Is an MBA still relevant today?
The past few years have completely changed the educational and business world making students wonder if a Master of Business Administration (MBA) is still relevant today. However, in a 2022 report by the Financial Times, the MBA programme remained widely popular.
The survey interviewed several alumni of different business schools and concluded that the salary of MBA graduates and their job stability remains unaffected despite the pandemic. Rather, programmes like the Global MBA have become a good option for those affected by the difficult job market.
Many professionals have always seen business schools as an excellent place for acquiring much-needed expertise. The MBA programme has always been deemed valuable as it carries essential skills like communication, networking, troubleshooting, analytical thinking and more.
Even in the pandemic era, the relevance of this degree has remained unaffected. Instead, students, as well as professionals, are turning to the MBA to acquire an upper-hand in a competitive market.
Should I choose to study for an MBA?
As a student, your main criteria while choosing a degree is the employability factor. If a programme does not lead to a well-paying job that offers security and stability, then it is of no real value.
In the QS Global Employer Survey 2022, 5,000 employers in European countries and the US were asked if they would hire an MBA graduate. In the UK, 86% of hiring managers were keen on getting MBA graduates to fill vacancies. The salary of global MBA graduates will rise from £85,690 in 2020 to £88,673 in the country. Similarly, for the role of strategic planners, several employers were keen to fill 51% of job posts with MBA graduates.
The case is no different in Germany, where big brands like Mercedes, Amazon, Volkswagen and Bosch prefered students who have completed their MBA for important job roles. In the US too, around 37% of employers strongly agreed that MBA hiring will rise in 2022.
All these figures suggest that MBA still holds immense value and will be beneficial in finding excellent job prospects. It shows that the skills gained from a recognised programme holds value on your resume.
How has Covid-19 impacted MBA?
The post-pandemic era is filled with numerous new technologies, shifting job roles, enhanced opportunities and equally difficult challenges. While Covid-19 disrupted the usual work process, it also accelerated transformation by shedding light on redundant work models.
The overnight shift to a digital business model still requires a lot of strategic work which is only possible if you have young thought leaders on board. MBA graduates who are knowledgeable within the new landscape and are trained to handle the challenges it brings are therefore in demand.
Business owners rebuilding robust models to integrate the latest technology are on the lookout for MBA graduates who possess the right expertise and can generate innovative ideas.
The pandemic has brought to light the importance of an MBA programme and how it can prepare you for any unprecedented challenges. It imbibes you with fundamental skills and trains you to turn adversities into new opportunities.
New opportunities and challenges for MBA programmes
The pandemic has pushed business schools to re-think their curriculum, leading to a great challenge and opportunity for all the current business schools offering MBA programmes.
Disruption in the marketplace has always been a key topic in the MBA curriculum, but in the post-pandemic era, it becomes even more important to highlight this issue. Covid-19 makes for an excellent case study, where students can learn a lot about how it caused financial losses, which sectors were most affected and how businesses managed to bounce back.
The use of innovative technology, the need for flexibility and the adoption of a digitalised way of working should be covered in the curriculum. While before the pandemic, Airbnb proposed ‘experience travelling’ and Uber changed the way we commute, today, we see online education becoming the norm and many traditional shops turning to e-commerce stores.
It is a challenge for all business schools to prepare students for worst-case scenarios in a world that is still transforming and where predicting the next big change in the business world is very tricky.
BSBI students are encouraged to research and apply the things they learn in the classroom in the real world. A case study in the BSBI journal on Virgin Airlines owner, Sir Richard Branson, carried out by students and researchers focuses on overcoming challenges by applying innovative strategies. It emphasises the importance of being prepared for every market scenario and contextual strategies put in place by the brand for a volatile market. You can read the case study here.
Are you looking for a good MBA programme to accelerate your career? The Global MBA offered by the Berlin School of Business and Innovation (BSBI) can be your ticket to success.
This programme, offered in partnership with University for the Creative Arts (UCA), gives you exposure to the vast international business environment. It consists of four terms, with the final term concluding with a dissertation on a topic of your choice.
Students will be taught in small class sizes ensuring individual attention and maximum interaction during classroom discussion. Those interested in pursuing a global career will gain a lot from this programme which focuses on shaping future business leaders. Click here to learn more.