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“Many applicants’ first instinct is to focus on what an MBA teaches: ‘I’ll come back with X, Y and Z business skills! “While an MBA gives students a powerful business toolkit, the skills you learn in an MBA program can usually also be learned in the workplace.
Others opt to refinance their home or take out home equity loans, sometimes finding that this is a cheaper route due to the strong housing market.
529 savings plans can also be used to pay for graduate school, and you can name yourself the beneficiary of a 529 fund, allowing you to put that money towards an Executive MBA program.
“If the request is accepted, it can radically expand your financial options and even increase your chance of admission.
Sponsorship also invests your employer in your personal success, often leading to better post-MBA roles.” UNDERSTAND COMPANY POLICY Before even submitting a request for MBA funding, it’s important to first examine and understand your company policy around sponsorship.
“In a less formal setting, discovering your company’s history of employee sponsorships is essential.” YOUR PITCH Once you’ve understood your company’s policy around sponsorship, you’ll want to spend time sharpening your pitch.
Mitrakos stresses that the biggest mistake at this stage is failing to frame the MBA degree’s true value.There are also websites available that can match you with outside scholarships after you fill out a profile; you then apply for the scholarships by submitting an essay.Company Sponsorships Executive MBA students are often eligible for some level of financial support from their employer, as getting an MBA significantly contributes to their professional development.The deadline for the Nonprofit Management Scholarship is March 31 and the deadline for all the others is May 31.Prospective students interested in applying for these scholarships complete one additional essay when they submit their application.“At a huge company with an organized HR department, these policies will be written down on internal websites or in the employee handbook,” Mitrakos writes.“Some organizations may even have structured relationships with MBA admissions consultants and GMAT prep courses to guide your application choices and give you the best possible chance of success.” At smaller companies, it may be more difficult to find a definitive policy.However, Mitrakos says, that doesn’t mean you shouldn’t do your research.“Just because there isn’t a written policy doesn’t mean your employer never sponsors MBAs—in our experience even some big-name employers make these decisions on an ad hoc basis through recommendations from supervisors,” Mitrakos writes.“We will work with our students to help them articulate the return on investment that the employer is going to get from them participating in Vanderbilt’s Executive MBA program,” Bennett said.Fairbank notes that because the program spans three calendar years, students often receive three years of company sponsorship.