Going back to school might be one of the last things on your mind considering the heavy impact of the COVID-19 pandemic on the economy.
Even with vaccines starting to become available, the difficult truth is that we might have to endure the pandemic a bit longer. This means that schools and many businesses might retain their online operations. Many industries are still trying to recover from the pandemic and even more people are trying to get by after having lost their jobs.
The low productivity rates coupled with the high unemployment rates mean that the labour market is going to be even more saturated and competitive than it was pre-COVID-19. If you want to secure a job in the near future, you need to invest in yourself now more than ever, and education is one of the best investments you can make.
The Master of Business Administration is an internationally-recognized degree that puts an emphasis on the development of skills that are needed for business and management careers. MBA curriculums include a broad spectrum of business-related topics such as accounting, statistics, economics, communications, and entrepreneurship. However, an MBA graduate is not limited to business-related roles. In fact, it also opens career paths to managerial careers in the public sector, government, the private industry, and other sectors.
It’s currently the most popular post-graduate degree and this is bound to become even more popular after the pandemic because of the potential job opportunities that await graduates of this degree. What makes an MBA particularly useful is that it’s flexible, that it often adapts to meet the current demands of the market.
The primary reason for considering an MBA over other degrees is because we’re likely going to hit a recession soon, if we aren’t already in one. It’s a tried and tested education to take up after or during an economic crisis. In fact, many studies have shown that there has been a spike in MBA applications during the financial crisis of 2008. If you want to play it safe, there are only a few sure-fire investments that you can make besides education.
People are forced to adapt to the difficulties that are presented to them, and the COVID-19 pandemic is no different. In fact, people have been keen to capitalize on the massive spike in internet traffic caused by the pandemic. The number of new online businesses is astounding, as is the number of new business registrations in 2020. So, where does an MBA fit in all this?
These new businesses are going to need people who are specialized in handling the finer details of business operations. While it’s true that not all businesses are going to survive the pandemic, the ones that are able to do so are likely to expand, which means they’re going to need people to facilitate their expansion.
There are few people who are as effective as an MBA student at running a business. It makes only perfect sense for them to become entrepreneurs themselves, especially when they are granted a much more circumspect business perspective which is most likely to affect a critical change. This advantage applies not only to students but also to those who are currently running a business.
As previously mentioned, MBA programs tend to adapt to the demands of the markets. In this case, there is an increased drive toward digitalization whether it’s as a contingency just in case a similar crisis such as the COVID-19 pandemic happens, or as a result of the implementation of disruptive technologies into the mainstream markets.
MBAs are particularly valuable during these market shifts because they provide students with new knowledge on how to make these new systems work. This new knowledge is a massive advantage over others who have yet to learn about the new techniques and principles that are bound to surface as we shift toward digitalization.
What sets an MBA apart from other degrees is that it is geared toward real-world career outcomes rather than simply putting a focus on academic performance. In fact, more often than not, MBA degree holders are generally perceived to be more valuable employees than those who do not have an MBA degree.