The ROI of an MBA in Canada: Is an MBA worth it?

You are ready to take the next step in your career. You want more responsibility, are looking to tackle new challenges, and wouldn’t mind a salary bump either.  

An MBA will help you get ahead of the competition. But will the time and money you invest be worth it?  

This article breaks down the return on investment (ROI) you can expect from an MBA program in Canada.  

Read on to learn about the benefits, costs, and average MBA salaries to decide whether an MBA is the right next step for your career.  

What are the benefits of an MBA?  

There are several reasons mid-career professionals opt to take on an MBA program. The benefits of an MBA go beyond a higher salary, offering graduates better career prospects, an expanded professional network, and the confidence to move up the career ladder.  

• Land a better job  

MBAs are designed for professionals with experience in their field to take their careers to the next level. The courses are fast-paced, and you are expected to have foundational knowledge of the subjects. The idea behind an MBA is to propel your career to the next level and help you land a better job once you’re finished.  

• Build a strong network  

Networking is a significant advantage of an MBA program. Students rub shoulders with other professionals in their fields, working closely together and building rapport. This might be the most crucial advantage of an MBA program: gaining access to a vast professional network.  

• Learn new skills  

Of course, MBAs mean learning. Depending on your specialization, you’ll take classes to grow your skills in management, finance, operations, and human resources. This will boost your confidence and allow you to bring new skills to the table, whether in your existing role or when searching for your next career step.  

• Earn more money  

Ultimately, you can grow your average salary with an MBA in your pocket. Your newly expanded network and upgraded skills will land you better jobs, gradually increasing your salary bracket. On average, MBA graduates will make 50% more after completing the program.  

Think of an MBA as a way to quickly boost your knowledge and earning potential. Plus, you’ll get a degree that signals to potential employers that you are qualified to take on a new, challenging role.  

How much does an MBA cost in Canada?  

The benefits of an MBA sound fantastic, but what is an MBA in Canada going to cost? Tuition fees vary significantly among schools. Domestic students can expect to pay an average of CAD 30,464 in tuition fees per year, although actual annual costs vary widely by program. Programs typically last between one and two years for full-time students.  

It’s also important to factor in additional costs beyond tuition. To attend a traditional on-campus institution, you should account for several additional costs and commitments. These may include the expenses and time required to attend in person, such as potentially reducing your full-time work hours which can increase the overall cost significantly. Additionally, if the institution is in a different city, you may need to budget for accommodation or relocation expenses.  

AIB’s MBA can be completed part-time in 2 years while you work. This option can take a little longer, but there is no need to forego your income since you can work on your MBA and keep your day job. 

Another advantage of the AIB MBA is its fully online delivery. You don’t need to move or commute to complete the program. Instead, it fits flexibly around your schedule while studying from the comfort of your home.  

In any case, when calculating the total cost of an MBA in Canada, evaluate if the program is onsite or online, how long it will take, and whether you can work or not while completing the degree.  

Typical roles an MBA graduate can do  

Here are some of the most popular roles among MBA graduates.  

• Consulting  

If independence and setting your own schedule are crucial for you, then consulting is the ideal choice. An MBA offers graduates the credibility required to consult successfully, while a job in consulting provides the flexibility many crave.  

• Finance  

Finance jobs pay top dollar, but the competition is fierce. An MBA will set you apart from your peers in this ever-evolving industry. Total revenues in this sector are projected to grow at an annual growth rate of 10.96%, making it ideal for those looking to increase their earning potential.  

• Leadership and Entrepreneurship 

Want to become a CEO? Better yet, are you looking to start your own successful start-up? Then, an MBA might just be your milestone on the way to the top. For example, a third of Fortune 500 CEOs hold an MBA, having helped them climb that career ladder.  

• Technology  

If you are a tech expert looking to shift into a leadership position, consider an MBA. Graduates with an MBA degree and a tech background stand to get a significant salary and responsibility bump. That’s because the industry continues to face a considerable gap between professionals with technology skills and those who can lead teams; few can do both.  

• Human Resources  

The importance of effective HR management for organizational success cannot be understated. MBA graduates in the HR field learn how to effectively manage teams and ensure employee satisfaction while positively impacting their business’s bottom line.  

Average salary of an MBA graduate  

The average MBA salary in Canada is CAD 155,000 per year. This puts MBA graduates in Canada in the top 5% of Canada’s earners.  

That said, the actual salaries for MBA graduates in Canada will vary significantly. The role, location, industry, company, and personal effectiveness will all impact how much you earn after completing an MBA.  

Globally, MBA graduates report an increase of around 50% in their earnings before and after completing an MBA. Notably, they also cite increased confidence and an expanded network as significant advantages to their professional development.  

Bottom line: Is an MBA worth it in Canada?  

Several factors will impact both the cost and ROI of your MBA. When calculating the ROI of an MBA in Canada, consider the following:  

Costs 

• Tuition fees for the entire course  
• Living expenses for the duration of the course if it’s on-site (no extra cost if done online) 
• Income you will forego for the duration of the course if it’s full-time (no opportunity cost when completed part-time)  
• Additional costs, such as books and materials  
• Travel expenses for on-site programs (none if the course is online) 
• The time it will take to complete the course  

Benefits  

• How much your earning potential will increase after the program  
• What roles you can expect to fill once you’ve graduated  
• Long-term opportunities over the course of three to five years  
• The expanded professional network you will access  
• Personal and professional growth factors like knowledge and confidence  

At the end of the day, you will need to weigh the costs and benefits of an MBA program and decide whether it’s right for you. While an MBA is a significant financial and time commitment, it can do wonders for your professional growth.  

Are you ready to take your career to the next level? Get in touch with our Course Advisors at the Australian Institute of Business. We will guide you through the available programs, costs, and benefits of our MBA for Canadian students, helping you make the right choice for your professional development.   

FAQs  

How much does an MBA in Canada cost?  

On average, MBA tuition fees for domestic students in Canada cost CAD 30,464 per year, and it takes one to two years to complete a program. The actual fees will depend on the school’s regulations, delivery format, and whether you are a domestic or international student.  

Prospective students should also consider opportunity costs, like the income they may forego when taking a full-time program on-site. Additionally, factor in your living expenses, the price of books and other materials, and any travel costs you might incur.  

The AIB MBA offers a unique opportunity to complete the entire course online from the comfort of your home, so you don’t have to worry about living or commuting expenses. Students can also enroll part-time, completing the program in two years while keeping their day job and steady income.  

Is an MBA worth it in Canada?  

MBA salaries in Canada range around CAD 150,000, placing them in the top 5% of Canada’s earners.  

That said, an MBA is a personal choice and should be the right move for your career at the right time. You should carefully weigh out the pros and cons of an MBA, determining whether it’s the ideal milestone on your path to success.  

How long does it take to complete an MBA?  

Typical MBA programs take one to two years to complete, depending on whether you study full-time or part-time. The duration will depend on the program and your study load. 

For example, the AIB MBA can be completed in just 12 months if taken full-time. To keep it flexible for busy professionals, you can also take the part-time program, which takes 2 years to complete.