How To Get Employer-Sponsored MBA Degrees
Many companies pay tuition expenses, but don’t choose an employer based solely on that, experts say.
One way to reduce your out-of-pocket cost as a prospective MBA student is to go to work for a major company that provides employer sponsorships.How To Get Employer
Key Takeaways:
- An MBA degree can cost much more than $60,000.
- The amount of funding varies by the organization.
- Employers who sponsor workers expect you to keep going to work for them after receiving the degree.
The expense associated with earning an MBA compels many potential students to seek creative ways to pay for the graduate degree.
Tuition and fees for an MBA can cost roughly between $72,000 and $84,000 per year at the 11 top school of business schools, according to the U.S. News Best Business Schools rankings.
However, there are several ways to reduce a student’s out-of-pocket cost, admissions experts say. One way is that prospective MBA students who work for a successful company may be able to get employer sponsorship.
Basics of Employer MBA Sponsorships
“Company sponsorships can be smart ways to have your MBA paid for in part or in full by your employer,” Judith Silverman Hodara, founder of Fortuna Admissions, a Pennsylvania-based MBA admissions consultancy, wrote in an email.
Sponsored students are expected to return to their employers for employment, and sponsorship has its conditions, according to her.
“If you think that you want to go to business school, think through carefully what you would want to get out of the experience and if you believe that making the investment to return to your present employer is worthwhile.
Sam Weeks, the founder of Sam Weeks Consulting and an MBA admissions adviser, says that if you promise to stay with the company for at least two years after receiving your degree, most companies will pay for your MBA.
“The company’s contribution would be prorated based on the amount of time you spent there,” he says. “They might cover 50% of the MBA if you return for just a year.”
According to Weeks, demand in one-year programs that might be less expensive is also growing. “The applicant is well within their rights to apply for school scholarships if the company is not paying the full amount.”
According to Hodara, several Fortune 500 companies refund MBA students’ tuition in part or in full. Reimbursement amounts often range from $3,500 to $50,000 annually.How To Get Employer
According to her, some sponsorship schemes pay “all upfront tuition for qualified hourly employees to pursue an MBA at universities in its approved network.” Tuition reimbursement is available to salaried staff members. Some businesses and certain colleges have worked out employee tuition discounts.
Why Employers Sponsor MBA Students and How it Works
According to Weeks, a corporate sponsorship is an investment in the worker from two angles.
According to him, “the first entails providing them with the knowledge and connections to advance in their careers.” “To make them happy is the second goal. It’s a benefit that draws ambitious and industrious individuals.”
According to Weeks, organizations that sponsor employees usually let their colleagues know about it and set up an internal procedure for asking for financial aid to pursue an MBA. Every business typically maintains a list of MBA programs that they will support. Applicants apply to the schools on the list after cross-referencing it with their intended schools.How To Get Employer
According to Weeks, businesses often select MBA programs from the top 25 U.S. News & World Report rankings.
He continues, “Some businesses have an institutional culture of company sponsorship.” “The procedure might be ad hoc for others. There will usually be a direct line of communication between the business and the school, and the firm will pay the school directly.
Weeks, who graduated with a master’s degree in business administration from the University of Oxford in the United Kingdom, explains that most employees are presented with two options when it comes to their MBA program: a full-time program where “the candidate leaves the job for an extended period to do the MBA and returns to the job,” or a part-time program that allows the employee to continue working while attending classes on weekends or evenings and frequently includes the executive MBA option.
According to Hodara, a former acting director of admissions at the University of Pennsylvania’s Wharton School, sponsored MBA candidates frequently have a large network within their companies.
As for the school and their businesses, “they bring the potential for enhanced collaboration and partnerships, creating opportunities for internships, mentorship, and recruiting,” the spokesperson explains.How To Get Employer
Types of Employers Most Likely to Offer MBA Sponsorships
According to some analysts, the businesses that are most likely to sponsor an MBA include management consultancies, banking, and real estate.
According to Weeks, employees of big consulting companies must have access to a variety of industries, especially management consultancies whose staff members possess a wide range of expertise.
“The best, if not the only, way for an employee to gain experience in multiple industries quickly is through an MBA,” he argues. Businesses appreciate that because it is challenging for them to provide exposure and training outside their own sector.
Why You Shouldn’t Choose an Employer Solely Based on Its MBA Sponsorship Policy
According to Weeks, having an MBA sponsorship is a good perk, but it shouldn’t be the only factor considered when deciding where to work.
Before the corporation will support your MBA, you must work there for two or three years, and you must promise to return for an additional two years after receiving your degree, he explains. “Just because a company offers an MBA, which takes two years, doesn’t mean you should sign on for four or five years.” Your career may alter course if it’s the incorrect firm for you, which would make you very unhappy.How To Get Employer
7 Companies That Help Pay for Employees to Earn an MBA
Here are seven large companies that, at varying levels, sponsor employees earning an MBA. Many other employers offer such a benefit, and amounts and requirements vary widely among them.How To Get Employer
The Walt Disney Company
The worldwide media and entertainment corporation offers 100% percent tuition, paid up front, for MBAs at in-network schools through its Disney Aspire Program.
RTX
The global aerospace company offers tuition assistance for MBAs through its Employee Scholar Program.
Deloitte
This professional services company, through its Graduate School Assistance Program, offers full tuition reimbursement after two years of employment and an offer to return to the company as a senior consultant after completing the degree.
JPMorgan Chase & Co.
Through its Guild education benefits program, the worldwide banking institution sponsors up to $7,500 a year for MBA programs at approved schools.How To Get Employer
Boeing
The aerospace and defense company provides up to $25,000 annually through its Learning Together Program for graduate degrees at approved schools. Employees are eligible upon hiring and must meet minimum work schedule requirements while in school.
The leading technology company offers partial MBA sponsorship for employees through an education reimbursement program.How To Get Employer
Intel
Through its tuition assistance program, this technology company offers up to $50,000 for employees seeking an MBA.
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