Is an MBA degree worth it?
Getting an MBA from the top business schools is the foremost choice for an outstanding career and it has proved its worth on multiple occasions. But the coronavirus pandemic has raised some questions around this rather expensive degree.
The pandemic has wreaked an unprecedented level of havoc on the global economy and has brought the economies to their knees. Pink slips and pay cuts have risen and hiring is nearly halted.
In such times, the MBA classes of 2020 saw their opportunities shrink as economies were paralyzed. MBA aspirants are also getting worried over the worth of distance-education plans of many universities and the declining opportunities in the market.
So let us take a step back and evaluate the value of an MBA degree in the post-COVID world.
The pandemic won’t last forever
A crippling economy of any magnitude is bound to recover. The COVID-19 pandemic will end and things will go back to normal again. If you are planning to start in a business school next year, there is little to no chance of the markets not recovering by the time you finish your degree.
In fact, as more people find themselves unemployed and out of work opportunities, it is only obvious that getting an MBA degree by the time the economy turns around is becoming a worthy investment among many. The degree will warm you up to take full advantage of the economic upsurge that is coming soon.
This claim is backed by the recently released Corporate Recruiters Survey by GMAC or Graduate Management Admission Councils that has confirmed that the demand for business graduates is likely to increase over the next 5 years.
Thinking long term
It is no news that education adds to your potential and worth in the market. A business school education makes you a stronger leader, tones your communication skills, fosters your potential, and multiplies your network in the field.
It makes you market-ready with confidence and credibility. A few bumps in the market are no match to the worth of an MBA and it doesn't nullify the long-term benefits of the degree.
While taking on more debt to pay for education may seem unreasonable right now, but investing in an MBA will make you stand out in the crowd. The fact that employers will always prioritize advanced professionals will remain unchanged.
Getting an MBA, even from a distance education program, is a worthy investment that is bound to reap substantial long-term returns. This is because while the economic crunch will end, the skills you will acquire in the program won’t end.
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Taking advantage of the crisis
As university campuses have shut down to contain the spread of the coronavirus and college lectures are happening online, naturally, admission rates have fallen. However, this can be a blessing in disguise as there is a probability for a fall in tuition fees too.
An exorbitant fee is one of the most common impediments for MBA aspirants. But as applications for the course are falling due to various concerns, many B schools have decided to freeze their tuition fees and have extended deadlines.
Another advantage of pursuing an MBA right now is the fall in total competition for the limited seats. In the face of the uncertainty of the future, many potential applicants have withheld their admission plans.
More dynamic exposure during the course
Experts and academicians across the world are incorporating discussions on this unique economic crisis. Teaching plans have been updated to include tackling unforeseen disasters like the spread of infectious disease, political instability, working remotely, and solutions to business problems in the face of such a crisis.
The worth of an MBA has exponentially increased as business education now has a fresh perspective and its vision to manage actual concerns is providing a unique opportunity for acquiring skills that will be in high demand in the upcoming years.
Distance learning is the new norm
If you were planning on pursuing an MBA before the pandemic hit, sticking to the plan will be a good choice. The market right now is not the best for jobs and utilizing this time for getting an MBA degree will get you ready to step into the post COVID world on a better footing.
But a distance learning MBA is not the best you may ask. Well, as the stigma surrounding online education is reducing, you will find an online MBA education to be cheaper and more flexible.
Moreover, the course content doesn’t change in an online or an offline mode of education. So the value of an online MBA from a prestigious institute doesn’t differ from an on-campus education anymore.
The bottom line is that getting an MBA is a risk worth taking. Uncertainties often trigger havoc among the masses and many make the wrong decisions that they regret later. And, this is what is happening with MBA applicants across the globe. The fear of unprecedented economic needs has led to many people putting aside higher education and looking for jobs. But before you decide to drop your plans entirely, sit down and assess the possibilities that an MBA will give you in the post-COVID world.
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Frequently asked questions
1. Which type of MBA is in demand?
- Among the most popular choices, specializing in Marketing, Finance, Human Resources, Supply Chain Management, and Information Systems are in the highest demand. This indicates the rising part of the interdisciplinary paradigm in the corporate industry.
2. What skills does an MBA give you?
- Among a multitude of skills that an MBA gives you, the following are the most sought-after skills.
- Communications skills
- Networking skills
- Time management
- Decision-making skills
- Leadership skills
- Navigating through high-pressure situations
3. How will an MBA benefit me?
- An MBA can give you job security, a higher salary, and various perks at your job. MBA degree holders are often appointed to leadership positions and are the bosses of the office. An MBA graduate earns almost double as compared to a regular Master's degree holder.
4. What jobs can I get with an MBA?
- Following are some of the most sought-after fields in which MBA graduates are working:
- Financial consultancy
- Healthcare management
- Data analysis
- Investment banking
5. By how much does an MBA increase your salary?
- According to various research and reports, an MBA can increase your salary by anywhere between 35 and 60% depending on the industry.