By Detlev Zwick, PhD, Dean, Schulich School of Business, York University and Kyle Murray, PhD, Dean, Lazaridis School of Business and Economics, Wilfrid Laurier University
Ontario’s Business Schools are Talent Engines
Over the next five years, Canada will see a significant surge in retirements ranging between 2 to 4 million, depending on the source of the estimates. Replacing so much of the workforce requires significant investment in talent development.
While STEM programs are vitally important in the discussion around the future of work, so too are business schools, which serve as Ontario’s primary training grounds for managerial talent – leaders who can translate innovation into profitable products, manage growth, and operate across industries, sectors, and global markets.
Ontario’s business schools graduate thousands of high-performing students every year. These students don’t just get jobs – they get good-paying, highly skilled jobs. While youth unemployment in Canada is over 15 per cent, graduates from Ontario’s leading business schools consistently achieve employment rates above 97 per cent within months of graduation.
These are high-paying and often high-impact roles in key sectors including finance, real estate, health care, technology, logistics, and manufacturing. This is exactly the kind of employment that drives productivity gains and generates enhanced tax revenues.
At the same time, business education has evolved far beyond spreadsheets and boardroom strategy. Ontario’s business schools have evolved to embrace experiential learning and work-integrated learning. For example:
- Brock University’s Goodman School of Business offers experiential learning in their MBA, MAcc and CPA‑MBA programs through consulting projects, student venture support with the Goodman Venture Development Centre, and international exchanges.
- Lakehead University’s School of Business Administration provides co-op and internship opportunities to enhance practical learning in its undergraduate and graduate business programs.
- Laurentian University’s School of Business Administration offers experiential learning with their co-op placements and consulting projects, along with a unique Sports Administration specialization in its MBA program.
- McMaster University’s DeGroote School of Business undergraduate (BCom), MBA, Master of Finance and PhD programs include internship options integrated into programs and emphasize experiential learning through applied projects and case competitions.
- The University of Guelph’s Gordon S. Lang School of Business and Economics offers undergraduate (BComm), MBA, and MSc programs with co-op opportunities, focusing on applied business education.
- The University of Ottawa’s Telfer School of Management offers undergraduate, MBA, and executive education programs that focus on experiential learning with consulting projects, co-op placements and case competitions.
- Queen’s University’s Smith School of Business is known for its integrated experiential learning opportunities, including entrepreneurial programs, accelerators and case competitions.
- The University of Toronto’s Rotman School of Management, in conjunction with federal and provincial governments, banks and the Toronto Board of Trade, offers the Global Management Initiative, which teaches students the necessary skills for developing trade partnerships and helps companies with their internationalization strategy.
- Toronto Metropolitan University’s Ted Rogers School of Management has a co-op program that offers over 2,400 students across twelve Bachelor of Commerce programs 16 months of paid, industry-relevant work experience.
- Western University’s Ivey School of Business delivers experiential learning through increasingly complex real-world projects in which students work with companies to solve actual business problems.
- Wilfrid Laurier University’s Lazaridis School of Business and Economics has the largest business degree co-op program in Canada, with 60 per cent of students engaging in paid co-op placements and 100 per cent of undergraduates participating in at least one major experiential learning activity during their program.
- The University of Windsor’s Odette School of Business uses experiential learning through consulting projects and industry partnerships to teach valuable business skills to students in their undergraduate, MBA and graduate business programs.
- York University’s Schulich School of Business ensures that virtually every undergraduate student completes at least one extended summer internship during their degree program. And many students complete several internships over the four-year program duration, gaining high-quality and relevant on-the-job training.
This type of experiential learning enables students to graduate with both technical skills and the interpersonal, ethical, and adaptive capabilities that are essential in today’s economy. Soft skills are no longer “nice-to-haves” – they are mission-critical in a world of automation, AI, and global uncertainty.
Leading the Way in Entrepreneurship and Innovation
Ontario’s economic future hinges not only on large employers but also on new ventures. Ontario university business schools have quietly become some of the most productive and powerful launchpads for start-ups and scale-ups in the province.
Take Schulich, for example, where over 200 start-ups have been launched by students and alumni in recent years. These businesses aren’t just academic exercises – they attract capital, create jobs, and offer products and services that respond to market needs. Similarly, the Start-Up Lab at Lazaridis supports more than 100 small companies every year.
Business schools like Schulich and Lazaridis run accelerators, incubators, pitch competitions, venture labs, and other programs that help students turn ideas into enterprises. So too do other Ontario business schools like Ivey School of Business, Smith School of Business at Queen’s University, and the Rotman School of Management – all world-class centres for business education and management learning.
Business schools also play a central role in supporting innovation within existing organizations. A key reason why Ontario’s tech sector and startup economy have seen growth over the past two decades is the availability of business school graduates who understand how to manage technologies, drive growth, lead teams, and build strategies for innovation. In short, business school graduates help transform science and technology into business solutions and turn great ideas into market-ready innovations that fuel new industries and unlock opportunity.
International Talent and Reputation
Canada’s global reputation as a welcoming and high-quality destination for international students has been a competitive advantage. Unfortunately, recent federal government policy changes have eroded that advantage. Visa caps for international student study permits and a lack of coordination between federal and provincial governments have created confusion and undermined our ability to attract top talent from abroad.
This is not just a loss for universities – it’s a loss for our economy. International business students bring ideas, ambition, and diversity to our campuses, and the vast majority stay to contribute to Canada’s long-term economic growth. A recent study from the Business Council of Canada underscored this: “Canada needs a talent strategy that includes high-skilled immigration. Education and talent are the cornerstones of economic growth.”
We urge policymakers to rebuild our country’s international student reputation and invest in clear, stable, and coordinated strategies that allow top talent to flourish in Canada.
University Business Schools: A Strategic National Asset
We are facing a once-in-a-generation economic and demographic challenge. As a country, we are dealing with a rapidly aging workforce, a competitiveness crisis, prolonged productivity stagnation, and a demographic time bomb. Within five years, millions of Canadians will retire, taking with them decades of expertise and leadership.
Canada cannot afford to treat business schools as an afterthought.
Business education is not a luxury – it is essential infrastructure for a knowledge economy. It is a key ingredient in the provincial and national recipe for economic growth. Business schools develop the managerial talent and strategic leadership needed to navigate complexity. We produce entrepreneurs, financial stewards, marketers, consultants, analysts, operations managers, and generalists who can work across every sector of the economy.
Our country is home to many top-tier business schools. Current policies at the provincial and federal levels put this advantage at risk. When we are no longer able to attract and retain the world’s best researchers, students and professors, it’s bad for the students, for Canadian businesses and ultimately, for Canada.
Business schools are laser-focused on delivering impact and outcomes, and our students, faculty, and alumni are embedded in the real economy.
Helping Drive Innovation, Productivity and Growth
With deep linkages to industry, strong international networks, and a proven ability to train adaptable, high-impact talent, Ontario’s business schools are uniquely positioned as a vital lever for strategic economic renewal and can help the province by:
1. Countering U.S. Tariffs with Trade Expertise and Market Diversification
Ontario university business schools can empower the next generation of trade and supply chain strategists – professionals who understand international trade policy, logistics optimization, and risk mitigation. By equipping students with the tools to diversify markets, navigate trade barriers, and localize supply chains, business schools can directly support Ontario’s efforts to reduce dependence on any single foreign market.
2. Boosting Productivity through Managerial Excellence and Digital Transformation
Canada’s persistent productivity gap is a management challenge as much as a technological one. Business schools help close this gap by producing leaders who can align operations with strategy, implement lean practices, and foster a culture of continuous improvement.
3. Fostering Homegrown Industries and Regional Innovation Clusters
By serving as incubators for startups and scale-ups, business schools are already helping to seed new industries—from fintech and cleantech to advanced manufacturing, AI, and digital health. These efforts can be amplified through deeper collaboration with business, engineering faculties, and local economic development agencies.
Ontario’s business schools are not just preparing students for the job market – they are preparing Ontario for the future. They are engines of innovation, growth, and leadership, and as Ontario and Canada confront unprecedented economic and demographic shifts, it is critical to recognize that through talent development, entrepreneurship, and strategic policy engagement, they are essential partners in the province’s efforts to build a more resilient, innovative, and competitive economy.