So, after lots of soul searching and research, you’re enrolling in an MBA. You’re all prepared, but now you need to ask the big question, will your work sponsor your MBA?
If you want to know how to ask your company to find your MBA, we would recommend you to read on.
The advantages of asking your work to sponsor your MBA
By asking for financial assistance from your employer, your potential debt you would incur as a postgraduate student. MBA’s are costly programs, and the interest rates of your FEE HELP Loan will stack over the years.
It’s a conversation many employees struggle to have with their bosses, but it is reasonable to expect that your employer will want to invest in you long-term by paying for your MBA. Many companies have policies in place to provide allowances for training that will directly assist the company and an MBA certainly would tick many of the boxes.
You must first consider whether you are planning on staying with your organisation long term. Ideally, you would stay with your employer throughout the duration of your study, and at least two to three years after you have graduated. Some companies may make you sign an agreement to stay a certain tenure post-graduation or you could have to pay some of the funds back.
Work Out What You’re Asking For
It is important that you come up with a strategy before you speak with your manager about your chosen career pathway.
- Demonstrate to your manager how getting your MBA will help the company as much as it will help you.
- Remind your boss about the goals you have both set during professional development meetings and how they related to you obtaining further education through a business school.
- Prepare an explanation as to why now is the right time for you to enrol in an MBA.
- Consider asking for feedback about where they see you within the organisation in the next few years and what skills you will potentially need to develop to reach this position.
One simple reminder
You aren’t asking for money, you are pitching for an investment.
While applying for your MBA, it may be a good idea to use your manager as one of your professional references. To find out more about the application process and how to fund your MBA, visit our complete guide on finding an MBA.