Executive MBA Fee and Scholarship

Convincing an Employer to Fund Your EMBA Fees

An EMBA course fee is not a small amount, and you may find yourself in a sea of monetary burdens, which you might wish you hadn’t jumped into. You need to have sufficient financial backup to pursue this course! Things do get a lot easier if you get your employer to pay a significant portion of your fees, if not all.

Companies funding employees’ EMBA bills are becoming scarce in number, and more students are working hard to pay their own course costs. As per the statistics, 41% of the EMBA candidates were completely self-funded in 2013, which is higher than the 34% in 2009. Sadly, only 24% of students received complete financial sponsorship.

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However, there are some proven tricks that B-schools recommend which Can help you convince your boss!

Richard Shell, a renowned expert on negotiations and professor at Wharton, suggests that candidates must be confident and be prepared to negotiate. Moreover, they must present solid data to back up their claims and arguments.

You can start with your closest peer or mentor at work and move up towards your team leader or decision-maker, and gradually use the next person in line. The idea is you need to create strong momentum for your idea at every level along the hierarchy before you put it to the highest management.

Now, check out the tricks we are talking about –

Be Passionate

Before putting your claim on the table, you must be passionate about your work and show 100% interest and dedication to return to work. Some companies fear that employees will leave once they get their MBA degrees. Give them commitment in writing that you are not one among them and provide as many credible documents or proofs as possible.

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Set Concrete Goals

You need to promote your idea in every interview with your employer. You can set the following goals to come about successfully –

  • Educate your target person explaining the value of an EMBA. Show his/her success stories from various firms to ground your claims strongly
  • Make the person realise the decision-making process for your idea
  • Brainstorm with your target person how your position can be redesigned for the company’s benefit
  • Obtain an endorsement from him/her regarding your idea
  • Get this person to introduce you to the next person in the idea-selling process
  • Gather resources and convince your key decision-makers

Speak to People Taking Care of their Interests, Not Yours

Always show, if possible, in numbers, how your EMBA degree is going to help your employer or other employees for that matter. Give them a reason why they should fund your EMBA fees and how it will benefit them. Show your employer through graphical presentations about how your degree can improve the company’s ROI and prove that you can solve some of the organisation’s most challenging issues.

Follow Up

Once your employer makes a favourable decision, you need to follow up until you assure that your claim is being processed. Never assume that people are interested in your idea as you are. Catch up with their progress at every step to ensure everything is done in your favour.

Why Should Your Employer Sponsor You?

Northwestern University’s Kellogg School of Management has partnered with York University’s Schulich School of Business to present the following 11 reasons why your employer should fund your EMBA bills.

  • You must view sponsorship as a part of your career building process. EMBA candidates are sponsored because they promise to develop their skills and leadership potentials for the betterment of the company.
  • The course will enhance your critical thinking and analytical abilities in all aspects of management, enabling you to enhance your global leadership and strategic decision-making skills. You can deal with major business challenges more easily.
  • You can immediately apply your classroom learning at work, meaning that you won’t have any career gaps. You can always return to work after attending weekend classes.
  • You will get many opportunities to utilise your course work after receiving guidance from your professors. You can even do projects for your employer, who will be benefited from the project work as well as your professors’ feedback.
  • Build strong networks with batchmates coming from diverse fields and backgrounds –  your alumni will also offer idea sources, benchmarks, and valuable advice on issues commonly faced at work.
  • You can develop numerous management skills, including quantitative analysis, time management, teamwork skills, computer skills, and communication skills.
  • You can improve your global perspective
  • Employers who work with high potential employees are usually seen as having the best work environments, thus attracting and retaining employees, especially in today’s competitive market – sell this to your employer
  • The actual tuition fee is much lesser than it appears at first since it is tax-deductible for the employer.
  • You can get a network of contacts and gain valuable insights into managing a business
  • You can develop a strong relationship with your colleagues, making them follow your decision and pursue the EMBA program, later on, thus building a better workplace.

Scholarships for Top EMBA Programs

So, your employer isn’t convinced and you are confused about how to fund your EMBA bills? There’s always a way out! You can apply for one of the scholarships available for EMBA courses.

The top B-schools such as The Kellogg School of Management and HKUST Business School’s joint EMBA program, London Business School, and INSEAD, are thankfully sharing the wealth to offer scholarships to aspirants.

Let’s have a look at the sample of scholarships provided by these schools.

1. Kellogg/HKUST Executive MBA Scholarships

Kellogg and HKUST have partnered to offer a helping hand to candidates requiring financial support to pursue an EMBA degree. The scholarships they offer include the Award for Leaders in Emerging Markets, which can benefit applicants coming from a country having an emerging economic market. Candidates need to show a record of high academic achievements and must produce relevant documents to prove their success in professional life.

Another scholarship named the Award for Sustainability is awarded to students having a strong interest in building sustainability in their respective industry and community.

2. INSEAD Scholarships for MBA Students

INSEAD provides numerous scholarships for MBA candidates, including those for women, which offer up to 20% of the total tuition fees for partially sponsored or self-sponsored working women who made significant professional life achievements.

The INSEAD GEMBA Scholarship for Entrepreneurship finances up to 60% of the tuition fees for self-funded candidates, who have made a good entrepreneurial record.

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This EMBA rankings topper also offers the INSEAD GEMBA Scholarship for Diversity award to dynamic and talented aspirants whose work experience, background, and personal profiles would enhance the learning experience of the GEMBA program. To be eligible for this scholarship, you need to be partially sponsored or self-funded up to a maximum of 50%.

Furthermore, if candidates coming from atypical backgrounds are willing to attend the INSEAD GEMBA program, they can get the INSEAD GEMBA Scholarship for Non-traditional Backgrounds. INSEAD constantly looks for motivated leaders employed in the public sector, non-profit organisations, NGOs, and educational institutions, as well as medical practitioners, journalists, and many others.

3. London Business School Scholarships for EMBA Candidates

Another top-ranked EMBA program, London Business School, has also realised the benefit of offering scholarships to self-motivated and dedicated students. It provides opportunities like the £50,000 Muna Al Gurg Scholarship, awarded to one woman candidate in either the MBA program or the EMBA Dubai program from the Middle East.

Next, the 30% Club Scholarship is awarded to an EMBA Dubai or London female candidate who has committed to supporting the progress of the EMBA course and demonstrated good leadership potential. The award recipient can get up to 50% of the total tuition fee.

The school also offers the London Business School Women’s Scholarship that provides up to 50% tuition fees of its own school for self-funded students. Next, comes the Gallifrey Scholarship for Social Enterprise, which awards £20,000 to a successful participant having a background in social enterprise. Also, awardees must contribute to the future recruitment procedures of the school while hiring other students from equivalent backgrounds.

Other notable scholarships for EMBA participants include IE Business School, ESADE, ESCP, Nanyang Business School, and others. Each of them can cover up to 50% of tuition fees and even comes with multiple awards.

However, a majority portion of the scholarship amount would depend upon your merit, dedication, commitment, and self-motivation. Many scholarships are coming up for career and population segments as well. You simply need to keep a regular follow-up and stay updated with the latest news from the top B-schools. Besides, a simple call made to the financial aid office would do the job at times!

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