Introduction
Traditionally, a Master’s degree in business administration has been understood as a professional course that can help ambitious individuals reach C-suite companies’ echelons in a well-designed fashion. With the coronavirus pandemic making its inroads into every area of life, the consequential requirements of an MBA holding professional have also changed.
With the hybridization of work, the corporate world functions have completely changed in these last two years. Companies are adapting not just their day-to-day functioning but also their business model. Thus the sure-shot formula does not work anymore. This means that companies would need future leaders to be well aware of the changing picture and imbibe suitable qualities.
The important point here is to consider every aspect of acquiring a business administration degree and then deciding. Here is a look at key factors you must consider while choosing an MBA in this post-Covid-19 world.
Factors to consider while choosing an MBA
The opportunity cost of pursuing an MBA
The first and foremost point to consider before choosing to do an MBA is to look at its opportunity cost. With frequent lockdowns imposed with each wave of covid-19 disease, many businesses face shutdowns regularly.
This also translates into a hiring freeze and, in many cases, lay-offs as well. And the brunt of lay-offs has to be faced by the entry-level employees and the management level. Though the tech sector has more or less flourished, some fast-growing sectors like hospitality have faced the consequences more than the others.
According to a recent survey, about 67% of business schools reported an increase in application volumes in 2020 compared to that in 2019, as reported by 41% of such business schools. This means that the current environment is more conducive to learning than working. With global economic downturns, the future of the corporate job sector seems bleak and unstable. Cutting salaries is going to be the norm, and job availability will be lesser than usual. Even if you get a job, the promotion will be a far-away dream. Bonuses will be unpaid, and the situation may worsen as the unpredictability of the pandemic looms.
But this economic setback is an opportunity for fresh graduates and those who have been planning to pursue a Master’s degree but earlier stalled it for numerous reasons.
Even if you are currently employed, there is less chance of getting a promotion in a bearish market and more chances of getting a better-paid job by investing two years in an MBA during this slow period. On a wider basis, the benefits certainly outweigh the costs.
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Choosing the right business school
An aspirant must look for a reputed business school (popularly called B-schools) that leads in terms of academic rank and placement percentage.
A good B-school will have a strong leadership which will ensure that the institution adapts its functioning, curriculum, course structure with evolving times. It will have a dedicated alumni cell to make sure that the alumni who graduated from the college continue to be in touch with the college- for guest lectures, management lessons, and placements. And it will have a dependable placement cell which makes it a point that enrolled students get internships and final job offers from reputed companies that match the student’s skill set.
While choosing to do an MBA, one also needs to give weightage to the teachers one chooses. Their faculty recognize many B-schools. Do thorough research before making a choice. Companies will look for the best talent to drive post-pandemic economic recession. Therefore, graduates will have a wide range of skills that will be preferred.
Business schools are inculcating topics such as crisis management in their curriculum for the case study.
This is certainly important because a business school now has the additional responsibility to train students to adapt to a hybridized environment. If they adapt their curriculum with changing times, it certainly is a plus.
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Choosing the right specialty
Once you have pinned down the right school, one also needs to look at the curriculum to see how it prepares you for the future.
And the future is quite face-paced, and it requires professionals with newer skill sets. Specialities such as data analytics, design thinking, and digital marketing are the specialities of the future. Companies would want to recruit professionals with such a skill set.
Having said that, it does not mean foundational business skills such as finance, accounting, marketing, economics, and information technology would go redundant. They are the building blocks for a company and would hold importance for future-ready business leaders.
Another point that companies now look out for – apart from subject knowledge is – soft skills. How a candidate performs in group work, flexibility, adaptability, and out-of-the-box thinking during challenging situations are noticed. Your course should also train you with these skills.
According to GMAC’s Corporate Recruiters Survey 2020, the next five years will see a rise in demand for three major skills – interpersonal skills, managing tools, and managing strategy and innovation. The companies will prefer to hire individuals who are strategic thinkers and have exemplary communication skills. MBA graduates should be looking to choose a program that pivots them into developing versatile skills and can collaborate with future employers to accelerate growth.
Also Read: Top 5 Differences between Leadership and Management
Striding in a healthy economy
If you choose to do an MBA, you must know that you will see the economy boom two years down the line. As many economists and research brokerages have predicted, the economy will see a V-shaped recovery or a W-shaped recovery. Developing nations such as the U.S. and European Union will see the results faster because of the higher vaccination rates. Still, developing nations, especially in South Asia, will also see upward growth from 2022.
According to the IMF per a Reuters report, the global economic growth will be 6%, a rate which has not been witnessed since the 1970s.
By the time you graduate from your B-school, you will see the economy in a bullish shape with many sectors (that are currently facing downward pressure) back up. Even though the economy is jittery right now, the next five years will witness a positive change in growth.
There is no better time than now to prepare yourself for the immense opportunities to hit the ground running.
The future looks optimistic for Indian business schools in particular. The National Education Policy (NEP) of 2020 is set to revolutionize the Indian business school market. This policy aims to invite 100 top universities worldwide to set up their campuses within our country and unlock more opportunities for students and job-seekers alike.
Business schools will make better infrastructure and skill-based learning accessible to MBA students to prepare them for the upcoming challenges and thriving industry thoroughly.
Future holds growth opportunities for managers.
One should underline one point that managers of the future are the ones who can pivot in eerie times. Even if the future looks uncertain, companies would want managers who can evolve and find solutions to the changing times. The pandemic has shown the fastest pace of adapting to a hybrid workplace globally. This should be credited to managers on top who adapted instead of choosing to bring work to a halt.
Currently, only a few cyclical companies, such as the FMCG ( Fast-Moving Consumer Goods), are flourishing. Firms that are a part of the hospitality sector such as hotels, aviation, cruises, retail will also see an upward jump as end-users will release their pent-up demand when the pandemic eases. This will directly translate into growth opportunities for companies – and thus for future managers.
The post-covid-19 era will be different from the past, and a professional will thrive if they choose a speciality which is in sync with what the industry needs and at the same time suits their skill sets. Qualities such as strategic thinking, communication skills will always come in handy for a professional.
For those looking to start their own venture, opportunities are immense. MBA students can aim to become entrepreneurs, and the degree will help them learn how to innovate and succeed—learning the skill-based curriculum of an MBA and under the mentorship of experienced professors can learn how to start a business while avoiding common pitfalls. Even MBA colleagues who share a similar vision can be helpful, either as a potential partner or someone to learn alongside.
Whether you are looking to change your current career path or grab a new business opportunity, you can use your management education or MBA degree to fulfil your dreams. It is good to plan your MBA degree according to your unique needs and pick the right course or specialization that can help you make the right career switch. It is important to be mindful while choosing the right MBA to help you attain the right skill set, salary, and career path while holding a high-level management position.
