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Financing your Executive MBA
The payback for the Executive MBA will be in terms of greater strategic vision and skills that can be immediately applied in your current position, leadership development, higher salary, and the opportunity to immerse yourself for two years in a stimulating and rewarding learning environment. Though an increasing number of students are self-financing their studies, the business school will at the very least expect the company to support their employee, allowing them to take the time for study, and recognizing the additional workload that they will face.
Employers understand the major benefits they receive from the improved managerial and leadership skills of their employees, the reinforced loyalty, and a possible in-company project or report that looks at an issue within the organization and has the expert input of the business-school faculty. In fact, more often than not the course gives students the opportunity to put into practice the theory learnt in class immediately, directly from the classroom into the boardroom. The company not only benefits from a direct return on investment from the rich course content, but also sees the increased confidence and the broader communication skills the employee brings back after each module, preparing the ground for new responsibilities.
For Marianne Vandenbosch, EMBA Program Manager at IMD, the Executive MBA program should be regarded as a win-win proposal for sponsoring companies. "You can develop your high-potential people into internationally experienced, globally-oriented managers through a series of job rotations and projects over a number of years. But with the EMBA, future stars can get there faster, and take on broader responsibilities.
With our company-related assignments, the manager keeps working on the company's behalf even while he or she is doing an EMBA." Maureen Williams at Cranfield sees the benefits of a three-way partnership for the Executive MBA.: "Our experience shows that learning is greatly enhanced when the sponsoring organization becomes part of a three-way partnership with the student and the school, throughout the program. This encourages sponsoring organizations to view the MBA program as an integral part of their own management and career development, integrating the requirement for personal development with the company's objectives and future plans.The MBA is a proven and very cost effective method of general management development.”
A further option for company support is the idea of ensuring higher positions upon completion of the program. Hubert Faucher at Essec explains, "The two-year program is a long period for our participants. Yet over that time their understanding of their direct environment, behavior, and objectives will evolve very quickly. The time comes where new positions must be secured for the newly regenerated leaders that come out of the program. In recent years, 75% of our graduates have moved to positions of greater responsibility within 15 months of graduating."
To help you with your project, we have laid out some of the key strategies for trying to secure company support for your Exec MBA.
Financing your Exec MBA
What will your participation in an Executive MBA course bring the company?
- The opportunity to carry out an in-company project is beneficial to both the participant and the company. Don't forget that you will be able to discuss issues with your classmates, thereby obtaining new perspectives on the problem at hand.
- Your ability and commitment to share your knowledge with your managers and colleagues.
- With your developed analytical and strategic skills, you will be able to contribute more efficiently and effectively to the future development of your company.
Don't scare your company! Show your managers the way:
- Support needn't be all financial. Companies can show their support by being flexible and allowing you to take leave to attend classes and complete modules.
- A lighter workload can also be part of the deal, enabling you to study and work on your projects during specific office timings.
- If the company finds the fees daunting, you can offer to pay the 'extras', such as travel and accommodation costs while the company pays for tuition.
