{"id":26521,"date":"2014-11-26T03:00:33","date_gmt":"2014-11-26T10:00:33","guid":{"rendered":"https:\/\/gmatclub.com\/blog\/2014\/11\/6-tips-for-getting-mba-tuition-reimbursement-from-your-employer\/"},"modified":"2014-11-26T03:00:33","modified_gmt":"2014-11-26T10:00:33","slug":"6-tips-for-getting-mba-tuition-reimbursement-from-your-employer","status":"publish","type":"post","link":"https:\/\/gmatclub.com\/blog\/6-tips-for-getting-mba-tuition-reimbursement-from-your-employer\/","title":{"rendered":"6 Tips for Getting MBA Tuition Reimbursement From Your Employer"},"content":{"rendered":"
\"Requesting<\/a><\/p>\n

Want to get MBA tuition reimbursement from your employer? Emphasize your value to the company, just as if you were asking for a raise!<\/p>\n<\/div>\n

Have you ever asked your boss for a raise? This isn\u2019t a conversation most of us relish, so, all too often, we put it off, hoping our bosses will just notice all the amazing things we do and eagerly reward us when we obliquely bring up the uncomfortable topic of earning more money.<\/p>\n

Asking your employer to provide MBA tuition reimbursement is not unlike asking for a raise, and you have similarly low chances of success if you apply the evasive strategy above.<\/p>\n

Getting your employer to pay for your MBA requires that you make a compelling case to convince <\/i>him or her of your value to the company, and the value of that future degree in your hands.<\/p>\n

So, how can you make your case to your boss to pay for your MBA?<\/p>\n

1. Know your company<\/b>\u00a0<\/b><\/h4>\n

The process starts with doing your homework<\/a> (doesn\u2019t everything?). Read your employee handbook or talk to human resources to find out if your company has a standard tuition assistance or sponsorship program in place.<\/p>\n

Consider the company\u2019s current economic situation to time your request for the best chances of success. Just as you probably wouldn\u2019t ask for a raise<\/a> when your company is cutting expenses or laying people off, you shouldn\u2019t request money for your MBA if your company is struggling.<\/p>\n

<\/b>2. Network with MBAs at work<\/b>\u00a0<\/b><\/h4>\n

If your company doesn\u2019t have a formal procedure for assistance, start networking<\/a>! Talk to colleagues who earned their MBAs while working to ascertain whether there is a precedent for your company funding employees\u2019 higher education.<\/p>\n

It is also important to establish relationships<\/a> and gather allies to help make your case for MBA tuition reimbursement. This could even be your direct supervisor or a close mentor. Start the conversation early to get the support and advice from others that will ultimately strengthen your case.\u00a0<\/b><\/p>\n

<\/b>3.\u00a0\u00a0\u00a0 <\/b>Sell the ROI of an MBA\u2014for your company<\/b>\u00a0<\/b><\/h4>\n

Remember, this isn\u2019t about why an MBA is great for you<\/i>. We frequently hear about the personal value of an MBA, and how the degree translates to a higher salary<\/a>, but do you think that is going to convince your employer? No way.<\/p>\n

You have to make your employer see the specific benefit to the company of you receiving an MBA\u2014how this will help you help the company\u2019s bottom line or resolve some of its most challenging issues. For example, MBA.com<\/a> recommends highlighting the measurable value your company can expect from you obtaining your MBA.<\/p>\n

4.\u00a0\u00a0\u00a0 <\/b>Highlight program specifics<\/b>\u00a0<\/span><\/h4>\n

Although, as previously mentioned, you can and should start the conversation early with key allies<\/a> at your company about your desire to earn your MBA, you shouldn\u2019t make your case for getting financial aid from your employer until you can speak knowledgably about a specific program. Pointing out the key features<\/a> of a particular b-school will help make your case for employer support more convincing.<\/p>\n

Keep in mind that you can use your future business school as a resource\u2014they are often very helpful in this regard. For example, University of Pennsylvania\u2019s Wharton School of Business provides sample sponsorship requests<\/a> to aid applicants in their formal proposals for financial support and includes key benefits of Wharton\u2019s Executive MBA Program.\u00a0<\/b><\/p>\n

<\/b>5.\u00a0\u00a0\u00a0 <\/b>Call attention to your strong work performance<\/b>\u00a0<\/b><\/h4>\n

In preparing your proposal for financial support, focus on the concrete, positive ways you\u2019ve impacted your company<\/a>. Remember, you\u2019re approaching this conversation as though you were asking for a raise. It is very difficult to convince your employer to sponsor your MBA if you haven\u2019t demonstrated your value as an employee.<\/p>\n

Note the measurable results you\u2019ve delivered on projects you\u2019ve been in charge of. If you can quantify your impact on the company in terms of actual sales or saving the company money, that will make the most effective case for your value to the company, and will increase the likelihood that your superiors will want to invest in increasing that value.\u00a0<\/b><\/p>\n

<\/b>6.\u00a0\u00a0\u00a0 <\/b>Know exactly what kind of financial aid you\u2019re asking for<\/b>\u00a0<\/b><\/h4>\n

When you ask for a raise, a vague request for \u201cmore\u201d likely won\u2019t yield the desired result. Similarly, asking your employer to \u201cget MBA tuition reimbursement,\u201d without specifically outlining the amount you\u2019re requesting won\u2019t be successful. Your proposal should be specific and professional.<\/p>\n

You need to understand the tuition and other costs associated with your chosen MBA program and know specifically how much of those costs you are asking your employer to pay.<\/p>\n

Business school isn\u2019t cheap, with the average debt of graduates<\/a> from at least 6 business schools in 2012 clearing $100,000. You will likely need to obtain loans<\/a>, scholarships<\/a> (possibly with the help of a great GMAT score<\/a>), or government assistance, in addition to employer support.\u00a0<\/b><\/p>\n

There may be a catch to employer financial aid<\/b>\u00a0<\/b><\/h4>\n

If you do secure MBA tuition reimbursement from your employer, congratulations! Just make sure that you clearly understand the terms of the agreement<\/a>. One of employers\u2019 biggest fears<\/a> is losing you after you get your MBA; they want to invest in future leaders who will drive company performance.<\/p>\n

To protect their interests, your employer may add stipulations, requiring you to achieve a certain G.P.A., maintain your current level of job performance, or sign an employment contract guaranteeing you\u2019ll stay with the company for a certain number of years. Before you agree to anything, consider your career goals carefully to ensure they align with your company, and clearly outline your post-MBA expectations<\/a> (raise, promotion, etc.).<\/p>\n

Also, don\u2019t forget about taxes! That\u2019s right, you may need to pay income tax<\/a> (gasp!) on employer-provided education assistance. Make sure you understand the IRS\u2019 rules<\/a> in this regard, double-check your W-2\u2019s, and talk to your HR department for more details.<\/p>\n

How will you make your case to your employer to pay for your MBA? Share your comments with your fellow aspiring MBAs below.<\/i><\/p>\n

The post 6 Tips for Getting MBA Tuition Reimbursement From Your Employer<\/a> appeared first on Kaplan GMAT Blog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Want to get MBA tuition reimbursement from your employer? Emphasize your value to the company, just as if you were asking for a raise! Have you ever asked your boss…<\/p>\n","protected":false},"author":120,"featured_media":0,"comment_status":"closed","ping_status":"1","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,558,243,940],"tags":[],"class_list":["post-26521","post","type-post","status-publish","format-standard","hentry","category-gmat","category-kaplan-blog","category-blog","category-gmat-prep-gmat","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/26521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/users\/120"}],"replies":[{"embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/comments?post=26521"}],"version-history":[{"count":0,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/posts\/26521\/revisions"}],"wp:attachment":[{"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/media?parent=26521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/categories?post=26521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gmatclub.com\/blog\/wp-json\/wp\/v2\/tags?post=26521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}