Even before the pandemic, the corporate world had been rocked by technological development, political instability, and economic interconnectedness. Our current environment is described by a unique acronym, such as VUCA (volatility, uncertainty, complexity, and ambiguity). Radical change is considered as a significant challenge – an opportunity – for organisations all over the world.
It is not surprising that demand for MBA graduates continues to climb. In 2021, 83% of businesses intended to hire MBA graduates. Less than 2020, 92% in but still greater than any previous year.
MBAs are driving the Fourth Industrial Revolution forward
The future of business will be defined by artificial intelligence (AI), augmented and virtual reality, block chain, drones, the Internet of Things (IoT), robotics, and 3D printing.
As a result, there will be an increase in demand for people who are knowledgeable with these technologies and techniques.
In response to the growing demand, MBA graduate programs are including disciplines like data, analytics, and programming in their curricula. The purpose is to prepare graduates to work with and manage individuals who are fluent in these skills, not necessarily to generate graduates who are fluent in these skills.
A popular survey conducted among business school leaders, 95% feel that incorporating big data into the curriculum is critical. This was followed by experiential learning at 94%, digitisation at 93%, AI at 86%, and data visualisation at 83 %.
Popularity of part-time, flexible, online MBAs on the rise
There has been a steady increase in popularity of MBA programmes in the recent years.
A survey done by Graduate Management Admission Council™ (GMAC) in 2020 noted that 67% of all graduate management programs, including MBA programs, reported growth in applications from 2019 to 2020.
Part-time, self-paced MBA programs experienced the greatest rise in applications, with a 53% increase in applications. Flexible MBAs increased by 48.6%, while online MBAs increased by 43.5%.
However, the competition for a spot might be strong. This is compounded by the significant time commitment. A typical MBA can take one to three years to finish, which is a time commitment that many business professionals are unwilling to make. For this reason, getting Executive, Global online MBA programs from foreign universities are an appealing option for many working professionals.
Online courses allow you to apply what you’ve learned in the classroom and apply it at work in real time. It also means you may keep your skills up to date by augmenting your education with other online courses relevant to your work or sector.
Professionals from a variety of backgrounds are able to acquire the skills offered by MBA programs as the need for managerial and business skills grows and online learning and blended mode of learning lowers the hurdles to entry.
MBA salaries are on the high
Despite the worldwide economic downturn, salary trends for MBA graduates remain strong. From 2018 through 2020, the median yearly pay climbed substantially, peaking at $115,000 in 2020. That’s 77% more than the average bachelor’s degree holder.
Pandemic-related management challenges, ranging from supply-chain disruptions to concerns about the future of labour, have encouraged a wide spectrum of companies to pay a premium for MBA expertise.
Additional Resources: Career Trends MBA Students Should Know
The impact of Great Resignation
The Great Resignation, also known as the Big Quit, is an economic trend that began in early 2021, predominantly in the United States, in which employees resigned from their jobs en masse. Wage stagnation in the face of increased living costs and concerns about the COVID-19 pandemic’s safety are two possible factors. The Great Resignation has been compared to a nationwide strike by some economists.
The employment market is booming in the aftermath of the Great Resignation. Organisations have been incentivised by the labour market to provide better benefits and higher compensation. Economists expect that the competition for top personnel will continue, with larger organisations that can provide better compensation coming out on top.
Keeping in mind the growing demand for MBA skills, the increase in MBA applications, and the number of global MBA offers, it can be concluded that it is the right time for an MBA. Furthermore, as the corporate world continues to be characterised by upheaval, change, and uncertainty, experts who can lead, strategize, and evaluate will be in great demand.