MBA stands for Master of Business Administration, it’s a type of degree taken after the successful completion of a Bachelor’s and it’s a choice for postgraduates who would like to be credited for having mastered their business studies. It’s one of the most highly-respected and sought-after degrees in the world due to its practical nature and use in the real-life workplace.
Generally speaking, students studying for an MBA will not only learn the theory but also the practical application of the principles surrounding the management of business, which can be applied in real-world business environments and situations.
There are different categories which apply to MBA degrees, and it’s worth noting these can also be studied either full time or part-time (also known as evening or weekend classes). These degrees can be studied full time or part time respectively, the latter of which allows students to work and earn money at the same time and, almost akin to an apprenticeship, part-time MBAs are a great option for those students that have been sponsored by their employer to study an MBA.
Consulting firms that will pay for your MBA
Arguably, the industry in which an MBA is integral to their functionality is consultancy. Consulting firms offer specialist advice to various types of industry, which can be business, education, politics – but on the whole consulting firms help with core integral aspects of business functions like IT, customer service, and so on to become as efficient and profitable as possible, within the limits of that business.
This means good consultants are necessary to the success of such firms. And, to be a good consultant, you need good skills and qualifications. It’s important that consultants know exactly what’s going on within their chosen industry sector, from knowing at a technical point what the leading cutting-edge software is, to more intuitive points like understanding what the competitors are up to in their customer service policies.
Because of this, many consulting firms are happy to pay for part or 100 per cent of the tuition fees for those who want to study an MBA to go on after graduation to become a consultant at their company.
Generally, if your employer is paying for an MBA, you are contractually made to stick with them for at least 2 years following graduation (so they can get back some of their ROI)
There are multiple universities that offer this option, from Columbia university to Hult International Business School, it would be a good idea to check out the modules of the university you’re thinking of studying with to see which would be a good choice for you, as these vary, alongside the methods of teaching and university campus ethos’.
Why consulting firms pay for MBAs
Most consulting firms will pay for MBAs to ensure their consultants are of top-quality. If this is the case, they’re going to do a good job, and thus make the consulting firm do a good job, leading to more business and greater profit for everyone involved overall in the long run.
Consultants on the whole, alongside formal training, have specialist expertise in their chosen field of industry due to years of real-life workplace practical application.
In other words, a company that runs an e-commerce site for example, may be struggling to attract the attention of their target market. A consultant would then be hired. This consultant would have had years of experience at marketing an e-commerce site towards a particular customer profile and converting these into real sales.
The consultant would have also gotten further training with the theoretical approach to this with the help of qualifications in business, from any institution, though one which specializes in business would be the first choice as it is an institution specifically aimed at priming students for success in the world of business.
Pros and cons of subsidized MBAs
Like all things in life, there are pros and cons in taking an MBA which is paid for by a consulting firm. In terms of pros, it’s a great first step into the world of consulting, and you don’t have to pay for it yourself with your own cash, and you’ll be debt-free.
On the other hand, this makes it more of an obligation to ensure you get the MBA, which could lead to more pressure than studying for other kinds of degrees on your own accord. Though, overall, the payoff would be worth it.
To find out if a consulting firm you could work at will pay for your MBA, it’s worth checking out hashtags on social media, as there are usually firms that promote when they any have available opportunities.