The pandemic’s impact on individual businesses can impact the career aspirations of those who are forced to change jobs. The technology industry came out on top in 2020, even though most other sectors saw a decline in money.
Business schools teach students the need for adaptability and the rules of supply and demand. The MBA, in some ways, has shown to be surprisingly adaptable to changing tastes and economic realities.
As per the World Economic Forum, almost half of all workers will need to be retrained by 2025. So, you must enroll in a business school that will provide you with the training you need to succeed shortly.
According to the MBA enrolment trends 2021, many students considering an MBA to advance in their careers would now be eager to take advantage of this opportunity and pursue a career in the IT industry in the MBA spring 2022 intake. The world is always evolving, and MBA programs must constantly adapt and expand to suit those needs.
Here’s how the best business schools in India are revving up their MBA programs:
Micro-credentials and stackable degrees are gaining favor, allowing business schools to diversify their revenue streams and become more comprehensive institutions. Institutions increasingly “unbundle” their operations and share responsibility for programs with other institutions.
2. Business schools live their words:
For many years, MBA programs have stressed flexibility and adaptability. As value-driven and cost-conscious students question the value of the standard MBA, business schools that have adapted to give value online and altered their programs have reaped the benefits. It’s been a requirement of COVID that they develop their adaptability.
3. Renewal of higher education for executives:
An executive MBA is becoming more popular as more and more professionals are unwilling to give up their careers to attend full-time programs. After a candidate has worked for one to five years, a recent study found that firms are less likely to hire them. That an executive MBA permits applicants to retrain after five years in the profession is a massive thumbs up. Today’s schools compete worldwide to provide services close to home.
Future of the MBA program: An impending paradigm shift
The rapid and dramatic changes in the corporate environment in India are destined to alter management education in the country. Naturally, the industry is on the lookout for well-versed management personnel in today’s cutting-edge capabilities and competencies.
Consider the following aspects of the upcoming shift:
1. Eroding borders, escalating competition:
Because of the Covid-19 epidemic, educational institutions are moving more quickly to a digital format for teaching and learning. Since most programs are now virtual, there is no longer any consideration for distance. Many world-renowned institutions of higher education have already opened branch campuses in India. Several others have partnered with Indian universities to offer dual degree programs.
2. Industry-based specialist programs:
Recruiters will increasingly expect a stronger curriculum connection with job requirements. Specialized management skills will become increasingly important! Thus, specialist programs in sectors like insurance and mutual funds, healthcare management, and business analytics will grow. It is expected that new programs and courses will arise at the intersection of traditional management functions and industry sectors. So, business schools must adapt to match industrial demands.
3. Money worth of time will influence program design:
Shorter-duration, modular programs delivering specialized capabilities are already dominating. This trend will undoubtedly accelerate as students seek to shorten their study time. MBAs will be replaced with 15-month or 1-year modules. Demand for even shorter programs with super-specialized certificates is anticipated to grow.
4. Top B-schools following trend:
B-Schools will become more industry-focused. Not simply warm bodies, but also intellectual ability. B-Schools will develop innovative content delivery methods to reach more students in more cities at lower costs.
5. MBA curriculum expands to satisfy industrial demand:
Over the last decade, India has seen a tremendous increase in students enrolling in MBA programs. But, like the MBA program, it has hit its peak and is now being scrutinized. The aspirant now plainly seeks measurable achievements at the end of the course, practically expecting a job guarantee. It puts much pressure on B-schools and may cause a shift.
6. Improve or perish:
B-schools will have to use technology creatively. The use of current pedagogical techniques such as computer simulations, big data analytics, virtual reality, and flipped classrooms will have to be utilized proactively.
7. International accreditation:
Modern-day B-school graduates are global citizens seeking global work prospects. Their acceptance rises if their degree issuing institution is accredited worldwide. As a result, we expect more Indian b-schools to seek international accreditation like AACSB, Equis, and EMBA.
Pandemic demand for MBA grads
Leaders with strong strategic, interpersonal, communication, and decision-making abilities and knowledge of the importance of diversity, inclusion, and sustainability in their organizations are valued highly by technology businesses.
Many ambitious students anticipate that after COVID-19, the breadth of job opportunities for an MBA will shrink. Recent events have shown that the world needs MBA graduates and top doctors, scientists, engineers, and lawyers. An MBA graduate can handle Human Resources, Marketing, Sales, Finance, Analytics, and Consulting. MBA graduates are undeniably the best candidates for corporate leadership.
Due to the pandemic, businesses will not close, threatening hundreds of thousands of lives. HR and recruiters are continuously on the lookout for good MBA graduates. Therefore the scope of MBA post-COVID-19 would expand. One of the benefits of having an MBA is entering managerial positions quickly, whereas non-MBA applicants will have to wait years.
Aspiring MBA students would need to gain additional skills outside management, decision-making, problem-solving, and communication skills.
Advance your career with an online MBA
A growing number of MBA preparatory programs and alternatives like these are expected to emerge in the coming years as demand for MBA skills, applications, and global MBA offerings increases. As long as upheaval, change, and uncertainty characterize the business world, professionals who can lead, strategize, and evaluate will be in high demand.
Alternative MBAs are a viable option in digital media, data science, and IoT industries. These MBAs also adhere to NEP.