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Is MBA Losing its Charms in Today’s Growing Market?
In today’s dynamic world, one can find a plethora of educational courses. The management courses are popular among students around the world. However, with recent changes in the education sector because of the COVID-19 pandemic, many scholars and industrialists believe that the MBA has lost its previous charm.
Recent years have witnessed a significant decrease in the number of MBA admissions around the world. Even top B-schools have marked a steady decline in the rate of admission. This has led people to believe that value of an MBA degree has decreased. However, is it true?
Let us find out.
MBA courses are useful for students who want to work and study in a challenging environment. However, taking admission in a reputed b-school is not an easy feat to achieve. Contrary to popular view, eligibility criteria for taking admission in MBA courses are very stringent.
Only students who have cleared the entrance exams to have the required work experience and relevant academic and professional achievements can take MBA courses.
Comparatively, taking admission in a master’s in management course (MiM) is easy as schools do not want much experience to admit into them. There are several other differences between the MiM and MBA courses which the people are still unaware of.
Often students are encouraged to opt for MBA courses offered by well-known MBA schools to increase their chances of getting employed by top recruiters.
Are MBA programs worth it?
There was a time when your parents and teachers would have suggested pursuing one or another management course. Although, a decrease in prospectus, admission procedure and high fee structure has caused people to re-think if the MBA programs are worth all the hype they are given.
These programs were one of the most popular programs worldwide, and why won’t they be? Management students from top-ranking B-schools get packages worth thousands and lakhs, making them popular amongst students and parents alike.
Given the rigorous curriculum and admission criteria of an MBA, employers are known to employ an MBA graduate. However, these days, if you want to take admission in an elite B-school, then you must pay about 50 lakh rupees, including the academic fees and boarding-lodging fees.
This causes students to think twice before applying for an MBA course. A lot of students do not want to pay hefty fees or education loans. With the decrease in the number of applicants and quality candidates, recruiters have also stopped considering these MBA grads.
All this explains to us the reason behind the downfall of these courses. However, one cannot discard the value of courses. The skill sets and knowledge given by these courses are worth every penny spent.
There are various specializations in MBA, such as marketing, HR, finance, consulting, entrepreneurship, operation management. Herein, students learn core management skills, which are valuable in the current business environment.
The COVID-19 Crisis
COVID crisis has brought several changes in the education sector. Owing to the contagious nature of this virus, governments have imposed lockdowns over several cities. This ended the possibility of opening schools in the usual manner.
Educational organizations have also evolved in this new environment. E-learning has been introduced by most of the institutions, and our new-generation have whole-heartedly accepted it.
B-schools have also started online MBA programs with their other courses. Online courses have been useful to people who could not get into MBA programs because of personal and professional reasons. As a result, people are enrolling themselves in these online courses.
Is MBA losing its charm?
Educational institutions have started adopting new ways to help students understand concepts and studies. The advent of online education has also increased the overall scope of education, increasing the number of admissions globally.
After going through all this, one can say that the MBA concept is evolving rather than losing its charm. Owing to its constant subject modifications and diverse student groups, this field is constantly trying to grow as per society’s needs.
Universities and top-B schools are trying to start new courses that can fulfill the needs of students. They have introduced several new courses based on research. They are also focusing on changing their teaching methods as per the latest industry standards.
B-schools research to understand the students’ present needs and business environments; accordingly, they introduce new courses. Earlier MBA used to be a one-year program. Now we have full two-year programs which are more extensive and practical-oriented.
The growth of this sector has also increased the types of MBA courses. Now you can find MBA in Healthcare, Hospitality, and infrastructure management. Furthermore, top institutes and industries still look out for management grads from high-tier b-schools.
What should you do?
Please wait before blindly hopping on the bandwagon and choosing the MBA course that your friend or relative may have taken. Breath, and try to go for the courses which intrigue you. Think about
- Which MBA courses interest you?
- What is the scope of the course?
- Which college provides the best curriculum as per your needs?
- What is the process of getting admission to that college?
- What is the application process?
- Should I consider taking help from an experienced consultant?
Now there are two methods by which one can find a suitable course, first is by thinking about what you need. Contemplating may take some time. You need to invest time to release what you want.
Another method is by hiring an experienced consultant to do all this for you. A consultant could guide you through all the application process. They can ask you relevant questions that may help you recognize what you understand and want to pursue.
Consultants not only provide you with guidance but also helps you with filing your application. They may help by giving constructive feedback, editing CVs, conducting mock-interviews for interview rounds. They assist you in fetching relevant scholarships.
All these points and discussion tells that MBA is not losing its charm. Instead, it is continuously evolving. Universities have started conducting online classes, online lectures, exams. They have begun different programs for catering to the needs of students.
Finally, it is up to the student to choose which course would be better for fulfilling their future goals. No matter the difficulty level of the MBA curriculum, high fee structure, increased competition, and the ever-changing nature of the economic world, the reality is that MBA courses are as popular as they used to be.
Abhyank Srinet, the founder of MiM-Essay, holds a Masters in Management degree from ESCP Europe. He is an entrepreneur who is passionate about digital entrepreneurship. Following his passion, he started his first company while he was a student at the ESCP. He managed to scale it up by 400% in just two years.
Being a B-School Alumni, he recognized the need for a one-stop solution for the B-School admission process. This encouraged him to create MiM-Essay, a one-of-a-kind portal with cutting edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School Updates.