A master of business administration (MBA) degree not only helps you to pursue your passions, it can boost your salary considerably. Holders of an MBA degree earn $87,000 per year on average. Not only do companies pay top salaries for employees with MBAs, many are also willing to help finance the degree. 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.
The Real Cost Of 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.
Bank of America
Bank of America (BAC) will reimburse 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" or higher for graduate courses.
Wells Fargo (WFC) also tops the list of financial companies valuing tuition assistance benefits. The firm provides up to $5,000 annually for eligible tuition expenses.
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 $6,000 annually.
In the technology sector, Intel (INTC) has a generous tuition reimbursement program for its employees. The company will reimburse $50,000 in expenses per program with no annual limit. It also offers free tutoring.
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 (RTN) is a leader in tuition assistance reimbursement benefits and full-time employees are eligible for up to $10,000 in assistance per year.
Energy sector company, Chevron (CVX), is a market leader in tuition assistance reimbursement benefits. The company offers tuition reimbursement of up to 75% for its employees.
Auto manufacturer Ford (F) provides a host of educational benefits for full-time workers. The company offers $6,000 per calendar year for workers in a GED, associate degree, undergrad degree, master's degree, PhD and certificate programs. (Not all schools and courses are approved). In addition, the company offers $600 toward textbook purchases.
Procter & Gamble
AT&T (T) provides employees with up to $5,250 annually for tuition assistance. Employees can be reimbursed up to $25,000 for graduate school courses.
The Bottom Line
Overall, 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.