For prospective managers, deciding to pursue an MBA degree (Master of Business Administration) is a significant step. Is it a smart idea to enroll in an MBA program at a business school in another country? Are the monetary outlay and admission requirements justified? Is an MBA degree worth it in the end?
We believe it is if you are preparing to enter today’s competitive corporate world. So, what can you accomplish with a master’s degree? An MBA, especially one from a prestigious business school, will provide you with a slew of benefits. Obtaining a high MBA income after graduation, securing a management job, building a strong professional network, and even being your own boss are just a few of the benefits of pursuing an MBA degree overseas.
Although there have been concerns regarding the utility of earning an MBA while dealing with a global pandemic, hiring projections for MBA graduates are expected to improve in 2021. Despite the fact that the MBA talent is not immune to the COVID-19 pandemic, companies remain confident in their abilities. MBA graduates are expected to earn a median salary of $105,000. Many MBA students struggle to understand “why MBA,” as there is little clarity on what an MBA degree entails. However, it isn’t totally their fault. We live in a time when everyone wants to acquire their MBA! It’s become fashionable, and many individuals make this option without fully understanding why. That is most likely why business schools ask candidates the same question in their MBA applications and interviews. They want to know if you truly understand why you want an MBA and how it can benefit you, or if you’re just jumping on the bandwagon.
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MBA programs have always offered a few things: a solid grounding in key business concepts, better employment chances, and access to a prestigious network. However, none of those results can be guaranteed in the near future.
What about education? Thanks to widely available MOOCs—massive open online courses like Udemy and Coursera—MBA students will be able to watch their business classes online, just like you can. What about work opportunities? Many MBA-hiring organizations have halted hiring and canceled summer internships. MBA grads will compete for scarce positions with individuals who have worked for the previous two years. Most crucially, one has seen firsthand how a two-year business school education is simply not enough for today’s jobs. As the CEO of an education business, they work with thousands of millennials each year on their career needs, both MBAs and non-MBAs. Students do not want a one-size-fits-all education. They understand that the constant industrial disruption we’ve experienced throughout our lives—now accelerated by Covid-19—requires them to stay on top of the latest trends, expand their networks, and maintain the ever-changing skills essential for success. They’re increasingly asking, “How do I gain the abilities and insights I need for my job?” rather than “Should I pursue an MBA?”
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In reality, managerial abilities have never been more critical to long-term professional success. The only jobs that are genuinely future-proof in a post-Covid-19 world are those that cannot be easily automated or outsourced. Management positions, for example, necessitate a high level of interpersonal skills, emotional intelligence, and experience. Pay and opportunities were a fraction of what they were pre-financial crisis when a person left JP Morgan to establish brunch work in 2018, prominent roles were being automated, and an increasing proportion of colleagues sat overseas. One especially vivid example: JP Morgan’s equity trading used to take up two floors at 270 Park, but it’s now been replaced by algorithms and a small room of a dozen employees. His colleagues recognized that fixed income was next and that robots or cheaper personnel from other countries would take over more and more responsibilities in finance. That was more than two years ago. Let’s fast forward to the present: These trends of automation and outsourcing have been massively pushed by Covid-19 far beyond banking. According to Bain, automation is on track to eliminate 20 percent to 25 percent of current occupations by the end of the decade.
Outsourcing is also on the rise, as companies are pressured to cut costs while also becoming more comfortable with a remote workforce. Even tech employment is under jeopardy: Uber CEO Dana Khosrowshahi says he’ll transfer many of the business’s technical employees overseas as part of a strategy to “fundamentally restructure the company.” Nearly three-quarters of tech workers are concerned about their future employment prospects. Despite these developments and the value of management education, business schools are having difficulty attracting top talent. Many prestigious MBA programs have had to ease their exam standards, and some have even dropped the GMAT entirely. It’s understandable: they haven’t introduced big innovation in years, and they aren’t making the adjustments that would appeal to prospective students right now.
Despite loud objections, I have yet to see any announcements of tuition changes or refunds for the disrupted semesters, nor any news of increased career support for struggling students. Rather, many programs are clamoring to reopen, and some have made the decision to do so ahead of other businesses. They’re clinging to the strong brand and high profits that have served them well for decades, rather than embracing new models that make sense for the future, as Blockbuster did in the early 2000s.
However, change is on the way. Students have high expectations, and they are entitled to them. Alternative MBA programs are still in their infancy and are yet experimental. Any online business class or alternative program comes with a number of considerations. However, I believe that one of these programs will become the Netflix of the future, putting the companies we’ve known for years out of business. In any case, given that many of these apps are free or inexpensive, they’re a lot safer bet.
Although the MBA is the obvious objective, this case study should be studied by all of higher education. Many of these out-of-date institutions—which entice students with reputation, burden them with debt, and rob them of their formative years—need to go the way of Blockbuster.
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