Rotman School of Management, University of Toronto

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Fees, expenses and financial options

Calculate your costs

Learn about our tuition fees and living expenses you can expect during your time in Toronto - and scholarships and financial options to help you cover the cost of your studies.

Estimated tuition fees for the Full-Time MBA Class of 2022

The tuition fees charged for each session of registration have three components:

  • Academic fee
  • Rotman ancillary fees
  • University incidental fees

The annual tuition fees for the Full-Time MBA Class of 2022 starting the MBA program in September 2020, are listed below in Canadian dollars (CAD) and US dollars (USD): 

Full-Time MBA academic fees*
Total academic fee 1st year academic fee 2nd year academic fee
Canadian citizens and permanent residents
CAD $92,540
USD $69,741
CAD $46,270
USD $34,870
CAD $46,270
USD $34,870
International students on a study permit CAD $127,930
USD $96,412
CAD $63,020
USD $47,494
CAD $64,910
USD $48,918

Fees above do not reflect tuition for our combined degree programs. US dollar (USD) figures are based on the annual exchange rate of $1.3269 CAD to USD set by the Bank of Canada as of December 31, 2019.
JD/MBA academic fees*
Year 1 – Law Year 2 – MBA Year 3 – MBA Year 4 – MBA
Applicable Fee** Law Fee CAD $46,270
USD $34,870
CAD $46,270
USD $34,870
CAD $46,270
USD $34,870

In addition to the annual academic fee noted above, students are required to submit payment for University incidental fees* and Rotman ancillary fees*:

  • The University incidental fees amount to approximately CAD $1,600, which covers the terms from September – end-April and include campus fees and student society fees. The University Health Insurance Plan (UHIP) fee will automatically be added to fees invoices for International Students only. The 2018 UHIP annual amount was CAD $612. More information regarding UHIP may be found at
  • The Rotman ancillary fees amount to approximately CAD $650, for the first year of the MBA program. Additional details, information and finalized amounts will be updated as available and found on your fees invoice, available in mid-July.

*Please note that the annual academic fee, University incidental fees and Rotman ancillary fees are set by the University and are subject to change. The University incidental fees amount noted above for future academic years are subject to approval by the Governing Council’s annual meeting in May.

Typical living expenses

The following is an estimate of the minimum funds a single student will need for living expenses for the first 12 months in Toronto:

  • Textbooks: CAD $2,000
  • Laptop: CAD $1,600 – $2,000
  • Accommodation: CAD $8,000 – $14,000
  • Food: CAD $4,000 – $5,500
  • Personal expenses: CAD $2,000
  • Public transportation: CAD $1,300
  • Health Insurance (UHIP) for International students: CAD $756
    Total CAD $19,656 – $27,556

Costs, which will vary by individual, are listed in Canadian dollars (CAD) and based on residency in downtown Toronto.

Financial options




Forté Fellows Program

Learn more about the Forte Foundation fellows program

The Forté Fellows Program was created with the intention of increasing the number of women applying to and enrolling in MBA programs by offering fellowships to women. Rotman School of Management is a sponsor school of Forté Foundation and a strong supporter of women in business. To date, Rotman has given more than $3 million to over 120 Forté Fellows.

To be considered for a fellowship, you must submit an MBA application – no additional application is required.

See our Forté Fellows by year:

If you are interested in learning more about the Forté Fellowship program at Rotman, please contact


Reaching Out LGBT Fellows Program

Learn more about the Reaching Out LGBT Fellows Program

The Reaching Out LGBT MBA Fellowship was created as a joint effort between top business school programs and Reaching Out to demonstrate that business schools are the top destination to develop the out LGBT and active ally business leaders of tomorrow. The LGBT MBA Fellowship recipients each receive a minimum of $10,000 scholarship per academic year or $20,000 total scholarship, and also receive access to exclusive mentorship and leadership development programming through Reaching Out.

To be considered for a Rotman ROMBA fellowship, we highly encourage you to submit an MBA application before the Round 4 Application Deadline (April 29, 2019) to ensure that you can make the most of the Fellowship benefits.

If you are interested in learning more about the ROMBA Fellowship program at Rotman, please contact You can also connect with The Letters, Rotman's LGBTQ+ and Friends Club.


Rotman Pride Fellowship

Rotman Pride Fellowship was launched in 2018 to recognize and support our incoming candidates who are passionate, and have a demonstrated past involvement and contribution to LQBTQ+ initiatives. Rotman prides itself on having a vibrant, diverse and inclusive community. As a Pride Fellowship recipient, you will be awarded a $500.00 (CAD) stipend to be used for travel, or admission towards events that will allow you to explore, develop or expand your professional development opportunities within the LGBTQ+ community locally or abroad.


Access to Success Fellowship

Access to Success is a national not-for-profit organization launched by a group of 4 Rotman MBA alumni, Varun Chandak, Mahe Davar, Nikitha Ramesh, and Natalie Eckler. To underscore our commitment to promoting accessibility and inclusion, Rotman launched an Access to Success Fellowship for Rotman FT-MBA students who identify as having a permanent disability or disabilities. The Fellowship will include a $5,000 scholarship along with exclusive leadership, mentorship, and recruiting opportunities to be awarded between 1-3 Rotman FT-MBA students on academic merit.


Creative Destruction Lab Fellows Program

Lear more about The Creative Destruction Lab Fellows Program

The CDL Fellowship Program has been created to unlock the entrepreneurial ambitions of up to 20 incoming Full-Time MBA students who are committed to exploring careers in entrepreneurship and start-ups. Selected students are supported by financial awards, with a minimum award of $20,000 for all fellowship recipients, advanced priority for a paid internship with a CDL venture, guaranteed placement in the Creative Destruction Lab strategic courses, and sponsored access to key events

To be considered for a fellowship, you must submit an MBA application – no additional application is required initially.

If you are interested in learning more about the CDL Fellowship program at Rotman, please contact


Business Design Initiative (BDI) Student Fellowship


The Business Design Initiative (BDI) Student Fellowship program was launched in 2019 to support students who are interested in the area of human centered design, innovation and strategy. This fellowship provides a unique and immersive learning platform for Rotman MBA students, with a guaranteed placement in the 1st year Business Design elective, priority consideration for a paid internship with or organization sourced through the BDI or with the Business Design Lab. Fellows will also have guaranteed access to BDI’s co-curricular development workshops and mentorship to support career progression.

If you are interested in learning more about the BDI Fellowship program at Rotman, please contact

Scholarships and Awards

Joseph L. Rotman Scholarship
The Rotman Family Healthcare Scholarship
Entrance Awards
30% Club Full-Time MBA Scholarship
Awards for In-Program Students
Rotman Scholar Awards
Graduate Studies Awards
Ontario Graduate Scholarships
Scotiabank Latin America Scholarship
CIBC BASc / MBA Scholarships
Professional Student Loan Plans with BMO & RBC


Joseph L. Rotman Scholarship

This scholarship, the full tuition value for an MBA, is the largest and most prestigious entrance scholarship available, and is awarded annually to two truly exceptional students. The scholarship is named in honour of the Rotman School of Management’s lead benefactor, Joseph L. Rotman.

The Rotman Family Healthcare Scholarship

Due to generous support from the Rotman Family, we are pleased to offer The Rotman Family Healthcare Scholarship, available to incoming Full-Time and Morning and Evening MBA students on the basis of academic merit. 

Entrance Awards

Each year, the Rotman School grants entrance scholarships, fellowships and awards to approximately one third of our students. These are offered on the basis of exceptional merit and typically range from $10,000 to $90,000. No separate award application is required and you will be automatically considered for these awards when your application is reviewed for admission.

JD/MBA Awards

Up to $600,000 is reserved exclusively for the JD/MBA program.

Skoll/MBA Awards

Successful Skoll/MBA candidates will be considered for Entrance Awards ranging from $10,000 to $30,000. 

30% Club Full-Time MBA Scholarship

In support of the Rotman School’s Initiative for Women in Business, we offer half-tuition to an incoming female student who has demonstrated strong academic and/or professional achievements. The scholarship award recipient will also have the opportunity (non-transferable) to enrol in the Athena Program or an equivalent Professional Development program offered by Rotman’s Initiative for Women in Business, up-to 3 years after graduation. No separate award application is required and all female applicants will be automatically considered for this award when the applications are reviewed for admission.

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. 

View our 2019 Student Award winners

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.

Graduate Studies Awards

Various Schools of Graduate Studies offer awards for admitted graduate students. A list of available awards can be reviewed here. Each have various criteria considered. Applications are on a rolling basis for individual awards.

Ontario Graduate Scholarships

Jointly supported by the Ontario Government, the University of Toronto and generous 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.

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

Scotiabank Latin America Scholarship Award

The Scotiabank Latin America award fund was created in 2019 to identify candidates with a demonstrated background of academic achievement,  strong leadership qualities and demonstrated impact in their careers from the Latin America Region. There are two individual awards with a total value of $25,000.00 awarded each admission intake.

CIBC BASc / MBA Scholarships

The Skoll BASc/MBA program is supported by the generous contributions of the Jeffrey Skoll Foundation and the Canadian Imperial Bank of Commerce (CIBC). These gifts, gratefully received by the University, were matched through a Government of Ontario program called Ontario Students Opportunity Trust Fund (OSOTF).

These scholarships are awarded to students in the BASc/MBA program in the Rotman School who have displayed high academic merit in their first three years of Engineering studies and who have a high level of leadership potential. Additional preference will be given to students who demonstrate financial need.

Eligible students may receive a Skoll scholarship which helps to defray the difference between tuition fees in the Faculty of Applied Science and Engineering and those at the Rotman School of Management. A further award from the CIBC scholarship may be available to eligible students, the amount of which varies from year to year depending upon the number of recipients.

Applications are submitted to the Faculty of Applied Science and Engineering.

Professional Student Loan Plans with BMO & RBC

All domestic students (Canadian citizens, permanent residents) can access a loan with competitive interest rates and loan limits to cover the full cost of their tuition, from the Bank of Montreal (BMO) or the Royal Bank of Canada (RBC). International students (those on study permits) can also access a BMO or RBC loan secured with a qualified Canadian resident co-signer, cash collateral, or standby letter of credit specifically with BMO.

Government Financial Assistance

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. The assistance is in the form of interest-free loans while a student is in school, although some provinces award grants to students or offer additional assistance to students graduating with debt over a certain amount. When you apply to your provincial government for assistance, you are also automatically considered for a loan through the CSL. Eligibility requirements, maximum borrowing amounts and loan repayment policies vary from province to province.

In Ontario, the Ontario Student Assistance Program (OSAP) is available to help supplement (not replace) the financial resources that the student is expected to contribute. Information about OSAP can be found online at

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

2019-20 Ontario Graduate Scholarships 

Valued at $5,000 for 2 or 3 consecutive terms, the Ontario Graduate Scholarship (OGS) program encourages excellence in graduate studies at publicly-assisted universities in Ontario.

To be eligible to apply, applicants must:

  • A Canadian citizen, Permanent Resident, or Protected Person under subsection 95(2) of the Immigration and Refugee Protection Act (Canada) by May 1, 2019
  • Be registered or intend to register in an eligible Rotman program 2019-20
  • Have not exceeded the lifetime maximum of government-funded support or maximum OGS support available for their current level of study (see website under maximum support)
  • Have achieved at least A- (or equivalent) in each of the last two completed years of study (full-time equivalent); or if the student has competed two years of graduate studies at the time of application, the student must only demonstrate an overall average of at least A- (or equivalent) on all graduate courses completed.

More information can be found on the Registrar’s Office website, including application tips. As the application process is lengthy and requires two academic references, students are strongly encouraged to begin their application well in advance of the deadline.

Deadline: Wednesday, May 1, 2019 1:00 pm EST

Employment Opportunities

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.

Internship & Co-Op Employment

80-90% of Full-Time Rotman students secure paid employment during one of three work terms in the Summer (April - August), Fall (September - December), or Winter/Spring (January - May) in our Flexible Internship Program. Internship and other work placement salaries vary by function, geography and industry, but the average Rotman student earns over $5,000/month. 

For more details, see our Employment & Salary Report.

Opportunities for International Students

International students are eligible for many of the School’s scholarships, fellowships, and teaching and research assistantships. A number of organizations also offer scholarships, fellowships and loans to citizens of various countries to study in Canada. These programs have not been screened by the Rotman School, and students are individually responsible for applying. International students are competitive candidates for employment — both summer and post-MBA — in Canada. International students may obtain a permit to work for three years after graduation. (Work visas of one to two years is the standard at most Canadian and international MBA programs).

International Loans

All international students admitted to the Full-Time MBA program are eligible to apply for a loan with the Bank of Montreal (BMO) or the Royal Bank of Canada (RBC) as part of the Rotman Professional Student Loan Plans. International students will be considered with a qualified Canadian resident co-signer or cash collateral.

International students can also be considered for a non-cosigned BMO loan for up to 100% of their program tuition fees with a Standby Letter of Credit issued from any BMO-approved bank in the student’s home country. With a Standby Letter of Credit, the bank in the student’s home country guarantees to pay the BMO loan amount should the student end up not re-paying it. The bank will then collect from the student the amount it pays to BMO.

International students are also eligible to apply for a non-cosigned loan from Prodigy Finance. Although Rotman has no formal agreement in place, this firm has indicated a willingness to entertain loans up to the entire tuition fee for international students attending Rotman. Please note that these loans are governed by Prodigy Finance, and all decisions regarding approval and eligibility are made by Prodigy Finance.

In addition, many countries provide loans or scholarships specific to their citizens. View a list of funding options for international students. The Rotman School does not guarantee, co-sign, nor endorse any of these specific programs for funding.


FUNED Mexico

As partner school with FUNED, Rotman Full-Time MBA students whom are Mexican Citizens and based in Mexico, can secure up to $18,000 USD in funding and loans. Any candidate that receives funding through FUNED can secure an additional 10-20% off their total MBA tuition cost at Rotman in the form of scholarship funding from Rotman directly.

Note: Applications must be sent to FUNED directly after you have been admitted to the Full-Time MBA program to be eligible and decisions on funding are made indecently by FUNED

Financial Options: Yearly Schedule

While dates are subject to change according to regulations and availability, the following are typical schedules for the Full-Time MBA class.

First Year

  • Entrance scholarships and fellowships awarded with offer of admission; paid in September
  • September 1: BMO and RBC loans disbursed by student 
  • September: Canada Student Loans disbursed (first installment)
  • October: Applications for Ontario Graduate Scholarships for the following academic year
  • January: Canada Student Loans disbursed (second installment)
  • March: Majority of interviews for summer employment
  • May: Call for applications for Rotman in-program awards including Scholars
  • May: Summer employment begins
  • Late August: Teaching assistantships assigned

Second Year

  • September 1: BMO and RBC loans disbursed by student
  • September: Rotman in-program awards, and second installment of entrance awards disbursed
  • September: Canada Student Loans disbursed (first installment)
  • January: Canada Student Loans disbursed (second installment)

Housing Options Resources for you

The University of Toronto can help: 

Overview of options

Housing Office

Graduate House (residence for grad students steps from Rotman)

Student Family Housing (for students with spouses or families)

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