The pandemic has turned the economic world upside now and is something most of us could’ve never imagined. However, while it has been a global public health disaster, it also has opened the door to many opportunities.
For every problem, there is a solution, and right now, the world needs a lot of problem solvers. This crisis has also put the relevancy of the MBA back at the forefront. For a few years now, the MBA has been devalued in some circles, with some even calling it obsolete. But you won’t find too many who will agree today. Could now be the best time to get an MBA degree?
Why Now Could Be a Perfect Time to Earn an MBA
Getting an MBA is more than about passing the time during the quarantine. The world we’re going to be left with after the pandemic will likely be very different than it is today. We’re certainly looking at a few years of recovery and a long recession. Businesses will try to find ways to drive down costs and run more efficient operations. New business sectors will emerge. Supply chain management will also become more complex.
This is why those with an MBA will be in high demand and in a prime position to spearhead this recovery. Companies that were reluctant to hire MBAs up until now or didn’t see their utility are now left with no choices.
Why Going to School During a Recession is a Good Decision
There has also always been a trend towards people seeking education during times of recession. There was a surge in MBA applications following the 2008 financial crisis, though the circumstances of this crisis are very different. And, while taking on more debt during a crisis might seem like a bad decision, it could actually be the best one you’ve ever made.
That’s because business becomes even more competitive during recessions and getting an MBA is the best way to stand out in a crowded space. Employers understand the value an MBA can bring to an enterprise during times of turmoil and will do whatever it takes to find and attract top talent.
Keeping Costs Down
However, we don’t suggest that you take on some additional debt unless you can handle it. There are some ways that you could keep your costs down and still get your education. One of the ways you could do this would be to go for a part-time program and keep a job. There are plenty of programs that will allow you to stretch out your studies so you can keep the workload manageable. This is often the case with online programs.
Online MBAs are more Popular than Ever
The online MBA has been there for a long time and was getting some traction before the pandemic. But current circumstances have made them the best option for people who want to get their qualifications.
Online MBAs have always been convenient and could be your only choice right now. You won’t have to leave your city, state, or even your country. You’ll also be surprised at their quality. The MBA is one of the programs that is the most suited for the online format, and you’ll get the same level of education as you would in a traditional program.
As a matter of fact, you could even get more from an online program. One of the things that stands out the most about online programs is how accessible the teaching staff are. Asking questions during classes is much easier in an online setting and might benefit those who are more introverted. Connecting and working with other students is also much easier than many imagine, and you still have the opportunity to network. The pool of students is more diverse than ever as well, which was already one of the benefits of the online MBA.
But what makes online MBAs such a great option right now is how flexible they are. You can decide to accelerate your courses and get your MBA in under two years in many cases. You can also stretch them out if you have other responsibilities or are currently running a business. And they tend to be less costly with all expenses considered.
Why the MBA is so Important Now
Many business owners are just now thinking about the impact of global crises on the economy. This is why so many business owners are either in over their heads, scrambling to find talent, or trying to get qualifications. Crisis management has always been part of the MBA curriculum, however.
In addition to that, MBAs have been studying principles like lean manufacturing and project management that are becoming absolutely essential and will be for years to come. As a matter of fact, it’s difficult to imagine any kind of sizable operation working without applying some lean principles. A large portion of the MBA also revolves around managing a supply chain in the face of changing market conditions and global disasters, natural or otherwise.
If you want to learn more about what type of skills you can expect to learn through an MBA, click here. It explains both the core skills as well as some of the crucial soft skills that you’ll acquire.
In addition to understanding the financials of business during a pandemic, you’ll also learn more about how to manage your team during times of disruption. Businesses need to be more flexible than ever, and MBAs are better equipped than anyone to handle that transition. Making sure to maintain morale and engagement in an increasingly disconnected workforce will be a challenge, and one you’ll be ready to tackle. This is also the kind of skill set many companies will be ready to pay top dollar for.
As you can see, there are tons of reasons why now could be the best time to get an MBA degree. Whatever you do, make sure that you take the time to at least see what the program has to offer and see if it could be the right fit for you.