Should we do an MBA post covid or not?
The pandemic has created a difficult dynamic for those contemplating returning to school for a Master of Business Administration (MBA). On the one hand, when the pandemic fades, an MBA may help a professional gain a competitive edge in tumultuous employment markets and unstable economic situations. However, given the current economic uncertainties, many potential students are hesitant to commit financially.
It is never an easy choice to seek an MBA. To fund the program's expenditures, a large investment is necessary. Furthermore, time spent in an MBA equates to time away from work, which translates to lost revenue and other investments.
The COVID-19 pandemic has only added to the apprehension. Due to lockdowns and other limitations, businesses have had to rethink their recruiting strategies, while business schools have had to reorganise how they give the MBA experience. It's reasonable to ask whether an MBA is still worthwhile and what the future holds for MBA students in India.
Despite this, the advantages of earning an MBA continue to exceed the disadvantages. Some could even argue that, given the present state of the pandemic, getting an MBA is a good idea right now.
Many ambitious students may fear that after COVID-19, the breadth of career opportunities for MBA would diminish. However, this is not the case. The present pandemic has proved that the world needs MBA graduates in addition to world-class physicians, scientists, engineers, and lawyers. An MBA graduate may handle Human Resources, Marketing, Sales, Finance, Analytics, Consulting, and other aspects of a business. MBA graduates are, without question, the best candidates for operating a business.
Because hundreds of thousands of lives are at risk, businesses will not shut down in the face of the pandemic. The scope of MBA post-COVID-19 would immediately expand since HR professionals and recruiters are constantly on the lookout for competent MBA graduates. One of the nicest things about earning an MBA is that you can go right into a management position, while other candidates without an MBA will take a long time (years) to get there.
Because most of the customers are from the United States, which has also been affected hard by the coronavirus pandemic, the IT industry has been severely disrupted. To stay up with the market, an ambitious MBA student would need to gain new skills in addition to management, decision-making, problem-solving, and communication. Learn virtual connection, networking, analytical, and team-playing skills in addition to the aforementioned abilities.
In today's post-COVID economy, graduates have three distinct advantages:
Let's look at some of the reasons why an MBA in India is still a safe option.
Right now, the opportunity cost of not working is smaller.
Whether you're a recent graduate considering taking a job offer or a working professional hoping to advance within your company, the present environment is not favourable to profitable chances. Most firms are cutting expenses by laying off staff, lowering pay and incentives, and delaying increases and promotions in the face of substantial operational interruptions and a poor economic forecast for the near future. For those looking for new work, the hurdles of finding any employment, much alone one that you enjoy, are enormous.
With such a situation, there has never been a better moment to leave the job market and engage in learning and upskilling without having to worry about the money you won't make or the prospects for professional progress you'll lose. According to the Graduate Management Admission Council's (GMAC) Application Trends Survey 2020, 67 per cent of more than 1,000 business schools across the world experienced a relative rise in application numbers in 2020, compared to just 41 per cent in 2019. In fact, 39 per cent of the institutions reported a substantial increase in MBA applications of 21% or more.
When you graduate, you will have a plethora of options.
Starting your MBA in the next several years will almost certainly imply that you will be graduating into a highly robust economy and a solid job market at the conclusion of the 12- to 24-month programme (depending on your business school), with the bulk of the pandemic in the rearview mirror. Every economic downturn is followed by a boom, in which current businesses expand and new businesses emerge to fulfil increased consumer demand. This happened during the last great global recession, the 2008 financial crisis, and it should happen again this time. Especially in a nation like India, which was already on a good economic path before the pandemic struck and would recover much faster after it was through.
A Bloomberg examination of 126 business schools worldwide revealed that virtually everyone from the MBA classes of 2010, 2011, and 2012 - the years immediately after the recession - found jobs after graduation. According to a recent GMAC study of leading recruitment firms, the percentage of recruiters aiming to employ MBA graduates decreased from 92 percent pre-pandemic to 77 percent in the middle of 2020 but is expected to rise to 89 percent in 2021, surpassing even 2019. It's reasonable to expect hiring trends to improve even more after 2021.
Companies will seek the finest personnel to fuel their post-recession development, and MBA graduates, with their diverse set of talents, will remain a significant draw, ensuring the MBA's future in India.
MBA programmes will continue to produce managers who are prepared for the future.
MBA students are noted for transforming into highly competent managers via cross-functional academic and practical learning and general personality development at business schools. However, with COVID-19 creating the most dramatic upheaval to enterprises in recent memory, you may wonder whether an MBA is still relevant and what role it may play in preparing you for a post-pandemic environment.
Everyone has seen enough of the pandemic in the previous year to have a good idea of how it affects different sectors and corporate activities at this point. The issue has unavoidably made its way into the MBA curriculum, with courses ranging from human resources to manufacturing now promoting presentations and debates on the shift brought on by COVID-19 and how it affects future strategy. For the last few years, Indian business schools have been infusing data, technology, and innovation into their curricula, a trend that has been hastened by the digital disruption observed during the pandemic. An MBA classroom will almost certainly deliver unrivalled thorough, and relevant instruction on such issues.
Business schools also emphasise crisis management and change management themes, with COVID-19 serving as an excellent case study. The emphasis is on educating students on what leadership means during a disruption, whether it's a pandemic or a technology revolution, and how managers can not only cope with change and steer their organisation through it but also anticipate change and adjust their business plan appropriately. MBA programmes use a mix of classroom lectures, actual projects, simulations, and discussions with prominent business leaders to accomplish this purpose.
The MBA also allows students to hone their soft skills, such as the ability to communicate effectively, think critically and creatively, and cooperate, all of which are becoming more vital characteristics as organisations and sectors evolve.
The top three abilities that will see increased demand in the next five years are managing strategy and innovation, managing tools and technology, and interpersonal skills. It's easy to understand how MBA grads would be ideal candidates. This is mirrored in the poll, with recruiters citing "strategic thinkers," "strong communication abilities," and "a flexible skill set" as the top three reasons for having faith in a business school's capacity to equip graduates for success post-COVID. These findings demonstrate recruiters' preference for MBA graduates and further demonstrate why an MBA is worthwhile.
MBA has a promising future in India.
The 2020 National Education Policy (NEP) will significantly influence business schools. The initiative intends to liberalise India's education industry and invite 100 of the world's finest institutions to establish campuses in the nation. This move will improve MBA education by encouraging healthy competition among institutions, attracting so me of the best international faculty to India, promoting the adoption of cutting-edge academic practises and learning tools, encouraging infrastructure development, and establishing better governance through a single central regulatory authority.
Business schools in India will have more autonomy in shaping their academic programmes, emphasising giving students more practical and skill-based learning and ensuring that MBA graduates are well-prepared to succeed in the workplace.