The Pros and Cons of Company-sponsored Bursaries

Call me back

×

Did you know?

You can make changes to your policy, download documents, update personal details, and more through the online dashboard.

Log in to dashboard

×

Speak to us

0861 60 01 20
Our customer care agents are ready to assist you.

OR

Let us call you back Continue Call Back Request

×

Thank you, we will call you shortly.

An agent will give you a call within 24 hours.

Please call me back

Please enter a name.

Name contains invalid characters.

Please enter a contact number.

Please enter a valid contact number.

Please enter a valid email address.

{{SelectedReason ? SelectedReason : 'Why are we calling you?'}}

{{reason.name}}

Please select a reason.

Select date and time

{{SelectedDate ? SelectedDate : 'On which day should we call you?'}}

{{date.name}}

Please select a suitable date.

{{(CurrentCallbackTimeSlots.length !== 0 && !callbackTimeslot) || SelectedDate == null ? 'What time of the day is best for you?' : (CurrentCallbackTimeSlots.length === 0 && SelectedDate !== null) ? 'Timeslots not available for today' : SelectedTimeRange}}

{{time.name}}

Please select a suitable time.

Please call me back

Select time slot

{{t.name}}

Thank you, we will call you shortly.

Refer 3 friends for a quote and stand a chance to

Win R10 000

Win R10 000

Refer Friends

Thank you for your interest {{Callmeback.Fullname}}
A consultant will call you on the {{displayDate.getDate() + '' + DaySuffix(formatDate(callbackDate).getDate())}} of {{months[displayDate.getMonth()]}} {{displayDate.getFullYear()}} at {{TimeToMeridiem(TimeSlot)}} A consultant will contact you soon!

Knowledge Hub

Finance & Money

5 min read

The Pros and Cons of Company-sponsored Bursaries

Finance & Money March 02, 2022 By Budget Insurance

The Pros and Cons of Company-sponsored Bursaries

Finance & Money March 02, 2022 By Budget Insurance

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