Do Employee Tuition Programs Cover an MBA?
With all the expenses of life, it can be hard to cover graduate school tuition. Thankfully, some employers cover tuition for their employees, which can make attending school much more realistic. Of course, companies often want something for their investment, and there is typically a process when people want to pursue a program such as an MBA. Here are some things that people may want to investigate if they want their employer to cover an on-ground or online MBA program.
Does an MBA apply to the job?
Some people mistakenly assume that an MBA only applies to "business." In fact, the MBA gives people skills and knowledge that can apply to a variety of fields, including education, medicine, government and non-profits. In some cases an employee may need to convince their organization that an MBA should be covered, but if the person can connect the competencies of the job to an MBA program, they may be able to get it funded. Also, employees may want to pursue an online program in order to avoid direct conflicts with their current job.
Does the budget cover the school?
Another consideration with employee tuition programs is the cost. Different programs vary in terms of tuition, fees and books. Some employers will cover tuition up to a certain amount. Or, they may limit the number of classes that can be taken each term. In some cases the company may stipulate that the employee has to stay with the company a certain number of years in order to avoid paying back the tuition. The key is to have a plan so that the employee can work with the company in order to maximize the tuition assistance.
What is the fine print?
People who want to utilize tuition assistance need to read through all the details of the policy. Each company is different, but companies usually require various forms and approvals before employees may enroll. In many cases, employees need to pay for their schooling and then get reimbursed when they complete the classes. This protects the company and keeps the employee motivated to make the most of their up-front investment. Overall, an employee tuition program can be a great way to pursue an MBA program and add value to the person and the company.
