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12 November 2020 Share

executive education

How to Pay for an Executive Course

Source: https://executivecourses.com/ | Author: Seb Murray

Executive education can be expensive, but the benefits should far outweigh the cost

Traditionally, corporate sponsorship has underwritten a large chunk of executive education, as companies throw their financial backing behind rising stars destined for a place on the board. That source of income for business schools is now under threat as participants report that employer funding is harder to come by.

Demand for executive education tends to track economic cycles. When the economy is doing well, companies are more willing to splash out on training for their senior managers. But in a downturn, revenues will dry up and employers will cut back on expenses.

“Some of the professionals who are interested in taking executive education courses tell us that they are finding it more difficult to obtain employer funding. They also report that in some cases it’s hard for them to make the time available, because they are so busy [managing a crisis],” says Nicole Kleyn, dean of executive education at Rotterdam School of Management.

That said, she believes forward-looking organizations realize that during these difficult times, employees will need new knowledge and skills. “We’re not seeing a change compared to before COVID-19; around 90 percent of our participants are funded by their employers,” says Kleyn.

The Dutch school also works with grant providers who seek to create impact by funding education. “We offer discounts for our alumni and self-employed professionals and, under certain circumstances, allow for payments in instalments,” says Kleyn. RSM also collaborates with UAF (a Dutch refugee organization) to offer executive education scholarships to refugees, to help them find suitable employment on the Dutch labor market. […]

MIP Politecnico di Milano also has several loan agreements with financial institutions. But if you need to apply for a loan, you need to be sure the business school you choose will lead to the job opportunities and networking that will help you to quickly offset the financial investment that you are making.

Greta Maiocchi, chief customer management officer at MIP in Italy, says the benefit of executive education far outweighs the cost. “Employers have come to rely on executive education to fill skills gaps, solve challenges and meet business goals. It is also a great way for an employee to get exposure to the latest trends and business thinking.”

As a result, employees are often more engaged at work and, if they received corporate sponsorship, are more loyal too. Maiocchi says: “These are just a few of the many reasons — for both employer and employee — to invest in executive education.”

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