These Fortune 500 companies will help pay for employee MBAs
Obtaining an MBA is not cheap.
In fact, some programs can cost over $250,000, so financial aid can be a welcoming sign for those wanting to learn at the very best business schools without completely breaking the bank. Luckily, many Fortune 500 companies will help pay for their employees’ MBA degrees—whether it’s a full sponsorship, tuition reimbursement, or a guaranteed annual contribution directly to the university you attend.
While you should certainly try to get as much financial assistance for an MBA as you possibly can, you shouldn’t necessarily expect your company to fully pay for your graduate management degree. In fact, many companies cap their tuition assistance programs at $5,250 per employee per year because assistance above that number is taxable as wages, according to the IRS. Payment can be used for books, equipment, supplies, fees, tuition, and other education expenses.
However, there are certainly some great hidden opportunities. For instance, Disney’s Aspire program will pay for 100% tuition upfront at in-network schools, UnitedHealth Group sponsors a healthcare MBA program, and Walgreens can get you up to 40% off tuition at select institutions.
Read on to see which Fortune 500 companies* could pave the way to your MBA.
Fortune 25 companies that will help pay for an MBA
Parent company to Google, Alphabet offers tuition reimbursement, which includes the ability to apply to an MBA. The company advertises the program with an employee who is seeking a part-time MBA.
Apple offers tuition reimbursement for select education expenses, including tuition—up to $5,250 annually, according to Salle Mae.
Bank of America’s tuition reimbursement program offers up to $7,500 annually for eligible graduate courses, with up to $5,250 of that amount being tax-free. In addition, the program provides exclusive university discounts and unlimited access to free, personalized academic advisory services.
Cardinal Health has a tuition reimbursement program for select programs. After six months of employment, individuals may also be eligible for $50/month in student loan reimbursement.
After working at Cencora for at least 6 months full time, employees can get up to $5,250 in tuition assistance for approved courses and books. Through its partnership with Rasmussen University, individuals earn an MBA potentially free if they are awarded the Professional Achievement Grant.
Citigroup’s tuition assistance program covers qualified expenses and fees up to $5,250 per calendar year for undergraduate and certificate programs. However for MBA and graduate level degrees, it offers up to $7,500, subject to applicable taxes.
Centene offers tuition reimbursement to full-time employees to pursue degrees, including master’s programs. The company also has a partnership with Lindenwood University, allowing employees to get $80 off per credit for online or graduate programs such as an MBA.
Involuntarily terminated employees may be eligible for the company’s surplus employee severance pay program educational assistance program—which provides for reimbursement of 75% of tuition and fees, up to $5,000. Courses must start within 2 years after termination and end no later than 2.5 years after termination.
The Cigna Educational Reimbursement Program offers eligible U.S.-based employees, who’ve worked at Cigna for six months or more, a 10% tuition scholarship for various online undergraduate and graduate degrees at Arizona State University.
Citigroup’s tuition assistance program covers qualified expenses and fees up to $5,250 per calendar year for undergraduate and certificate programs. However for MBA and graduate level degrees, it offers up to $7,500, subject to applicable taxes.
CVS Health partners with educational institutions to provide its employers with educational opportunities. Individuals can be reimbursed up to $3,000 annually for an MBA program from either Capella University or Strayer University, but both are considered private, for-profit universities according to the U.S. Department of Education. Other degrees, such as a master’s in analytics or master’s in finance, may also qualify.
Elevance Health’s tuition assistance program provides $5,000 to eligible full-time associates and $2,500 for eligible part-time associates per calendar year.
Exxon Mobile’s Tuition Assistance Program (TAP) provides students with financial reimbursement when the education opportunity has a clear and direct relevance to one’s business role.
Ford Motor’s Salaried Tuition Assistance Program (STAP) offers up to $6,000 annually, plus additional funding for qualifying MBA expenses, subject to the discretion of the employee’s current management.
Salaried and hourly employees with seniority are offered tuition assistance up to $6,000 in a 12-month period. Exact eligibility may depend on union status.
Home Depot’s Tuition Reimbursement Program covers up to 50% of tuition, fees, and eligible expenses for master’s degrees. The program offers up to $3,000 annually for full-time hourly associates, $1,500 for part-timers, and $5,000 for salaried employees.
J.P. Morgan Chase provides up to $7,500 per year in tuition assistance for programs from top-tier institutions. This benefit also includes full coverage or reimbursement for textbooks and fees. Plus, the company offers personalized 1:1 guidance for selecting the right program in the application process.
Full- or part-time Kroger associates can get up to $21,000 in tuition reimbursement over the course of their career—covering everything from GEDs to PhDs.
Marathon Petroleum’s Educational Reimbursement Plan supports eligible degree programs, including MBAs and executive MBAs. The plan offers up to $9,000 per year for both programs. Reimbursement covers tuition, required textbooks, supplies, and certain fees, provided the degree aligns with the employee’s role or future potential within the company. Personal expenses like parking and meals are excluded, ensuring the program focuses on enhancing professional growth and company value.
This pharmaceuticals and healthcare supplies company will reimburse an employee $5,250 per year pre-tax, which can be used toward an MBA. Courses must be related to an employee’s current job or prepare them for another job at the company.
Microsoft offers up to $10,000 per employee annually to cover the cost of tuition, books, and other fees for any course related to business at the company, including an MBA program. There is no lifetime cap on the amount of tuition reimbursement an employee can receive. The company also has partnerships with universities that offer debt-free programs, opportunities to defer tuition payments, and access to discounts.
UnitedHealth Group sponsors a healthcare MBA program with the University of St. Thomas. The fully-funded cohort program is offered to 32 employees every two years. HCMBA students must stay with the company for three years or pay back a prorated amount of tuition.
The company also offers up to $5,250 per employee per calendar year in tuition reimbursement for accredited programs. Tuition reimbursement covers courses related to any UHG job, not just an employee’s current role, and the company also offers employee discounts of 10% to 15% for tuition at several schools.
Fortune 500 companies that will help pay for an MBA through partnerships, sponsorships, and reimbursement
Allstate will fund up to $5,250 annually to select master’s degrees at universities like Southern New Hampshire University, University of Maryland Global Campus, and LSU Online—all of which offer MBA programs. The company will also pay 100% tuition for select bootcamps and professional certifications.
Capital One provides up to $5,250 per year in tuition assistance for tuition, books, and fees at over 200 schools and programs that are part of the Bright Horizons Education Network; employees can also get discounts at participating schools. Full- and part-time associates are available for the reimbursement, but a grade of “B” or better is required.
Dreams come true for Disney employees, too. Eligible hourly employees may earn an MBA through the Disney Aspire program, which pays 100% of tuition upfront for in-network schools. Salaried employees can also participate in the company’s educational reimbursement program.
General Dynamics provides tuition reimbursement for graduate level degrees if it is relevant to one’s job and is approved by management. General Dynamics Mission Systems also has a partnership with the Stevens Institute of Technology, giving employees a discount and application fee waiver for part-time programs.
State Farm covers up to $10,000 per employee annually toward graduate programs. Eligible employees must be with the company for six months. Some State Farm employees are also eligible for executive MBA sponsorship.
While Walgreens doesn’t offer tuition reimbursement, it does partner with several universities, such as the University of Maine and the University of Maryland Global Campus, to offer discounts ranging from 10% to 40% for employees—including for MBAs.
*Note that this list is not exhaustive, and policies are subject to change. If you work for a Fortune 500 company that is not listed, please contact writer Preston Fore at preston.fore@fortune.com.
The takeaway
Ultimately, this list is by all means not exhaustive, and it is best for you to contact your company supervisor or human resources team for more and exact information. While companies do offer some sort of tuition assistance, it may be capped at the IRS pre-tax limit of $5,250—which, unfortunately, will not cover a whole lot of tuition for a top MBA program. The annual cost of tuition for an online MBA program is around $21,000; for in-person traditional programs, the average tuition cost is over $40,000 per year.
Luckily, part-time, executive, and online MBAs are largely designed for working professionals—and classes can be conducted either in the evenings, on weekends, or even asynchronously. It is important for you to take time to think about your career future and how any MBA may or may not advance it. If the return on investment (ROI) makes sense, then the degree certainly can lead to a great future.
Frequently asked questions
Do any companies pay for an MBA?
Yes, a significant amount of the companies on the Fortune 500 list will help you pay for an MBA—through tuition reimbursement is typically capped at $5,250 per year. If you know pursuing an MBA is something you want to pursue in your future, start laying the groundwork early, such as during the interview process. The key to convincing your employer for further support is demonstrating it will boost your current
How can you fund an MBA?
There are many ways to pay for your MBA, including via self-payment, loans, and scholarships. However, your company may also be willing to help out. Check out our guide to paying for an online MBA for more advice.
How to ask a company to pay for an MBA?
In order to convince your company to pay for your MBA, you must be able to explain how it will help you become a more effective employee in your current role as well as your commitment to grow as a professional. Do your research on emerging skills and the ones you can build upon in your MBA experience. In the end, the return on investment needs to be positive for both parties.
Sydney Lake contributed to this report.
About the Contributors
Preston Fore is a reporter at Fortune, covering education and personal finance for the Success team.
Jasmine Suarez was a senior editor at Fortune where she leads coverage for careers, education and finance. In the past, she’s worked for Business Insider, Adweek, Red Ventures, McGraw-Hill, Pearson, and more.
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