The executive salary rankings of top online MBA programs in Canada are showing a sharp increase in the last two years.
A total of 10,078 MBAs were ranked by the Canadian Institute for Professional Development, an industry body.
The rankings are based on a wide range of factors including the number of degrees earned, the number and quality of the degrees offered, and the average salary for the job.
In 2013, the median executive salary in Canada was $130,400, while the median salary for a bachelor’s degree was $93,800.
But the latest rankings show a sharp jump in executive salaries from 2011, when the median pay was $79,200.
The average executive salary for online MBA graduates is $122,500, up from $112,100 in 2013.
The top 5 ranked programs are: University of Ottawa, Toronto, Waterloo, McGill, and York.
The other four ranked programs in the top 20 are: Ryerson University, University of Toronto, University de Montréal, and Simon Fraser University.
The five ranked programs that fall in the middle of the list are: Université de Montéréal (UM), McMaster University (MBA), University of Waterloo (BA), and York University (YU).
“While these are the top 5 programs for executive salaries in Canada, they are not the only programs that offer high salaries,” said Robert Tully, the executive recruiter for the MBAs at Tully Recruitment Group, an online recruitment company.
“Our top ranked programs still have the lowest salaries, and we are still paying a premium to retain our top executives.”
The MBAs also rank among the top paid programs in Australia, Canada, the United States, and New Zealand.
“The programs that are ranking higher are also paying their top executives a great deal of money,” said Tully.
“They are working with the highest quality recruiters and they are also the best places to work for a competitive salary,” he added.
In the US, the average executive salaries are $109,700 and $107,700 in Canada and the United Kingdom, respectively.
The MBEs at Ryerson, U of T, and McGill were the only top ranked MBAs in the US at $99,600, $96,900, and $97,200, respectively, according to the survey.
The US paid the second-highest average executive pay in Canada at $119,400.
The MBA pay in the United Arab Emirates was $88,100.
In other countries, such as the United Republic of Tanzania, Canada paid the highest average executive compensation in Canada of $103,700, followed by the Philippines at $90,600.
“We are looking at this data to understand the reasons behind why the average compensation for the top-ranked programs is so high,” said Tim DeBruyn, CEO of Tully Corp. “It is important to recognize that executive compensation varies widely across programs and across disciplines, making it difficult to pinpoint specific reasons for higher executive compensation,” he said.
According to a report by the Institute of Management Research, Canada ranked 28th in the world in executive pay for 2011.
However, it is the United kingdom that has been the most competitive in recent years.
The UK paid the third-highest executive pay of $85,400 in 2011.
“I have worked at the top executive pay at Ryerrick for many years and I believe that is a result of our focus on providing the best recruiters possible,” said DeBryan.
“When it comes to compensation, I would like to see a change in the pay structure to ensure that top executives are compensated well,” said Brian Phelan, CEO and co-founder of Tullys MBA Program.
“For some time now, we have seen an increase in executive compensation that is much higher than we would like for our top talent to make,” he continued.
“As a result, we need to change the compensation structure for our programs.
We must do better at ensuring that our top execs receive the highest possible compensation,” Phelans statement concluded.
The full report can be read here.