{"id":44445,"date":"2020-01-10T20:53:45","date_gmt":"2020-01-10T20:53:45","guid":{"rendered":"http:\/\/www.augsburg.edu\/mba\/?p=44445"},"modified":"2021-12-08T20:07:19","modified_gmt":"2021-12-08T20:07:19","slug":"how-to-get-corporate-sponsored-mba","status":"publish","type":"post","link":"https:\/\/www.augsburg.edu\/mba\/how-to-get-corporate-sponsored-mba\/","title":{"rendered":"How to Get Your Company to Pay for Your MBA"},"content":{"rendered":"

You have worked in your chosen field for some time, and something has whet your appetite for some higher education. You\u2019ve decided the time has come to head back to school and get your Master of Business Administration, but the cost of an MBA has put a damper on your academic zeal. Is there a way to have your cake and eat it too? Yes, there absolutely is. Fortunately, many employers offer assistance to cover the cost of an MBA. Your next step is to determine how to get a company to pay for your MBA.\"Augsburg<\/a><\/p>\n

First, you will need to discover whether your company has a sponsorship<\/b> program<\/b>. If they do, it is wise to familiarize yourself with the policies and requirements. If your company doesn\u2019t have a specified, official process for tuition reimbursement, do not despair! It is still likely that your employer will offer some form of support.<\/p>\n

This guide explains how to ask your company to pay for a portion of your MBA regardless of the existence of an outlined sponsorship program.<\/p>\n

Do Companies Pay for MBA Degrees?<\/h2>\n

Why would a company offer to pay for an MBA? There are many companies that offer employer assistance for completing an MBA program. Aside from benefiting the employee, company-sponsored MBA programs benefit the company as a whole.<\/p>\n

Students earning their MBA acquire valuable skills that are relevant to their roles and will enhance their job performance. Covering tuition costs will also increase employee retention and company loyalty.<\/p>

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So, how can you get your job to help pay for graduate school? There are two primary ways that companies pay for master\u2019s degrees. One method is via fellowship programs. The other system is through tuition reimbursement.<\/p>\n

Fellowship Programs<\/h3>\n

A fellowship program is another option to consider when determining how to get a company to pay for your master\u2019s. Fellowships are similar to scholarships; however, they are often merit-based<\/b>. Funds usually come from a private foundation that the company created. A fellowship will typically be offered to high-performing employees who excel in their field.<\/p>\n

Tuition Reimbursement<\/h3>\n

A tuition reimbursement program is a more common MBA sponsorship method that employers offer. Depending on the employer\u2019s policies, tuition reimbursement programs may cover the cost of an MBA fully or partially. There are often specific requirements that must be met in order for an employee to be reimbursed. Typically, an employee must remain at or above a specific academic level in their courses. Employers also usually require that employees stay with the company for a specified amount of time, a year or two, upon completing their MBA.<\/p>\n

How to Find Out If Your Company Offers MBA Sponsorship Programs<\/h3>\n

How can you find out if you can get study support from employer-sponsored MBA programs? Your first resource will be the company\u2019s employee handbook<\/b>. If you still have questions regarding programs your employer offers, your next step will be to speak with Human Resources<\/b>. Coworkers who have an MBA are also an excellent resource when it comes to corporate-sponsored MBA degrees, especially if your company doesn\u2019t have a formal process.<\/p>\n

How to Ask Your Boss to Pay for a Course<\/h3>\n

How do you ask for tuition reimbursement? When asking your manager or company to assist with the cost of an MBA, it is a good idea to anticipate any questions or concerns they may have. It\u2019s also important to ensure that you specify other potential necessities you may require while pursuing an MBA, such as a flexible work schedule or financial reimbursement for textbooks or software.<\/p>\n

Know What You\u2019re Asking For<\/h3>\n

When deliberating over how to get your MBA paid for by your employer, it\u2019s important to take into account other needs you may have as a student and employee. Will you require a more flexible work schedule to accommodate classes or seminars? Additionally, will you need assistance with other MBA-related costs? These other costs may include:<\/p>\n