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.
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.
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.
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.