From OUR EDITORIAL STAFF we have gone out to the great postgraduate universe, as always making a careful search in the portals of business schools, reference consulting firms, as well as reviewing research and surveys, in this case to inform our readers about whether they consider that now is the time to pursue an MBA.
There is no doubt that during 2020 and 2021 there was a blockade in face-to-face studies due to Covid-19. But it is also true that all business schools on a global scale had to strengthen online teaching, although at the same time, there are many cases (there can be tens of thousands in the world) of professionals who, faced with the the economy in their respective countries, decided to pursue an MBA.
The pandemic triggered a race for MBAs. Pre-Covid, applications for general business master’s courses hit a three-year low in 2019, falling 3.1 percent, according to the Graduate Management Admission Council (GMAC). The pandemic reversed the trend, causing claims to increase 2.4% in 2020. That increase continued through 2021, albeit at a slower pace, when claims rose 0.4%. It is good to remind you that the “Graduate Management Admission Council” is an international non-profit organization of Business Schools that offers products and services to academic institutions and prospective graduate students in management education.
But what we need to remember is that when there is a booming job market, for example, which came in 2021 thanks to the economic recovery, but simultaneously there was the emergence of new variants of Covid, created the conditions for a slowdown in applications of MBA.
During economic downturns, there tends to be a countercyclical surge in applications. The turmoil in the labor market reduces the opportunity cost of not working, as companies freeze hiring and promotions. In periods of economic growth, people are less willing to put their careers on hold to return to full-time education.
But now, some admissions consultants and MBA administrators say a booming job market amid last year’s recovery and the emergence of new strains of Covid have created the conditions for a slowdown in applications.
At some leading institutions, including Harvard Business School, Covid outbreaks in the student population forced a temporary return to remote teaching for a week in September. What is observed is that although schools have improved their methodology and resources applied in teaching online classes, the majority of students who value the conventional face-to-face system is undoubtedly the opinion of the majority because it is in the classrooms where there is an interaction human highly valued, not only for the transmission of knowledge, but for the experiential factor that it produces in the students.
A California polling company recently surveyed 250 visitors to its website, concluding that the majority still planned to apply for an MBA, although 14% had shelved their applications in 2021 due to the stronger economy and the Delta coronavirus variant. The survey predates the appearance of Omicron.
According to another polling Company responsible, also in California, she says the 2021 economic upturn has highlighted the sacrifices a full-time MBA requires. These include foregoing salaries and promotions, and often considerable debt to finance studies. “From what I’m seeing with clients, the dramatic increase in application volume that we saw in response to Covid has calmed down a bit,” says Diarte Edwards, formerly director of admissions for Insead in France. “We have returned to a more normal volume of requests.”
In the case of the McDonough School of Business, application growth has slowed so far this academic year, reflecting countercyclical demand for MBA courses.
Few in the industry expect applications to drop dramatically. Many students will have reached a career impasse and will need to update their credentials to progress. Another phenomenon that confirms this is the “Great Quit”, where millions have quit their jobs for better paid or more rewarding work.
“When people embark on an MBA, it’s usually out of positive career frustration,” says Mark Thomas, associate dean and director of international graduate programs at Grenoble Ecole de Management in France. The degree has helped people find better jobs as the economy recovered, Thomas says, because it’s a factor that has bolstered interest in MBAs.
Other experts say that ambitious students will enjoy the challenge of embarking on an MBA in these difficult times. Because it is enriching and because in an MBA they encounter some elements of the student experience that are different, but fundamentally learning to deal with uncertainty and ambiguity will be an advantage in their careers.
Good reasons to study an MBA
Getting to know why it is important to take an MBA may require, without exaggeration, a Postgraduate Manual. In other words, an orderly and systematic study of what are the reasons for a university graduate or an experienced professional, in either of the two situations, to opt for studying an MBA.
Go for it:
1st) Develop advanced and flexible management skills.
2º) Access to an extensive commercial network.
3º) MBA salaries are some of the highest in the job market.
4º) MBAs are great for a career change and prosperous business opportunities.
5º) Deciding to study an MBA (Master of Business Administration) is a big step for aspiring managers.
But with this small list the benefits of the supposed election do not end, since we can ask ourselves the following questions:
- a) Is it a good option to follow an MBA program in a business school abroad?
- b) Are the financial investment and entry requirements justified?
Ultimately, is an MBA degree worth it?
And here are some of the answers
– If you are preparing to enter today’s competitive business world, we positively affirm that it is.
– An MBA will offer you a lot of advantages, especially when it is from a renowned Business School.
– Earning a high MBA salary after graduation, landing a management position, developing a strong professional network, or even becoming your own boss are just some of the benefits of studying an MBA degree abroad.
Develop advanced and flexible management skills
MBA applicants are typically young entrepreneurs with a minimum of two years of professional experience. Even senior employees who feel up to the challenge can sometimes apply.
MBA classes will help you develop the skills necessary to keep a business successful. The curriculum for each MBA degree may be different, but here are some of the most common competencies you’ll develop depending on the study program you choose
Professional skills that an MBA can give you
– Improve leadership and people management skills.
– Develop, advertise and sell the company’s products and services.
– Learn to network and create connections and/or associations.
– Handle difficult situations (eg financial crisis, public scandals).
– Keep the finances of the company healthy, and learn the technique and methodology in the preparation of budgets.
– Promote and maintain the positive image of the company.
– Deepen into corporate communication, brand image, internal communication, brand and personal branding, etc.
– Collect, interpret and create reports based on industry data.
– Hire top talent and improve employee retention.
– Create hierarchies that help the company to prosper.
– Make difficult decisions at the right time.
Studying an MBA forces you to leave your comfort zone
You will certainly be able to explore the latest international business trends, apply the latest management tools and techniques, and challenge yourself to improve your business, teams, and collaboration.
An MBA is also a great way to prepare for a changing business environment
The skills you develop are also the best tools you have to adapt to the inevitable change in industries, the marketplace, and the way people do business.
If you plan to change careers, but the industry evolves in a way that interferes with your plans, the skills you’ve developed will help you adapt quickly and find a new direction. You will also be able to make use of changes in the economy and find new business opportunities where others are simply trying to survive in a hostile business environment.
Many MBA specializations to fit your exact goals
Due to its international popularity, many universities and Business Schools have developed a wide range of MBA programs, specializing in different aspects of the business world. So what are the MBA specialties you can choose? But you will also want to know what is the difference between them? And what MBA subjects are in greatest demand? So let’s answer these questions:
For what is meant by general management in any organization
The general MBA specialization is probably the most popular. Great for developing a complete and effective business arsenal, excellent for a very versatile business environment.
For the world of international business
Excellent choice if you want to work abroad or work in a global company with offices in different locations. It is a very good choice for aligning business goals across borders. As global business grows, this is also a popular specialization in every way.
For the field of strategic management
Prepares the MBA student for business planning in general, as well as marketing, commercial, long-term and everything that supports planning implies.
For the financial field
It is ideal for banking people, financial controllers, financial directors and financial managers. Courses will focus on statistics, data analysis, accounting, and more.
For the field of marketing
It is advisable for those people who are working in an area focused on the promotion of products and services.
For all those people who have an original business idea and are thinking of launching a new company.
For operations management
Ideal for managers in charge of optimizing production processes. You will learn how to run production as efficiently as possible.
For IT management
It prepares you to do business in the technology sector or to do business that relies heavily on technology. This side of the business relies heavily on the analysis of collected data and the development of products based on it.
For the field of HR
It is the right MBA for all those who are working in the areas of recruitment and HR management, excellent to learn for managers in charge of human resources teams or who work with large groups of employees. It focuses on conflict resolution, team building, motivation, defining job responsibilities, and more. You can’t go wrong with this one if you’re a sociable person, as companies will always need good, happy employees.
For the field of consulting
It prepares experts ready to offer an external opinion for the challenges that companies face. This specialization also develops your expertise in a variety of sectors and is very well paid.
This information has been prepared by OUR EDITORIAL STAFF