If you’re reading this, you’ve probably decided to pursue an MBA degree – that’s great! What you realize now is slightly more challenging to figure out – how you’re going to pay for your education. If the sudden nightmares of being buried into student loans are making you lose sleep, wipe the sweat off your brow because we’ve got great news! There are many employers out there who would partially or outright pay for your MBA degree. All you have to do is convince them.
While convincing your boss, you need to demonstrate the benefits attached to this degree. It’d be worth an investment to pay for your education. Getting the degree will not only improve your skills, but the company will also reap benefits in the long run. Even if it means you have to work overtime!
So, let us help you convince your employer. Read on to see the top seven reasons that will help induce your boss to pay for your MBA.
- Know what you are asking for
When deliberating over how to get your boss to pay for your MBA, it is essential to consider the other needs as an employee and student. It would help if you also determined your medium of education. Due to the current worldly circumstances, education is taking place online. Besides that, what will be your subject concentration? These aspects may seem like an “after discussion” once your employer agrees to pay for your education. However, if you can manage to discuss your goals within the meeting, your chances of approval will increase. For instance, if you work in the finance department, an MBA with accounting concentration online would suffice. That way, you can stay on top of your field and prove to your boss that paying for your education was the best thing they ever did.
Furthermore, there are a few cost-related aspects that come into consideration as well. Ask yourself: will you require a more flexible work schedule to accommodate seminars and classes? Additionally, will you need help with other MBA-related expenses? Additional costs may include:
- Registration fees
- Technology fees
2. Sample proposal for the employer
What’s the next step to persuasion? Since you’ve been working for this company for a while, you now understand your company’s rules regarding covering MBA costs. The next step is to design a compelling and robust proposal for your employer to pay for your MBA. You should treat the application like a business pitch. It should be concise and professional. Before composing the letter, it would be prudent for you to check out some sample proposals.
Below are the elements that are necessary for creating a successful and attractive proposal:
- The total cost you expect your employer to reimburse or pay
- Your accomplishments at the organization
- If you will require time off for projects, seminars, and classes
- A certain period you pledge to stay at the organization after you complete your degree
3. Prepare to gloat the program benefits
Asking for support necessitates the use of your powers of persuasion to acquire tuition reimbursement. When requesting your boss for an MBA sponsorship, it is essential to stress how the corporation will benefit. It would help if you considered the value an MBA can add to the enterprise and the employee allegiance it inspires.
While completing an MBA degree, employees acquire new abilities and hone existing skills. It often results in a new business perspective and improved decision-making skills. Apart from benefiting the worker, an MBA eventually is a valuable talent to the business that can influence profits and processes favorably. So, put every positive and fruitful aspect of the process on the table!
4. Have a plan B, but aim for Plan A
Having your company help you pay for education would be magnificent, but it is not the only option. It is possible that after all this hard work, your employer will refuse to pay for your MBA. In such circumstances, having a backup can make you feel safer in your pitch to your employer. Knowing if he says no, you have an alternative option to explore.
5. No such thing as a “Free Lunch.”
When you approach the decision-maker or your boss, don’t expect the conversation to be one-sided. Instead, you should expect it to be a conciliation aimed at meeting both party’s requirements. For instance, some employers offer financial aid for education in return for a contact declaring the length of time you will remain at the organization following your studies. So, write down the specific contributions that you will offer to the company. You can also anticipate that your boss will have a list of expectations for you because you agree to pay for your education.
See, that wasn’t so hard now, was it?
The trick to proposing a case for support to your company is to present a strategy. A foolproof one where they can witness that paying for your graduate business degree is gratifying for you and them. Now that we’ve armed you with information, it is time to set a meeting with your boss and earn your right to further education.