Get Your Company To Sponsor The MBA

Among the biggest hurdles MBA aspirants have to cross is the one on finding financing for the program without dipping into own savings, taxing the parents, arranging for student loans and wondering whether the returns from acquiring the degree would be enough for repayments.

Worries on this score could be reduced considerably if you are able to persuade your employer to sponsor your B school studies. Easier said than done and coming with many strings attached, this option is still worth considering.

The first step is to persuade the employer to loosen the purse strings. You have to let the boss or the top management know that you are prepared to join an MBA program not only to further your career prospects, but also add value to the company.

That is, by bringing the expertise and insights gained from the MBA to add value to the job and the company.

Of course, there are no free lunches. The company would expect you to return once the program is over and may lay down conditions like returning to it and staying on for a stipulated period.

However, not many firms would be willing to sponsor an employee for a full-time program, on account of the higher costs and the amount of time the employee would remain off work.

The advantage in going for an Executive MBA (EMBA) would be in not having to keep away from work for long. Even in this case, the ground reality is that corporate sponsorship is hard to get.

According to a 2015 survey by the Executive MBA Council only 25% of EMBA students receive full sponsorship and that 41% had enrolled  without any corporate funding. Similarly, the Stanford Graduate School of Business has had only six to ten percent fully sponsored students in recent years.

Among the advantage cited in availing of corporate sponsorship is that you would not have to run around arranging a huge loan from banks or other financial institutions.

There is also no uncertainty regarding placements since you would be returning to the company, in probability to occupy a higher position. Another plus point is that considering the costs involved in your sponsorship, the company would not consider retrenching you during a crisis.

The employee, post MBA, would be able to contribute much more by way of having developed talent for critical analysis, strategy planning in addition to soft skills like networking and leadership qualities.

For the company, it is like recruiting a fresh MBA graduate, but one who is already familiar with its functioning and corporate goals.

It is also a happy situation for the employee’s point of view since even getting company sponsorship means recognition of your value that would go up once you return after completing the program.

Having to remain with the company for the stipulated period also need not be seen as a sort of punishment as the time could be used to hone up your capabilities and finances before making the next career move.

Of course, there would be some who would be tempted to leave, after being lured with bigger offers. Business school career service cells discourage such switchovers advising the students not to alienate  their employers. (Image Courtesy: www.linkedin.com )