MBA Salary in Canada: 2025 Guide

In the world of business, Master of Business Administration (MBA) degree salaries are generally much higher than salaries of people in comparable roles who don’t have an MBA. The median starting salary for MBA graduates is $62,291 CAD per year. The median average salary for MBA grads is $80,000 CAD. The most experienced MBA graduates may earn upwards of $136,369 CAD annually [1].  

Learn more about the average MBA salary, potential for salary growth, and how factors including industry, location, education, and years of professional experience impact your earnings. 

Factors that influence MBA salary

A number of factors can influence the amount of money you can anticipate earning after getting your MBA, including area of industry, job location, the school you graduate from, and years of experience. 

It’s helpful to understand how these factors can impact earning potential and ways to maximize earnings to better estimate how an MBA may boost salary. 

Industry

Certain areas of business tend to offer higher salaries. Among the highest paying industries for MBA graduates include finance, technology, and consulting. 

Some of the highest-paying MBA jobs include [2]: 

• Finance manager: $93,040 CAD

• Management consultant: $86,623 CAD 

• Chief executive officer (CEO): $124,803 CAD

• Marketing manager: $66,187 CAD

• Chief technology officer (CTO): $207,303 CAD

• Business operations manager: $66,529 CAD

If you are hoping to maximize your post-MBA salary in a specific industry, it can be helpful to seek MBA programs that are recognized for their commitment to that specific industry and to tailor your coursework to meet any industry requirements. For example, if you are hoping to work in consulting, seek programs that offer a consulting major or specialization to further hone your skills in that area.

Location

Where you are can influence the amount of money you make. Generally, local cost of living and local industry demand are two factors that may impact salary. According to Talent.com, the average salaries for MBA holders by province are as follows [1]: 

• Ontario: $83,357 CAD per year

• Alberta: $79,742 CAD per year

• Quebec: $76,996 CAD per year

• British Columbia: $67,500 CAD per year 

Many MBA programs offer career placement and networking services that allow graduates and hiring companies to connect via channels outside of the traditional job-posting websites, so this data set likely only represents one portion of the MBA degree job market.

Still, as you consider your post-MBA career options, it can be useful to consider where your industry of choice is concentrated, as there will likely be more financially competitive opportunities in those areas.

Additionally, consider the local cost of living. Making more money in an area with a high cost of living may result in a similar lifestyle as making less money in an area with a low cost of living.

University or college attended 

Having a certain university or college’s name on your resume may help boost your chances of securing a higher-paying job. This factor may be due to the caliber of the MBA program or the school’s career placement and networking opportunities, among other reasons. Among the highest-ranking universities and colleges for MBA programs include:

• Western-University’s Ivey Business School

• University of Toronto’s Rotman School of Management 

• McGill University’s Desautels Faculty of Management

• Queen’s Smith School of Business 

• York University’s Schulich School of Business

Start learning from Wharton School of the University of Pennsylvania on Coursera today! Explore Specializations in Business Foundations, Business and Financial Modeling, Entrepreneurship, and Business Strategies for a Better World.

Using employment reports

For a more complete understanding of the MBA salaries of graduates from a specific school, search for the school’s employment report. Often released annually, MBA programs report job details for their most recent graduating class, including statistics like average salary, which may be broken down further by industry, location, and specific employers.

Employment reports can be a useful reference as you consider which MBA programs might be a good fit for you because they can offer insight into the job functions each program focuses on, as well as potential networking avenues.

Years of experience

In any industry, people with more work experience are well-positioned to make more money than those with less experience. This is also true of people who get an MBA degree: graduates with more work experience tend to make more money than those with less experience. 

According to Talent.com, the average salaries of MBA earners by years of experience are as follows [1]: 

• Entry level: $62,291 CAD per year 

• Mid-career: $80,000 CAD per year 

• Experienced: $136,369 CAD per year 

How did the pandemic affect MBA salaries?

Economic factors can also impact salaries, and MBA degree starting salaries are in a slight recovery period as the business world continues to navigate the global pandemic. For example, the postsecondary graduating class of 2020 faced significant challenges entering the job market during the early COVID-19 pandemic. Over half (55.6 per cent) of 2020 graduates had their employment status or plans affected by the pandemic, according to the National Graduates Survey. About 30.6 per cent lost their jobs or were laid off, and 23.6 per cent had employment opportunities, like interviews, canceled. Additionally, 9.6 per cent experienced delayed start dates for new positions, while 8.8 per cent saw confirmed jobs canceled. College and bachelor’s degree graduates were more affected than those with master's or doctoral degrees, reflecting the increased job security for higher-level qualifications [3].

How much can an MBA increase your salary?

Many MBA graduates enter their program with a few years of work experience, so assessing the average salary increase can be a useful gauge if you’re unfamiliar with typical industry salaries. In fact, MBA graduates may earn at least twice as much in certain roles and industries than those without an MBA. 

MBA compensation packages: A quick guide

Overall MBA compensation is often more than just salary. Many MBA candidates receive job offers with compensation packages that include a base salary along with a signing bonus, a performance bonus, stock options, or other benefits:

• A base salary is an annual compensation distributed through paycheques received at regular intervals.

• A signing bonus is a one-time compensation received upon accepting a job offer. Companies may pay this in one lump sum, or they may distribute the bonus in a few installments.

• A performance bonus is an additional compensation received upon reaching established goals or targets.

• Stock options are the ability to buy a company’s public stock at a discounted rate. At a private company, compensation packages may include equity, which is owning a financial stake in the company.

• Other benefits may include things like profit sharing, tuition reimbursement, 401(k) plans, and offerings along those lines.

Considering the entire compensation package beyond the base salary can boost total earnings by tens of thousands of dollars. 

Meanwhile, stock and equity options open up the potential for significant long-term gains.

Earn your MBA degree online

Earning your MBA can help you move into higher-paying positions as you advance your career and achieve your long-term career goals. 

If you are ready to further explore how an MBA might advance your career, consider the iMBA from the University of Illinois Gies College of Business, a competitively ranked education at a breakthrough price with a global alumni network, available on Coursera. Start taking courses through Specializations in Digital Marketing, Strategic Leadership and Management, Financial Management, and more.