This advanced degree is one of the most lucrative graduate degrees available right now, with average salaries exceeding $87,000 for employees who hold it. However, MBAs are pricey. One interesting option is finding an MBA-paying company, and this guide profiles 10 significant U.S. employers that offer valuable education benefits. In this article, we give you a list of 10 employers who offer MBA funding.
Are MBAs Sponsored By Many Companies
According to the 2020 Employee Benefits survey by the Society for Human Resource Management, 47% of polled employers provide financial aid for education. In many industries, tuition reimbursement is offered as a fringe benefit by midsize and large businesses.
Companies that fund master’s degrees frequently provide financing through initiatives like tuition assistance or reimbursement.
With tuition reimbursement, students pay their own costs and then receive reimbursement from their employer. Similar to financial aid, tuition assistance gives students cash up front rather than reimburses them for expenses they have already incurred.
The majority of businesses place annual caps on their educational benefits, but a select few provide unlimited financing for eligible costs.
Instead of compensation or other forms of assistance, some employers offer scholarships. Employer-sponsored scholarship programs typically provide one-time funding, though some offer renewal eligibility.
For a small number of funding opportunities, applicants might need to submit formal applications and compete with other applicants.
Requirements Of Companies That Pay For MBA
Businesses that fund MBAs have a variety of educational benefit structures. Employers have different requirements for eligibility, acceptable costs, and financial caps. These criteria may also include things like:
Service Time
Before becoming eligible for education benefits, some employers require candidates to work for them for a set period of time.
In other instances, in order to be eligible for reimbursement or assistance, the employee must agree to stay with the business for a predetermined amount of time after finishing their education.
Eligible Programs And Degree Levels
Employers may restrict eligibility to educational opportunities that clearly advance the recipient’s career as a team member. In other instances, they limit financial aid to particular degrees or levels, like MBAs or master’s programs.
Institution Type
Employers frequently state that in order to be eligible for education benefits, students must enroll in a school that has received accreditation.
Academic Achievement
For recipients to be eligible for tuition assistance or reimbursement, they might need to maintain a certain grade point average (GPA).
Why Do Companies Pay For MBAs
Companies pay for MBAs (and other related degrees) primarily because they see it as an investment. Simply put, programs that offer financial aid and reimbursement for tuition benefit both the employee and the employer.
Giving workers the financial support they require to pursue a higher education fosters loyalty in employees who, in turn, bring more advanced skills to the company.
Is It Worth Getting Your Employer To Pay For Your MBA
The appeal of jobs that provide financial aid or tuition reimbursement for MBA programs is obvious. Prior to choosing a course of action, candidates should carefully weigh the trade-offs that the financial advantages entail.
Ninety-one percent of recruiters intended to hire MBAs in 2023, according to the Graduate Management Admission Council’s survey of corporate recruiters in 2022.
This demonstrates the strong value of having an MBA when entering the job market as opposed to getting one after landing a position.
The difficulties in the practice of pursuing an MBA while working a full-time job should also be taken into account. Most employers of MBA candidates anticipate that students will continue to work while they are enrolled in classes.
Candidates must manage all of their other commitments while juggling these obligations without sacrificing their academic or professional performance.
10 Companies That Will Help Pay For Your MBA
Deloitte
In its offices around the world, Deloitte, a global accounting firm, employs about 335,000 people. For this reason, Deloitte needs a workforce with a high skill set, which can be enhanced by an MBA.
It offers a variety of financial services to its clients, including audit and assurance, consulting, risk and financial advisory, risk management, and tax services.
Typical employees spend three to four years working for Deloitte before leaving to attend business school. After returning, they are eligible for full tuition reimbursement after two years of employment following graduation.
Purchasing computers and preparing for the GMAT are two additional services provided by the consulting firm. The acceptance rates for employees applying to the best business schools, according to Deloitte, are three times higher than the national average.
Bank Of America
a prominent bank in the United States., Employees with MBAs are highly valued by Bank of America as well. The company will reimburse up to $5,250 annually once an employee has a degree program and job-related courses in place that have been approved by their manager, making this one of the most advantageous opportunities for students.
Employees who want to take advantage of this opportunity must have worked for Bank of America for at least six months and have earned at least a “B” in all of their graduate courses.
Wells Fargo
Wells Fargo, another well-known financial institution in America, has a strategy that is similar to Bank of America’s. Wells Fargo will pay up to $5,000 annually for any tuition costs that are deemed to be qualified for its program for any of its employees who choose to pursue an MBA as additional education.
This is a fantastic chance to advance your career in the financial services sector because Wells Fargo is known for offering many opportunities for MBA graduates.
Apple
High-tech firms like Apple are at the top of the list of companies that are willing to pay top dollar for business talent.
One of the best tuition assistance programs offered by any U.S. company is provided by Apple, a business known for its creative methods of fostering employee development. company.
The company will offer up to $6,000 in annual tuition reimbursement for the majority of its employees who are pursuing an MBA.
Intel
The educational benefits Intel provides to those pursuing an MBA compare favorably to those provided by Apple, another high-tech industry giant.
When it comes to this, Intel is regarded by its staff as being extraordinarily kind. Eligible employees who are pursuing an MBA can get up to $50,000 in educational program-related costs reimbursed.
The best part is that the company does not impose annual limits on its students and provides free tutoring services to ensure that those workers pursuing an MBA succeed in their coursework.
Raytheon
Many people are surprised to learn that defense companies value hiring people with MBAs, and Raytheon, a specialist in defense technology, is no exception.
As one of the top businesses in its industry, Raytheon offers its aspiring MBA employees a generous tuition reimbursement program, which serves as a strong incentive to continue their education.
Raytheon will offer up to $10,000 in annual tuition assistance for qualified full-time employees.
Chevron
Energy firms like Chevron enjoy sending their employees back to school to earn an MBA, just like defense and high-tech firms.
One of the best educational assistance programs in the energy industry, the company has a program in place that provides eligible employees with tuition assistance of up to 75% as a way to show how much the company values its employees who pursue these advanced degrees.
Ford Motor Company
Ford Motor Company offers a program that is nearly impossible for its rivals to match, even though there are many other automakers that offer tuition reimbursement to their employees.
Ford will provide $6,000 per calendar year for anyone finishing not only an MBA but also those who are pursuing anything from a GED to a Ph.D., despite the fact that it does have guidelines in place that prevent all schools and MBA programs from being approved.
Proctor & Gamble
You’ve probably heard of Proctor & Gamble if you regularly shop for consumer and household goods. P&G has an excellent tuition assistance program available and ready for employees who want to pursue an MBA.
Employees can receive up to $40,000 in reimbursement for their educational expenses after the school and courses are approved, with a maximum of 80%.
AT&T
Also ranking among the top 10 organizations that make it simple and affordable for their staff to earn an MBA is communications legend AT&T. The company will pay employees up to $5,250 annually for their graduate studies as part of its tuition assistance program.
One of the more generous tuition reimbursement programs in the telecommunications industry, AT&T will also cover MBA-related expenses for its employees up to a maximum of $25,000.
