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Employee Education Tips: How to Get an Employer- Sponsored ODL

Employee Education Tips: How to Get an MBA Sponsored Through Employer

If you're thinking about career advancement at your current job, earning an MBA sponsored through your Employer is a smart idea. According to the Graduate Management Admissions Council, MBA graduates earn 75% more on average than employees with just a Bachelor's degree, a difference that can result in a $3 million dollar gap in a lifetime of earnings!
The demand for business school graduates is expected to increase over the next five years. Some of these in-demand positions may be at the company where you already work. Get your employer on board by showing your worth and the amount of revenue you will be able to generate if you successfully complete your MBA.

Employee Education Tuition-Reimbursement Programs

A number of organizations, including some Fortune 500 companies, will help their employees pay for an MBA degree. Altruism is not their primary motive. The company calculates that they'll get a lucrative return on their investment once you acquire new business management skills. Often, these companies will expect employees to remain at the company for a set period of time after earning a company-sponsored MBA.

Eligibility Conditions
Just like the approval and implementation of these programs vary widely, different companies have different eligibility conditions. 
•  Some companies may require a certain educational degree or performance grade to qualify for reimbursement. 
•  Many companies want employees to remain with the company for a set period of time following the completion of the course to be eligible for tuition assistance.
•  Some companies cover the costs associated with classes, such as textbooks or internet connection fees on completion of the course.
•  Companies may impose a "performance expectation" that determines how much of tuition costs the employer will reimburse

Sponsorships
Sponsorships occur when employers agree to bear a sizable portion of your tuition fee—in some cases, 100% of your tuition fee—with the expectation that you'll use your new skills to benefit the company.
Tuition Assistance
Some companies forgo outright sponsorship; instead, they give employees a stipend to cover some portion of their tuition costs. Tuition assistance stipends may be awarded annually, while others come in the form of a stipend for the cost of the entire program, including class materials.
Tuition Reimbursement
Some companies reimburse you for the cost of tuition, textbooks, and fees. This reimbursement can either be a set amount or a percentage of the total cost of getting an MBA.
MBA Scholarships
A few companies actually offer their employees scholarships. Goldman Sachs, for instance, awards $35,000 to first-year MBA students who pursue a summer associate position with them.

Companies That Will Help Pay for Your MBA 

You'll find sponsorship, tuition assistance, and reimbursement programs at Fortune 500 companies and tech startups alike. Here are just some of the available options: 

1 - Aditya Birla Group Scholarship:- This scholarship will cover the tuition fee of the management programs offered by these institutes. The top 20 students who are selected in ranking at the time of admission can submit applications for the scholarships to the dean of the respective institutes.
2 - IMT EWS Scholarships:- The IMT Scholarship covers all the expenses of a select number of students from the Economically Weaker Sections (EWS). It is given to students who are enrolled in any AICTE-approved two-year PGDM program at IMT.
3 - OP Jindal Engineering and Management Scholarships (OPJEMS):- All top B-schools will participate in the OPJEMS program for the scholarship. It aims to provide financial aid to Postgraduate Programme in Management (PGP) students.
4 - IIM Bangalore MBA Scholarships:- PG Students can apply for IIM Bangalore Financial aid if their household income is below Rs.8,00,000. Students who are facing financial difficulties owing to unforeseen circumstances are also considered.

There are companies that sponsor their employee’s higher education. It is always a good idea to talk to your employer before making the final decision of finance for your Distance MBA.

Summary 
Getting your MBA degree gives you the flexibility to keep your day job while working to acquire new management skills. Although many MBA candidates seek positions at new companies, getting your employer to cover some of the tuition costs is an excellent way to solidify your position with the company and advance within its ranks.

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