Congratulations! You have made a great decision in your life; you want to do an MBA. But there is only one problem standing in the way of your career path; How do you get financing for your MBA? This is often the main obstacle to getting an MBA; COST! It is pretty rare that you have 25K lying under your bed to pay for tuition fees. This is why it is imperative to find a way to finance your MBA.
I want to share something with you; I did my MBA for free! In fact, there is a very easy way to get free financing for your MBA, here’s my step by step method:
Financing Your MBA Step #1: Be a Good Boy
You are the guy who keeps on whining about your boss in the cafeteria? Stop biting the hand feeds you and start acting like an MBA candidate. Employers can be motivated to finance an MBA for promising employees. If you really don’t like where you work, forget about having your MBA paid by your employer. You are better off choosing a company where you see yourself working for several years. Then, you just have to behave like you belong at this corporation and want to improve it. Being a good employee, going the extra mile, will eventually lead you to a financed MBA ;-).
Financing Your MBA Step #2: Let Your Boss Know
You may be the best employee ever, if you don’t let your boss and the people above you that you want to get an MBA, nobody will pay for it. You want your employer to finance your MBA? Simply ask for it. However, there is a time and a place for every thing. Personally, I had waited a year where I got an “outstanding” employee evaluation at year end. I discussed how I wanted to go higher and that I was willing to put the effort into it. Then, I asked if they were open to pay for my MBA.
Financing Your MBA Step #3: Be Specific
When I ask my boss to finance my MBA, I didn’t ask it bluntly. I built my case with reasons why I wanted to get an MBA and how it could help my company. The point was showing them that paying for my courses was an investment in their own corporation and not just some money thrown on a eager GEN Y so he can fly off once he’s done. I told them which MBA program I wanted to do and how this kind of knowledge will help me become a better employee. If you come with a school name and program specification, it shows that you are serious about doing your studies.
Financing Your MBA Step #4: Accept Compromises
It’s not always easy to get someone else to pay for your studies. As your parents might have put some conditions on the table while you were in college, your employer is more likely to bind you with a contract in exchange of financing. Personally, I signed a 3 year contract with my employer that links me to them for 3 years after I have completed my MBA program. 3 years may seem long at first, but I can tell you that time flies! I have done 1 year already and I don’t feel that staying another 2 years would be such a pain.
The other thing I had to do as a compromise was to keep my full time job while completing my studies. I wasn’t given much time off to work on my MBA assignments. They gave me one day off per course upon my final exam. The rest of the time had to be taken on my evenings and weekends.
Other ways to finance your MBA
If you don’t have an employer ready to invest in your career, there are also MBA grants and government help. Depending on where you live, you can also have access to programs allowing you to withdraw from your retirement funds in order to finance your courses. However, I still think that getting your employer to finance your MBA is the best solution :-D.