New Customer Sales: 0861 00 19 17{{currentVDN}}   |   Existing Customer Sales, Services & Claims: 0861 60 01 20   |   24 Hour Emergency Assistance: 0860 10 42 11
  • Call me back

    Please call me back

    Please enter a name.
    Name must contain some letters.
    Please enter a contact number.
    Please enter a valid contact number.
    Please select a reason.

    Please select a suitable date and time

    Please select a suitable date.
    Please select a suitable time.

    Thank you, we will call you shortly.

    Refer 3 friends for a quote and stand a chance to

The Pros and Cons of Company-sponsored Bursaries

Finance & Money

Posted on Wednesday, March 2, 2022

Share on social media

Thinking of taking the next step in your career or dreaming of a promotion? Upskilling with a new qualification could be just the ticket. Managing your budget in order to afford the fees may be difficult, though.

 

Fortunately, there may be another way: a company-sponsored bursary. If your company has bursaries available, it’s important to understand how the process of acquiring them works. Here’s what you need to know and how to approach your employer.

 

Pros

 

Skills enhancement
Sharpening your existing skills or upskilling by furthering your education means more job opportunities. You could apply for new roles at work, perform better in your current one or better your chances of getting promoted.

 

Less financial stress
A bursary means paying study fees is one less thing to worry about. There also won’t be any interest incurred from a loan or additional debt, or the need to pay out of your pocket.

 

Cons

 

Study-contract agreement
If you receive a bursary from your company, you may need to pay it back with time. This means you may need to work back the duration of your course once it ends. This may be the length of the course or longer. If you decide to terminate your contract before the time has been worked back or if you fail the course, you may need to reimburse your employer.

 

Your options may be limited

Some companies only offer to fund company-approved classes or courses. This may limit your options, as they may only be related to your current role. For example, if you are a graphic designer interested in a writing course, your company may not think it’s beneficial.

 

How to approach your employer for funding
Double-check your contract or company resources to see if there’s information about bursaries. Do the following to motivate why you should be sponsored to study:

 

Do your homework
Figure out why a particular course would be beneficial to your career development. Summarise the benefits of your chosen course, how it relates to your current role and how it can benefit you and the company.

 

Share the benefits

Once you’ve done your research, set up a meeting with your manager to pitch your idea. Share why it’s the right fit for you and explain the benefits to your organisation. These benefits may include:

 

  • taking on more responsibilities at work
  • helping with new projects or growing into a new role
  • training other team members using what you’ve learnt
  • learning the latest industry trends and helping the company adopt them

 

Read the fine print


If you successfully receive a company-sponsored bursary, go through your contract thoroughly because once you sign, the contract is binding. If you aren’t clear about anything, ask your manager to go through it with you. And lastly, get excited! You now have the opportunity to learn and grow.

 

For more finance and work-related tips, visit our blog.

 

References

 

https://www.investopedia.com/articles/professionaleducation/11/convincing-work-fund-education.asp

https://www.getsmarter.com/blog/wp-content/uploads/2018/11/GS-general_convince_your_boss_to_pay_A4_01_06_18_v3-new.pdf

https://www.theclassroom.com/the-disadvantages-of-tuition-reimbursement-13597752.html

https://justworks.com/blog/pros-and-cons-offering-tuition-reimbursement