Obtaining an MBA can be expensive. The cost of pursuing one can cost up to $100,000 per year. Companies that pay for MBAs have taken note of the rising cost and the benefit of helping employees reach their goals.
More companies are offering tuition assistance and reimbursement programs as a way to boost and retain employees. Below is a list of 10 well-respected companies you could work with while pursuing your online MBA and getting help paying for it.
What Is an MBA?
A master of business administration (MBA) is an internationally recognized degree that shows that you’ve developed business and management skills during your studies. MBA degrees feature a core curriculum of subjects, including accounting, economics, marketing and operations, and elective courses.
There are several different standard specializations you can choose from while earning an MBA, including general management, international business, strategic management, finance, marketing, entrepreneurship, operations management, IT management, human resources, and consulting.
Benefits of Earning an MBA
Obtaining an MBA ranges from $50,000 to $100,000 annually, and that’s excluding the GMAT cost or application fees, which can add up to over $500 together.
Companies do not typically pay for the entirety of an education program, so you will have to pay for some as well. However, you should know that earning an MBA is worth the cost as it is an investment in your future — MBA holders have increased salaries and higher chances of landing a promotion.
One of the main benefits of earning an MBA is the potential to have a salary increase. An MBA salary is one of the highest in the job market.
According to MastersPortal.com, “the average income for an MBA graduate is much higher than an employee’s with a regular Master’s. You can expect to earn twice as much as what you would get from a regular university degree.” In the United States, the average salary of an MBA graduate is $102,100.
Earning an MBA can set you up for success within your company as it shows that you can take initiative and work hard, which are a few of the characteristics that companies look for when promoting employees.
According to the University of Utah School of Business, “while you may have the necessary qualifications for your current position, an MBA degree can give you leadership skills and knowledge needed to take on greater roles in an organization and manage higher-level projects.”
MBA graduates are highly desirable in the job market. If you are looking for a new role within or outside of your company, obtaining an MBA degree should be considered. Earning one is an excellent option if you are trying to gain more experience and responsibilities.
Why Some Companies Pay for MBAs
Companies that pay for your education benefit from it. Footing the bill means employee loyalty.
Studies have shown that paying for degree programs allows employers to entice employees to stay with the company. Part-time employees who work and go to school are likely to remain with the company for at least as long as it takes to graduate with their degree.
Lastly, those who pursue a master’s degree while working with a company show that they are dedicated and have initiative. Companies can take this into account when they are deciding on promotions and raises.
Top Companies That Pay for MBAs
Many companies across all industries invest in their employees and offer tuition reimbursement for an MBA program. Each company may approach this differently, but they offer at least lowering the costly price of obtaining an MBA degree.
Don’t expect a company to just write you a check for $40,000. Most of these companies offer tuition reimbursement programs where you will usually have to pay upfront first before you are reimbursed.
A tuition reimbursement program, or tuition assistance program, is a program in which an employer pays for a predetermined amount of education credits or college coursework applied toward a degree.
Below a list of influential companies that will pay for your MBA education.
Consulting firm Deloitte will pay your MBA tuition, but there is some fine print to read. You will have to work with the company for three to four years prior to enrolling, and following graduation, you must stay with the company for two more years.
After those two years, Deloitte will reimburse you for your degree. However, Deloitte does claim that “acceptance rates for the top 20 business schools are approximately three times the national average.” Additionally, they will be there every step of the way, assisting you in the GMAT preparation.
Procter & Gamble
Procter Gamble provides branded customer packages to consumers across the world operating through the segments, including beauty, grooming, and healthcare. It offers employees tuition reimbursement for up to 80 percent, with a limit of $40,000.
Apple strives to make a difference in its employees’ lives, and one way it is doing so is with tuition reimbursement. It is one of the leading tech companies offering employee assistance, offering up to $6,000 annually toward tuition.
Bank of America
Bank of America offers up to $5,250 per year toward job-related courses and degree programs. You have to work at the bank for at least six months to qualify and maintain at least a “B” average during the program.
Financial services company Wells Fargo offers education assistance with a $5,000 annual limit. Wells Fargo believes in supporting the professional development of its employees, and this can benefit you in the long run.
American ticketing company Fandango provides continuing education stipend and tuition reimbursement programs. These can vary in cost, depending on which MBA is chosen to pursue.
American tech company Intel wants its employees to keep advancing their careers, and they offer one of the most generous education benefits to employees with up to $50,000 per program with no annual limit. Additionally, the company provides free tutoring sessions, career advisors, and online learning resources.
England’s Raytheon is a leading defense technology industry, so it’s no surprise that they are one of the most generous with tuition assistance. Full-time employees can receive up to $10,000 a year in education benefits when working with Raytheon.
Different Options for Earning an MBA
An MBA program typically takes two years to complete. However, there are different paths to consider for earning an MBA while working. Explore all of your options to conclude which path is best for you and your career.
Attend School Part-time
One of the options for earning a degree while working is applying for a FEMBA (Fully Employed Masters of Business Administration) and attending school part-time.
Many MBA programs require you to attend school part-time, so even though you will be studying much longer than you would with a traditional program, it’s an excellent option when working full-time.
Enroll in an Online Program
Online programs are another popular option offered by universities. There are many benefits of attending school online, including convenience and flexibility. Online programs also have a higher acceptance rate and accept those with lower GMAT scores. There are also top accredited universities that offer online MBA programs.
Consider an Accelerated Program
An accelerated program is another excellent option for those working and pursuing a master’s degree because you will save money and time but still attend an accredited school. New York University and Notre Dame are a few of the schools on a list of many that offer accelerated MBA programs. Foreign programs are also offered by top universities, including Oxford.
Is Pursuing an MBA Worth Your Time and Effort?
An MBA allows you to expand your skills, network, knowledge, and career opportunities. If you are someone with high career aspirations, then getting your MBA is definitely worth it. Earning an MBA is a valuable experience in more ways than one, including making a top-tier salary after graduation.
However, you should carefully consider whether enrolling in a program is right for you. Money is just one strenuous aspect of getting your MBA; the other is the commitment it takes to complete it.
About us: Career Karma is a platform designed to help job seekers find, research, and connect with job training programs to advance their careers. Learn about the CK publication.