Companies that finance an MBA for high-flying executives

Business leaders from any industry sector, as well as heads of finance, marketing, and especially HR departments, recognize that MBAs help employees develop new skills and strengthen entire teams.

For aspiring business professionals who are curious about improving their skills and career direction, an MBA could be the key to opening up attractive opportunities and achieving greater credibility in the industry.

For aspiring business professionals who are curious about improving their skills and career direction, an MBA could be the key to opening up attractive opportunities and achieving greater credibility in the industry

 

Since an MBA program offers business-inclined students the opportunity to develop managerial skills, cultivate a strong network of industry peers, and master business basics such as financial management, accounting, and business marketing. . But keep in mind that MBA programs are not one size fits all. While a foundation MBA typically takes an average of 18 months to complete, it must also be said that there is flexibility in scheduling depending on an individual’s goals and desired time to complete.

Two key questions: Is an MBA worth it? And the second: are big companies betting on it?

Ideally, all SMEs would also give financing programs a chance for employees who they know are talented and already experienced enough to take on leadership positions.

An MBA is more than an opportunity to learn new skills. It’s also a smart investment for any industry professional looking to achieve greater income security and financial protection.

People who have an MBA enjoy higher earning potential and higher average salaries than the average worker with only a college education.

An MBA can also increase your chances of landing your dream job.

The statistics are very revealing

A year after the pandemic hit, researchers at the Graduate Management Admission Council found that 95% of recruiters in the consulting industry were planning to hire MBA graduates. Postgraduates from any business school who have completed an MBA are therefore likely to enjoy an advantage over others when applying for related positions.

An MBA is more than an opportunity to learn new skills. It’s also a smart investment for any industry professional looking to achieve greater income security and financial protection. The big cities of the world always have important business schools that offer a variety of postgraduate courses in line with the development that is taking place in that region

 

Are MBA programs expensive?

While an MBA degree greatly increases the chances of having a successful career, many full-time professionals may find that balancing the cost of earning a degree with regular costs like rent and bills they have to deal with every month , makes an MBA simply impossible. For this reason, the importance it acquires when it is the same companies that help talented people, who are already working or others who are thinking of hiring, among the conditions of the offer, to be given the advantage of global or partial support so that the candidate can pursue an MBA.

There are organizations that are paying for executives who are called «high-flyers» (high-flyers’ executives)

It is interesting to see that despite the crisis situations that have arisen for organizations around the world, first due to the pandemic and then due to the Ukraine War, also despite the fact that fewer companies are sponsoring students to pursue an MBA, likewise those that continue to do so may be offering rewards for worthwhile candidates.

Tiber Health will fund up to 20 employees to study at Cambridge Judge Business School, which is the University of Cambridge’s business school for the next decade. This really is going ahead.

David Lenihan, CEO of Tiber Health, which uses e-learning to train doctors, insists on funding postgraduate courses that he doesn’t care if the employees he funds to study for executive MBAs later move rivals. His position is that «I agree with that possibility, because I think that the members of the team in which we are investing will want to stay with us.» It seems to us of a very fine common sense. Therefore he adds that “and

“And those who decide to relocate will not only be excited to refer us to high-quality people who can fill their roles; They will also be eager to partner or collaborate on projects that are mutually beneficial to us and their new employers.”

Lenihan’s enlightened vision of education has led him to fund up to 20 of his executives through Cambridge University’s EMBA Judge Business School over the next 10 years. He makes an interesting point about specialization and opportunities, saying that “because they are highly specialized in the academic business, the executives and administrators of our medical school have not had the opportunity to be exposed to professionals from different backgrounds. origins working in other business sectors.

She believes that by interacting with her fellow students in the Cambridge EMBA program, who come from a wide variety of global industries and areas of expertise, her entire team has gained a much-improved understanding of the fundamentals of managing an organization. organization. This knowledge has enhanced everyone’s abilities, skills, and awareness, and is bringing them the best results.

Lenihan understands that an EMBA can benefit both parties: employer and postgraduate. For the latter, sponsorship substantially reduces cost and the title can be a life-changing experience; As for the employer, they bring new knowledge and skills to the business and retain talent that might otherwise move on (ie look for other job openings).

 

The importance it acquires when it is the same companies that help talented people, who are already working or others who are thinking of hiring, among the conditions of the offer, to be given the advantage of global or partial support so that the candidate can pursue an MBA

 

Decrease in financial support in recent years

However, the number of EMBA participants receiving financial support from their employer has been steadily declining in recent years. “Students receiving full corporate sponsorship are now very rare,” says Barbara Stöttinger, dean of the WU Executive Academy at the Vienna University of Economics and Business, “and the pandemic further accelerated the trend towards self-financing.”

Marie Taillard, associate dean for executive education at ESCP’s London campus, sees evidence that some companies are still sponsoring high-potential people, particularly in today’s «limited talent market.» It has become customary for some hiring managers to use perks like EMBA sponsorship as incentives to retain talent, but they do so very selectively.

Keep options open

Some students prefer to self-fund, as corporate sponsorship may come with strings attached, an obligation for the organization to foot the bill. As an EMBA often serves as a stepping stone to another industry or career level, many students prefer to keep all options open after finishing their studies.

Reduce the cost of an EMBA: scholarships

Business schools often offer scholarships to high-potential students, women leaders, applicants with financial need, or from minority groups, as a means to help them achieve their educational and career goals.

The way in which the admissions committees act is to consider the personal situation of each scholarship applicant and then decide individually if a scholarship will be awarded and in what amount”.

Early booking bonus

You may be entitled to a substantial tuition discount if you submit your application documents to your chosen school by the deadline.

Payment in installments

Instead of paying the full amount of tuition up front, ask if you can break it up into several smaller payments. In effect, it is like receiving an interest-free loan.

Taxes devolution

In some countries, tuition fees, travel expenses or even accommodation expenses are considered tax deductible expenses. In Austria, for example, the state will reimburse about half of all costs for those earning more than €60,000 a year. In France, under the “professional training contribution” tax paid by large employers, employees can access €3,000 a year for “continuing education”.

Some students prefer to self-fund, as corporate sponsorship may have strings attached, an obligation for the organization to foot the bill

 

Graduate loans

These are available from specialized banks and providers, including Prodigy, Future Finance and Lendwise.

What type of business degree should you choose?

Tyler Toscani, an MBA student at the City University of Hong Kong, explains why he chose an MBA to start his career in finance. The most important financial centers in the world, such as London, become a target for MBA students who want to break through in these highly competitive markets. An MBA could help you launch your career in a financial center like Hong Kong or London after you graduate.

The case of Tyler Toscani, a native of Canada, was already what can be considered a high-ranking executive in the finance sector and working in Hong Kong, one of the main financial centers in the world, when he decided to enroll in an MBA degree. . He made the decision as he believed it was time to take the next step in his career path in finance and go to business school for a more specialized master’s degree.

Many of the world’s top financial firms hire graduates who also hold MBAs, such as Goldman Sachs and JP Morgan, and more than 40% of prospective business school students want jobs in finance. This is an important fact to take into account.

What is surprising in Tyler’s case is that he is now already enrolled in the part-time MBA program at the City University of Hong Kong (CityU), and this is making it easier for him to broaden his business experience while working in finance, that is why he says that the MBA is already benefiting his career.

Why choose an MBA for a career in finance?

If you’re an ambitious professional looking for a career in finance, there are many options available, including certifications like the CFA (Chartered Financial Analyst) exams, master’s degrees in finance or accounting, or even specialized degrees in subjects like fintech.

You can also choose to study for an MBA. Rather than specializing in one industry or function, the general MBA curriculum offers a holistic view of business.

There are programs that cover topics ranging from supply chain management and human resources to strategic management and finance. This wide range is what allows any postgraduate of an MBA to expand their experience in various areas, although as we have said above, there are certain preferences for the financial sector. At the same time, it allows you to have a greater vision of business in general. In this way, postgraduates of an MBA are almost always happy to have chosen an option (certain specialty) because in any of the chosen ones it is a kind of insurance to find a job, since employers want this type of professional category, since they know of the flexibility and discipline that one must have to take an MBA, precisely the same professional scrupulousness that organizations look for in new talent.

It’s important, especially when you’re young, to try lots of different experiences, so from the moment a candidate applies for a certain MBA, they’re starting a learning journey, at the same time, they’re making it easier for a number of employers to selection of the new talents that these companies need.

An important detail shared between employers and MBA postgraduates is that regardless of the MBA curriculum, the entire package of modules that make up a given MBA program must also be seen as offering opportunities to advance your career. later.

If you’re an ambitious professional looking for a career in finance, there are many options available, including certifications like the CFA (Chartered Financial Analyst) exams, master’s degrees in finance or accounting, or even specialized degrees in subjects like fintech

 

I would expand the professional network

Have access to expert faculty, corporate employers, industry leaders, and classmates from around the world. The degree you get with an MBA should also be seen as a differentiator when applying for jobs in the future.

Fortune 500 companies that help pay for employee MBAs

Many Fortune 500 companies help pay for employees’ MBA degrees, whether it’s a full sponsorship, tuition reimbursement, or a guaranteed annual contribution directly to the university or business school you’re attending. And some corporations even have partnerships with universities that offer specialized MBA programs and/or a tuition discount.

Therefore, there are at an international level the following support modalities for MBAs

– Companies offering MBA sponsorships.

– Companies that offer tuition assistance.

– Companies that offer tuition reimbursement.

– Companies that offer MBA scholarships.

– Companies that have alliances with MBA programs.

Companies that pay for master’s degrees often provide financing through tuition reimbursement or tuition assistance programs.

In this way, postgraduates of an MBA are almost always happy to have chosen an option (certain specialty) because in any of the chosen ones it is a kind of insurance to find a job, since employers want this type of professional category

 

Some employers offer scholarships instead of reimbursement or direct assistance. Although some offer renewal eligibility, employer-sponsored scholarship programs generally issue one-time funds. Applicants may be required to submit formal applications and compete against other applicants for a limited number of funding opportunities.

Common Requirements of Companies Offering Tuition Reimbursement

Companies that pay for MBAs structure their educational benefits in various ways. Eligibility guidelines, qualified expenses, and financial limits differ among employers. Depending on the employer, these parameters may extend to factors including:

– Length of Service: Some companies require candidates to be employed by the company for a minimum period of time before they are eligible for educational benefits.

– In other cases, the employee must commit to remain with the company for a specified period of time after completing their education to qualify for reimbursement or assistance.

Eligible Programs and Grade Levels: Employers may limit eligibility to educational programs with a demonstrable benefit to the beneficiary’s professional development as a member of the company.

– In other cases, they restrict support to specific degrees or grade levels, such as MBA or master’s programs.

– Type of institution: Employers often specify that students must attend an accredited institution to qualify for educational benefits.

Academic Achievement: Recipients may be required to maintain minimum grades (grades) at their grade level or also a certain grade level to qualify for tuition or attendance reimbursement.

Companies that pay for master’s degrees often provide financing through tuition reimbursement or tuition assistance programs.

 

Is it worth making your employer pay for your MBA?

Jobs that offer tuition reimbursement or assistance for MBA programs have obvious appeal. However, the financial benefits come with some trade-offs that candidates should carefully consider before deciding on a course of action.

According to the Graduate Management Admission Council’s 2021 Corporate Recruiters Survey, 91% of recruiters planned to hire MBAs in 2021. This speaks to the great value of having an MBA when entering the job market, rather than getting one after landing a job. .

Also, you should consider the practical challenges of earning an MBA while having a full-time job. Most companies that sponsor MBAs expect students to continue working while studying. Candidates need to balance these responsibilities without affecting their professional or academic performance, while managing all of their other commitments.

The cost of an MBA

The costs of the MBA program are another important consideration. Graduate business degrees tend to be expensive, and most educational benefits have relatively modest annual limits. Students seeking an MBA may face significant costs, even with the help of their employers.

As such, prospective MBA students need to calculate the returns they can earn on their educational investment. Therefore, you must do a calculation with the numbers without the assistance of the employer, and then consider the results regarding the advantages of having an MBA.

Remember that employer assistance is only one of many ways to finance your MBA degree. Explore all available options as part of your full due diligence.

 

This information has been prepared by OUR EDITORIAL STAFF