On average, your two-year MBA program can cost well over $50,000.
|Harvard Business School||$73,440|
This is on tuition fees alone.
When you factor in other expenses like health insurance, rent, transportation, and indirect costs, you’re looking at over $100,000 for most top MBA programs.
Consequently, without tuition assistance (federal or private), financing an MBA program can be difficult. The good news is, there are companies that offer tuition reimbursement.
We’re going to be identifying these companies, the details of their sponsorship programs, and how you can get your employer to pay for your MBA.
With that, here’s a list of companies that pay for MBA programs. Their life-changing programs have helped workers get out of student debt, secure promotions, and lead better lives.
What’s even better is, getting into these programs might be easier than you think.
- Wells Fargo
- Chevron Corporation
- Bank of America
- Oceaneering International
- Best Buy
- Boston Scientific
Companies That Pay for MBA Programs
From the financial services industry to the technology industry, more and more organizations are investing in education. This is to help attract and keep top talent.
Some companies offer to pay for graduate courses, student debt and even provide benefits such as tuition reimbursement.
According to the International Foundation of Employee Benefit Plans, 9 in 10 US companies offer tuition assistance.
What’s more, schools offer online MBA programs to make it even easier for employers to pay for them. Online programs enable learners to balance business school with a full-time job, complete coursework faster, and lower overall education costs.
The following is a deeper look at various tuition reimbursement programs.
Company #1: Deloitte
Deloitte’s acceptance rate to the top 20 business schools is three times the national average.
Deloitte’s Graduate Student Assistance Program (GSAP) is designed to send its best employees to the best business schools. The expectation is that workers will return to Deloitte as senior consultants and receive reimbursement after two years.
Here are the details of the GSAP:
- Full tuition reimbursement. MBA graduates are fully compensated after two years of employment at Deloitte.
- Technology stipends. A technology allowance is given to departing students for computer-related purchases.
- Application support. Deloitte hosts graduate school preparation events and learning sessions for its participants.
- Direct interaction with MBA admissions directors. Deloitte organizes an annual graduate school symposium with admissions directors from approved MBA programs.
Who is Eligible?
- Your application and acceptance to the GSAP must precede your application and enrollment to graduate school.
- You must have consistently demonstrated strong consulting and leadership capabilities for a minimum of two years with Deloitte Consulting LLP.
Company #2: Wells Fargo
With more than 7,200 branch locations and offices in 31 countries, Wells Fargo needs higher-educated employees to keep operations running effectively. This is why they’re among the companies that pay for your career development.
As an employee, you can enjoy educational benefits like tuition reimbursement. You can even earn scholarship opportunities for your kids.
- Tuition reimbursement, Wells Fargo employees receive tuition assistance of up to $5,000 annually.
Who is Eligible?
- Your MBA degree must be a requirement for your current or potential position. It should be listed in the job description.
- You must be a full or part-time employee.
- Flexible employees are not eligible.
Company #3: Intel
Through the Altera Benefit Program, Intel provides reimbursements for MBA tuition expenses, registration fees, and the cost of required books.
MBA graduates can receive tuition assistance of up to $50,000 with no annual limits. This comes with a two-year commitment and may be treated as taxable income.
If you terminate employment within one year of receiving tuition reimbursement, you will be responsible for 100% repayment to Altera.
Who is Eligible?
- You must receive managerial approval before undertaking an MBA program.
- You must be a regular, full-time employee.
- You must be working 30 hours a week.
- You must attain a grade of B or better in your MBA.
Company #4: Chevron Corporation
Chevron offers tuition assistance through its Surplus Employee Severance Pay Program (SESPP). The program is designed to help employees prepare for other employment opportunities outside Chevron.
Your course doesn’t have to be related to your role at Chevron.
You can be reimbursed for:
- Courses offered by US-based educational institutions.
- Courses offered by vocational schools.
- Coursework that is part of an online program or learning platform.
The SESPP program offers a tuition reimbursement covering:
- 75% of the tuition expense.
- The learning platform subscription fees.
- The cost of purchasing required books.
- Coursework and training expenses of up to $5,000.
Who is Eligible?
- Your course must start within 2 years after leaving Chevron.
- Your course must not take longer to complete than 2.5 years after leaving Chevron.
- You must submit your reimbursement forms within 2.5 years after leaving Chevron.
Company #5: Apple
Apple pays for your education, even when the course isn’t related to your job description.
What’s the catch? You must maintain an average grade of B-.
Apple’s tuition reimbursement program is available to full-time employees. The program is limited to $5,200/year and includes paying off student loans for workers who have finished college.
Additionally, Apple has a training facility—Apple University—designed to offer courses tailored to individual positions within Apple.
Company #6: Bank of America
Bank of America (BOA) provides you with up to $7,500 under its tuition reimbursement program. This only applies to job-related courses and certifications, while $5,250 of the reimbursement amount is tax-free.
BOA’s education benefit entails:
- A Prepaid voucher. Following a successful application, BOA pays for eligible expenses upfront. You can also request to add eligible expenses that you did not include in your initial application.
- Reimbursement. If your school doesn’t accept vouchers, you can pay for eligible expenses and have BOA refund you once the course is complete.
Who is Eligible?
- You must have a minimum of six months of continuous service before starting your course.
- You must be on BOA’s payroll when applying for tuition reimbursement.
- You must have attained a grade of B- or higher.
- You must be meeting or exceeding your role’s performance requirements.
Company #7: Oceaneering International
Oceaneering International is one of the companies that pay for their employees’ education. However, your area of study must relate to your current or probable role in the company. Also, this policy only covers undergraduate and graduate courses (e.g., MBA programs).
Oceaneering will reimburse you for up to $8,000/year for graduate courses if you’re eligible. This covers 90% of eligible tuition expenses like course materials and registration fees.
Who is Eligible?
- For MBA courses, you must provide your supervisor’s description of each course. This description must be from the institution’s catalog or website.
- You must have documentation showing the cost of the course. This documentation must be from the institution’s catalog or website.
- You must create an individual development plan (IDP) with your manager. This contains a listing of your master’s degree as part of your development.
Company #8: Best Buy
Best Buy has one of the most competitive tuition reimbursement programs in the retail industry. This is the Best Buy Tuition Assistance Program.
The program was formulated to help the company become a learning organization and is also available to employees on leave.
If eligible, employees receive reimbursements of up to $5,250/year for graduate courses (e.g., MBAs). This covers expenses associated with your course of study.
Who is Eligible?
- You must be working 32 hours a week.
- You must be a full-time employee and in good standing.
- Your application for reimbursement must be submitted within 30 days of starting your course.
- You must complete your graduate course with a B- or better.
- Your graduate degree must be from an accredited institution.
Company #9: Qualcomm
Qualcomm’s educational benefits cover the cost of tuition and books required for your post-graduate program. This includes MBA degrees and is limited to $10,125/year; however, your course must be related to your role at the company.
Under this policy, employees pay for the graduate courses upfront then request reimbursement for eligible expenses. These expenses should not exceed the annual limits.
Who is Eligible?
- You must be working 40 hours a week.
- You must be actively employed at the start and end of your course.
- Your course must be pre-approved and considered job-related.
- Your course must be from an accredited school.
Company #10: Boston Scientific
Boston Scientific has a tuition assistance program that covers master’s degrees, including executive MBAs.
However, your course must impart you with skills, knowledge, or tools useful in the performance of your current or possible role at Boston Scientific.
If eligible, you will receive reimbursement for tuition, required books, and other academic fees. This is limited to $8,000/ year.
Who is Eligible?
- You must be a regular full-time or part-time employee.
- You must be working 20 hours a week.
- You must be in good standing.
- You must be approved by your manager or immediate supervisor.
- Your course must be from an accredited institution.
How to Get an Employer to Pay For Your MBA Program
There are 3 main options for company-sponsored MBA degrees: fellowship programs, tuition reimbursements, and scholarships. Each option has specific eligibility requirements; however, exploring these options might be easier than you think.
That’s because several companies realize the value of MBA degrees through greater employee retention, greater performance, etc. Therefore, there’s more investment in education.
Here’s a look at the different options.
Fellowship programs are similar to scholarships. However, they are awarded according to merit rather than need. Fellowship funding is usually from private foundations and is offered to the best-performing workers.
This is an excellent option to explore if your performance measures up.
Tuition reimbursements are more common and easier to obtain. Most reimbursements only cover a portion of the cost of an MBA, but in certain circumstances, the entire cost is paid.
Scholarships are similar to fellowship programs; funding is also from private companies and foundations. The key difference is scholarships are awarded according to need which requires a deeper look into your background.
With the three sponsorship options in mind, here’s an educational program you should consider. Quantic’s MBA program includes sponsorship opportunities, tuition reimbursement, and a global career network to help you connect with potential employers.
Unlike your traditional graduate program, Quantic MBA is designed to accommodate a full-time job. This is why it’s easier to get your boss to pay for it.
The first step to getting sponsored by a company is to consider its budget. Different companies work with different budget sizes, and with this comes limitations. These limitations affect the type of sponsorship you may get.
For instance, your company might have the budget to offer a full sponsorship program. Alternatively, the budget might limit the offer to partial sponsorship or distance learning sponsorship.
Additionally, some jobs offer tuition reimbursements; however, this may also be affected by a company’s expense budget.
With this in mind, the second step is to make it clear how your tuition benefits the company. Will you be able to make more significant contributions to the company’s success? Will you bring in more revenue?
Finally, the icing on the cake, you have to give guarantees. With most scholarship arrangements, an employee commits to the sponsoring company after completing the course.
Alternatively, you can commit to working on a specific objective for the company until completion.
Here are some scholarship opportunities by Quantic designed to benefit employees and employers.
With Quantic’s program, you gain access to elite business school education without the exorbitant cost. Instead, employers often cover the full cost of tuition under standard tuition reimbursement benefits.
Additionally, Quantic scholarships are awarded according to need and merit. Here’s how to get started.
List of Companies That Offer Tuition Reimbursement
- American Express
- JP Morgan
- Farmers Insurance Group
- S&P Global
- Grant Thornton International
So you’ve landed a scholarship, and you’re going to need some time off work. How do you ask your boss for it?
Even when you’re entitled to it, asking for time off can be difficult. Fortunately, there’s a right way to do it. Here are a few tips you should consider.
Plan For the Workload.
In your absence, the most pressing concern is the piling up of work. The best step here is to organize with your coworkers and develop a plan of how they might handle your responsibilities.
You may need someone to step in, so it’s best to talk it over and inform everyone who needs to know.
Get the Timing Right
The last thing your boss needs is a leave of absence request during the peak season or in the middle of a crisis. It’s akin to adding problems on top of problems.
Consider handing in your request after most of your to-dos are complete and there’s less activity in the office.
Consider an Online Program
Online courses are more accommodative and flexible; perfect for juggling work responsibilities and coursework.
This flexibility means your boss is more likely to give you time off for an online program.
Here’s an online school you might find interesting: Quantic School of Business and Technology. Their program features full scholarship opportunities awarded based on merit and need.
Admission involves reviewing your background, education, work history, and the responses on your application form. If eligible, you gain access to accredited graduate programs designed to maximize your career success.
Benefits of Graduate School
With companies offering tuition reimbursement benefits, you’ve probably thought about graduate school. You must be wondering, “Is it worth it?”
Well, here are the benefits of graduate programs:
To keep their competitive advantages, more and more companies are looking for higher-educated workers. After all, the greatest resource of any organization is its human resource.
Graduate school courses provide you with the additional skills you need to advance in your profession.
Graduate courses involve working alongside a smaller number of students, with more attention from your professors. This creates the opportunity to build up your professional network that is sure to open doors in your field.
According to the US Bureau of Labor of Statistics, workers with the highest levels of educational attainment—doctoral and professional degrees—earn three times as much as workers with the lowest level—less than a high school diploma.
Highest-Paying Graduate Degrees
|Degree||Occupation||Annual Average Salary|
|Master of Science in Obstetrics and Gynaecology||Obstetrician/Gynecologist||$235,240|
|Doctorate of Philosophy in Orthodontics||Orthodontist||$229,380|
|Doctorate of Medicine||Psychiatrist||$216,090|
|Master of Science in Nurse Anesthesia||Nurse anesthetist||$165,120|
|Master of Arts in Political Science and Public Administration||Political scientist||$115,110|
|Master’s in Computer Science||Computer and information research scientist||$114,520|
|Master of Science in Physician Assistant Studies||Physician Assistant||$104,860|
|Master of Science in Nursing||Nurse practitioner||$103,880|
|Master of Science in Mathematics||Mathematician||$103,010|
|Master’s in Economics||Economist||$102,490|
Masters Degree That Pays Off
MBA degrees benefit both employers and employees. Employees gain additional skills and therefore promotions, while employers profit from more productive employees.
What’s even better is employees can complete an MBA degree online, enabling them to continue working while completing their courses.
This flexibility has eliminated the usual financial and geographic obstacles traditional MBA programs face like, taking some time off work, relocating, accommodation expenses, etc.
Frequently Asked Questions
Is an MBA Degree Difficult?
Challenging but not difficult. MBA courses involve learning new ideas and skills which may seem tough, yet this challenging nature makes for a rewarding experience. What’s more, there are plenty of learning resources to take you through every step.
Why Are MBAs Expensive?
Competition for employment has driven up the cost of MBA programs. Most employers believe that MBA graduates generate more value for their organizations, and this has led to more employees attending post-graduate programs.
Can I Get a Job With an Online MBA?
Yes, you will be able to pursue a career in business administration, finance, marketing, accounting, and operations.
Your online degree must be from an accredited institution, this improves your employability.
Apply for an online MBA program today.