Learn How to Get MBA Sponsorship
Are you looking for a transformative experience that will lead to personal growth and exciting new career opportunities? Of course, you are! And the MBA will provide that for you in spades. Alas, the cost of business school can be prohibitive. One potential avenue applicants can pursue is MBA sponsorship, which many companies offer. Before approaching your employer to finance your studies, here are several things to think about.
First, find out about your company’s policies on education and development. Many progressive companies encourage their employees to pursue advanced degrees as it can lead to a more skilled and loyal workforce. Research your company’s existing education assistance programs and review their eligibility criteria and reimbursement limits.
Next, consider how an MBA aligns with both your personal and professional goals and your company’s objectives. Highlight how having an MBA will enable you to contribute more effectively to the company.
To be even more persuasive, identify specific projects or responsibilities where your advanced skills can make a tangible difference. Illustrate how the company can benefit from the investment in your education, such as by proposing a strategic project that you could lead upon completing your MBA.
Another major decision is whether you want to pursue a part-time or full-time MBA program. Since a part-time program allows you to continue working while studying, that may be more attractive to your employer. Plan how you’ll manage your workload and studies if you opt for a part-time program.
Your goal is to convince your managers that your enhanced skills and knowledge can benefit your current role and contribute to the company’s success. A well-articulated alignment can help you make a compelling case for your employer. Demonstrating that your MBA will serve your interests and the company’s can boost your chances of securing sponsorship.
Curious about your chances of getting into a top B-school? Contact us to talk strategy with a free 15-minute advising session with an SBC Principal Consultant.
MBA Sponsorship and Return on Investment (ROI)
Naturally, your employer is likely concerned about the ROI of sponsoring your education. Be prepared to discuss the potential financial benefits your MBA can bring to the company. Talk about salary increases, promotions, or new responsibilities you anticipate after completing the program. You can also share industry data on the increased earning potential for MBA graduates.
So, what’s in it for employers? According to the Michigan Ross School of Business, which offers an accelerated, 16-month Global MBA that allows professionals to quickly return to their companies, MBA sponsorship helps:
- Elevate Talent: Employees receive a top-ranked MBA education that enhances their competency in global business issues and cross-cultural leadership.
- Increase ROI: Employees can immediately apply their skills upon return to the workplace, improving their own performance and your company’s ROI.
- Network Expansion: Your company’s network expands through exposure to other top-tier classmates, 55,000 Michigan Ross alumni, and more than 645,000 University of Michigan alumni around the world.
When discussing sponsorship with your employer, be prepared to negotiate the terms of the agreement. Clarify whether the support covers tuition, textbooks, and other related expenses. Also, discuss any conditions attached to the sponsorship. For example, will you have to commit to staying with the company for a certain period after graduation?
Remember that company sponsorship can be limiting if you want to try a new industry. As Shelly Heinrich, associate dean for MBA admissions at Georgetown University’s McDonough School of Business, explained to Find MBA, “Pursuing an MBA opens the doors to many different opportunities. If you decide to pursue them, you may have to repay your sponsored tuition.”
Read about the ROI of a One-Year Vs. Two-Year MBA Program
Alternative Funding Sources
While employer sponsorship is attractive, you’ll also want to explore other funding sources, such as scholarships, grants, and student loans. A backup plan can be reassuring if your employer can’t provide the support you need.
Of course, timing is essential when seeking employer sponsorship for an MBA. Assess the company’s financial health, your performance, and any upcoming opportunities or challenges. If your company is facing budget constraints, now’s probably not the right time to ask about sponsorship. Wait for a more opportune moment when the company is in a better financial position.
Listen to B-Schooled Podcast #102: Financing Your MBA
Approaching your employer for MBA sponsorship is a significant decision that requires careful consideration. By aligning your goals with your employer’s objectives and demonstrating the benefits of your education, you can increase your odds of support.
Partnering with your employer to pay for your MBA can be mutually beneficial, leading to personal and professional growth while contributing to your company’s success.
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Stacy Blackman Consulting offers multiple services to meet your MBA application needs, from our All-In Partnership to hourly help reviewing your MBA resume. Contact us today for a free 15-minute advising session to talk strategy with a Principal SBC consultant.Â
Here’s a snapshot of the caliber of expertise on our SBC team.
Ashley
Ashley is a former MBA Admissions Board Member for Harvard Business School (HBS), where she interviewed and evaluated thousands of business school applicants for over a six year tenure. Ashley holds an MBA from HBS. During her HBS years, Ashley was the Sports Editor for the Harbus and a member of the B-School Blades Ice Hockey Team. After HBS, she worked in Marketing at the Gillette Company on Male and Female shaving ...
×Kerry
Kerry is a former member of the Admissions Board at Harvard Business School (HBS). During her 5+ year tenure at HBS, she read and evaluated hundreds of applications and interviewed MBA candidates from a wide range of backgrounds across the globe. She also led marketing and outreach efforts focused on increasing diversity and inclusion, ran the Summer Venture in Management Program (SVMP), and launched the 2+2 Program during her time in Admissions. Kerry holds a B.A. from Bates College and ...
×Pauline
A former associate director of admissions at Harvard Business School, Pauline served on the HBS MBA Admissions Board full-time for four years. She evaluated and interviewed HBS applicants, both on-campus and globally. Pauline's career has included sales and marketing management roles with Coca-Cola, Gillette, Procter & Gamble, and IBM. For over 10 years, Pauline has expertly guided MBA applicants, and her clients h ...
×Geri
Geri is a former member of the Admissions Board at Harvard Business School (HBS). In her 7 year tenure in HBS Admissions, she read and evaluated hundreds of applications and interviewed MBA candidates from a diverse set of academic, geographic, and employment backgrounds. Geri also traveled globally representing the school at outreach events in order to raise awareness for women and international students. In additio ...
×Laura
Laura comes from the MBA Admissions Board at Harvard Business School (HBS) and is an HBS MBA alumnus. In her HBS Admissions role, she evaluated and interviewed hundreds of business school candidates, including internationals, women, military and other applicant pools, for five years. Prior to her time as a student at HBS, Laura began her career in advertising and marketing in Chicago at Leo Burnett where she worked on th ...
×Andrea
Andrea served as the Associate Director of MBA Admissions at Harvard Business School (HBS) for over five years. In this role, she provided strategic direction for student yield-management activities and also served as a full member of the admissions committee. In 2007, Andrea launched the new 2+2 Program at Harvard Business School – a program targeted at college junior applicants to Harvard Business School. Andrea has also served as a Career Coach for Harvard Business School for both cu ...
×Jennifer
Jennifer served as Admissions Officer at the Stanford (GSB) for five years. She holds an MBA from Stanford (GSB) and a B.S. in Chemical Engineering from University of Illinois Urbana-Champaign. Jennifer has over 15 years experience in guiding applicants through the increasingly competitive admissions process into top MBA programs. Having read thousands and thousands of essays and applications while at Stanford (GSB) Admiss ...
×Erin K.
Erin served in key roles in MBA Admissions--as Director at Haas School of Business at UC Berkeley and Assistant Director at Stanford's Graduate School of Business (GSB). Erin served on the admissions committee at each school and has read thousands of applications in her career. At Haas, she served for seven years in roles that encompassed evaluation, outreach, and diversity and inclusion. During her tenure in Admissions at GSB, she was responsible for candidate evaluation, applicant outreach, ...
×Susie
Susie comes from the Admissions Office of the Stanford Graduate School of Business where she reviewed and evaluated hundreds of prospective students’ applications. She holds an MBA from Stanford’s GSB and a BA from Stanford in Economics. Prior to advising MBA applicants, Susie held a variety of roles over a 15-year period in capital markets, finance, and real estate, including as partner in one of the nation’s most innovative finance and real estate investment organizations. In that r ...
×Dione
Dione holds an MBA degree from Stanford Business School (GSB) and a BA degree from Stanford University, where she double majored in Economics and Communication with concentrations in journalism and sociology. Dione has served as an Admissions reader and member of the Minority Admissions Advisory Committee at Stanford.  Dione is an accomplished and respected advocate and thought leader on education and diversity. She is ...
×Anthony
Anthony served as the Associate Director of MBA Admissions at the Wharton School at the University of Pennsylvania, where he dedicated over 10 years of expertise. During his time as a Wharton Admissions Officer, he read and reviewed thousands of applications and helped bring in a class of 800+ students a year.  Anthony has traveled both domestically and internationally to recruit a ...
×Meghan
Meghan served as the Associate Director of Admissions and Marketing at the Wharton MBA’s Lauder Institute, a joint degree program combining the Wharton MBA with an MA in International Studies. In her role on the Wharton MBA admissions committee, Meghan advised domestic and international applicants; conducted interviews and information sessions domestically and overseas in Asia, Central and South America, and Europe; and evaluated applicants for admission to the program. Meghan also managed ...
×Amy
Amy comes from the Wharton School of the University of Pennsylvania where she was Associate Director. Amy devoted 12 years at the Wharton School, working closely with MBA students and supporting the admissions team. During her tenure at Wharton, Amy served as a trusted adviser to prospective applicants as well as admitted and matriculated students. She conducted admissions chats with applicants early in the admissions ...
×Ally
Ally brings six years of admissions experience to the SBC team, most recently as an Assistant Director of Admission for the full-time MBA program at Columbia Business School (CBS). During her time at Columbia, Ally was responsible for reviewing applications, planning recruitment events, and interviewing candidates for both the full-time MBA program and the Executive MBA program. She traveled both internationally and dome ...
×Erin B.
Erin has over seven years of experience working across major institutions, including University of Pennsylvania, Columbia Business School, and NYU's Stern School of Business. At Columbia Business School, Erin was an Assistant Director of Admissions where she evaluated applications for both the full time and executive MBA programs, sat on the admissions and merit scholarship committees and advised applicants on which program might be the best fit for them based on their work experience and pro ...
×Emma
Emma comes from the MBA Admissions Office at Columbia Business School (CBS), where she was Associate Director. Emma conducted dozens of interviews each cycle for the MBA and EMBA programs, as well as coordinating the alumni ambassador interview program. She read and evaluated hundreds of applications each cycle, delivered information sessions to audiences across the globe, and advised countless waitlisted applicants. ×
