Employer Tuition Assistance Could Help Fund Your Healthcare MBA

Demand for MBA graduates is high compared to job candidates with business master’s or bachelor’s degrees, according to a GMAC employer survey. That helps explain why the MBA has been the most popular graduate degree in the U.S. for over a decade. Aspiring managers understand that an MBA combines advanced skills and knowledge while boosting employment prospects.

However, not all MBAs are alike. Generalized MBA programs teach business principles that apply across industries and functions. In contrast, specialized MBAs contextualize business content for specific job markets. Students learn the same principles, but they apply to their chosen specialization.

If you’re an aspiring healthcare leader, a specialized MBA program like the online MBA in Healthcare Management from Case Western Reserve University (CWRU) can provide discipline-specific leadership acumen and expertise to spur career growth and increase your earning potential. 

Completing an MBA program requires expenditures, of course. Fortunately, financial aid options can reduce the cost. Employer assistance can also present another funding opportunity. According to a 2022 Society for Human Resources Management report, about 50% of employers offer a tuition assistance benefit. 

Part-time online MBA programs, like the one from CWRU, are well-suited to tuition assistance plans. They enable you to keep working—and qualifying for your tuition benefit—while you earn your degree. Remote learning means you don’t have to live near the university to attend the program and you can complete some content on your own schedule.

Read on to learn how employer tuition assistance may help you attend the online MBA from CWRU’s Weatherhead School of Management.

Understanding How Employer Tuition Assistance Works

Employees love tuition assistance programs—more than 70% of employees rate tuition assistance among the most important benefits provided by their employer, and these programs help benefit employers as well. Research shows that education assistance programs positively impact employee engagement and loyalty. They can also yield tax benefits for employers.

Tuition assistance programs vary by employer when it comes to specifics such as the covered portion of the degree cost, and whether the employer pays the institution directly or reimburses their workers. Speak to your employer when researching programs to find out your options. 

Current and former Army, Air Force, Navy, Marines, or Coast Guard members may also qualify for military scholarship opportunities.

Starting the Funding Conversation With Your Employer

Before approaching your employer, thoroughly research your prospective degree program, the educational institution you are targeting, and the tuition cost and payment schedule. The key to securing employer tuition assistance is convincing management that your education will benefit the company. Focus on the skills and knowledge you will gain and how they will make you a more skilled and productive employee. 

Some employers only fund degree programs related to your current role; others finance professional development that enables you to move to a different department or qualify for more senior positions.

As you’re researching your benefits, ask the following questions:

• Are all employees eligible for tuition reimbursement or assistance programs, or must you be employed for a minimum period or at a particular job level to qualify?
• Will your employer cover your chosen degree program?
• Will your employer pay for you to study at your chosen university? Most employers cover tuition at accredited institutions. However, some companies only pay for employees to study at partner universities. 
• Are you required to submit regular reports on your progress?
• Are you required to remain at the company for a specified period after completing the degree?
• Exactly which expenses will be covered? Some employers pay only tuition, while others also cover additional costs like books, technology requirements and internet. 
• How will the tuition be paid? Will the company pay the university directly, or will you have to pay upfront and then claim back from your employer? If you need to claim back, clarify when you can do so (at enrollment or only when you have completed the program).
• Do you need to maintain a certain GPA to qualify for funding? Will your grades impact what portion of your tuition is paid?
• What happens if you don’t complete the program? Will you be required to refund your employer?
• Is there any paperwork you need to complete to begin receiving your benefits and what are the deadlines for submission?

Maximizing the Benefits of Your Online MBA

Employee tuition assistance programs help ensure students and businesses can benefit from online MBA programs. The convenience of remote learning makes it easier for students to fulfill academic and professional responsibilities, and employers benefit as students gain knowledge and build advanced skills.

If you’re interested in gaining MBA mastery with a focus on the business of healthcare, CWRU’s online MBA program could be the right fit. As a CWRU online MBA in healthcare management student, you will participate in rigorous but flexible online classes and learn from expert faculty members. You’ll connect with peers at various stages of their careers. You’ll also complete hands-on training during two in-person residency experiences at renowned top-ranked hospital networks, where you will learn from healthcare professionals about real-world hospital and healthcare leadership roles, responsibilities, and expectations.

If you’re ready to take the next step, connect with an enrollment advisor to learn more about the program, the application process, and tuition assistance options.