According to a recent research published in US News, more employers are willing to help their workers pay for tuition costs for an MBA degree. This practice is done under employer tuition assistance programs or tuition reimbursement programs and may benefit both parties. While employees have the chance to advance their education, the company is fostering the knowledge of its workers, creating a more efficient and skilled workforce.
In recent years, many companies have decided to offer tuition reimbursement programs. According to a 2011 survey by the Society for Human Resource Management, about 58% of employers said they offer some type of undergraduate education assistance, while more than half (54%) offer this type of support at the graduate level. A majority of individuals who use these programs say that their employers pay for their education fees after they finish their courses. However, others state that their companies agree to pay tuition at the time of registration. The exact amount that companies are willing to pay for their professional’s education varies.
Inorder to receive this type of financial assistance, professionals should begin by searching through their employee handbooks or intranet sites, as there may be a section outlining this type of program. Additionally, human resource specialists within the company may helpful when researching if a company will provide tuition reimbursement. However, as many businesses will not advertise these types of programs, it may be very important for employees to ask about them directly.
Additional data from the U.S. Bureau of Labor Statistics indicates that of the individuals who receive tuition assistance, most hold full-time jobs and work in management, business and financial organizations. For this reason, many individuals who take advantage of these programs are earning a master of business administration (MBA) degree.