Is a pandemic the time for an MBA?

Is a pandemic the time for an MBA?

Amid the pandemic that resulted in huge economic crises and eventually it has all resulted in, the group of MBA students to decide and pause their career and build their credibility. On contrary in a strong working economy, student chooses to work and chases to get promoted.

A girl name Penpisut Chaovanayan, has chosen the same option, this January she has got enrolled at Rotterdam school of management in the Netherlands after leaving her job as a consultant at Deloitte in Thailand. she thinks that an MBA degree will give her the technical and leadership skills to climb the ladder at Deloitte as the economy improves. Regarding this, she said, “It is a great time to study because the consulting industry has been hit hard by coronavirus and promotions have been frozen and I plan to go back to the firm in 2022 as a much stronger candidate for promotion”.

Most of them are making the same choices as Chaovanyan, to take shelter from the world economy recovering from coronaviruses. According to the Graduate Management Admissions Council, Two-third of MBA programs have shown an increase in their demand in the year 2020.

Also apart from this, business schools are expecting to have these demands in a continuous period, but also have a question about applying in 2021.

Regarding this, the GMAC survey of employers published in September suggested that, demand had largely recovered from the pandemic. (The survey was the first predetermined coronavirus variant found in the UK.). The survey stated that the proportion of technology, banking, and consulting companies are planning to hire MBAs fell from 92 percent before coronavirus to 77 percent by July. Nevertheless, 89 percent have estimated to hire MBAs in 2021, though the average estimated salary for the class of 2020 fell from $115,000 to $105000 after the onset of the epidemic.

Moving ahead toward views and concerns of different companies and consultancy, they are expecting to hire more than 250 MBA interns in 2021, which would be a recent record.

And with this concern the global head of consultant recruiting, Keith Bevans says that “If you want to get an MBA, now is a good time because you would be graduating when the market is picking back up, The last thing you want to do in a strong job market is taking time off to go back to school.”

Now apart from this now let’s talk about what students and teachers and universities are expecting after this pandemic period and what they are tolerating in this pandemic period.

It is in news, that the vaccine for coronavirus has arrived and this news somewhere has given hope for a full return to campus teaching, Anjani Jain, deputy dean for an academic programmer at Yale School of Management says “It is too early to say how soon we will restore the full richness of campus life, but with the development of vaccines, that goal is now in sight, perhaps as early as the last quarter of 2021, Like most schools, Yale adopted a “bricks and clicks” approach. “We expect to continue with our hybrid format at the start of 2021, and as public health conditions and university protocols permit, we will scale up the in-person component,” says Prof Jain.

The biggest crises or problems that students are facing is, to complete their studies from the virtual medium, in contrary, they want to come to campus and to learn from and network with classmates and faculty, and in form of result students are rebelling over MBA tuition fees, they are demanding refunds for online learning that did not meet their expectation.

And on this situation, Chioma Isiadinso, chief executive of expartur, presenting his views, says “The quality of the MBA is diminished when students can’t interact face to face, “One of the biggest selling points is the collegial experience and all the interactions that happen outside the classroom.”

In responding to the rebellious move of students, some school has trimmed their tuition fees.  And on this context Brandon Kirby, director of marketing, sales, and admissions at Rotterdam, says students are struggling more than ever to finance their studies. “Banks are reviewing applications more critically than ever,” he adds. “Alternative lenders are also experiencing significant instability. Some students have lost approved loans even after enrolling. It keeps me up at night.”

Another important thought of contemplation for students is their travel restrictions. As a result of which it is showing more growth in domestic MBA programs rather than foreign demand. It has traditionally hit a big draw on international diversity in some business schools.

50 foreign students have deferred MBA places out of 838 who were admitted in 2020 at Duke University’s Fuqua School of Business in North Carolin. And in respect to this, Bill Boulding, the dean, says the main issue is securing a US visa, due to the closure of embassies, though students can take classes remotely. “They still feel they are part of our community, even though they are thousands of miles away,” he says.

Presenting their views in respect to burning topic Andrew Crisp, a higher education consultant says Yet there was a global rise, from 3 percent to 7 percent, in MBA students deferring their entry in 2020. “It could be an even more competitive market for MBA places as those who deferred will be starting in 2021,”

And in the meantime, the demand for short vocational courses rose last year, because they are much cheaper and look good as the best and more flexible alternative in terms of full-time MBA such as jolt, an Israel-based company whose “Not An MBA” program costs just £4,500.

And in the same context Sevin Yeltekin, dean of Simon Business School at the University of Rochester, New York state, says. The MBA has a different value proposition. Peer review is rooted in academic research, external monitoring from accredited agencies, and has been tested over time, she says “That said, like every industry, business schools have to be nimble and continue innovating to maintain relevance.”

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