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Step 3. Plan Your Budget


One of the keys to your success is your personal budget management. Here is some information regarding the cost of studies, scholarships and exemptions to which you can apply, and different sources of financing that are available to you.


Total per year

Expense description All programs (except MBA) MBA
Installation and set-up fees $4,800 to $4,900* $4,800 to $4,900*
Regular expenses $13,000 to $18,000* $13,000 to $18,000*
Tuition fees and incidentals $4,500 to $25,200* $7,950 to $34,395*
TOTAL (1st year) from $22,300 to $48,100* from $25,750 to $57,295*
TOTAL (following years) from $17,500 to $43,200*  

Prices are in Canadian dollars and are subject to change without notice.
* Approximate amounts.Refer to the informations available online for the tuition fees: BBA - MSc - PhD - MBA - EMBA

+  Expense details

Installation and set-up fees

Expense description Amount Comments
Student authorizations $259 CAQ ($109) and study permit ($150)
  $100 Temporary resident visa (if required)
Arrival expenses $500* Transportation, temporary housing, meals, etc.
Furniture $1,200*  
Winter clothing $800*  
Computer, software and accessories $2,000* Some programs require the use of a laptop computer.
Please check with your program office for more information.
TOTAL $4,759 to $4,859*  

Prices are in Canadian dollars and are subject to change without notice.
* Approximate amounts


Regular expenses

Expense description Amount Comments
Housing $7,200 to $9,000** Off-campus housing, typical cost
Food $4,800*  
Telecommunications (phone, internet) $1,200*  
Leisure and clothing $2,000*  
STM bus-metro card $591 Reduced rate for full-time students, 18-25 years of age ($49.25/month)
  $984 Regular rate ($82/month)
TOTAL $12,891 to

Prices are in Canadian dollars and are subject to change without notice.
* Approximate amounts

** Flat sharing with roommates (or renting a room)

Tuition fees and incidentals

Expense description All programs (except MBA) MBA Comments
Tuition fees (estimate for 2 full-time terms)



$7 400*



Québécois students and others exempted from differential tuition fees for international students (including graduate students who have French citizenship).
Please consult your program to find out exact amounts.

Canadian and French citizens for undergraduate level studies

or $15,600 to
$31,100* Other international students.
Please consult your program to find out exact amounts.
Supplies $1,000* $2,500*  
RAMQ health insurance $0 $0 International students who benefit from a bilateral accord and who are exempted from the Sun Life by procuring RAMQ health insurance
Sun Life health insurance $636 (12 months) $795 (15 months) All other international students.
TOTAL $4,500 to $25,136 $7,950 to $34,395  

Prices are in Canadian dollars and are subject to change without notice.
* Approximate amounts. Refer to the informations available online for the tuition fees.


+  Exemption from differential tuition fees for International students

Under Quebec regulations regarding tuition fees for Quebec universities and colleges, tuition fees for international students consist of those required of Quebec students plus an additional financial contribution.

To encourage cooperation, the government of Quebec grants an exemption from the additional financial contribution to students who meet specific conditions. Students who receive an exemption pay the same tuitions fees as Quebec students.

Automatically exempted students upon presentation of the required documents:

  • French citizens (Quebec-France agreement)*
  • Recipients of a differential tuition fee waiver scholarship
  • Dependents of Canadian government-accredited diplomats living in Quebec
  • Dependents of someone working in Quebec on a Canadian work permit (or a dependent of a member of the clergy) (Attention! Some conditions apply)
  • Refugees whose status is recognized by Canada and who hold a Quebec Selection Certificate (QSC)
  • Bearers of a valid Quebec Selection Certificate (QSC) (for certain categories only**) and who have already submitted their application inside Canada.

*All French students currently enrolled in any level of university studies in Quebec will continue to pay Quebec-resident tuition fees until the end of their studies. Also, as of September 2015, all new students from France wishing to enroll in graduate studies will receive an exemption entitling them to pay the same tuition fees as students from Quebec. New French students enrolling in an undergraduate program for the September 2015 academic session will be subject, for the duration of their program, to the tuition fee schedule applicable to Canadian students from outside Quebec.

**The QSC requires one of the following category types: C0, C1, C2, C3, C4, C5, C6, C7, C8, F1, F8, H1, H2, H3, H4, H5, H6, HA, HB, HC, HD, HE, HF, HG, HH, HI, HJ, HK, HL, HM, HN, HO, ID, I4, I5, I6, IJ, IK, IL, IP, IT or RA AND the federal processing center requires one of the following: CTD of Vegreville, CIC of Missisauga-CTD, CIC of Montreal, CIC of Quebec, CIC of Hull, CIC of Sherbrooke or CIC of Trois-Rivières. If the CSQ does not have both these requirements, then the exemption is not applicable.


How to request a differential tuition fee waiver scholarship?

Please follow the indications available online (french only) on the website of the Ministère Éducation, Enseignement supérieur et Recherche.

We suggest you start the application process as soon as you receive your admission letter in order to be able to benefit from the scholarship right from your first semester at HEC Montréal.

+  How can I finance my studies?

Before leaving your home country, international students must ensure that they have sufficient funds to finance their studies. HEC Montréal does not offer any student loan or bursary program that could constitute a source of funding for your studies. Bursaries from the governments of Quebec and Canada and from most international organizations are managed directly by the authorities of the recipient’s country. Please check with relevant authorities in your country, which are the only ones empowered to receive and forward bursary applications. 

You can finance your studies by means of:

  • Your personal savings
  • A student loan from a bank (in France, banks offer “Grandes Écoles” loans with attractive interest rates)
  • Student or mobility grants. Remember to apply to all possible levels of government in your home country (city, state, township, region, province, members of parliament, ministries, etc.) and to foundations.
  • By working part-time: on-campus work opportunities are scarce and do not provide a sufficient source of financing. International students who are studying full-time and who have a study permit are authorized to work part-time off campus if they abide by certain conditions.

+  How can I obtain an admission scholarship ?

Committed to fostering new generations of quality students, HEC Montréal offers admission scholarships for various programs. The scholarships are awarded to candidates with outstanding academic records and above-average qualifications. 

For more on admission scholarships 

+  How to Pay My Tuition Fees ?

We highly recommend that you pay your tuition fees before coming to Canada in order to meet deadlines.

+  How Can I Transfer Funds to Canada?

In order to cover your costs and expenses, you will need to get your funds to Canada. Fluctuations in the exchange rates between the Canadian dollar and your home currency can affect your budget from month to month. Refer to the Bank of Canada’s online conversion page for current and past exchange rates. 

Canada does not have any system of exchange rate controls. However, your country may have such controls. 

Here are some suggestions for transferring funds from your country to Canada:

  • Have your bank transfer fund to a bank in Montreal, specifically to an account that you open in your name when you arrive here.
  • Send funds to a Canadian bank before you leave and have them deposited into your account once you’ve opened one in Montréal. You can carry out these transactions at most major foreign banks that have Canadian branches. 
  • Bring along with you or have someone mail you a bank draft (certified cheque in your name) which can be cashed at a Canadian bank. However, keep in mind that most banks freeze bank drafts or personal cheques for up to 30 business days.


  • We strongly discourage sending funds using an international postal order because it is a long, complicated, and expensive process.
  • We suggest that you arrive in Montreal with enough cash and traveller's cheques to cover your expenses for the first month.
  • VISA and MasterCard are the two types of credit cards most frequest

For information on how to transfer funds to pay your tuition, consult the following page

Instead, we suggest that you arrive in Montreal with enough cash and traveller’s cheques to cover your expenses for the first month, and that you obtain a VISA or MasterCard credit card. Because acceptance of other credit cards tends not to be as widespread here, some students are known to have run into difficulties when using other ones. And finally, we suggest that you obtain bills of $50 or smaller, as $100 bills tend not to be accepted everywhere.

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