Is studying a Master's in Canada a profitable investment?

Is it worth investing in a Master's degree in Canada? This article analyzes the outstanding benefits, admission requirements, and estimated costs of pursuing a Master's in Canada in 2024.

How does studying a Master's in Canada pay off?

Enhancing global knowledge

Canada is known for its high-quality education system. When you pursue a master's degree here, you'll gain access to advanced, up-to-date knowledge that aligns with the demands of the global job market. With a globally recognized degree, you'll acquire specialized skills, broaden your perspective, and lay a solid foundation for your future career.

Work in Canada for 3 years after graduation

After completing your master's program, you can apply for a Post-Graduation Work Permit (PGWP) and stay in Canada to work for up to 3 years. The master's program is the only one that grants a 3-year PGWP without requiring approval based on the length of the course. This period allows you to gain work experience in one of the world's leading labor markets, increasing your chances of long-term residency.

Priority for residency with specific policies

Canada's immigration policies are quite "friendly" towards international students, especially those in master's programs. In Ontario, master's graduates in all fields can apply for permanent residency (PR) in Canada immediately without needing a job offer. In other provinces, international students may need a one-year job contract or relevant work experience to settle in Canada.

According to statistics from IRCC, most Invitations to Apply (ITA) for PR are given to applicants with post-secondary education. Among them, 46% have a post-secondary certificate of three years or more, and 43% hold a master's degree or professional qualification.

Study abroad with your family

One of the great advantages of pursuing a master's in Canada is that you can bring your family along. Your spouse can apply for an open work permit, and your children can attend public schools for free. The master's program is the only one that allows bringing your family, opening up many development opportunities for other family members.

Admission requirements for a Master's in Canada in 2024

• GPA of 7.0 or higher
• IELTS score of 6.5 or higher; if you don't meet this requirement, you can take a Pre-Master's preparatory course to improve your language skills.
• GMAT ≥ 650 (for business or management) or GRE ≥ 150 (for engineering)
• 1-3 years of relevant work experience
• Letters of recommendation from professors, colleagues, or supervisors
• Resume and portfolio for creative fields

Canada Master’s study abroad: Checklist for 2024

How much does it cost to study a Master's in Canada?

The cost of pursuing a master's in Canada depends on factors like the school, program, and location you choose. On average, tuition ranges from $20,000 to $60,000 per year. Additionally, you need to consider living expenses, including study materials, housing, food, transportation, health insurance, and other costs. The total cost can range from $35,000 to $90,000 per year. The cost of studying a Master's in Canada can vary over time and also depends on individual spending habits.

View detailed costs of studying in Canada in 2024.

Is a Postgraduate certificate an alternative option?

Besides the master's program, you can choose to pursue a Postgraduate Certificate to enhance your knowledge after graduating from college or university.

Advantages:

• The training period is only 1 year, saving you time and money.
• The program is practical and closely linked to the real working environment.
• Admission requirements are easier.

Disadvantages:

• You can only stay in Canada to work for 1 year after completing the program.
• You will receive a certificate, not an official degree.
• The program is not prioritized in the residency system, so your chances of settling in Canada are lower compared to having a master's degree.

In conclusion, studying a master's in Canada is a potentially profitable investment with opportunities for knowledge, career, and long-term residency. However, you should carefully consider the costs and admission requirements. If you don't meet the requirements, a Postgraduate Certificate may be a reasonable alternative, but you need to weigh the associated drawbacks.