The Workforce Partners Program, which is available to any active member of the Maine Chamber of Commerce, is working to improve access and affordability for students towards completion of an MBA. This year, they announced that they will be offering graduate students from Maine a discount toward any University of Maine Masters of Business Administration (MBA) program. The UMaine Business Graduate school will offer Maine students a 12% tuition discount starting in January of 2020.
Last year, Maine recorded that there were more than 2,000 open positions within the business field. However, these positions now require a higher level of education, such as a graduate degree. While many people entering the workforce often work towards higher accreditations in their academic careers, the amount of financial commitment required to pursue an MBA degree often prevents people from pursuing the degree, even though it would bring more income stability and opportunity for growth over a person’s career. The hope is that this program will equip Maine’s graduates and the state of Maine’s workforce for the competitive workfield they will enter by giving them more professional skills and resources.
According to an article released by UMaine News, participants in the Workforce Partners Program will pay less than $12,000 in tuition to complete the Maine MBA. The cost of pursuing an MBA without tuition assistance can sometimes add up to $20,000 per year, totaling up to $40,000 to complete the degree. Many students also avoid pursuing a master’s degree because of previous student loan debt, as a master’s degree often requires students to take out more loans to be able to pay for the program. Despite the high cost of secondary education, more and more employers are requiring a higher level of education than just a bachelor’s degree. This movement is pushing students to pursue higher education, and the Workforce Partners Program’s new initiative is helping students excel by providing resources that will help prevent financial distress.
To encourage all Maine students, the UMaine graduate business program has recently merged with the University of Southern Maine graduate business program to create the Maine MBA program. The program offers specializations in business analytics, finance healthcare management and accounting. Maine employers are encouraged to join this program to receive the benefits of forming a direct connection with potential employees from UMaine and other schools that are participating.
Employers that are involved in this program will be better equipped to choose the right potential employees because of the networking opportunities provided by a cooperation between the companies and businesses who participate in the Workforce Partners Program. Another benefit is that the students who participate in this program will be able to advertise their qualifications through affiliations with Maine businesses, which will increase the likelihood that they will get hired for a position in the business field after they complete their MBA.
By offering discounted master’s degree options, UMaine is investing in the future of Maine businesses. Through community support, students who are able to pursue higher education will contribute to the economic and social stability of the state in the future.