How to Get Your Employer to Pay For Your MBA
Earning an MBA holds tons of value in the business world—an advanced business degree can open doors that may otherwise have been closed, and boasts a high return on investment thanks to the top-level salaries that MBAs command.
Graduate school—and all of the coursework that comes with it—can be an intimidating challenge, but paying for it doesn’t have to be. Aside from scholarship, grant and fellowship opportunities at business schools across the country, more and more companies are placing a higher importance on tuition reimbursement programs, and expanding opportunities for paid MBA tuition reimbursement.
How can you get your employer to pay for your MBA studies? Let’s take a closer look.
Getting Your Employer to Pay For Your MBA
First thing’s first: You need to find out if your current employer offers tuition reimbursement to its employees. The terms of reimbursement vary depending on the company, with some corporations not offering any sort of program at all. Those that do offer some sort of compensation may do so on a course-by-course basis, or as a lump-sum reimbursement package for coursework in relevant degree plans.
“Organizations typically support MBA pursuits for two reasons,” J. Todd Rhoad, managing director of Atlanta’s BT Consulting, told USA Today. “Employee development and succession planning. In the first case, companies support the cost of MBA programs as part of their commitment to employee training and development.”
If you want to convince your employer that your education is worth investing in, you’ll need to show that earning an MBA will further your business acumen and understanding of your industry, and ultimately help your company reap those benefits.
“Usually, an employee has to already been delivering great results within the company,” Roderick Lewis, international relations director at the ISCTE Business School, University Institute of Lisbon, told Business Insider.
“If you haven’t already convinced your company, then asking them to [sponsor your education] becomes really difficult,” Lewis says.
USA Today also outlined a few checkboxes to hit when determining how valuable earning an MBA would be for your organization:
- Do current members of middle or upper management hold advanced business degrees?
- Does your company have the available revenue to invest in employee education?
- Would someone with the type of advanced training you seek bring clear advantages to the company?
If those point hold true in your situation, then start researching which programs specialize in providing the skills that your company needs. Keep in mind: You do not have to limit yourself to business schools in your metro thanks to popularity of Online MBA programs. There may have once been a stigma against online programs, but the of the matter fact is that many of the top online MBAs on U.S. News & World Report’s annual rankings also rank highly on the publication’s top campus-based graduate business programs list.
Some of these schools include:
- University of North Carolina – Chapel Hill (Kenan-Flagler)
- Indiana University – Bloomington (Kelley)
- Temple University (Fox)
- Arizona State University (Carey)
- University of Florida (Hough)
- Carnegie Mellon University (Tepper)
- University of Texas – Dallas
Once you’ve found the right program, you’ll want to craft a brief proposal for your employer. In it, you’ll want to mention how you fit the company’s tuition reimbursement policy, and list the advantages that continuing your education can bring you and your company. Don’t shy away from providing data on how much assistance you may need and how this investment will pay off for everyone, while also ensuring your employer that you’ll remain committed to the company during your degree program, or won’t jump ship after earning your degree.
“A proposal should address the benefit to the company,” Rhoad says, “(including) areas where the company could improve and how you will help them, a review of the courses to be taken and how they will provide knowledge that can help improve the company’s performance.”
Companies That Provide MBA Tuition Reimbursement
Investopedia recently compiled a list of companies have stated that they place a high value on their tuition assistance benefits, and provide tuition reimbursement for the educational costs of an MBA.
According to Investopedia, consulting companies lead the market in tuition reimbursement programs for MBA courses. These firms also pay the highest salaries for MBA alumni. Deloitte has the most robust tuition reimbursement plan, providing employees with up to $10,000 per year in MBA reimbursements. The firm requires two years of work with the company and a commitment to work for the company after graduation in order to receive the tuition assistance benefit.
Financial institutions and banks also place a high value on employees with MBAs, and provide tuition assistance. One example is Bank of America, which provides employees with annual tuition assistance of up to $5,250 for advanced degree coursework. Wells Fargo also has a track record of paying for MBAs, doling out up to $5,000 annually for tuition expenses.
The booming tech sector is also hiring MBAs left and right, with some firms developing their MBA talent in house by offering to pay MBA tuition expenses. Apple tops the list of tech companies offering tuition assistance, providing reimbursement of up to $5,000 annually. MBA degrees are even more coveted in the the specialty defense technology sector, as Raytheon, one of the top defense technology companies in the world, offering to pay up to 100 percent of employees’ college tuition for graduate school.
Other leading companies offering tuition reimbursement to employees include:
- Chevron: A market leader in the energy sector, Chevron offers offers tuition reimbursement of up to 75 percent for its employees.
Ford: Ford’s education tuition assistance program provides employees with tuition reimbursement of up to $5,000 annually for an MBA. - Procter & Gamble: This firm has one of the leading tuition reimbursement benefits in the consumer goods industry, providing reimbursement for up to 80 percent of educational costs with a limit at $40,000.
- AT&T: This telecom giant provides employees with up to $5,250 annually for tuition assistance, for a maximum reimbursement of up to $25,000 for graduate school courses.
Top MBA Recruiters: Finding Your MBA Career at PwC Firm Strategy&
Navigating job applications and interviews after all the hard work of earning your MBA can be tiresome. After devoting a year or more of your time to gaining the skills of a top business professional, shouldn’t future companies be knocking down your door?
It might not be that easy, but there are certainly a number of companies currently seeking the best and the brightest up-and-coming business leaders, who acknowledge the kind of skills an MBA can contribute to their team. Among them is Strategy&, one of the top recruiters of MBA students at business schools throughout the world.
For MBA graduates looking for careers in the consulting industry, Strategy& could be the perfect opportunity to break into the field and develop critical skills in strategy and consulting. And as an MBA graduate with a wealth of knowledge within the industry, companies like Strategy& are probably also looking for you.
About Strategy&
Strategy& was established more than 100 years ago by Edwin G. Booz, eventually being known for most of its life as Booz & Company. In 2014, the firm was acquired by PricewaterhouseCoopers (PwC), when it was renamed to Strategy&. The firm is headquartered in New York City, with more than 57 offices throughout the world. Today, the company features roughly 3,000 employees and more more than $1.3 billion in revenue.
Strategy& functions currently as the strategy consulting team for PwC, offering strategic solutions in an uneven business climate, helping companies to transform, invest in growth, and stay in tune with business trends even through rapidly changing times.
Why MBAs Love Strategy&
Strategy& is an active recruiter from business schools around the world, including top programs like Harvard Business School, NYU Stern, and INSEAD, among many others. The company is also supportive of staff who have not yet earned an MBA but hope to advance their business education. Strategy& even offers junior staff the chance to apply for full MBA sponsorship, and provides flexible work opportunities so students can pursue a degree while still maintaining their career.
The Strategy& consulting experience is shaped in a way that relies on mentorship, with a 1:6 ratio of partners to junior consultants. For MBA students—who have already demonstrated an interest in investing in their growth and education in the field—this type of setting means that class is always in session.
Life at Strategy&
New consultants at Strategy& can expect a clear and structured path laid out at the start of their career, with rapid career progression possible. New associates will advance towards roles as partners, typically spending two to three years at each level along the way.
While undergraduates would begin in associate roles, those with MBA degrees can jump right in at the senior associate level. Senior associates have the opportunity to develop their skills by working closely alongside clients to resolve complex issues and guide clients and their companies towards success. From there, MBAs could move upward into a manager role, then director, and finally partner.
The development of strong mentor relationships is seen as crucial at Strategy&. Mentors will provide a constant source of support for new associates, offering guidance as they move upwards through the company, choosing projects they are passionate about and forming strong professional networks. Mentors will also provide real-time feedback, helping pave the way for a successful career.
Landing a Job at Strategy&
Strategy& is an active recruiter of MBA programs throughout the country, where they may host events on campus and offer direct information to students on applying for positions at the company. Students from any program, even if the school does not actively recruit there, are able to apply directly for their internship and job openings through their website. Jobs are available at a number of the firm’s locations throughout the country and around the globe.
Summer internship opportunities are a great way for students to get their foot in the door at Strategy&, and may end up leading to full time employment. This was the case for Bryan, now a director at the company and based out of Chicago. Bryan interned for the company during the summer while earning his MBA at the University of Chicago Booth School of Business. He completed his MBA in 2011, joined Strategy& as a full-time colleague, and is now a key member of the Technology Strategy team.
“I had the opportunity to do an internship with the firm between my first and second year at business school, and I came away impressed with the caliber and character of the people at the firm,” Bryan said of his experience with Strategy&. “In only nine weeks, the camaraderie and professional bonds that I was able to develop with my teammates, fellow interns and leaders at the firm was special.”
2018 Trends: New York City’s MBA Future
It doesn’t take a stable genius™ to figure out that New York City is the world’s most highly sought-after 22.82 mi² strip of land to pursue an MBA.
As is the case with most prime real estate, the stakes are high and the competition fierce. For many prospective business schoolers, the decision to step into the gauntlet is one made with a healthy sort of trepidation.
Hefty price tags and cutthroat admissions present real barriers for prospective students and deter more than a few. Still, many equate the New York MBA experience to a dream scenario—or a Gordon Gecko-style fantasy, replete with the promise of a staggering salary, an attractive range of employment opportunities, and prime placement in a city of constant progress.
How does the dream stack up to reality? Schools weigh in on 2017 trends for graduates, many of whom report satisfaction with employment offers. Let’s take a look at how MBA graduates are getting the most of their newly minted degrees!
2018 New York City MBA Trends
Columbia Business School
According to the school’s most recent MBA employment report, less than 2 percent of Columbia Business School graduates reported salary as the primary reason for accepting an offer. While the honestly of that polling answer pool is debatable, Columbia School of Business is the king when it comes to starting salaries on our list, with median salary of $125,000. Of the graduating class, 93.2 percent of students accepted employment offers within three months. Approximately 28 of 1,019 total students stepped aside to create their own companies. Per the standard with many of the NY-area schools, the largest portion of graduates selected financial services (34.4 percent) as their field of choice, followed closely by consulting (33.1 percent) and media and technology (15.6 percent). Companies such as McKinsey & Company, Amazon, Goldman, Sachs & Co., and Morgan Stanley welcomed a majority of Columbia’s finest.
The boastful salary expectations, unsurprisingly, are tempered a bit by the costs of the CBS MBA program. The current estimated budget for Columbia MBAs comes in at $107,749 in the first year, of which includes over $21,000 for room and board. Tuition in isolation, however, costs $71,544 for the first year. Looking at a degree at any New York City school, never mind an Ivy League institution, means cost of living has to be taken in heavy consideration, which can vary greatly from borough to borough.
Fordham University’s Gabelli School of Business
About 88 percent of students in the Fordham Gabelli School of Business graduating class accepted employment offers within six months after graduation. Starting salary rates were below Columbia’s, at an average of $84,593, with an average signing bonus of $15,536 and additional compensation of $14,510. That average salary figure is an approximate 13 percent drop from the previous year’s reported averages.
Out of the many fields MBA students typically chose this year, Fordham students favored less predictable fields: just under 50 percent went into financial services, while 11 percent earning employment in consumer products, technology, and media, respectively. Unlike MBA graduates from many other NYC schools, however, only 5 percent of Gabelli students went into consulting, signifying a deeper trend of tech continuing its encroachment on MBA talent.
Compared to many other schools on this list, Gabelli’s distinct advantage is cost. The first year of the MBA program currently costs $49,645: more than 30 percent less than the cost of the Columbia full-time MBA tuition.
NYU Stern School of Business
This may shock you, but, NYU Stern MBA students are doing pretty well, with an average starting salary of $121,146 in placement of some of the most prestigious institutions in finance (32.4 percent), consulting (26 percent), technology (16.8 percent), real estate (3.5 percent), and retail (3.2 percent). Around 83 percent of those students landed jobs in the Northeast U.S., while nearly 10 percent of graduates found positions in Asia, Europe, and South America. Nearly half of all job offers were the result of an internship facilitated by NYU.
Like the trend at Gabelli, NYU grads jumping into tech has been steadily climbing over the past few years, rising from just 6 percent of employed grads from the Class of 2014, to 17 percent for the most recent class. The incremental increase coincides with the school’s recently added Tech MBA.
Stevens Institute of Technology School of Business
In a metro brimming with very successful business schools, the Stevens Institute of Technology School of Business separates itself with an incredible employment placement rate of 94.9 percent; the best placement among all business schools in the country, according to U.S. News & World Report.
The Stevens MBA faculty claim to provide “exceptional career services much earlier than other universities.” 90 percent were employed in the industry of their choice. Starting salaries fell between $88,805—$125,000. Companies such as Goldman Sachs, Protiviti, PwC ,and Prudential offered employment opportunities for these students.
Cornell University’s SC Johnson Graduate School of Management
About 93 percent of students from Cornell‘s Ithaca and NYC campuses received employment offers within six months of graduation. The average base salary was $125,578, which was an increase from previous years “driven by salary growth in consulting and finance.” Chosen fields for students were finance (38 percent), consulting (26 percent), and general management (21 percent). Out of the 122 companies that sought 2017 graduate students, the top recruiters were Citi Group, Amazon, Deloitte Consulting LLP, Ernst & Young, and McKinsey & Company.
Even Cornell MBA students in an internship were earning some of the best salaries in the country, pulling in a reported $8,764 per month. Those figures out over a 12-month rate are more than triple the average intern salary, according to Glassdoor data.
2018 Trends: How Much Can You Get Out of a Boston MBA?
Boston, the largest city in New England, is often considered the academic, economic, and cultural center of the Northeastern United States. Beantown is also considered one of top college towns in the country thanks to its numerous esteem colleges and universities. Lots of that talent sticks too: Forbes ranks the city as one of the best places for business and careers. Continue reading…
How to Turn an MBA into a Career with Tesla
Tesla, Inc. founder and the tech entrepreneur world’s newest shining beacon Elon Musk, a graduate of the Wharton School at the University of Pennsylvania, once pessimistically said, “As much as possible, avoid hiring MBA’s. MBA programs don’t teach people how to create companies … our position is that we hire someone in spite of an MBA, not because of one.” Continue reading…
Hot Jobs for MBAs: Becoming a Pricing Analyst
MBA graduates looking to apply their skills to a fast-growing and high-paying career may be interested in pursuing a role in Pricing Analysis. Named among the 100 best jobs in America by CNN, working as a Pricing Analyst is a perfect way for an MBA graduate to make use of their strong education combining skills in marketing, finance, and analytics.
With a predicted 10-year job growth of 41.2 percent and roughly 280,000 total jobs available, business students who think they might be interested this fast-growing career can start preparing while still in school through specialized study in marketing or finance. Armed with the special skills in data analysis in addition to the strong business background of an MBA, students looking to enter the field after graduation will have a competitive advantage as they begin their career.
We’ve rounded up the most important things to know about a career in Pricing Analysis to help you decide if it’s the right role for you.
What is a Pricing Analyst?
A company’s pricing analyst is responsible for figuring out the appropriate price for a business to place on a product or service. Using a variety of data and different metrics, the Pricing Analyst will determine the perfect price that will both appeal to consumers and produce an appropriate profit for the company.
Pricing Analysts must be able to track marketplace trends and implement a strategy that will benefit both the company and consumer. Someone in this role must be able to effectively communicate to a number of other departments such as supply chain, sales, marketing, finance, and be able to work with these groups in making pricing recommendations and decisions based on their analysis.
Pricing Analysts may be needed at wide variety of companies and organizations, ranging from construction companies, colleges and universities, banks and financial institutions, pharmaceutical companies, and more.
What Skills Does a Pricing Analyst Need?
Those who succeed in the role of Pricing Analyst typically have strong skills in mathematics, analytical thinking and problem solving. It is also important that Pricing Analysts are able to effectively communicate, as they are often required to explain their research and analysis to others in order to make important decisions.
Other skills employers may seek in a Pricing Analyst may be:
- An interest and skill working with numbers and data.
- Being a detail oriented and proactive worker.
- Have the ability to work with minimal supervision.
- Experience in back-office and billing systems and database management programs,
Pricing Analyst Salary
Pricing Analyst salaries, according to PayScale, may vary according to a number of factors, such as education, terms of the job, and type of employer. On average, Pricing Analysts can earn anywhere from $52,000-61,000 depending on their level of experience. In cities like New York and Boston, that number is slightly higher.
A recent study from Deloitte found even more impressive figures: 62 percent of respondents in a survey of pricing professionals reported salaries of greater than $100,000 and 83 percent of respondents said they were also eligible for an annual bonus.
EVEN MORE MBA JOBS: Verizon is on the Lookout for MBA Students and Grads
MBAs For Pricing Analysts
While most MBA programs do not offer a direct concentration in pricing analysis, a number of programs still provide specialized pricing education through other departments, like finance and business analytics. Below are just a few examples of pricing-related courses available at some of the top MBA programs in the country:
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Scheller College of Business – Georgia Institute of Technology
The Scheller College of Business offers a course in pricing strategy as part of their Business Analytics MBA concentration. The course, marketing Analytics and Pricing Strategy, helps students gain skills in making effective pricing decisions through the understanding of important economic and analytical concepts associated with customer behavior and competition.
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The Wharton School – University of Pennsylvania
FNCE717, or Financial Derivatives, at the Wharton School focuses students on making strategic corporate decisions, particularly when it comes to pricing. Students will learn several different approaches to pricing and how to apply such skills for investment and risk-management.
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Rutgers School of Business, Newark and New Brunswick
The MBA program at Rutgers’ Newark and New Brunswick location offers a class in Supply Chain Pricing Strategy. The course recognizes the importance of pricing in driving profits and the extreme negative impact poor pricing decisions can have. Students will learn how to approach pricing from both a strategic and tactical level and be able to apply it to a number of fields and industries.
Do You Actually Need an MBA for the Job?
While an MBA is not necessarily a requirement of all Pricing Analyst jobs, it is by far the most common degree held by those in this role. According to the aforementioned Deloitte survey, 43 percent of respondents held MBA degrees, while just 26 percent—the next highest percentage—held undergraduate degrees in business. Earning an MBA and demonstrating specialized coursework in pricing will give those in the field a competitive edge and open the door to higher level management positions in the field.
