MBA graduates in Canada earn an average base salary of CAD 87,098 per year, ranging between CAD 71,884 and CAD 105,061. These figures show the immense demand that these students enjoy in the North American country. Apart from the high salaries, these degrees promise global recognition, networking opportunities, strong career prospects, and international exposure.
However, pursuing an online MBA in Canada comes with its own set of challenges. Students often face rigorous coursework, the challenge of navigating group dynamics, and the pressure of balancing personal and academic responsibilities. Adapting to a multicultural environment, managing finances, and competing in a tight job market can also be demanding. For many students, financial constraints are the most pressing concern, making MBA scholarships a crucial source of support and opportunity.
This blog will explore the top scholarship options available to students and outline the application processes for securing these financial aids.
Sources: Glassdoor
MBA Scholarships in Canada – Great Ways to Fund Your Business Education
Students in Canada have access to a wide range of online MBA scholarships and financial aid opportunities. These include both external funding sources and institution-specific programs. Such financial support can help cover key expenses, including tuition fees, travel, and living costs. Below are the main types of MBA scholarships available in Canada:
- Merit-Based Scholarships
- Need-Based Scholarships
- Inclusion and Diversity Scholarships
- University-Specific Scholarships
- External Scholarships
- Government Funding
Also Read: Understanding The Scope of an MBA: Key Opportunities & Trends
Ontario Graduate Scholarship
The Ontario Graduate Scholarship is a merit-based provincial scholarship that aids students in institutions based in Ontario. It offers funding for two or three consecutive study terms. The eligibility and the application process of the program depend on the specific program and the university of the applicant.
Academic excellence is a crucial factor in securing a scholarship. Students must demonstrate substantial academic achievement, including high GPAs, as well as strong GRE or GMAT scores. Students can apply through their university’s graduate unit.
Forté Foundation
Students looking exclusively for MBA scholarships for women can apply to the Forté Foundation. This non-profit organization has devoted itself to increasing the number of women in business leadership. Its scholarships – also referred to as Fellowships – also offer networking support along with financial aid.
The foundation also has a strong network of partner organizations and schools that help women and girls achieve their dream of pursuing an MBA and securing top leadership positions in leading organizations worldwide.
Also Read: Is an Online MBA Worth It for Professionals in Canada?
Ivey Business School
The Ivey Business School of Western University offers various financial aid options, including scholarships for MBA students. These options include both students in Canada and outside of it.
It provides admission scholarships, including the Ivy Global Leader Award, as well as equality, inclusion, and diversity scholarships that support Indigenous students in Canada, along with year-end and in-program awards. All these programs have separate eligibility criteria. For example, it automatically provides admissions scholarships to all applicants upon admission to an MBA program.
Rotman School of Management
The Rotman School of Management, a part of the University of Toronto, offers various financial aid options, including scholarships for MBA programs. These include the Entrance Awards, the Dean’s Scholars Awards, and the Joseph L. Rotman Scholarship program. It also offers scholarships in particular areas, such as Indigenous students and healthcare.
These scholarships account for a substantial part of the tuition fees, and the management school awards them depending on the academic potential and merit of the applicant.
Also Read: Canada Job Market Trends: Why an MBA is a Smart Investment Today
Schulich School of Business
The Schulich School of Business at York University offers various MBA scholarship programs and other options for financial aid to assist students in pursuing the degree. These are primarily awards that promote inclusion and diversity, recognizing factors such as academic excellence, community involvement, and leadership qualities.
Apart from these, it offers loans, job opportunities, and a financial aid office that helps applicants navigate the options available for financial assistance. It offers specialized programs for female students, as well as for Indigenous and African-origin students.
How to Apply for MBA Scholarships in Canada – Step-by-Step Guide
If students research thoroughly and apply their findings strategically, they can easily find the best solutions. There is a wide range of financial aid options available in Canada to make studying for an MBA more manageable and accessible.
| Steps | Execution |
| Thorough Research | Identifying financial aid programs and scholarships that match one’s needs and profile. |
| Application Preparation | Focusing on academic transcripts, an SOP, reference letters, and a CV. |
| Meeting Eligibility Criteria | Ensuring one satisfies all prerequisites to obtain the loan or scholarship. |
| Early Application | Keeping an eye on the deadlines so as not to miss them. |
Also Read: GMAT or GRE for Online MBA in Canada: What You Really Need to Know!
How upGrad Facilitates Your MBA Journey in Canada
The online MBA programs offered through upGrad are curated in collaboration with some of the world’s most prestigious institutions, providing students with a world-class education. They are an ideal choice for those seeking to acquire top-tier business knowledge and accelerate their career success.
- Master of Business Administration (MBA), O.P. Jindal Global University
- Master of Business Administration, Paris School of Business
- Master of Business Administration, Golden Gate University
- Master of Business Administration, Edgewood College
- Master of Business Administration (MBA), Liverpool Business School
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FAQs On Scholarships & Financial Aid for MBA Students in Canada
Q: What are the best MBA scholarships available in Canada?
Ans: The best MBA scholarships available in Canada are from the following:
- Ontario Graduate Scholarship
- Forté Foundation
- Ivey Business School
- Rotman School of Management
- Schulich School of Business
Q: What are the eligibility criteria for MBA scholarships?
Ans: The standard eligibility criteria for an MBA scholarship include:
- A bachelor’s degree
- A competitive GPA
- Strong GRE or GMAT scores
- Letters of recommendation
- A personal statement
Q: How competitive are MBA scholarships in Canada?
Ans: MBA scholarships in Canada are highly competitive, but with a strong application and a proactive approach to exploring multiple opportunities, students can significantly improve their chances of success.
Q: What documents are required for MBA scholarship applications?
Ans: The following are the documents usually needed for applying for MBA scholarships in Canada:
- Academic Transcripts
- Standardized Test Scores, such as the GRE or GMAT
- Scores of English Language Proficiency
- CV or Resume
- Letters of Recommendation
Q: Are there any MBA scholarships in Canada that cover living expenses as well?
Ans: The MBA scholarships in Canada that cover living expenses are:
- McNamara Fellowships Program
- Aga Khan Foundation’s International Scholarship Program
- Pierre Elliott Trudeau Foundation Scholarship
