Is It Worth Doing an MBA in Pandemic?
MBA in Pandemic – Coronavirus has forced almost all the B-schools of the country to operate online. While the IIMs may have started calling the students back to the campus, the private B-schools are still waiting for a nod from the government and the local administration. The applicants for the 2020-2022 batch had a hard time deciding whether to pursue the course this session or not. Few took a step back while the others felt this was the correct time to learn about the actual business world.
At MBAP Education, we understand the uncertainty the new applicants, for the batch of 2021-2023 is facing. The number of changes we have seen in the markets in a space of a year is huge. To help you make your decision, we weigh up whether you should hold off or continue with your applications for 2021.
Effects of the pandemic on the economy & the job market
The impact of coronavirus on the global economy has been highly disruptive. The job market is facing a huge dent. Sectors like the airline, hospitality, and travel are the worst hit and saw the most job cuts. Whereas, IT, EdTech (like online education platforms), and the Insurance sector saw a positive impact on their businesses during the lockdown.
Although the job cuts have slowed down, the reports of job losses in the early months of lockdown have left the candidates worried.
The financial crisis of 2007 also started in the same way. The initial job cuts were followed by a hiring spree within the two years of the crisis. The growth engine needs human resources as the fuel to jump back to normal. So, starting your MBA in 2021 might work in your favour as by the time you will graduate, i.e. in 2023, the economy will be healing, and there will be a huge demand for a fresh perspective.
Effects on B-school Placements
While IIMs and other top MBA colleges have ensured quality placements for their students during the pandemic, few Tier-II and Tier-III colleges had to deal with revoked placement offers, hiring freezes, and package reduction for some students of the 2018-2020 batch.
However, the placement scenario for the current batch of 2019-2021 is completely witnessing a U-turn. Companies have started hiring again in numbers and are looking for a more diverse range of students who truly understand the volatile business world.
Consulting and IT firms are the major recruiters this time as they were amongst the few sectors that were less hit by the pandemic. Even the non-IT sectors are moving towards digitalization and this will require skilled manpower. Companies are looking for candidates who can work cross-functional and can provide end-to-end solutions for the modern-day problems of their clients. The need for candidates who are equipped with the knowledge of data analysis and can work on data analytics tools is rising. Companies are ready to offer high pay packages to such candidates. Many B-schools have now separate course which is entirely focused on Data Analytics.
MBA provides you with the opportunity to learn and upskill yourself in all the functional domains. Every B-school in the country will teach you the importance of “staying relevant”, i.e., upskilling yourself on every front.
Pros of choosing MBA in pandemic
- Flexibility in admission criteria – Many B-schools have adopted few changes in their admission policies like – extending application deadlines, and lenient academic background criteria
- Flexibility in few MBA entrance exams policy – NMAT by NMIMS has allowed students to attempt the exam from their homes, removing any inconvenience and safety concerns
- Change in the age-old MBA structure – Many B-schools make use of the old cases, that have become obsolete in the current age. This pandemic has led to the complete change of the academic structure. Courses and cases showcasing the actual VUCA world are being adopted by the colleges. They are the actual need of the hour and many organizations will be looking for candidates with actual knowledge
- Addition of Value – There may be a chance that you do not get attractive packages at first, but the knowledge and the value you will have will be unmatched. Colleges are adopting new and better ways of teaching to deliver experiences beyond the classroom. The batch of 2022 and the batch of 2023 will always be looked upon for the value they would have imbibed from their journey
- Networking opportunities – B-schools are all about networking, and to ensure this important aspect does not go missing, colleges are reaching out to exceptional business talents and influential alumni digitally. These connections will help students gain a more diverse range of expertise
One size never fits all, similarly, a single suggestion might not work for everyone. You need to understand the opportunity cost of doing an MBA at an individual level before taking the decision. Whilst you may need to assess all your options before going for an MBA, you should also understand choosing an MBA will be an investment in yourself in the long term that will pay dividends.
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