Well, this is a plot twist.
McGill University students might be tired of seeing their school come second (or lower) to the University of Toronto (U of T) in various global rankings, but this time, they can breathe a sigh of relief.
A new study by Edumentors, a U.K.-based tutoring platform, ranked the most “overpriced” universities in the world — and U of T is the only Canadian school to make the cut. McGill, on the other hand, was nowhere to be found.
According to the ranking, which was based on factors like tuition fees, living expenses, graduate employability, and starting salaries, U of T landed 25th worldwide for institutions where students invest big money in their education but don’t necessarily see a return on investment right away.
With a total study cost of $86,946 (including average tuition and living expenses), the school’s hefty price tag puts it among some of the most expensive institutions in the world.
Meanwhile, McGill students might not be raking in U of T-level salaries after graduation, but with domestic tuition averaging just $7,400 per year — and as low as $3,000 for Quebec residents, according to GrantMe.ca — they’re definitely getting a more budget-friendly degree. While those figures don’t account for the cost of living, with Montreal’s significantly lower rent and expenses compared to Toronto, it’s still a far more affordable city for students.
So, is this actually bad news for U of T grads? Not really. While it made the list, the employment stats soften the blow — 98.7% of U of T graduates land jobs after graduation, and the median starting salary is a whopping $97,000. That’s a much better outcome than some of the higher-ranked “overpriced” universities, where students pay six figures and walk away with far less lucrative paychecks.
In case you’re curious, here are the top 10 most overpriced universities, according to Edumentors:
The 10 Most Overpriced Universities In The World
- UCL (London, UK) — $71,913 total cost, $37,300 median salary
- Northwestern University (Evanston, US) — $115,719 total cost, $61,100 median salary
- University of Oxford (Oxford, UK) — $70,381 total cost, $37,400 median salary
- Imperial College London (London, UK) — $75,670 total cost, $41,800 median salary
- Columbia University (New York City, US) — $97,003 total cost, $55,190 median salary
- KTH Royal Institute of Technology (Stockholm, Sweden) — $47,700 total cost, $28,000 median salary
- University of Cambridge (Cambridge, UK) — $62,400 total cost, $37,300 median salary
- Cornell University (Ithaca, US) — $92,150 total cost, $55,813 median salary
- Qatar University (Doha, Qatar) — $25,100 total cost, $16,000 median salary
- University of California Berkeley (UCB) (Berkeley, US) — $73,828 total cost, $47,473 median salary
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