Acquiring a master’s degree in business administration (MBA) has consistently been recognized as a great investment for those who wish to further their careers.
As the cost to pursue higher education continues to rise, company-sponsored MBA degrees are becoming more appealing for those looking to progress in their careers without breaking the bank.
Employer tuition payment and support plans allow degree-seekers to work and build their resume while receiving financial assistance to pay for grad school.
Getting your master’s of business administration (MBA) not only helps you to pursue your passions but it also helps you to earn a considerably higher salary.
Concentrations in strategy, finance, Entrepreneurship, marketing management, and other economic fields. Command the highest salaries among MBA graduates, according to the Princeton Review.
Many companies are willing to pay high-tier salaries for workers with MBAs and are also willing to assist in financing these educational achievements.
MBAs with at least 10 years of experience earned an average salary of $98,000 per year, according to a survey from PayScale.
Among the participants in the survey, 1.4 percent had less than one year of work experience with an annual salary of about $51,396. While more experienced MBAs with four years of experience or less (22 percent) reported an average salary of about $60,541.
This article is a comprehensive list of companies paying for MBA and grad school programs. Common requirements to qualify for funding and how to balance work with schooling.
Table of contents
What is MBA?
The Master of Business Administration (MBA) is an internationally-recognized degree designed to develop the skills required for careers in business and management.
The value of the MBA, however, is not limited strictly to the business world.
An MBA can also be useful for those pursuing a managerial career in the public sector, government, private industry, and other areas.
Most MBA programs include a “core” curriculum of subjects, such as accounting, economics, marketing, and operations, as well as elective courses allowing participants to follow their personal or professional interests.
Some schools require that MBA candidates complete an internship at a company or organization, which can lead to concrete job opportunities after the program.
The MBA is currently the most popular professional degree program in the world.
Today, over 2,500 MBA programs are offered worldwide, most in English.
First introduced at universities in the United States around the turn of the 20th century, MBA programs have evolved to keep up with the demands of the times.
While traditional two-year MBA programs are still common, especially in the United States, one-year programs have become increasingly popular.
Part-time and online programs are also widely available for professionals unwilling or unable to take a year or two off to do a full-time program.
Executive MBA (EMBA) programs are part-time programs targeted at professionals with more years of managerial experience than traditional MBA candidates.
Quality business schools generally require that candidates have at least a few years of professional work experience before starting an MBA program.
Applicants must also submit Graduate Management Admission Test (GMAT) or Graduate Record Examinations (GRE) scores. Academic transcripts, letters of reference, and an essay or statement of purpose that reflects why they want to pursue an MBA.
Non-native speakers must prove adequate English skills with TOEFL or IELTS scores or through previous academic experience.
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Why Do You Need to Acquire an MBA?
One of the most common reasons for doing an MBA is that, for many people, it can lead to the next step in their careers. An MBA can add specific business skills to your toolkits, such as leadership or strategic thinking, that will be good firepower when applying for management-level positions or promotions.
How Much Does an MBA Cost?
The cost of an MBA degree can vary, but the average tuition for a two-year MBA program exceeds $60,000. If you attend one of the top business schools, you can expect to pay as much as $100,000 or more in tuition and fees.
An MBA degree from a top 10 or even top 20 institutes in the USA would cost around $100,000 -200,000. This includes yearly tuition fees of $30,000 -60,000.
What is Grad School?
A graduate school (sometimes shortened as grad school) is a school that awards advanced academic degrees (i.e., master’s and doctoral degrees) with the general requirement that students must have earned a previous undergraduate (bachelor’s) degree with a high grade point average.
How Much Does Graduate School Cost?
According to FinAid.org, the average cost of a master’s degree for students is between $30,000 and $120,000. The cost varies depending on the university and the master’s program itself. The cost varies by the program as well. The average cost of an MBA, for example, is $40,000.
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Companies That Pay for MBA and Grad School Programs.
The following is a list of 13 highly reputable companies, in no particular order, that places a high value on their tuition aid benefits, providing tuition reimbursement for the educational costs of an MBA.
Companies that pay for MBA and grad school programs
#1. Apple Inc.
Apple Inc., an American multinational technology company headquartered in Cupertino, California, designs, develops and sells consumer electronics, computer software, and online services.
Technology sector companies are high on the list of firms willing to pay MBA tuition expenses.
Apple (NASDAQ: AAPL) tops the list of companies that pay for MBA and grad school programs in the technology sector, offering leading tuition assistance benefits, with the firm providing tuition reimbursement of up to $5,000 annually.
#2. Wells Fargo
Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California, with central offices throughout the United States.
It is the world’s fourth-largest bank by market capitalization and the fourth-largest bank in the US by total assets.
Wells Fargo Advisors provides a full range of investing services and financial solutions.
Wells Fargo (NYSE: WFC) also tops the financial companies that pay for an MBA.
The firm provides up to $5,000 annually for eligible tuition expenses.
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#3. Bank of America
Financial companies also place a high value on employees with MBAs, paying those employees some of the top salaries in the industry.
Bank of America (NYSE: BAC) is one example. The Bank of America Corporation is an American multinational investment bank and financial services company based in Charlotte, North Carolina, with central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto.
Bank of America was formed through NationsBank’s acquisition of BankAmerica in 1998.
It provides employees with annual tuition assistance of up to $5,250 for advanced degree coursework.
#4. Intel
Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, in Silicon Valley.
In the technology sector, Intel (NASDAQ: INTC) has leading employee tuition reimbursement benefits. The company pays $50,000 per program with no annual limit and offers free tutoring.
#5. Deloitte
Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a multinational professional services network.
Also, Deloitte is one of the “Big Four” accounting organizations and the largest professional services network in the world by revenue and the number of professionals.
Consulting companies lead the market in tuition reimbursement programs for MBA courses.
These firms also top the list of firms that pay the highest salaries for MBA alumni.
Deloitte employees receive full tuition reimbursement after two years of employment.
#6. Raytheon
The Raytheon Company is a major U.S. defense contractor and industrial corporation with core manufacturing concentrations in weapons and military and commercial electronics.
It was previously involved in corporate and special-mission aircraft until early 2007.
In the specialty defense technology sector, MBA degrees are highly valued by leading companies in the industry.
As one of the top defense technology companies in the world, Raytheon (NYSE: RTN) is a leader in tuition assistance reimbursement benefits, and full-time employees are eligible for up to $10,000 in assistance per year.
#7. Ford
Ford Motor Company is an American multinational automaker with its main headquarters in Dearborn, Michigan, a suburb of Detroit.
It was founded by Henry Ford and incorporated on June 16, 1903.
The company sells automobiles and commercial vehicles under the Ford brand and most luxury cars under the Lincoln brand.
In the automotive sector, Ford (NYSE: F) is one of the leading companies valuing tuition reimbursement assistance.
The company has an education tuition assistance program, providing employees with tuition reimbursement of up to $5,000 annually for an MBA.
#8. Chevron
Chevron Corporation is an American multinational energy corporation. One of the successor companies of Standard Oil. It is headquartered in San Ramon, California, and is active in over 180 countries.
Energy sector company, Chevron (NYSE: CVX), is a market leader in tuition assistance reimbursement benefits.
The company offers tuition reimbursement of up to 75% for its employees.
#9. Procter & Gamble
The Procter & Gamble Company is an American multinational consumer goods corporation headquartered in Cincinnati, Ohio, founded in 1837 by William Procter and James Gamble.
Procter and Gamble (NYSE: PG) has leading tuition reimbursement benefits in the consumer goods industry. It is one of the companies that pay for an MBA. The firm provides reimbursement for up to 80% of educational costs with a limit of $40,000.
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#10. AT&T
AT&T Inc. is an American multinational conglomerate holding company headquartered at Whitacre Tower in Downtown Dallas, Texas.
Also, AT&T (NYSE: T) is one of the companies that pay for an MBA. It provides employees with up to $5,250 annually for tuition assistance. Employees can be reimbursed up to $25,000 for graduate school courses.
#11. Baird
Employee-owned financial institution Robert W. Baird & Co. Inc.’s Baird Scholar program pays 100% of an MBA’s tuition expenses and the costs for books as long as specific criteria are met.
The program caters to high-performing associates who have excelled in their first several years at the firm and shown a commitment to investment banking.
#12. Goldman Sachs
Goldman Sachs Group Inc. (NYSE: GS), the world’s largest investment bank, helps its employees pursue degrees such as MBAs through tuition assistance.
This firm also offers MBA fellowships to first-year business school students who are Hispanic, Black, or Native American.
After completing the Summer Associate interview process, the company evaluates candidates for the fellowship and awards for outstanding leadership and community achievements.
Those who secure a fellowship receive a cash award of $35,000 plus the Summer Associate salary.
If the candidate completes the summer internship and accepts a full-time offer, he receives another $40,000 from Goldman Sachs and any full-time signing bonus.
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#13. Credit Suisse
Credit Suisse Group AG (NYSE: CS) has an MBA fellowship that is similar, in some respects, to Goldman’s program.
Also, Credit Suisse’s fellowship program typically targets first-year business school students of either female or Hispanic, African American, or Native American descent.
Eligible candidates must be enrolled in a business school program full-time and eligible for a summer internship during the summer following their first year of business school.
Candidates for a fellowship should have a strong interest in pursuing a career in investment banking and being accomplished in leadership, academics, and their professional life.
Fellows receive a $40,000 stipend for their first year of business school and a summer internship in investment banking at one of Credit Suisse’s U.S. offices.
Fellows can earn another $40,000 for the second year of business school if they complete a summer internship and accept a full-time offer with Credit Suisse.
Conclusion
Balancing work demands while also seeking an advanced degree may initially seem like a recipe for disaster, but with commitment and planning, it can be done.
Getting an MBA is expensive. It can range from about $50,000 (on the low end) to over $100,000 at a top school; it could even cost as much as $200,000 at some of the best colleges. Unless you have a large uncashed check or inheritance, it might be not easy to afford an MBA—especially if you won’t work during your program.
However, many companies are willing to pay high-tier salaries for workers with MBAs and are also willing to assist in financing these educational achievements.
Companies that pay for MBA FAQs
An MBA is only worth the expense, time, and effort when the graduate plans to work in a business-related field, in management, or as a company founder. For those working in other industries, an MBA may not be useful unless they are in management or leadership roles. Moreover, not all MBA degrees are created equal.
In this sense, an MBA is your first step toward a successful and well-paying career. A management course or MBA is considered a good degree, but the catch is we have hundreds and thousands of business schools, and some of their degrees are as good as tissue paper.
A master’s degree is the first level of graduate study. To apply for a master’s degree, you must hold an undergraduate degree (a bachelor’s). A master’s degree typically requires a year and one-half to two years of full-time study. Most master’s degrees are awarded by public or state universities.
A master’s degree is typically a two-year, full-time commitment beyond a bachelor’s degree in a field of study. On the other hand, a graduate certificate, also called a diploma, is a short program of study in a particular subject.
What Skills and MBA Teach. Business school professors say MBA programs help students develop the skills required to excel as business executives, such as quickly and accurately analyzing large amounts of information and developing smart solutions to business problems.
Reference
- https://www.noodle.com/articles/which-companies-pay-for-mba-degrees-we-made-a-list
- https://www.learnhowtobecome.org/career-resource-center/companies-paying-grad-school/
- https://www.fa-mag.com/news/top-companies-who-will-pay-for-an-mba-36982.html?section=3&page=1
- https://www.investopedia.com/articles/insights/061416/10-companies-will-pay-your-mba-bac-wfc.asp
- https://www.noodle.com/articles/which-companies-pay-for-mba-degrees-we-made-a-list
- https://poetsandquants.com/2019/08/10/how-to-get-an-employer-to-pay-for-your-mba/
- https://www.investopedia.com/articles/career-compensation/091816/these-3-investment-banks-will-pay-your-mba-gs-cs.asp
- https://find-mba.com/what-is-an-mba
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