Take advantage of your employer's offer of free education
Posted
Mar 11 2008, 09:08 AM
by
Karen Datko
This post comes from partner blog Blueprint for Financial Prosperity.
If your employer offers tuition reimbursement and you're not taking advantage of it, you're leaving a tremendous amount of value on the table each year.
In the two jobs I've had since graduating college in 2003, I've been lucky enough to be offered the opportunity to pursue higher education in return for sacrificing some of my time. At my first job, every education dollar I spent was fully reimbursed (you were allowed to take two classes a semester, or six a year) with no requirements afterward. In my second job, I was afforded $5,000 a year with some continuation-of-work requirements.
Through both programs a majority of my MBA was paid for. In both cases, I took advantage of reimbursement to the fullest extent possible. If you have this opportunity, you should too.
Time is on the side of youth. I can understand if you don't take advantage of it because you have children to care for and a family to attend to. Those are perfectly acceptable demands on your time. If you're young and have an abundance of time and a limited amount of responsibility, you're doing yourself a tremendous disservice by not taking advantage of this.
After work each day, how do you spend your time? Do you lounge in front of the television? Are you drinking at the bar? Unless you're volunteering or working toward a higher purpose, I would recommend swapping at least one night of drinking and lounging with a night of classes. After a couple years, you'll have a degree instead of nothing (or a beer belly). One night is not too much to ask in return for shifting your path.
Consider it compensation. Give yourself a raise by taking these classes. In fact, when you're done, you can take your more competitive resume out into the marketplace and give yourself a second raise. I took 12 classes during my first job over the course of two years. Each class cost about $1,500, so I gave myself a $9,000 raise each year. After you are awarded your degree, shop yourself around. Your job isn't your girlfriend; you can date other jobs.
If your current employer has an attendance requirement -- you have to stay in your job for a period of time or repay the tuition reimbursement -- you can stay on until that's fulfilled or you can ask prospective employers to give you a bonus for that amount. Good talent is extremely difficult to find. Paying a few dollars more to get someone in the door is worth it for a business that's seriously considering you.
Take electives to expand your horizons. Don't want to commit yourself to a full-blown degree? Not a problem. Signing up for a full menu of classes may be too much for you right now. Consider taking a few electives that will expand your horizons and give you more breadth of understanding in your field. Oftentimes the full menu of classes for a degree contain some that are too basic and broad. This is especially common in programs designed to generate revenue for a college (think part-time MBA). Does an MBA student really need a remedial statistics class or a basic economics class? Electives should give you a laser-focused area of study that you will find immediately applicable.
Networking, networking, networking. While education is important, networking is more important. I had a friend whose brother went to an excellent school. It's a top-notch university with an extensive history of famous and accomplished alumni. My friend's brother's roommates were All-American athletes, the children of military officers or politicians, or ridiculously brilliant. Sure, the school was tough, but there was a fair amount of grade inflation and a fair amount of intellectual and athletic competition, my friend said. That institution is known as Harvard University.
There are many reasons why you should take advantage of tuition-reimbursement plans. I've listed only a few. Many people don't have the benefit of these programs and would give up a lot to be able to have their education partially paid for. Please don't squander the opportunity unless you have a very good reason.
Other articles of interest at Blueprint for Financial Prosperity:
"Try reducing instead of eliminating a trimmable"
"How to become a millionaire (in 6 easy steps)"
"De Beers diamond settlement explained"
