Prospective EMBA applicants learn about mobilizing financial support and maximizing financial incentives for their degree.
An advanced business degree implies professional advancement to many. An EMBA is among the more prestigious degree programs that managers and executives aspire to bolster their careers. However, it is a rigorous program that entails tremendous commitment in order to complete.
The huge amount of time and effort required to complete the program makes it even more fleeting and difficult to attain. Apart from the costs in terms of time, the actual financial cost of entering the program is quite significant. An Executive MBA program requires a considerable amount of upfront investment for tuition fees, travel, projects and other program requirements.
The amount of time and financial resources required by the program is reflective of the quality of advanced education that can be derived. While generally expensive, the range of costs of these programs varies depending on geographical factors, length of program delivery, type of academic institution, and many other factors. Information on program fees is generally available on the websites and admissions offices of business schools, colleges and universities.
The financial investment required by the program could be burdensome, but most employees could request sponsorships from their companies if they are deemed qualified to attend the program. Most employers are open to providing educational assistance as incentive to well-performing employees. Organizations are well aware of the potential benefits of the EMBA experience to the professional development of their employees and its resulting impact on company performance.
Even as economic difficulties arise, most businesses still provide some form of financial or non-financial support for EMBA students. The level of financial support may vary based on a company’s staff development policy. Some organizations pay for the full cost of tuition upon enrollment, while others provide full or partial reimbursement upon successful completion of the degree.
Employers with limited funds allocated for training and education expenses of their staff, could recommend potential EMBA applicants for scholarships, financial aid or educational grants. Of course the provision of scholarships and financial aid will still depend on the policy of the school and the requirements of the program. Other companies provide their support by allowing their employees some time off their regular work schedule to attend classes while still receiving remuneration.
Students who are paying for advanced business degrees right out of their own pockets should explore applying for potential tax deductions corresponding to the amount of tuition fees paid. Those who are self-employed may consider filing tuition payments as a business expense. Even those who are only paying a fraction of their MBA education, because part of the cost is subsidized either by their company or scholarship grant, should check with an accountant if their tuition payments could qualify as a valid tax deduction.
Students who receive education benefits from their employing organizations should check if their tuition subsidy is a taxable fringe benefit. Employer-paid education benefits may or may not be considered taxable income depending on the total amount of benefit received in a year. EMBA students should look closely at their tax payments to see if they could fully exclude their tuition reimbursements from their total taxable income.
The question of whether a student could qualify for tax deductions or tax exemptions can be justified if the Executive MBA program will enhance existing professional skills, help you prepare for a new job, or help you earn a promotion. Considering the costs incurred for the degree and the potential tax savings that can be earned, it is also wise to consult a registered accountant regarding these issues. Especially in these times of economic difficulties, exploring possible tax deductions for your educational expenses can make a significant difference in your financial investment requirements.
EMBA students cannot escape the fact that an advanced business degree program is an investment-intensive undertaking. It is helpful to learn that there options available for obtaining financial support for Executive MBA programs. A prospective applicant should first look into his capacity for financing the full degree, and then seek support from his employer and other institutions when needed.