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Hi all! Hoping this will spark a decent discussion...
A quick summary about my situation: I am 29 and will be attending UCLA Anderson FT starting this fall. To do so, I assumed I would be leaving a good position at a Fortune 500 hospitality company that pays just under six figures and funding my MBA 100% on my own. My end goal was to move into consulting post graduation (a big assumption, but my resume fits almost perfectly and I already have a network at the big firms) before eventually moving back to fortune 500s after 3-4 years in consulting.
Here's the monkey wrench... Upon breaking the news to my employer, they countered with a deal. If I return to them after school (I haven't received the official letter yet) they are offering:
>> 50% tuition reimbursement >> paid 10 week internship for Summer 2012 @ current salary (estimated value of $20k) >> FT position at conclusion of program in 2013, likely in the $110-120k neighborhood (specifics unknown - they are flexible) >> 2-3 year commitment (what is common - I'm speculating here)
I was hoping to get some perspective from others who have had a Corporate Sponsorship or know folks in similar positions and are willing to share their stories. Really looking for specific insights to:
a) have some benchmarks to understand if the above is low / typical / high b) do offers like this usually state the salary (or a range) of FT position at end in the deal? I am hoping to include this to avoid any surprises, but want to understand if this is common practice. c) receive some advice on what I should make sure is included/excluded before signing (e.g., moving expenses, signing bonuses, etc) d) anything else you think would be helpful to myself or others in my position
Obviously personal circumstance has a heavy influence on how right sponsorship is for each individual, but any feedback/thoughts/commentary would be much appreciated as I decide to accept/counter their proposal. Many thanks in advance to anyone who contributes...
My company does full reimbursement with a 2 year post-grad commitment. I'm not sure of details regarding summer internship and compensation post-grad.
One thing to consider would be to use this offer from your employer as a safety net. If at the end of two years you have a better offer, pay back your current company and move on to the new one. If at the end of two years you have no other offer, then you still have a job in your back pocket.
My company's policy involves me laying out the cash, not getting reimbursed until grades are in, only getting reimbursed 100% for As (90 for Bs, 75 for Cs), and then having 1/36th of my debt forgiven every month I work for them after graduation.
I know sponsorships that range from far worse than yours, to people who get 100% paid, living stipends, 30% raise when they rejoin, executive mentor, and 2-3 year post grad commitment.
Obviously you should negotiate if possible. Also who knows what the economy will hold, so having a sure job post grad is a great thing. I would say see if they will pay all for a 3 year commitment, important with this is to get a repayment schedule...if you last 2.5 years you dont want to owe them 100% back.
Get it all legal and signed, along with a range for post grad jobs, possible locations, and the date they have to give you the fulltime offer. I know a few people whose companies when the economy went south didn't give fulltime offers and tried to bail on deals. WIth a signed contract one of my friends walked away with no student loans and didn't have to go back to his company because they failed to meet certain dates for a fulltime offer. Another was at a smaller boutique firm and got screwed second year because it was a handshake deal. Without a date for them to provide a fulltime offer you could miss all recruiting if something goes wrong.
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I think this is a a good offer considering what your end goals are few years down the line.
Couple of things to note in your offer - 1. You still get to go to UCLA (of course, assuming you get admitted). Even if my current company sponsored me 100%, I won't be able to do MBA at any of my dream schools because of my current location. 2. Don't be overconfident that you 'll be able to land that consulting job. There will be lot of bright students in your class and perhaps 50% will apply to the same big5 consulting. 3. Few years at the consulting company may open other doors for you early on and you don't know where that may catapult you later in your career. But, of course, there are lot of what ifs in this last statement.
Whatever you decide, you 'll make the right decision.
My 2 cents is that you need to find out whether you can take the deal and back out. It would be great to have the hospitality job as a safety net.
At my company, they will sponsor and reimburse you over 3 years if/when you return to the job. It's a great opportunity -- I can apply for sponsorship and have a safety net, but if I get a job that I prefer I can throw the offer to the wind and follow the dream.
For consulting firms, they offer full tuition and a small living stipend (~$30-50K depending on firms I think?), in return for a two-year commitment. You'd come back as a consultant so your salary is a given. You can also back out before graduating (though that's not going to win you points).
Agree with everyone else--would be best to check if you could back out, and if so, what are the clauses for backing out. Good to have an offer in hand!
Re: [BENCHMARKING] Corporate Sponsorship
26 Jan 2012, 16:33