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An MBA program can prepare you for a rewarding career leading today鈥檚 most innovative companies. Unfortunately, the cost of obtaining an MBA can be prohibitive. Although the specific costs vary depending on your program and location, the average MBA program in the US costs between $60,000 and $100,000 per year.¹ However, if the company you鈥檙e currently working for offers tuition reimbursement, you may be able to use it to pay for your MBA program.

This article will explore tuition reimbursement and how you can increase your odds of having your employer pay for your MBA program.

Tuition reimbursement is a benefit offered by some employers. Generally, this benefit falls into one of two types: incentive and professional development. Employers that offer tuition reimbursement as an incentive do so to improve the quality of life for their employees. This type of benefit is frequently offered to retail or fast food employees working in jobs that don鈥檛 require degrees.²

Some companies also offer tuition reimbursement as a form of professional development. Employers pay for their employees to pursue advanced degrees as a way of investing in them and gaining skilled talent. This benefits the company and the employee. You鈥檒l often be expected to work for the company for a set amount of time after you graduate, and your employer may only pay for certain degrees. Large organizations are more likely to offer this benefit to professional employees.²

Tuition reimbursement differs from student loan assistance and scholarships in that it鈥檚 a benefit that鈥檚 offered by companies to their employees only.

Each company has its own structure, so check with your HR department about your company鈥檚 exact requirements and benefits. Many companies don鈥檛 cover the entire cost of tuition. Instead, they鈥檒l cover a percentage up to a set maximum limit. If your tuition is more than that, you鈥檒l need to cover the difference.³

Additionally, some employers have stipulations. You may need to maintain a minimum grade point average (GPA) or take specific courses. Your employer may only cover degrees that are relevant to the company. Fortunately, almost all companies can benefit from the types of problem-solving and leadership skills you can learn from an MBA program.³

Tuition reimbursement is primarily intended to help employees advance their skills. However, under current law, educational assistance programs can be used to pay down existing student loans. This benefit can only be used to reimburse employees for student loan payments made after March 27, 2020. It鈥檚 limited to $5,250 per employee per year and is set to expire on December 31, 2025, though it could be extended.⁴

The best way to ask for tuition reimbursement is to approach it professionally. Your proposal should concentrate on the value you鈥檒l bring to the company after you finish your MBA.

This may seem obvious, but your first step when requesting tuition reimbursement from your employer is to make sure that it鈥檚 even an option. Not all companies offer financial aid for business school, so do some initial research to make sure that it's offered, and if it is, read through the specific conditions that are likely attached. This simple initial step can help you avoid a potentially embarrassing and awkward conversation.

One relatively safe way to ensure you have the correct information before you approach your boss is to reach out to colleagues and coworkers who have encountered a similar situation when considering graduate school. They may have extremely helpful advice regarding how the conversation went, such as what tone they felt was appropriate and what seemed to be a compelling argument that resonated with their manager.

Having these conversations with your coworkers can not only help you attain the financial support you seek but can also strengthen your work relationships by helping you bond with colleagues who share your desire to grow intellectually and professionally.

Before you approach your company, look into programs and determine which ones offer programs that align with your company鈥檚 needs. You want to be able to show what skills you鈥檒l gain as a result of the program and the concrete benefits your company can expect. Consider this pitch your first true business case. You鈥檒l be selling yourself, so be prepared to demonstrate why you鈥檙e a good investment. Include information about your current performance. Show that you鈥檙e already a motivated top performer and that an MBA will empower you to contribute even more.⁵

If your employer is going to be convinced to give you a significant amount of money for tuition reimbursement, they will want to know how they will benefit from this transaction. Be prepared to discuss clearly and confidently the ways in which your increased knowledge and expanded skill set will help at work. Show how you will be able to handle additional team leadership functions or utilize more sophisticated analytical techniques to offer new positive outcomes from your current role, and indicate a willingness to take on more responsibility in a more advanced role as your education and experience grow.

Tuition reimbursement doesn鈥檛 just benefit you; it also benefits your employer. You鈥檒l be able to make a more convincing case if you focus on the advantages for your company. A tuition reimbursement program can help your company attract and retain top talent and improve job satisfaction for employees. It may help to point out that some of today鈥檚 top companies offer this perk, such as Deloitte, Wells Fargo, Apple, Intel, and Bank of America.⁶

You can also emphasize the networking opportunities you鈥檒l experience as part of an MBA program and highlight how that can benefit your company. Point out that you鈥檒l learn cutting-edge skills, such as artificial intelligence (AI) and data analytics, that will help you contribute to strategic planning.⁵

The Online MBA from the Albers School of Business and Economics at 香蕉视频 is a fantastic way to grow your career by investing in your own professional development. Our faculty are notable experts in their fields, and you can learn at your own pace. Learn more about tuition and financial aid for these online programs and prepare for the next step in your professional journey. Contact one of our today to learn more.