There’s the dream of adding a top-ranked executive MBA from a school like Wharton to your résumé, and then there’s the reality: a price tag of about $230,000 in tuition and fees. When planning how to finance that degree, many people will seek out scholarships or rely on student loans to foot the bill—though you may be surprised by how much financial help you can get from your employer.
While it was common for companies to pay the full price tag for a promising employee’s MBA education some 30 to 40 years ago, that practice has since changed. As more and more students began using MBAs as a way to accelerate a career leap and the price of the programs outpaced inflation, companies no longer see paying full tuition as a great investment.
Look no further than Wharton’s EMBA website itself. Sometime between 2023 and 2024, there was a major shift in financial support. Prior to the change, Wharton estimated that, “For approximately 70% of applicants, employers provide full or partial financial support.” If you check the same page today, that number has dropped to just 30%. This translates to the number of EMBA students receiving financial support has recently been cut in half.
Clearly, support from employers is growing increasingly rare, but it all starts with an ask—one that can be very intimidating. But it’s absolutely a conversation worth having. “Students may say, ‘I’ve been saving for this. I don’t need the money,’” says Barbara Craft, director of admissions for the Wharton MBA program for executives in San Francisco. “But it’s always worth the ask. You may be very surprised.”
The top 5 best executive MBA programs in the country
1. Start the EMBA process with your company
Before you talk to anyone in your organization about your aspirations, you need to do your homework:
- Narrow down the programs that can help you reach your career goals
- Understand the time commitments those programs will require
- Research your company’s education policies, such as tuition reimbursement, and learn about any eligibility requirements
Gathering all of that information allows you to put together a game plan for how to approach your employer about financing. “I tell candidates, ‘This is your first big business case,’” Craft says. “Because they should be crafting their own story and a detailed proposal as to why this is important as part of their career and why it’s important for the company to be part of this journey.”
Finally, consult other people at your company who have pursued an MBA while working there. Ask them questions such as:
- What is the commitment required for an EMBA?
- How can I best balance school and employment?
- Who should I talk to at the company?
- When should I talk to them?
- What is the company’s tuition assistance policy?
- Is it worth it?
If those in your company who have pursued an MBA soon saw a salary bump or promotion, that is an indicator the degree is valuable.
2. Figure out what’s in it for your employer (emphasize AI and data)
Attaining an executive MBA should bring a lot of value to your career, but to get funding from your employer, you’ll need to make the case for how your degree will bring value to the company.
Pursuing your executive MBA will give the company an employee who has a deeper understanding of the industry and thus is better positioned to lead the organization in the future. Not only that, an it will also give you a multitude of networking possibilities; everyone in the program is employed, your classmates are potentially future customers, suppliers, or business partners, all of which could help your company’s bottom line.
And because your education will be ongoing as you continue working, you can bring some of the lessons from business school back to your role. “If there’s a particularly interesting classroom conversation that happens, or a case that you covered that you think would really add value to the organization, bring that back to the company and share it with your manager,” Craft advises.
An executive MBA is also a great opportunity to learn in-demand skills that you otherwise may be aware could help you and your business. Artificial intelligence and data science skills are some examples of topics the best EMBA programs now offer as part of their core curriculum or as electives. These are also areas that provide the most promise for improving business practices and can help you help your company succeed.
Possibly most importantly, you will need to express your commitment to your current company not just now—but at least for the foreseeable future. Why would a company want to spend thousands of dollars on your education just for you to switch careers or even jump to a competitor? As a result, don’t be surprised to have to sign paperwork saying you will stay at your company for a certain number of years. If you decide to leave in the middle of your EMBA or before your contract states, you will probably have to pay back the school assistance.
3. Keep your company updated on your program
Executive MBAs are designed for working professionals, which means it is good for those who continue to work and take care of their families, but it also means the degree takes some time to complete. The average student completes the degree in 1.5 to 2 years—though that can be extended if needed.
Bringing lessons from your executive MBA courses back to your team isn’t just a talking point to persuade your employer to sponsor you, it’s also a reminder that investing in you was a smart decision. Additionally, Craft says it could persuade your managers to offer you more funding in the future.
“If they say they’re going to sponsor you for half, continue to bring that value back to the company and keep the door open to say, ‘That’s awesome, and I’m really grateful. Can we revisit this at a later date once you see the value added and what I’m gaining?’” says Craft. “Maybe they’d come back and give a little more the next year.”
4. Get creative with your funding options
Although your company may have a set education reimbursement policy, if you think outside the box, you could be able to get even more funding. While you should certainly express gratitude for whatever financing you’re offered, Craft thinks it doesn’t hurt to ask if money from other budgets is available.
“Companies may have a tuition reimbursement budget, but sometimes there are professional development or training and development budgets that a manager could tap into,” she says.
If pursuing an EMBA means you’ll miss an out-of-state conference, you might ask that the participation fee go toward your education instead, Craft notes. Or maybe you could get more funding if you offered to stay at the company for a certain amount of time after getting your degree. And while tuition reimbursement is great, a raise could be even better.
As long as you’re prepared, it doesn’t hurt to ask. Plus, it could show ambition.
“Sometimes having this conversation may make a company look at the employee differently as well, because it shows a desire to make a stronger contribution to the organization: to want to personally develop themselves to be better,” Craft says.
The takeaway: be realistic
As the numbers in the introduction expressed, companies’ willingness to fund MBAs has decreased dramatically recently—especially if you’re looking for it to be fully funded. Part of this is because the number of times individuals are changing jobs—and careers—is increasing. In fact, according to the U.S. Bureau of Labor Statistics those born between 1957 and 1964 held an average of 12 jobs between ages 18 and 56. So, if an employee will soon leave their company, what’s the incentive for them to hash out thousands of dollars for an MBA? It’s up to you to prove to them you’re worth it.
Frequently asked questions
What is the difference between an MBA and an executive MBA?
Unlike traditional MBAs which may have students with five or so years of work experience, executive MBAs are designed for working professionals with many years in the workforce. According to data collected by Fortune from the schools, the average EMBA student has 14 years of work experience—seven of which are in a management role.
Does an executive MBA increase salary?
Yes, according to the EMBA Council, graduates received about a 24% increase in compensation after program completion. The average salary of students rose from about $193,000 to about $239,000.
Do companies pay for an executive MBA?
Yes, some companies will help pay for an executive MBA via tuition reimbursement or full sponsorship. While this practice is not as common as in years past, if you can convince your company it will make you a more efficient employee—and that you plan to stay at your current employer—you may have success getting financial assistance.
Not looking to go back to school full-time yet? See how the schools you’re considering fared in Fortune’s rankings of the best part-time MBA programs.
