If you have already decided on studying for a master’s degree, it is time to ask yourself ‘how do I pay for my executive studies?’ Although on the pricey side, executive studies are worth the investment and if you are lucky enough to be working full-time, financial help from the employer is a huge opportunity – especially if you have settled on a post-grad course like an MBA. Many large corporations around the world are especially keen to offer their employees the opportunity to acquire an MBA degree on a part-time basis at their expense – if the employee can go on serve the company for at least two years.
MBA degrees from prestigious universities such as the Hult International Business School are still one of the most popular titles in global entrepreneurship. Many graduates who attend such schools have the opportunity to obtain an MBA degree without necessarily having to take time off work. Many have now gone on to lead very well-known international firms. Despite this revelation, the question that still stands is ‘why would any employer commit to such a burden?’. The answer is simple – the value of an MBA is greater than the cost.
The Value of an MBA to an Employer
The reason many companies attach great importance to such business schools is due to their history of producing executives that graduate with a broader skill set and wider international networks in top cities like London, Dubai, New York, and Shanghai. MBA graduates often have better career opportunities with top international firms – even many startups now expand their know-how with the help of an MBA graduate.
So, if you would like to further education for better career prospects in your current job, there is no reason why your employer would disagree with a financial commitment. As already mentioned, the value of an MBA to an employer is huge – so it is not only you that will benefit from this venture. You simply have to entice your employer with the below tips.
Be Clear About Your Future Career Intentions
If you have demonstrated a willingness to pursue further training at an early stage in your career and have opted for a program that is clearly tailored to the professional requirements of your job, you will increase the chances of funding from your employer.
However, before approaching your employer, it’s crucial to have some clarity about your goals and objectives. Start by asking yourself what will my own future look like in the company? how does the study program fit into the picture? and can the company count on me successfully completing the degree?
Highlight the Cost and Time Savings for Your Employer
A large number of companies understand the benefits of recruiting employees from within their own ranks rather than looking for them externally. The advantage here is they will not waste time getting involved in the extensive selection process that includes tendering a job, reviewing applications, and selecting candidates. All these processes can be shortened or even eliminated as the employee is already familiar with the company.
Of course, having your employer support you with your studies also pays off with a greater emotional commitment on your part to the company. You will certainly have to commit yourself to the company for a good amount of time.
Show a Clear Commitment for the Role
Another, but certainly not decisive, argument is your clear commitment to the role. The fact that your personal ambition is awakened and you plan to further your studies for better performance displays a great will to work for the company.
Another argument would perhaps be to show that with additional learning, you are well prepared for future challenges with an ability to manage new areas of responsibility or fields of activity within the company. It also clearly reveals that you have the motivation and you are not the sort to sit on the job year after year for the usual paycheck.
Highlight That More Expertise Leads Better Work Results
Having read this far, if you are still nervous about an MBA sponsorship justification from an employer, you needn’t be. The benefits of executive studies, especially those gained from an MBA are huge. With further education, you improve your knowledge – probably also in thematically adjacent fields which you previously had no idea about. This means you can now bring in this expanded knowledge gained from your studies into your everyday work.
In addition, you can certainly take on new tasks even before you graduate, as you have acquired appropriate skills either via the lectures or by distance learning. Your employer can, thereby, deliver even more high-quality work results. However, it’s crucial not to make the mistake of telling your employer that you are in need of this degree due to a lack of skills – you would be quite cut into your own flesh with that move.
Conclusion
The question of how to get an MBA paid for by an employer involves a few ideal prerequisites for convincing the employer to support your executive studies. First, they should already consider you already eligible for funding because of consistently good work results. With such an achievement, they will then have further trust in your skills and performance before committing to supporting you through the extra-occupational study program.
This content is a joint venture between our publication and our partner. We do not endorse any product or service in the article.
