earn.
Here are a few tips to help you get a job in Canada.
Ensure that you get your postgraduate work permit well beforehand in Canada. Do not wait for a job, as things can get hasty later.
Consider applying through various recruiter websites to find a job in Canada.
Connections can help you easily get a job in Canada. Try connecting with people who are likely to work in the industry where you would like to get a job as an MBA graduate.
Do not refrain from grabbing internship opportunities during your MBA program since there are high chances that an internship might ultimately land you a job offer.
Become a part of groups and clubs in your college or university and forge connections that can lead to job prospects.
When considering pursuing an MBA in Canada, it becomes important to calculate the Return on Investment (ROI) for the course.
ROI for MBA in Canada is the total expected profitability that can be yielded after the completion of the course. Here, the course fee and other expenses can be considered as an investment amount and the financial gains and career advancements are a part of the total return generated.
When calculating the return on Investment for an MBA course in Canada, you must consider all the factors involved in it.
Some major components of your investment amount include:-
Tuition Fees
Living Expenses
Opportunity Cost
Other Miscellaneous Expenses
Upon considering the investment factor, the factors responsible for generating a return come into play. These include:
Job Package Obtained After MBA
Employment Opportunities
Career Growth
Scholarships (if any)
Financial Aids Received
To calculate the ROI of an MBA course in Canada, you must also consider the time duration of the total program. If you are considering financing your MBA program, interest rates or additional loan repayment costs are also to be included.
Now, to calculate the ROI for an MBA program in Canada, sum up all your investment amounts along with the interest rates or additional loan repayment costs (if any).
Further, subtract this amount from your MBA job package to find your total return for an MBA program in Canada.
While this will yield your potential return amount, you must consider other non-monetary benefits. These include introduction to networking opportunities, acquiring new skills, personality development, and more.
Therefore, all these together will yield your return on investment after earning an MBA in Canada.
Disclaimer: All course fees and salaries are approximate amounts and are subject to change depending on various conditions.
FAQs on MBA Salary in Canada
What is the minimum salary after an MBA in Canada?
As per talent.com, the minimum salary package in Canada after doing an MBA can be around $60,164. However, this might vary with time and the situation of the Canadian market.
How much does an MBA from Canada earn?
The average salary for an MBA graduate in Canada is around $80,604 per year.
What is the average MBA salary after 5 years in Canada?
After completing the MBA program, within 5 years, you can expect a salary range of $1,42,000 for women and $1,52,000 per year for men in Canada.
What is the highest salary in Canada for an MBA?
As per talent.com, An MBA graduate in Canada can be offered a salary as high as $1,40,490. This is the maximum salary that can be earned in Canada by MBA graduates.
Is an MBA in demand in Canada?
Yes, an MBA is in demand in Canada. Graduates holding an MBA degree are offered potential job opportunities in fields related to finance, technology, and various other sectors.
Is an Indian MBA valid in Canada?
Yes, an Indian MBA is often given equal status in Canada as well. According to the International Qualification Assessment Service, both Indian and Canadian MBAs are equivalent.
What is the average salary after MBA in Canada?
The salary after MBA in Canada varies depending on the university studied from and the job profile. On an average, it can range between CAD 30,000-160,000 approx (INR 17,61,929 to 93,96,957).
How much does an MBA increase your salary?
An MBA certainly adds value to one’s job prospects. The increase in the average salary after MBA in Canada depends on the industry destinations. For instance, consulting industries record a 50% increase in after one pursues a Canada degree, Private Equity industries record a 40% increase, and so on.
Which MBA has the highest salary in Canada?
In Canada, the MBA specializations that offer the highest salaries include Finance, Operations, IT, and HR.
What is the scope of an MBA in Canada?
The high standards of living, cultural diversity and booming economy of Canada make it an attractive destination for MBA graduates for education and professional opportunities.
Can you settle in Canada after your MBA?
Yes. If you hold an MBA degree and a job, you can contemplate immigrating to the country and settling there.
Rakhee Talukdar is an edtech expert with five years of experience in the education technology sector, focusing on K-12 and higher education systems in various countries, including Canada, USA, Finland, France, and Germany. Her background includes founding a startup and working with early-stage educational ventures, giving her a nuanced understanding of the challenges and opportunities within these educational landscapes. Additionally, Rakhee specializes in helping students craft compelling Statements of Purpose (SOPs) for studying abroad, leveraging her insights into different education systems to guide students in articulating their academic and professional goals effectively. Her comprehensive knowledge and strategic approach make her a valuable resource for students navigating their educational journeys and financial planning.
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