A master of business administration (MBA) is a graduate degree designed to help students understand business management. It provides individuals with the foundational knowledge they need, including theoretical and practical training, to work in business and investment management.
Graduating with an MBA can help you to pursue your passions and boost your salary considerably. Those with this degree can earn $92,000 per year on average. But it does come at a cost. The average part-time MBA degree can cost as much as $60,000 or more in the United States. That figure is higher if you want to attend a top school. And remember, that doesn't include books, supplies, or other costs.
If that sounds daunting, don't worry. There is a way you can continue your education without breaking the bank. Some companies will front the cost of your education. The following is a list of 10 reputable companies in the United States that place a high value on tuition assistance benefits, providing reimbursement for the cost of an MBA.
- An MBA helps students understand business management and provides them with foundational knowledge to work in business and investment management.
- Earning an MBA can help you boost your salary considerably but it does come at a pretty high cost.
- There are some employers that offer full or partial tuition reimbursements to employees who pursue higher education.
- Deloitte, Bank of America, and Wells Fargo are among the top financial services companies that provide employees with tuition reimbursement.
- The list also includes companies in the consumer goods, technology, energy, automotive, and consumer goods sector.
The Real Cost Of An MBA
Deloitte is an international accounting firm that employs about 335,000 people in its offices around the world. It provides a variety of financial services to its clients, including audit and assurance, consulting, risk and financial advisory, risk management, as well as tax services to its clients. This is why it's important for Deloitte to have a workforce with a high skill set, which can be enhanced by an MBA.
A typical employee works for Deloitte for three to fours years before heading off to business school, then returns and receives full tuition reimbursement after two years of employment following graduation. The consulting firm also helps with computer-related purchases and GMAT preparation. Deloitte claims acceptance rates for employees applying to top business schools are three times the national average.
2. Bank of America
Bank of America (BAC) is one of the world's largest banks with operations in 35 different countries. With more than 4,200 retail locations, the bank provides its customers and clients with a range of financial services, including retail banking, commercial services, lending, and investment banking, among others.
The company reimburses up to $5,250 per year for job-related courses and degree programs approved by the employee's manager. In addition, the employee must have at least six months of service with the bank and earn at least a B-grade or higher for graduate courses.
3. Wells Fargo
Wells Fargo (WFC) also tops the list of financial companies valuing tuition assistance benefits. Based in San Francisco, the WFC is one of the big five banks in the U.S. It has a presence in 40 different countries. Like its competitors, it offers retail, commercial, and investment clients with banking, lending, and investment services.
The firm states it views professional development as a priority, which is why it encourages and supports education. As such, it provides up to $5,000 annually for eligible tuition expenses.
Making sure you research the best MBA concentrations can help you boost your earning potential even further.
You probably don't need too much of an introduction to the maker of the Macbook computers, the iPhone, and the iPad. The company consistently shows up on top employer lists. In fact, it ranked in the fifth spot on Forbes' World's Best Employers list in 2021.
Technology sector companies are high on the list of firms willing to pay MBA tuition expenses. Apple (AAPL) tops the list of companies in the technology sector offering leading tuition assistance benefits, with employees reporting the company provides tuition reimbursement of up to $5,000 annually.
Intel (INTC) has a generous tuition reimbursement program for its employees. It reimburses $50,000 in expenses per program with no annual limit. It also offers free tutoring. Founded in 1968, Intel has a broad range of products, including accelerators, boards and systems, memory and storage solutions, connectivity and platform products.
Raytheon is a multinational technology company with 174,000 employees. It focuses on aerospace and defense and has four different businesses Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense. The company's research and development (R&D) is "creating breakthrough technologies in fields such as artificial intelligence, advanced propulsion, electrification and thermal management."
MBA degrees are highly valued by leading companies in the specialty defense technology sector. Raytheon provides employees with tuition reimbursement through its Employee Scholar Program. In addition to tuition fees, the incentives also include reimbursement for other academic fees for certain courses or degree programs.
Chevron (CVX) is a market leader in the energy sector with projects in natural gas, heavy oil, liquefied natural gas, and shale, among others. The company has operations around the world and employs about 43,000 people.
Employees are entitled to a range of benefits through Chevron, which reimburses up to 75% of the cost of tuition through its SESP Education Assistance Program. It also covers other costs, including:
- Subscription fees for learning platforms
- Books and fees for a maximum of $5,000 related to the preparation for other opportunities
MBAs aren't just for full-time students. In fact, you can continue to work while earning your degree by completing a part-time MBA.
Auto manufacturer Ford (F) provides a host of educational benefits for full-time workers. The company offers prepayment of $6,000 per calendar year for workers in graduate degree programs. This includes $600 toward textbook purchases.
Tuition assistance is also available for GED and other degrees in associate to post-graduate study programs. Keep in mind that not all schools and courses are approved.
9. Procter & Gamble
Procter & Gamble (PG) is one of the world's leading multinational corporations (MNCs). It is a consumer goods company that has major names like Crest, Pampers, Tide, and Gilette under its portfolio. Founded in 1837, P&G employs more than 100,000 people.
The firm provides reimbursement through its Tuition Reimbursement Plan. This program offers existing employees an incentive to further their education through any coursework related to their current positions. They can also use the plan to help reach the next step in their careers with the company.
AT&T (T) is one of the largest telecommunications companies in the world. It provides its customers with a range of services, including telecommunications, technology, and media, as well as a variety of related products.
The telecoms giant provides financial assistance to anyone in the process of getting an academic degree, including management and nonmanagement employees. According to company statistics, more than 3,000 employees took part in the tuition reimbursement program, which gave out more than $13 million in funds in 2021.
How Can I Get an MBA Paid for?
The best way to get your MBA paid for is to work for an employer who provides either full or partial tuition reimbursement. Some companies will pay for your education outright, including the cost of books and supplies. Others offer a percentage of your tuition or a maximum dollar figure. If you aren't sure, check with your employer's human resources department to see if there's any chance for tuition assistance, either through a full or partial prepayment or reimbursement.
Why Do Companies Pay for MBAs?
One of the major reasons why companies pay for MBAs (and other related degrees) is because they consider it an investment. Put simply, tuition assistance and reimbursement programs help both the employee and the employer. Providing employees with the financial incentive they need to pursue a higher education instills loyalty in workers who, in turn, bring higher skills back to the company.
Is an MBA Still Worth It?
Whether an MBA is still worth it depends entirely on you. it can cost you more than $60,000 to attend an average school—and that figure doesn't include books, supplies, or other expenses. You can find worth in the degree if you continue in a business-related field.
And it may be worth it even more if you are able to get your employer to pay for your education. However, one issue to consider is that most employers will expect an employee to stay with them for a number of years after completing reimbursable coursework. So keep in mind that accepting employer funding toward an MBA means you'll need to stay at the company for a while, which could limit your salary growth.
Take into account what your career will look like at your current company once you’ve earned your MBA and weigh the pros and cons of the investment you’re going to make.
How Many CEOs Have MBAs?
As many as one-third of the world's Fortune 500 companies CEOs have MBAs. These CEOs run many different corporations, including investment banking firms, food and beverage, information technology, financial services, and health care companies.
The Bottom Line
Getting your MBA can be a valuable endeavor for a number of reasons, with one being the return on investment you receive from a top-level salary. While graduate school can be daunting, the tuition you pay doesn’t have to be. With more and more companies placing higher importance on tuition assistance reimbursement programs, the opportunities for paid MBA educational expenses are greatly expanding.
Passionate employees with high career aspirations who take advantage of these benefits are richly rewarded with top-tier salaries in their industry at companies that value their insight and provide them with broader career growth opportunities.