Nowadays, employers who agree to cover their employees’ EMBA costs are hard to find. The percentage of students who have to foot their own bills has grown by 7% in just two years. It’s understandable: companies have to be convinced to spend money on your studies.
Is it even possible to get full corporate sponsorship under such circumstances? It is, but it is going to be difficult. Luckily, business universities that are interested in new EMBA students give some heads-up on that matter. The advice below comes from Wharton’s professor and negotiations specialist, Richard Shell.
In Shell’s opinion, you should always know why you need the EMBA in the first place. Then, knowing what you want, you have to be ready to compromise. It would be wise to ask your supervisor or mentor at work some questions first. People who have experience and weight in the company may help you negotiate your case to the executives who make corporate financial decisions. Your idea to enter a business school should be not only in your head, but be known by others.
Show them you are ready to come back
Your employer’s reluctance to foot your EMBA bill may be simple: they are just afraid that you’ll get a company-covered degree and then leave to work for somebody else. Try to reassure them, show your passion and devotion to the company.
Make a plan
Your every talk with the decision-maker in your company is really an exercise in marketing. You have to ‘sell’ the notion of you becoming an EMBA, to show the positive results this is going to give the company.
First of all, you should gather a case study of EMBA students who were financially endorsed by their employers and then helped the company become more successful and profitable.
Second, you have to ask the executive responsible for such decisions what the process of getting a financial backing includes. What requirements are there from the company’s side, who you should talk to etc.
Third, you shouldn’t forget that you being a student will be an inconvenience for the company – though it’s EMBA, you still have to attend classes and do assignments, which might interfere with your job. Thus, you have to convince the decision-maker to help you work the program into your busy job schedule.
Fourth, after you’ve convinced the first person responsible for the idea you’ll have to ask them for an introduction to the next decision-maker and a clear intention of backing you and your studies.
And last, you have to talk with the executive who makes the final decision and provides the costs necessary for your studies.
The key thing is, you have to convince your higher-ups that the company needs you as an EMBA even more than you need a degree. Show them how your education could help solve the company’s most burning issues.
Even if you have a ‘yes’ from the top executives in your company, don’t relax just yet. Make sure that you’ll receive that financial backing, don’t be afraid to remind your superiors of the decision.
11 reasons for employers to help you with EMBA
To help you along the way, especially with the part where you have to convince the top hats to cough up some finances, Kellogg School of Management has even made up a list of reasons for footing your bill. Here they are:
1. Your employer has to see your EMBA as an opportunity for the company, not just for one employee. If you deserve the financial backing, it means you have great potential and will become a good manager and decision-maker.
2. The EMBA program is where the newest business ideas are, so it will help you to become a much better manager. Then you will be able to cope with the company’s issues together with your employer.
3. New knowledge obtained with the EMBA will be used at once for the benefit of your company. EMBA programs have the positive side of not taking much of your working time: all classes are attended at weekends, and during weekdays you’ll still be working as usual.
4. The projects you’ll need to accomplish for your program can be used for your company, and while implementing your projects, your employer will get not only your brilliant ideas, but also the help of accomplished university professors.
5. The network you’ll create during your studies will also help your company: people you meet at the program may become your business partners or clients.
6. All in all, EMBA will help to shape you into a better worker and manager, not only through the curriculum courses, but the analysis, teamwork, communication and management skills you will learn from the business school environment.
7. Business school events will give you and your company new opportunities for ideas, networking and solutions.
8. The fact that your company gives you financial backup will make working at it much more prestigious: it will mean that the employer cares. Then, the company will be able to hire more promising employees.
9. For companies, the EMBA payments won’t be as huge as for one employee, because most of the costs are tax deductible.
10. EMBA programs are international, which means your company will be able to develop partnerships on a global scale.
11. Partnership with business schools will be a great source of new workforce for your company, as well as an opportunity to educate other employees.
We wish you good luck with getting tuition reimbursement from your company, and hope you will become a manager any employer could only hope for!
Back to top