How to ask your employer for sponsorship

Picture of a man holding a piggy bank.

If you’re in employment and have a place to study on one of our programmes, you may be eligible for employer sponsorship.

Employer sponsorship is when your employer pays for all or part of your tuition costs. This is usually in recognition of the fact that your studies will benefit your work in some way.

For many of our students, a Birkbeck degree allows them to seek a promotion or to perform their role more effectively. Here’s how to discuss your educational ambitions with your employer.

Find out what’s available in your organisation

Before approaching your line manager about sponsorship, do your homework so you know what definitely is or isn’t available.

Larger firms may have established sponsorship schemes with an application process, while others may operate on a case by case basis.

If you can’t find anything on your company website, your HR learning and development lead will be able to help.

Consider your motivations for study

Take some time to think about why you want to study your chosen course. Will it help you develop the skills to perform a technical aspect of your role? Will it provide a theoretical underpinning to help you manage complex problems? Will you gain a broader understanding of how to differentiate your organisation in the sector?

Once you have a clear understanding of why you want to study this particular course, it will be easier to translate this into reasons why your employer should be interested.

Demonstrate the business case

To secure employer sponsorship, you will need to show the positive return on investment it will provide for your employer. Perhaps the skills you gain in the course will enable you to apply for a promotion and stay with the company for longer. Developing your knowledge of an area of the business might make you more efficient, enabling you to take on more responsibility. Link the programme description to objectives in your current role to show the direct value for your employer.

Show your commitment to learning and development

What have you already done as part of your continuous professional development (CPD) that can show your commitment to your career? It could be as simple as reading around the subject, attending a webinar or signing up for in-house training. Your employer will want to be confident that you will make the most of the opportunity that they are investing in.

What if I can’t get sponsorship?

Employers often have limited budgets available for staff learning and development, so don’t be disheartened if you’re unable to secure funding. Having demonstrated your commitment to your professional development and to the organisation, it is worth asking whether there are any alternative opportunities for you to develop your skills, such as shadowing another employee.

You can also find more information about what alternative financial support is available for our students on the Birkbeck website.

Share
. Reply . Category: Business Economics and Informatics, College . Tags: , , , , , , , , , , , , , , , , , , , ,

Why businesses fail: Financial management

Welcome to the Why businesses fail series. This is the final instalment of the series that delves into the reasons for businesses failing and offering solutions. This series was launched by Lucy Robinson of Birkbeck Futures and Ghazala Zia from Windsor Swan. In this blog, they share why financial planning should be high on the list of priorities for new businesses and start ups.  

Lucy Robinson is the Employability Consultant for Business and Enterprise at Birkbeck Futures. She runs the Pioneer programme for aspiring and early-stage entrepreneurs and hosts an enterprise series on the #FuturesPodcast.

Ghazala Zia is a Venture Capital Advisor at Windsor Swan, a boutique London business advisory firm. She has an extensive legal background and currently specialises in advising start-ups of all stages on funding, strategy and business analysis.

Young businesses often prioritise hiring team members to focus on technology and sales. Obviously, these are very significant elements of the start-up, but neglecting the management of finances is a common reason businesses might fail.

A very common reason for a business failing is running out of money. Frequently, entrepreneurs will burn through cash to the brink and then be left with two to three months’ worth of cash, which is really unattractive to investors. This comes back to investors wanting to secure a return on investment and showing poor financial management makes you high-risk. Instead, having eight to twelve months’ worth of cash indicates that you’ve got time to grow your business and doesn’t come off as desperate.

In the beginning, having access to someone who performs a CFO-type function could be the difference between succeeding and failing. This doesn’t have to be a full-time team member if that’s not feasible, as this is a function that can be outsourced fairly easily. Essentially, this is someone to discuss how you allocate your costs, draw up your financial model, and manage your finances day-to-day for the business. Think about this before you receive funding, as they can also help you plan ahead. Showing investors that you’ve taken this initiative is also a big plus in terms of your trustworthiness.

The misconception is often that we don’t need to hire a CFO or shouldn’t spend money on this, as an accountant can perform the same function. Whilst accountants are great at what they do, their role is more about looking backwards than forwards. In essence, planning ahead financially isn’t exactly their purpose. When looking at the finances for your start-up, it’s speculative and forward-looking – largely making educated guesses. So, you need someone with this skill set, which is more likely to be a financial specialist who’s worked in start-ups before.

Read more from the Why Businesses Fail series:

 

Share
. 1 comment . Category: College . Tags: , , , , , ,

Banking by day, Birkbeck by night

Mina Yau studied the BSc Economics with Business at Birkbeck while working full-time at the Bank of England.

I applied for the Bank of England school leaver programme after completing my A-levels in Economics, Accounts and History. After a successful application, I was able to start full time at the Bank of England. This meant I chose to work instead of pursuing further education, however I did not want to regret this decision and miss out on university. As such, I decided to take on further studies after my one-year probation at the Bank. It was difficult to find a university where I could continue working. However, Birkbeck gave me the opportunity to pursue further education whilst working full-time by offering evening classes (and an extra bonus of part-time studying across 4 years).

The Economics, Maths and Statistics classes at Birkbeck really helped develop my career in the bank as they taught me the necessarily skills for my day to day role. Whether it was better understanding how the economy works, the maths behind the metrics or even data programming – Birkbeck really helped widen my knowledge and skill set.

At the Bank of England, I started as a school leaver in the Data and Statistics Division, where I would collect data from banks and building societies via our internal systems and process this to specialist teams. After, I moved to the Financial Stability, Strategy and Risk directorate, working in the Macrofinancial Risks Division in the Households team. Here I was able to deep dive into risk metrics relating to Households and built a very strong understanding on housing data. I then moved to the bank’s Resilience Division where I currently work; this is similar to my last role but more focused on risks and the resilience directly to banks.

Diligence is fundamental for balancing work and study commitments. Often, late nights are required at work, which meant I was unable to attend some lectures. Luckily Birkbeck does have facilities such as room recordings which means I am able to catch up with classes over the weekend. Thankfully, the Bank of England is also filled with talented colleagues who are able to explain and help with any queries on the classes or homework which makes studying a lot easier.

If you’re in doubt on whether or not to apply to Birkbeck due to work commitments, I highly recommend just going for it. It’s an excellent learning opportunity and gives high rewards. I can proudly say that not only after four years at Birkbeck (part-time study) I have completed my degree, I also have five years’ experience at the Bank of England to go with it.

Finally, I’d like to mention Tony Humm, a fantastic lecturer for Maths for Economists – it’s a very well taught class and definitely my favourite module! If you have a choice, I highly recommend taking this class!

Further Information:

Share
. Reply . Category: Business Economics and Informatics . Tags: , , , , , , , , , , , ,

How one student makes the most of his 24 hours a day

Samuel Harris, second year BSc Financial Economics student, discusses how combining work with study is furthering his aspirations as part of National Work-Life Week.

Time. It is perhaps the most valuable commodity an individual owns yet we all have 24 hours a day to spend as we see fit. That’s 1440 minutes or 86,400 seconds where we all make individual choices that may or may not have consequences that shape our future with most choices made in the hope it will create a better future. Getting my work-life balance is vital, in my opinion, to avoid burnout in my future career path and aspirations, and will help me be the best I can be as a person, socially and academically.

So, what are my future career aspirations? I’m writing as a member of the Birkbeck Economics and Finance Society and I aspire to, one day, own my own financial investment firm. Financial services and especially investment banking makes the news consistently on the topic of work-life balance for the wrong reasons. You hear the stories of graduates spending 80+ hours a week in the office but to me, I see people chasing a dream – a dream to be the best and to be affluent. To me, work-life balance is about always enjoying what you do, whether at the office or wherever your workspace might be, as well as when you’re out with friends or doing a hobby. If you enjoy what you do, you won’t burn out!

I am starting my second year on the BSc (Hons) Financial Economics course this October and I currently work full-time doing either 7am-5pm, 9am-5pm or during the university summer break, occasionally 9am-9pm. I am always described by my friends who are at traditional universities as crazy and the most frequent comment I get is “how do you do it?”

The answer? Very simply. Whilst they are partying away, I’m studying here in a 6pm-9pm lecture. Whilst they are being lectured to, I’m working gaining practical experience. No amount of reading or memorising will make you successful in life because it is the understanding and application of wise thought that counts – and that is what Birkbeck is all about. I will be job-market-ready. I still have the time to see my friends in London at the weekend after I finish my university work and I make visits to my friends further afield at other universities 3-4 times a year. Whilst sacrifices must be made, and don’t underestimate the sacrifice needed to work full-time and study full-time, I don’t overestimate it either as it is very feasible with a strong work ethic. It’s not for the faint-hearted and I must stress the necessity of a strong work ethic! Working part-time is also an option.

The most important piece of advice I would give to fellow students is not to lose focus on why you do what you do. Whether it is that you are academically inquisitive, or you are hoping to change career, or to become better at your current one, commitment is key. There will be challenges along the way. Being glued to my desk and the library during exam season and using every available term holiday to prepare is just the beginning. You’ll find time goes very quickly and your external commitments will need to be tapered. I manage my time by using a diary on my phone and I put everything in, no matter how small or insignificant.

Life as a Birkbeck student is tough and unforgiving but it could possibly be the best decision you ever make. Everyone who studies here has unique life experiences and you can use one another as a sounding board for great ideas and experiences. Make the most of your time here and you won’t regret it.

Share
. 1 comment . Category: Business Economics and Informatics . Tags: , , , , , ,