If you work in the business world, then you probably already know the value of an MBA. A master’s degree in business administration can be the key to better jobs in the future, promotions, management positions and salary bumps for the rest of your career. However, affording the tuition for your MBA may be a struggle.
Thankfully, some students who work and earn their MBA online at the same time have discovered that in many cases, your employer might actually pay for you to earn your MBA.
Learn Your Company’s Existing Policy
If you’ve thought about earning your MBA in the future, but you haven’t fully investigated the options, you might be surprised to learn that your company already has a tuition reimbursement policy in place.
Many large corporations have programs in place that help their full or part-time employees get ahead in life. Some companies have an annual cap that only applies to tuition at accredited colleges, and they offer reimbursement a few months after you pay the initial expenses.
Some companies have no annual cap, but they do have a lifetime payout. Other companies might have no cap, but they require that employees earn degrees directly related to their current job. By learning more about your company’s policy, you might find that they will foot all or part of the tuition bill without any convincing or explaining on your part whatsoever.
Know What to Ask For
Even if your company doesn’t have a policy in place, that doesn’t mean your options have expired. Just be prepared to know what to ask for, and do your homework.
Decide whether you’ll ask for tuition payments right away, reimbursement within a certain time frame or even a loan where a percentage of your paycheck is deducted as a payment for several months or years.
Also, be sure to have an accurate tuition amount that is current and applicable to the MBA program where you are likely to be accepted.
Be Ready to Defend Your Request
Your employer might be receptive to the idea of paying for your online MBA, but you should be prepared to defend how it can benefit them as well as you.
You might explain that having an MBA will boost your business knowledge, making you a far more valuable member of the team. You might also show that you are loyal to the company, and an MBA could be what helps prepare you for a management role leading and inspiring others.
Balancing Work and Online Study
Once you get the green light and your employer is ready to pay for your MBA, you will need to find the balance between working and studying online.
Fortunately, many accredited online colleges let you set your schedule, advancing your education in the mornings before work, in the evenings or even over the weekend.
Believe it or not, your company might be able to pay for all or part of your MBA tuition, getting you closer to your career goals in less time.