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Considering an MBA at Schulich School of Business, Toronto, Canada? Costs can be a concern. This blog post dives into Schulich MBA fees—tuition, living expenses, scholarships, ROI, and part-time job opportunities to aid your decision-making process.
Delve into the breakdown of expenses, ROI analysis, and strategies for managing costs effectively. Whether pondering scholarships or part-time work, this guide equips you to navigate Schulich's MBA financial landscape.
Schulich MBA Fees
Schulich MBA fees are a significant investment, and tuition is one of the biggest expenses. For the 2023- 2024 MBA intake, the tuition fee for international students is around USD 72,600. Schulich MBA fee includes academic fees, case materials, and administrative costs. However, the charge may vary depending on the program and the mode of study.
The average completion time for the full-time MBA program is four terms, equivalent to one semester or 12 weeks. The full-time accelerated MBA may be completed in two terms. The fees below are based on the Fall 2023-2024 fee framework.
Schulich MBA Program fees are subject to change, and it is best to check the official website for the most up-to-date fee information. Moreover, students must consider additional expenses, such as living expenses and textbooks, while planning their MBA program.
| Student Status | Full-Time Tuition per Term | Part-Time Tuition per Term |
|---|---|---|
| International Students (Indian) | $30,933 | $12,366* |
| Estimated Program Total (International)** | $123,732 | $123,660 |
Living expenses in Canada
Besides tuition fees, living expenses such as food, travel, and accommodation also add to the cost of pursuing an MBA from Schulich. These living expenses and tuition fees make up the overall Schulich MBA fees students must budget for. Schulich is one of the most popular MBA Colleges in Canada.
| COMMODITIES | ON CAMPUS | OFF CAMPUS |
| Books/Course Materials | USD 750 | USD 750 |
| Rent | USD 4500-8000 | USD 5000 |
| PERSONAL EXPENSES | USD 1806-2179 | USD 2466- USD 2838 |
| LOCAL PUBLIC TRANSPORTATION | USD 392- 764 | USD 392-764 |
| HEALTH INSURANCE (UHIP for international students only) | USD 252 | USD 252 |
| GSA Health Plan | USD 125 -USD 190 | USD 125 -USD 190 |
| Meal Plan/Food | USD 1500- 3000 | USD 1600 |
| Approximate cost per term | USD 9390-USD15135 | USD 10,585- 11,394 |
Unlocking opportunities via Scholarships
Schulich School of Business is committed to making quality education accessible to all deserving students. To support this, the school offers scholarships to Schulich MBA students, reducing the burden of the Schulich MBA fees. These scholarships are based on various criteria and help students with financial needs, academic excellence, and diversity. Below are some of the popular scholarships offered by Schulich:
- Forté Fellowships: The Forté Fellowship was launched in 2001 to address the gender gap in MBA programs, where women comprised less than 28% of students.
Forté partner schools have awarded approximately $400 million in scholarships to over 17,000 Forté Fellows, significantly impacting women's representation in MBA programs and business leadership. - Ontario Graduate Scholarships: The Ontario Graduate Scholarship (OGS) Program is a merit-based scholarship available for graduate students at the master's and doctoral levels in Ontario. The province of Ontario and the participating schools jointly fund this scholarship, which awards range from $10,000 for two consecutive study terms to $15,000 for three consecutive study terms.
These scholarships cover a portion of the total cost of tuition fees and living expenses. Applicants must check each scholarship program's eligibility criteria and application deadlines.
ROI: Maximising Your Returns
Pursuing an MBA program from Schulich is an excellent investment in your career. According to the Financial Times MBA rankings 2021, the Schulich MBA program ranks 66th globally and is ranked among the top 20 in North America for salary increase. The average salary for Schulich MBA graduates is around CAD 100,000 annually, and graduates can expect a 58% salary increase after completing the program.
We must consider the total investment required and the post-MBA salary to calculate ROI for the Schulich MBA program. The total investment is CAD 100,000, including tuition fees, living expenses, and other associated costs.
Using the average post-MBA salary of CAD 100,000 annually and assuming two years for the MBA program, the total post-MBA compensation would be CAD 200,000. Therefore, the ROI for the Schulich MBA program can be calculated as follows:
ROI = (CAD 200,000 - CAD 100,000) / CAD 100,000 = 1 or 100%
This means that the Schulich MBA program's return on investment is 100%, indicating that graduates can expect to earn twice the amount they invested in the program.
Part-Time Jobs and Potential Earnings
International students studying in Canada can work part-time during their academic year and full-time during the summer months. While working part-time, students can earn around CAD 15-20 per hour, which can help offset the cost of living expenses.
1. Campus Jobs
Many universities, including Schulich, offer part-time job opportunities to their students. These jobs can include positions in the library, bookstore, IT department, student services, and more.
2. Hospitality
The hospitality industry is famous for students looking for part-time work. Students can work as servers, hosts/hostesses, bartenders, or in other positions at restaurants, bars, and hotels.
3. Retail
Retail positions such as sales associate or cashier are also popular options for part-time work. Students can work at stores in malls or other retail locations.
4. Tutoring
Students who excel in a particular subject can also offer tutoring services to other students for extra income.
5. Freelance/Online Work
With the rise of the gig economy and online platforms, students can find part-time work opportunities as freelancers or by completing online tasks such as surveys or data entry.
Student Visa Work Hour Restrictions
As international students, Indian students pursuing an MBA program in Canada may face some restrictions regarding part-time work. Due to the pandemic, Indian students are subject to work-hour conditions, which can impact their ability to offset the cost of living expenses, including Schulich MBA fees.
In this post, we'll explore the work-hour restrictions placed on Indian students in Canada and how they may affect their part-time job opportunities.
- Indian students studying in Canada are subject to work-hour restrictions due to the pandemic.
- They can only work up to 20 hours per week during their academic year.
- They can work full-time during scheduled breaks.
- The work-hour restrictions are expected to be lifted once the pandemic improves.
While several consultancies can guide you on this, you can visit us at MiM-Essay for a better understanding.
Conclusion
Pursuing an MBA program from Schulich is an excellent investment in your career. While the cost of education may seem daunting, the scholarships and ROI make it a viable option for students. Students can also work part-time to offset living expenses. Researching thoroughly and planning financially before applying is essential to ensure that the Schulich MBA program fits you.
