How to Pay for an Executive Course Without an Executive Salary

Paying for an executive course when you’re not yet earning an executive salary might seem like a challenge, but it’s definitely doable — and the long-term benefits often make it well worth the investment. 

These courses are typically more affordable than full degree programs, yet they still carry a price tag that requires some planning. Fortunately, there are several ways to manage the cost, and many of them come with the added benefit of enhancing your career along the way.

Approach Your Employer

A great starting point is to explore whether your employer might be willing to cover some or all of the course fees. Many companies see the value in investing in their employees, especially when the skills you’ll be learning can directly benefit your role or the organization. 

Business schools that offer executive courses say the trick is to approach it like a business proposal: highlight how the course will help you bring new strategies, insights or efficiencies to your team. 

Employers are often more receptive when they can see a clear return on their investment, whether it’s in increased productivity, leadership skills or improved problem-solving abilities, for example. 

“Many organizations have training budgets that can fully or partially fund a program,” says Steven Grundy, interim director of open programs at the University of Cambridge Judge Business School in the UK. 

“We work with several companies that offer financial support for executive courses, even for those not yet in senior positions, but who show potential to move into these roles. 

“The key to securing funding or sponsorship is the ability to clearly communicate the value the program will bring to both the individual’s role and the broader organization.” 

If full sponsorship from your company isn’t possible, don’t give up. Sometimes employers will offer partial funding, or they might cover specific expenses like travel or course materials. 

Search for Scholarships and Grants

Another option worth exploring is scholarships or grants. While scholarships for executive education aren’t as common as those for degree programs, many institutions do offer them, especially if you demonstrate potential for leadership or are working in a sector that aligns with their goals. 

“Many business schools, including Cambridge Judge, offer scholarships or bursaries for certain programs,” says Grundy. “These can cover part of the tuition fees or, in some cases, the full amount, making the courses more accessible.” 

For example, in the Rising Women Leaders program, Cambridge Judge partners with the 30% Club to offer a scholarship that covers the full program fees.

It’s definitely worth researching what’s available and applying early, though, as competition can be fierce.

Some individuals also turn to personal savings or low-interest loans as a way to fund their courses. If this is the route you’re considering, it’s important to look at the big picture. Yes, it’s an upfront cost, but it’s also an investment in your future earning potential. 

Potentially Leading to Higher Salaries

Executive courses are designed to sharpen your skills, expand your network and position you for leadership roles, all of which can translate into career growth and higher salaries down the line.

“From securing a promotion to opening new doors and switching careers, executive education courses can serve as a linchpin to accomplish a bevy of career objectives,” says Christina Murphy, director of executive education at Rutgers Business School in the USA. 

“The knowledge gained from executive courses certainly plays a role in boosting one’s confidence, which, in turn, can impact development and growth. Self-awareness is a motivating factor that often leads learners to enroll in an executive education course, and it can also be a byproduct of this learning,” she adds. 

If you’re really passionate about taking the course but finances are tight, think creatively. Sometimes, negotiating a payment plan with the institution can help spread out the cost, making it more manageable. 

And don’t underestimate the power of networking — reaching out to alumni or peers who’ve taken the course might provide some insights on how they financed it, or they could even point you toward additional funding opportunities.

“If employees know someone who has graduated from the business school, they can take advantage of an alumni referral for 50 percent off the normal program price,” says Shaun Whitehouse, director of digital and open enrollment programs at the University of Michigan’s Ross School of Business in the US. 

“We are always willing to work with potential attendees on payment plans leading up to a program,” he adds. “We can split the payment up in different ways so a person doesn’t necessarily have to pay in full all at once.”

Also, Michigan Ross offers group discounts, so a participant could propose adding more employees to a program to bring the cost down per employee. “We are always happy to provide justification letters which can help an employee demonstrate the value of the program they are seeking to attend,” Whitehouse says. 

So, even if you’re not earning an executive salary yet, with the right approach, you can still take advantage of these valuable learning opportunities. While paying for an executive course may seem daunting at first, the return on investment often outweighs the financial strain.