As you pursue leadership roles in today’s competitive job market, an advanced degree can help you stand out. Most graduate degrees deliver a good return on investment. However, the investment comes first, raising the question of how to fund your graduate studies.
Fortunately, many employers recognize the importance of investing in their workforce and offer tuition assistance programs to offset education costs. According to a 2022 report from the Society for Human Resources Management, nearly half of the employers surveyed offer tuition assistance to their employees, and over 70% of employees consider tuition assistance a top benefit.
A flexible online MBA program—like the one offered by the University of Tennessee, Knoxville’s Haslam College of Business—enables students to continue working while earning a degree with financial support from their employer. This article explores how professionals can maximize their employer’s sponsorship opportunities to reduce the tuition they pay out of pocket.
Understanding How Employer Tuition Assistance Works
Employer tuition assistance programs are a win-win for employers and employees.
By investing in their workforce’s education, companies foster a culture of continuous improvement, driving innovation, and staying competitive in their respective industries.
In turn, employees with advanced skills and knowledge contribute to strategic thinking, informed decision-making, and improved organizational leadership. Human capital investment is also integral to employee retention as well as overall workplace productivity and job satisfaction.
Tuition assistance programs typically include eligibility requirements. They may require professionals to pay their tuition upfront before receiving reimbursement. Prospective students should research their employer’s tuition assistance benefits and ask questions to ensure they meet the criteria and understand the commitment.
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What to Expect from Your Employer
While tuition assistance programs vary from company to company, they usually have similar eligibility criteria. Typical requirements include choosing a degree relevant to the employee’s role, maintaining a minimum GPA, and submitting regular progress reports to the employer. Other stipulations include working at the company for a certain amount of time before using the tuition benefit and staying there for a set period after earning a degree.
To make the most of your employer’s tuition benefits, ask the following questions before choosing a degree program:
- Does the degree I plan to earn have to relate to my current role?
- Do I need to maintain a certain GPA?
- Am I required to submit regular reports on my progress?
- Are all employees eligible for tuition reimbursement and/or assistance programs?
- Is there a seniority requirement?
- Do I have to be employed for a minimum period to quality?
- Am I required to remain at the company for a specified period after completing the degree?
The answers to these questions will help you make a more informed decision about which degree program is right for you and determine whether you are eligible for employer tuition assistance.
Starting the Funding Conversation With Your Employer
Before you can use your employer’s tuition assistance benefits, contact your company’s human resource department to determine your eligibility. Your HR representative can also tell you about any necessary paperwork, deadlines and obligations you may assume in accepting the benefits.
Professionals who pursue a part-time MBA, such as the Online MBA from UT Knoxville, often receive full or partial financial assistance from their employer since the degree program relates directly to their work, improves their performance on the job and increases the likelihood that they will stay at the company long term.
Current and former military may qualify for tuition assistance through their branch or the Department of Veterans Affairs‘ Post-9/11 GI Bill benefits and Yellow Ribbon Program. As a 2021-2022 Military Friendly School, UT Knoxville proudly supports service members, veterans and their families in using these benefits.
Maximizing the Benefits of Your Online MBA
Online learning offers an appealing opportunity to professionals pursuing a part-time MBA while continuing their careers. The flexibility of online MBA programs, such as the Online MBA at UT Knoxville, enables students to keep working while earning their degree. Students who receive employer reimbursement benefits can significantly reduce their out-of-pocket costs.
UT Knoxville’s 45-credit hour Online MBA is a worthy investment for full-time professionals looking to advance their business skills and become more effective leaders. The program equips professionals with the agile skill set needed to think critically, act strategically and lead with confidence.
Through the multidisciplinary Online MBA curriculum, students learn about analytical tools, supply chain management, consulting, finance, entrepreneurship, innovation and more. In approximately three years, students graduate with the business street smarts to drive decisions with lasting impact.
Ready to see what an Online MBA from UT Knoxville’s Haslam College of Business can do for your career? Connect with an enrollment advisor for an application walkthrough, tuition assistance guidance and more.