The Value of An MBA Degree During the Recession and the Pandemic
Here is what an MBA means in times of a financial crisis and a skewed job market
The bankruptcy of Lehmann Brothers, a financial services firm, in 2008 is what triggered the financial crisis and ultimately led to the great recession back then. This is when the job market looked arid with very limited or no new opportunities at all. With the COVID-19 pandemic slowly moving from an unprecedented health crisis and mitigating into a deep economic crisis, India and the world are once again staring at a recession and from a limited to very scarce availability of job.
While in the current point in time, investing in an MBA degree might not seem to be the logical thing to be done, but if we ask those who were in B-Schools during recession triggered by the Lehmann Brothers bankruptcy, they will tell us a different story. They will in fact say that now is as good a time as ever to strengthens one’s professional skills and make them strong enough to withstand a crisis.
Here is what an MBA means in times of a financial crisis and a skewed job market:
It will help you stand out to employees
Considering the condition of the world finances and the job market, while now may not be the time for you to land you dream job or the promotion you have been longing for, the value of a business degree lives longer than that. Once the condition gets better and companies start hiring more proactively, they will be quite specific about the skill sets they are looking for. Hence, this temporary dive in the economy might be the best time to for you to skill up. The person who will come out of the B-School will be more capable and hence, desirable by corporates.
An updated skillset
“Upskilling” is a word that has been thrown around a lot during the lockdown by people who are simply building on their hobbies but in terms of a business degree, this is the perfect time to upskill, actually. Do not waste your time in simple MBAs but instead, look for institutions that offer Employability Enhancement Programs and profile enhancing certifications like NISM – National Institute of Securities Markets, NCFM – NSE Certification in Financial Markets, and AMFI – Association of Mutual Funds in India, Google Ads-Fundamental and Advanced Display Advertising Certifications, CII-UK-Certification in Insurance. Though not many B-Schools in India focus on these Employability Enhancement Programs at St. Kabir Institute of Professional Studies – SKIPS, is a name that comes to mind where skill development is placed at the core of an MBA.
Learning how to lead in a crisis
The pandemic has tested everything that the modern world stands for and undeniably, there will be many lessons learnt from this. If you are a job-seeker, the lesson you can learn is how to prepare for and respond to a time of crisis, whether financial or otherwise. One thing that you have to keep in mind is that you should not expect yourself to land the exact job you wanted, when the job market is as skewed as it is right now. In a fragile economy, perseverance is an indispensable trait.
As a job-seeker and student in the post-pandemic job market, one thing that you can be sure of is that an MBA is not a time-bound investment and a business degree will most certainly pay you dividends for the rest of your career. However, it is of the utmost importance that you pick the right institution that develops and refines your skills not according to the pre-pandemic world but prepares you for the challenges post-pandemic. SKIPS School of Business Ahmedabad is one place where the shift to the post-pandemic world and job market has already begun and where students are armed with more than just a business degree.
Log on to skips.in for more details about the diverse curriculum, the skilled faculty and the course structure.