How To Ask Your Employer To Partially Sponsor Your Master’s Degree
A Master’s degree can be costly, and if you have set your eyes on completing one, you may need to figure out how to finance it. One option available is for you to ask your employer to sponsor your course.
There are many ways to cover the cost of your Master’s. It’s possible to combine different funding methods such as a scholarship, government funding, own funds, help from family and friends, and even private loans. Do bear in mind that scholarships and bursaries are available for some programs but it can be tough to be awarded one due to the sheer amount of candidates.
Employer sponsorships are common, however, convincing them to finance it requires benefits and arguments to back the request.
Research
To grant you the much-needed financial support, your employer will want to see a compelling case that the degree will benefit you, but above all, the company first. To start with, see if your business has an assistance or sponsor program/perk.
Before approaching, you should sort out specific details and list how the company could benefit from the education. You should also note how much you want your employer to cover. Do you want to study full-time or part-time? Will you want to be working at the company after x period? Would living expenses be affected? Could you work if you’re studying full-time? How long is the degree and can you commit to finishing the course?
You need to present a detailed plan and anticipate questions they may ask.
There are also other aspects to consider such as the financial health of the company. It would be inappropriate to ask for a sponsor if your company is struggling or laying people off. Similarly, it would be inadvisable to ask for support during a challenging economic environment. If you fail to recognise similar contexts, you risk your sponsorship request being declined and appearing out of touch.
Approaching your employer
How will the degree enhance your skills and contribute to the company’s success? Build your arguments with your employer in mind. Think about how the MBA will help to add valuable skills to the workforce and elevate the company further. Will you be willing to share your expertise? Will your colleagues benefit from your knowledge and skills?
To answer, you need to be very familiar with the curriculum of the programme. In addition to the learning methodology, events, networking, and even the statistics of the career paths taken by alumni. Highlighting key strengths and advantages of studying at a particular school could help convince them further.
Your overall performance at the company should work in your favour too. You should highlight your positive impact on your company, preferably backed with facts and figures. It’s extremely difficult to convince an employer if you haven’t demonstrated your value as an employee. It’s also worth noting that you shouldn’t just approach your employer at a random time. It’s recommended to consider the best time to do so. A performance review presents a natural opportunity to discuss your career goals with your manager and this presents as a golden opportunity to ask.
Loyalty
If your employer does agree to cover a portion or all of your tuition, you’ll most likely be asked to sign a sponsor contract. Should you sign one, you should carefully read the document to ensure there are no parts that you disagree with. If there are any parts that you disagree, with do not force or argue with your employer to change them. Not only can they immediately reject your request, but it could also strain your relationship with them.
Typically one of the clauses in the contract includes a period in which you are committed to staying with the company after obtaining the degree. This is usually included so the employers protect their interests and avoid the potential scenario in which they fund employees’ degrees only to see them leave the company or to a potential competitor shortly after graduating.
It is up to you to decide how long you are committed and how long is reasonable. You could argue after being in the company for so long it’s something that the employer could help out in return. This of course by showing your positive performance reviews over the years. In addition, you should take a step back and assess whether you’re confident that you want to return to the company.
Typically in the contract that you sign there may be a clause which states if you leave before x period I’m you may have to pay the employer back in full, or at least a portion depending on how long you’ve remained post-graduation. On very rare occasions, your employer may not ask for it back if you’ve given back more than they invested in you. By breaking the agreement, you could ruin your relationship with former colleagues which could in turn strain potential future relationships depending on your industry.
Finance your loan with Lendwise
Conversations about money are not easy but sometimes they are necessary. With the right approach and sufficient preparation, you could convince your employer to partially fund your master’s at a top UK university. Make your dream come true by seizing this opportunity to either take your career to the next level or tick off a personal interest. Apply* online and we’ll support you on your path to success.
Representative Example: Assumed borrowing of £30,825 over 120 months at 12.73% APR representative. Monthly cost of £509.26. Total amount repayable of £61,199.65. Interest rate of 11.62% p.a.(fixed) and total fees of £925.00. Available for loan amounts between £5,000 – £100,000.
(Representative Example date: October 2024)
*Credit is subject to status and loan approval is not guaranteed. Over 18’s only. Terms and conditions apply.
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