A recent study revealed that international graduates from the University of Waterloo earn higher average incomes than their Canadian-born peers.
The research, conducted by University of Waterloo economists, analyzed university student records, immigration data from Immigration, Refugees, and Citizenship Canada, and T1 income tax returns from the Canada Revenue Agency. Findings showed that international graduates from Waterloo earned not only more than Canadian-born graduates from the same university but also outperformed Canadian-born university graduates nationwide in earnings.
For those graduating between 2017 and 2019, international students earned an average of $57,500 one year after graduation—37% higher than the $42,000 average earned by their Canadian-born counterparts. The gap is even more pronounced in median earnings, with international graduates earning $56,400 compared to $38,700 for Canadian-born graduates, a 46% difference.
The study also found that this earnings advantage persists over time. Over the first 13 years of their careers, international graduates’ incomes consistently surpassed those of Canadian-born graduates. On average, international graduates who became permanent residents earned close to $120,000 annually after 13 years, while international students earned between $100,000 and $120,000, compared to $100,000 for their Canadian-born peers.
Waterloo International Grads Outearn Canadian Peers Significantly
The study’s authors attributed the higher earnings of international graduates to the growing economic value of degrees in technology and engineering—fields in which many of the University of Waterloo’s international students specialize.
The University of Waterloo has a strong reputation for its focus on technology and engineering, which attracts a diverse global student population. Its well-established co-op program, offering students practical, hands-on work experience, further enhances its appeal. In the QS World University Rankings 2025, the university was ranked #115 globally and stood among the top five Canadian institutions to make the list.
The findings align with previous research highlighting the positive educational and economic outcomes of immigrants in Canada. For instance, a Statistics Canada study published earlier this year noted that children who immigrated to Canada were more likely to pursue higher education compared to their Canadian-born peers. Additionally, after the age of 25, the median wages of these immigrants equaled or surpassed those of Canadian tax filers in the same age group.
The University of Waterloo economists also found that approximately 70% of the university’s international students eventually transition to permanent residency—a figure that is more than double the national average. This suggests that Waterloo not only attracts talented international students but also plays a significant role in integrating them into Canada’s economy and society.