Financing Your MBA

We’re committed to removing the financial barriers that qualified applicants may face. Financing options include awards for academic achievement, support for students with demonstrated need, and employment opportunities.

We'll help you find a way to finance your MBA by providing you with a broad range of options in three categories: entrance awards, fellowships, loans, and interest subsidy programs.

Entrance Scholarships and Fellowships

The Rotman School grants entrance awards to about 15 per cent of our students. These range from $10,000 to $40,000. No separate scholarship application is required and you will be automatically considered for scholarships when your application is reviewed for admission.

View a list of Rotman students who won scholarships and awards in 2012
View 2012/13 awards information

Awards for In-Program Students

The Rotman School offers a number of scholarships, fellowships and awards to students who have completed the first year of their MBA program. Administered through the Program Services Office, the call of applications (where required) takes place at the end of the Spring Term each year. Most are available to both domestic and international students on the basis of academic merit, while some also consider financial need.

Rotman Scholar Awards

The Rotman School offers an academic mentorship program for first-year core courses. Upper-year MBA students with an excellent academic record in a particular course and demonstrated communication skills will be selected to provide academic guidance and support to first-year students. Applications for Rotman Scholar Awards are available at the end of the Spring Term each year.

Ontario Graduate Scholarships

Jointly supported by the Ontario Government, the University of Toronto and donors to the Rotman School, these scholarships are intended to encourage and support academic excellence at the master’s and doctoral levels and are awarded to students enrolled in full-time studies who have obtained a first class standing. An Ontario Graduate Scholarship at the Rotman School of Management is held for one year and valued at $10,000 to $15,000 per year, thanks to the generous support of our donors. The Rotman School’s deadlines for 2013-14 OGS applications are:

For Canadian citizens or Permanent Residents: 9:00 am EST on Wednesday, May 1, 2013
For International Students (students studying on a student visa): 9:00 am EST on Tuesday, March 19, 2013

Students interested in applying for an Ontario Graduate Scholarship should consult the School of Graduate Studies website for eligibility, conditions and application forms.

Please note: University of Toronto Rotman School of Management Full-Time, Morning and Evening MBA as well as MFin programs are considered full-time, eligible programs.

CIHR Science to Business Scholarship

Students with a PhD in a health-related field and wishing to pursue an MBA as their next step to a career supporting innovation in Canada should consider the S2B scholarship. This initiative is a partnership with Canadian business schools to encourage individuals with PhDs in a health-related discipline to pursue an MBA. It is anticipated that graduates of S2B-supported MBAs will pursue careers in research, management, regulatory affairs, public policy, patent law, and other specialties required to improve capacity and performance of commercialization and innovation. The long-term goal of this program is to develop a cadre of entrepreneurs and venture capitalists knowledgeable in health research and business management and foster an entrepreneurial culture within the research community.

Applicants must:

• Be a Canadian citizen or permanent resident 
• Have targeted an MBA program in Canada to which they have applied or are planning to apply with a program start date between January 1st of the year they apply to the Science to business program and July 1st of the following yearHave obtained a PhD in a health-related field. Applicants who are expecting to receive a PhD after the application deadline may apply, however, the award will be contingent upon receipt of a confirmation of completion of all requirements of the PhD program. To be considered eligible, the applicant must provide a justification that the PhD topic of research was relevant to one or more of the CIHR areas of research.

The maximum amount awarded for a single award will be $30,000 per annum for up to two years ($30,000 per annum pro-rated monthly while registered in full-time classes; $15,000 per annum pro-rated monthly while registered in part-time classes). The awards are non-renewable. Please note that the Full-Time (2YR) MBA, Evening MBA, Morning MBA, and the Master of Finance programs are considered full-time.

Students apply directly to CIHR. Eligibility is no longer limited to MBA programs with a health stream. The application deadline is in February 2013 for awards beginning in 2013.

For questions on CIHR funding guidelines, how to apply, and the peer review process contact:

Stephanie Yuill
A/Team Lead, Program Delivery
Canadian Institutes of Health Research
Telephone: 613-941-8199
Fax: 613-954-1800
Email: stephanie.yuill@cihr-irsc.gc.ca

For questions about this initiative and research objectives contact:

Jasmine Lefebvre
A/Senior Knowledge Translation Specialist
Canadian Institutes of Health Research
Telephone: 613-952-8965
Fax: 613-954-1800
Email: jasmine.lefebvre@cihr-irsc.gc.ca

BMO and RBC Interest-Subsidized Tuition Loans

Canadian citizens and permanent residents can access an interest subsidized loan to cover the full cost of their tuition and Rotman-specific incidental fees. International students on a student visa are eligible for both loans, however, the maximum loan amounts may vary, and some students may require a Canadian co-signer. The Rotman School pays the interest incurred on a specialized student loan from either the Bank of Montreal or the Royal Bank of Canada for the duration the student is enrolled in the MBA program up to June 30 of their graduating year.

Rotman Interest Subsidy Program (RISP)

Students who obtain a student or educational loan from an officially-recognized financial institution (in Canada or in their home country) to support the educational cost of their MBA are eligible to apply for the Rotman Interest Subsidy Program (RISP). The Rotman School will provide a subsidy to assist students with the interest incurred on such a loan for the duration the student is enrolled in the MBA program up to June 30 of their graduating year.

Government Loans

Each provincial government in Canada administers and maintains a student financial aid program in cooperation with the federal government’s Canada Student Loan (CSL) program. When you apply to your provincial government for assistance, you are also automatically considered for a loan through the CSL. 

Lifelong Learning Plan (LLP)

The LLP allows individuals to withdraw amounts from their registered retirement savings plans (RRSPs) to finance their own education or that of their spouse/partner. Amounts withdrawn under the LLP do not count towards income and the RRSP issuer does not withhold taxes on these amounts. Withdrawals must be repaid over a period of no more than 10 years.

For more information, consult the Canada Revenue Agency at www.cra.gc.ca.

Teaching and Research Assistantships

A variety of teaching assistant positions are available through Rotman and through the commerce and finance departments of the different campuses and colleges of the University of Toronto. Students who have completed the first year of their MBA are eligible to apply for these positions, which will be posted prior to each term and/or academic year. A limited number of research assistant positions are also available through individual faculty members and are mostly available in a student’s second year.

These positions are considered employment and not part of a financial assistance program. TA’s will receive T4 tax forms in February.

Financial Options: Yearly Schedule

While dates are subject to change according to regulations and availability, the following are typical schedules of different financial options for the Evening and Morning MBA classes.

First Year

• Entrance scholarships and fellowships awarded with offer of admission; paid in September
• September 1: BMO and RBC loans disbursed
• April: Call for applications for Rotman continuing awards and scholarships

Second Year

• September 1: BMO and RBC loans disbursed
• Early September: Rotman continuing awards and scholarships allocated
• May: Call for applications for Rotman continuing awards and scholarships

Third Year

• September 1: BMO and RBC loans disbursed
• Early September: Rotman continuing awards and scholarships allocated

Find out more

Ontario Student Assistance Program (OSAP) 
International Student Aid