Corporate/Employee sponsorship is when a business puts an employee – or many employees – onto a business school MBA course to help further their professional development.
Businesses often use MBA programmes to ensure their organisation develops and retains its best staff.
This blog post, which is part of our MBA Resource Hub, outlines how corporate sponsorship is beneficial to both businesses and individuals, and how top-level employees can seek sponsorship for themselves at both large and small companies.
It also explores the available funding options. Often, it’s between the employer and employee to negotiate who pays what, and that’s even before scholarship discounts are introduced to the scenario.
How corporate sponsorship works
MBAs are courses created to encourage/fast track the development of top-performing businesspeople who want to take their career to the level. Classes, lectures and seminars are often structured around student’s jobs to ensure they can maintain a healthy work-life balance.
Corporate sponsorship usually results in a tuition fee discount provided by the business school, which acts as an incentive to encourage businesses to participate. Manchester Met, for instance, through the Corporate Scholarship scheme, offers a 15% discount to organisations that put two or more employees onto one of their MBA programmes.
Who pays for an MBA through the corporate sponsorship method?
With tuition fees costing anywhere up to £76,000, paying for an MBA is one of the key considerations for anyone thinking about enrolling. However, after agreeing to support and employee through an MBA, corporate sponsorship helps reduce the cost bestowed upon the student in two ways:
- The employee and employer agree how the tuition fees will be paid.
- Read about part-funding, where the employer and employee divide the fees.
- Possible scholarships are sought, offering even more discount.
How to seek corporate sponsorship
MBA corporate sponsorship is something that top-performing employees may want to discuss with their employer. Large and small companies, however, will have different processes for how they expect employees to seek an MBA with them, which are outlined below:
Corporate sponsorship for large businesses
MBAs are something that many well-established businesses are already aware of. They will utilise yearly student intakes, if it proves practical, to develop their best employees.
Companies such as Magnesium Elektron, for instance, have funded the studies of multiple employees.
Read how the North West-based company put Sales Manager, Richard Tonge through his MBA.
Corporate sponsorship for small business
In some cases, corporate sponsorship may not be something that smaller businesses are aware of, or depending on their size, willing to consider. If you work at a smaller business and are keen to gain an MBA to improve your business acumen, you will need to make your case as to why your employer should help.