The decision to pursue an MBA is already a tough one. You must think about how to finance your program, while also accounting for the income you will lose out on by enrolling in an MBA program. The question stands – should you choose to keep making money while being employed or should you invest in an MBA degree?
But now, the situation has become even more complicated post the COVID-19 pandemic. Economic uncertainty is prevalent everywhere – from MBA aspirants refraining from investing in college fees to companies changing their hiring plans and colleges restructuring their curriculums to better suit remote learning. The future of MBA programs indeed seems uncertain in India.
However, despite this, there are countless benefits to pursuing an MBA. And practically speaking, the COVID-19 pandemic has done little to dull the sheen of obtaining a prestigious MBA degree. The future scope of MBA in India remains untarnished despite the pandemic. In this article, we discuss why.
1. It’s better to study than work right now
The biggest dilemma facing MBA aspirants is simply this – should they sacrifice the opportunity of making an income to invest in their MBA? At all other times, the cost of eschewing work-life for an MBA student’s life is way too high. However, with the pandemic wreaking economic havoc across industries, this is one of those few times when pursuing an MBA may actually be more lucrative than settling for a decent job.
With a weak economic outlook, all companies are staring at sapped investments, a regime of cutting costs by way of layoffs, salary and bonus reductions, and withholding promotions and raises. Finding a job that checks off all your boxes in the present climate is extremely challenging.
On the other hand, such a grim job market has a bright side. There has never been a better time to get out of the grind and invest in upskilling yourself. Plenty of studies are corroborating the belief that more and more people are exiting the workforce to enrol themselves in business schools during the pandemic. This is an unprecedented opportunity where MBA aspirants are not held back by the high opportunity cost of investing in their studies.
2. The future looks promising
At this moment, the future of MBA graduates looks promising. That may sound counterintuitive but here are the facts – if you enrol into an MBA program right now, by the time you graduate, the economy will have recovered and you would be entering a stronger job market. A recession will give way to a period of economic boom which will make employment conditions ideal. Companies will be scaling up to meet increasing demand, and the overall economy will bounce back.
A look at the last major economic crisis will reveal things as they stand. MBA students who graduated following the economic crisis of 2008 and the subsequent recession found jobs easily. Already, there is data to suggest that hiring for MBA students has picked up post-2020 and looks promising for the future. Having an MBA degree at the end of the recession will give you an advantage in the job market as employers will be hankering after the top talent coming out of business schools.
3. Pandemic as an impetus for preparedness
You may be wondering whether an MBA degree makes sense when the pandemic has already disrupted business. Does it have any substantial role in preventing mismanagement of businesses when such a major catastrophe strikes?
At moments like these, the future scope of an MBA seems to be bleak. However, remember that an MBA incorporates cross-functional learning, both academic and practical, that leads to the creation of highly effective managers. As with any adversity, business schools are embracing this and incorporating learnings from the pandemic into the curriculum to help students understand its impact on industry and business.
Business schools are making use of technology, data and distinguished pedagogy to enhance their curriculum in the face of the digital disruption brought on by the pandemic. All these measures are continuously making MBA programs better equipped to teach students how to handle disruptions and crises of all magnitudes across specialisations like human resources and manufacturing.
In fact, the current healthcare and economic crisis have emerged as an excellent case study to groom students’ crisis management, leadership and strategy skills. Such a cohort of students will emerge from the program having dealt with disruptions – economic and technological – first hand.
Strategy, innovation, managing tools and technology and interpersonal skills have emerged as the most desired skills in candidates over the past few years. And an MBA prepares you for all these.
The future of MBA graduates in India
The global pandemic and ensuing recession have led many MBA aspirants to rethink their decision of pursuing a Master’s in Business Administration. However, as illustrated above, these factors are not deterrents, but reasons to pursue the master's degree of their dreams. In India, especially, the future scope of MBA is secured.
The government of India’s National Education Policy, for instance, aims to liberalise the education sector, giving it renewed exposure to international universities. This sweeping move will particularly impact business schools by fostering competition and opening up institutes in India to some of the best MBA faculty in the world. Overall, MBA programs in the country will see improved learning tools, better academic practices, enhanced infrastructure development, and better governance.
The future of MBA in India isn’t a grim one, as the global economic situation would have you believe. This is the time for aspirants to take a leap of faith and invest in the degree of their dreams. It will only enrich their careers by providing a comprehensive and competitive education that meets global standards. Eventually, it will pave the way to securing the best jobs and embarking on fulfilling careers.
1.Is MBA worth the future in India?
Yes, MBA will be a highly sought after degree for job seekers in the future. An MBA teaches you to problem solve which is a skill that all businesses will need even in the future.
2. Is MBA in demand in India?
An MBA is one of the most sought after degrees in India. It has tremendous scope and students who have an MBA end up in well-paying jobs.
3. Is an MBA a good career option in India?
With the industry gaining momentum and ease of business becoming higher, the demand for good business management professionals will go up. This means that professionals with MBA degrees will gain an edge over others in the future.
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