Step 1: Know If It’s Even Possible For You
Ask yourself first if it’s feasible for you to get your MBA right now. Are you dedicated enough to invest the time necessary to get your MBA? Is your workload too heavy to find time to finish your coursework? You’ll want to make sure that you have the time and capabilities to get your MBA. Luckily, doing an MBA online doesn’t require you to physically go to class, so you’re able to complete your work whenever you have time. You’ll still want to make sure you have enough self-discipline to get your work done. You don’t want to be the employee that has your employer invest money in you, just for you to not finish your MBA online!
Step 2: Know If It’s Even Possible For Them
You’ll need to check the temperature of your company first and do some research to understand its background in funding employees to receive their MBA. For example, check with other colleagues to see if anyone else has even taken this opportunity. Look into your work policy to see if they already have a policy for reimbursement on tuition. If they don’t, you’ll need to make an even bigger case for yourself to receive this special funding. You’ll also want to check to make sure your company is doing well; look into if they’re cutting costs other places or lying people off. If they need to cut corners elsewhere, it’s likely they won’t have the money to fund you.
Step 3: Figure Out the Cost
Do some research into what this will cost your company. The cheaper you can make it for your company, the more likely they are to fund it. Look into a variety of schools and find out which one best suits you. Make sure you understand their tuition, including any extra fees the school may have if you take the classes online. You’ll need to know whether you want them to pay for the full thing or if you’re willing to take on some of the cost. You might also look into tax breaks, which can help your company recoup some of the invested money.
Step 4: Make It Worth Their Money
Is the MBA going to be worth it for your company? You’re going to need to argue that it is. You’ll want to talk about the return on investment: What’s your goal in doing this? What tasks will it allow you to complete at work? How will it build upon your already existent skills? You’ll need to argue that this MBA is just as good for them as it is for you. Essentially, how will your MBA help the company meet their bottom line?
Step 5: Show Your Worth
Are you a star employee? You’ll need to argue that you are. Have concrete evidence that you are worth their investment. Make sure they know that once you start your MBA online, you’ll do what it takes to complete it! Cite your past work history, efforts, and your diligence in doing what it takes to succeed. Talk about your success and growth in the company so far, and how this MBA will help meet your own personal goals.
Step 6: Figure Out Other Logistics
Once you figure out all of the above, tie up any loose ends that you also need to know. Understand the implications of starting an MBA online, know how long it will take to finish, and figure out what the steps are to apply. Make sure you know where you want to apply, what their application fee is, and what the required documents are. Apply to a school with a high success rate, so research their retention rates and how long it takes an average student to complete their MBA online.
Step 7: Know What the Catch Is
Is your company going to do this with no strings attached? Many companies will pay for your MBA online, but you’ll need to stay working with them for a certain number of years. If you leave early, you might need to pay back some of the money they’ve invested. Make sure you know any strings that are attached, and what consequences will come if you leave the company early (or don’t finish your MBA online!).