- Is earning an MBA degree during a pandemic/recession a good idea?
- Why should you pursue an MBA degree?
- I can’t leave my house. How do I get an MBA degree?
The truth is nobody could have guessed the current global situation regarding the Covid-19 pandemic. This pandemic is gradually moving from an unprecedented health crisis to a deep economic crisis. UNCTAD ( United Nations Conference on Trade and Development) Secretary-General Mukhisa Kituyi stated, “The COVID-19 pandemic has gravely wounded the world economy with serious consequences for everyone.” India and the rest of the world are once again staring at a recession and limited availability of jobs.
Students planning to enroll in a business school are doubtful whether it is the right time to do an MBA. Well, there is no reason why you should not be optimistic about your personal and professional aspirations. This post will describe the value of an MBA degree during these arduous times.
Also Read: How credible is an Online MBA Degree?
Is earning an MBA during a pandemic/recession a Good Idea?
Earning an MBA during a pandemic or recession is not an alternative to pass-time while under quarantine. It can be an excellent way to survive the economic storm that is yet to come in the pandemic’s wake.
According to the IMF (International Monetary Fund), “The contraction in 2020 was very sudden and deep compared with previous global crises, even as the policy response in many countries was swift and sizable. Global output declined about three times as much as during the global financial crisis in half the time.”
Almost all experts agree that Covid-19 is going to lead to economic consequences instigating yet another recession. During the 2008 financial crisis, there was an upturn in MBA applications, and the trend is expected to repeat itself in the oncoming recession.
Why should you pursue an MBA degree?
The reasons are rather undeniable. Recession often leads to an increase in unemployment or fewer job opportunities. It hinders the job transitions that would have otherwise happened in a growing economy. So, people flock to universities and business schools to add value to their CVs and enhance their skills and learnings.
1. Help you stand out to employers
The value of a business degree never fades. Once the situation improves and the hiring process starts getting more active, the corporates will be very particular about the skill sets they are looking for. Thus, this temporary fall in the economy might be the best time for you to upskill. The students with an MBA degree will be more capable and hence, desirable by corporates. You don’t know how long the pandemic or lockdown is going to last. But pursuing a degree in pandemic can influence how well you’ll advance after the economy recovers.
2. Updated skillset
Many working professionals turn towards furthering their education when it becomes tough to achieve a promotion or job. This holds during the recession as well. Earning an MBA degree during the pandemic could be a clever strategy to stand apart from the crowd. MBA programs can assist you in gaining new knowledge and developing skill sets such as interpersonal skills, leadership abilities, entrepreneurial skills, etc.
You can focus on your course while the pandemic is raging and benefit from the economic recovery when you graduate. Rather than wasting your time trying to hold onto your current job, you can take steps to improve your career prospects down the line.
3. Getting an MBA degree is a long-term investment
Try to look at the bigger picture when deciding to pursue an MBA. In any economic condition, a degree never goes to waste. Earning an MBA may improve your chances of advancing in your job.
You also benefit from enhanced credibility among employers and peers, with increased self-confidence and discipline. But, it is of the utmost significance that you pick the right institution that develops and refines your skills and prepares you for the challenges posed by the post-pandemic world.
4. International exposure
MBA degrees ensure exposure to real-world scenarios and grooms you to manage complications and difficulties as and when required. Case studies and Capstone projects test a student’s determination and creativity in finding solutions to business problems under the mentorship of industry experts.
Not only that, many B-schools in India have partnered up with reputable international faculties and institutions to create a curriculum that is in line with the global standards. This grants international exposure along with an MBA degree possible at a decent price. Also, it improves the likelihood of a student being placed internationally.
5. Learning from the past
Business schools are expecting a considerable rise in the number of MBA applications and are already gearing up. They made their judgment based on well-established historical patterns. As the economy goes downhill, MBA applications will go up.
The coronavirus pandemic is not the same as the 2008 financial crisis. Apart from the economic breakdown, the government, businesses, and people are also facing a public health crisis. While an MBA may not appear to be a reasonable investment at this time but the students who attended B-School during the 2008 recession will tell you otherwise. They will agree that now is an excellent time to improve one’s professional skills to weather the current crisis. Nothing could be more beneficial to you than investing in your education.
6. Build your network
Usually, an MBA class has students from diverse backgrounds like Commerce, Arts, Engineering, Bio-Medical, etc. Networking with fellow learners can help you widen your perspective on how to manage certain business situations while also improving your interpersonal skills.
Also Read: How to build your network during an online MBA
I can’t leave my house. How do I get an MBA?
You must be wondering by now how to attend a business school if you are not allowed to leave your house. Even before the COVID-19 pandemic, business schools were already making a shift to online learning. Recent innovations in remote learning have made a 100% online MBA possible, so you already have abundant options.
Now that you have read why earning an MBA degree in the pandemic and recession is a good idea, you can check out the MBA degree program offered by Shiv Nadar University, Delhi, NCR. The university is recognized as “Institute of Eminence” by Govt. of India. Learn from the top management faculty with live interactive sessions and become industry-ready. Moreover, they provide periodic on-campus residencies and local meetups at Great Learning centers in top metro cities. Successful graduates will also receive ‘Alumni Status’ of Shiv Nadar University, Delhi NCR, and all benefits associated with it.
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