Money Money Money...
Getting an admission to an MBA program of your choice is one thing, paying for it is another thing. As a part time student, I think it is important to seek out employers support because a certain degree of financial support can really help. Although, I realize that this process is probably different for most companies, as I have tried to persuade my management for financial support I have learned a lot of things. In today's post, I will try to highlight some of these learning.
- Plan your Accomplishments: In the back of my mind, I knew that I wanted to do an MBA. Although my exact job description did not leave too much of leeway for direct business related activities, I always consciously thought of ways to impress upon my management that I would be a very good addition to the "middle" management. After sometime I noticed that my managers were expanding my role, and soon I made my manager put items in my future development plan that would make align with my MBA plans. This is a good step because these accomplishments help out when asking for recommendations also.
- Declaring your intent: I had made a tentative decision in my mind that I would explore the option of part time MBA along with the option of considering full time MBA. I have consciously tried to work my MBA angle in various conversations over the years. But last year, I was having a performance review and I had an objective of " Finding ways to increase revenue for my product". As I discussed this objective, I took it upon myself to "remind" my manager the direct business related decisions that I had been involved with and how an MBA would help me be better. I was pleasantly surprised that she was supportive and wanted to actively pursue the idea.
- Getting a sponsor: I knew that when asking for money, one needs to have support. I tried to build not only a good relationship with my immediate manager but also actively seek feedback for personal improvement , and work on it. By sharing my development objectives with my manager, I tried to create a situation in which my manager would feel more like a mentor and when her endorsement is requested, she could provide it in a full hearted manner.
- Creating visibility: For any company to shell out cash, they need to see the value of the investment. Like business schools that evaluate GPA, GMAT, Essays etc to evaluate the potential of an applicant succeeding in an MBA program, the stakeholders in the company need to feel that the money they are putting in your development is worth it. I have tried to create opportunities to get more face time with senior management whenever I can - atleast to the point where they at least recognize me by name and where I work ( I work in a _large_ company).
So where does my situation stand? Well, we get approvals for each academic year. Typically, the support is in the range of 50-100% of the costs for a particular academic year. My proposals are now being evaluated at the executive level. From talking to other folks ( and my manager) it seems like only a handful of applications are reviewed at that level and most of the proposals will get some financial support. I will get the final decisions about the support sometime in month or so. I am keeping my fingers crossed. Getting a 100% support for the first year would be a great way to start the program.
On related news, I have managed to fill out most of my BoB award ballot. Given the amount of searching I had to do, I will be adding some quick links on my blog to point to some of the posts that I consider having good information for prospective students.
- Plan your Accomplishments: In the back of my mind, I knew that I wanted to do an MBA. Although my exact job description did not leave too much of leeway for direct business related activities, I always consciously thought of ways to impress upon my management that I would be a very good addition to the "middle" management. After sometime I noticed that my managers were expanding my role, and soon I made my manager put items in my future development plan that would make align with my MBA plans. This is a good step because these accomplishments help out when asking for recommendations also.
- Declaring your intent: I had made a tentative decision in my mind that I would explore the option of part time MBA along with the option of considering full time MBA. I have consciously tried to work my MBA angle in various conversations over the years. But last year, I was having a performance review and I had an objective of " Finding ways to increase revenue for my product". As I discussed this objective, I took it upon myself to "remind" my manager the direct business related decisions that I had been involved with and how an MBA would help me be better. I was pleasantly surprised that she was supportive and wanted to actively pursue the idea.
- Getting a sponsor: I knew that when asking for money, one needs to have support. I tried to build not only a good relationship with my immediate manager but also actively seek feedback for personal improvement , and work on it. By sharing my development objectives with my manager, I tried to create a situation in which my manager would feel more like a mentor and when her endorsement is requested, she could provide it in a full hearted manner.
- Creating visibility: For any company to shell out cash, they need to see the value of the investment. Like business schools that evaluate GPA, GMAT, Essays etc to evaluate the potential of an applicant succeeding in an MBA program, the stakeholders in the company need to feel that the money they are putting in your development is worth it. I have tried to create opportunities to get more face time with senior management whenever I can - atleast to the point where they at least recognize me by name and where I work ( I work in a _large_ company).
So where does my situation stand? Well, we get approvals for each academic year. Typically, the support is in the range of 50-100% of the costs for a particular academic year. My proposals are now being evaluated at the executive level. From talking to other folks ( and my manager) it seems like only a handful of applications are reviewed at that level and most of the proposals will get some financial support. I will get the final decisions about the support sometime in month or so. I am keeping my fingers crossed. Getting a 100% support for the first year would be a great way to start the program.
On related news, I have managed to fill out most of my BoB award ballot. Given the amount of searching I had to do, I will be adding some quick links on my blog to point to some of the posts that I consider having good information for prospective students.
posted by FooBarMe at
8:57 AM
3 Comments:
I hope you get the 100% and use your own money for more exotic trips :)
By
Marina, at April 19, 2006 3:30 PM
Very good information! Have you decided which school you are attending? Is your company ok with any school that you choose?
By
AynRand2008, at April 20, 2006 1:27 PM
I sure know about the difficulty of getting the finaces inorder for an MBA.
Good luck with the funding.
In my case since I'm doing a full time MBA and the whole purpose of my doing this MBA is to broaden my career prospects from 'techy' to other fields, I can't get any money from my employer. I've applied for some schols and loans. awaiting their results these days. Keeping fingers & toes crossed.
By
Roshanthi, at April 24, 2006 5:04 AM
Post a Comment
<< Home