MBA is a coveted two-year management program that can be pursued by aspirants interested in building a career as an investment banker, business analyst, administrative manager, human resource manager, sales and marketing manager, IT manager, etc. To be honest, the possibilities with an MBA are infinite and endless. While MBA is one of the most popular choices among students after completing their bachelor’s degree, some say it has lost its relevance with the global pandemic on the rise, especially in India.
The COVID-19 pandemic has led to a fundamental shift in the education system in India. Colleges have remained closed for more than a year now and the online mode of imparting education has been on the surge. According to UNICEF, more than 90 percent of countries have adopted digital learning policies. During this uncertain time, investment in an MBA degree might seem risky. But an MBA is relevant even during this time of instability and we base this argument of ours on fact. Still wondering how is that possible? Well, here are the 9 reasons why an MBA degree is still worth it in 2021.
1. Relevance of MBA in the long run
No matter what the current business and economic scenario is, MBA will never lose its relevance and sheen. While pursuing a course it is important to look at it from a long-term perspective. The fundamentals of management: planning, organizing, staffing, leading, and controlling are very vital to an organization. The current economic slowdown and job loss are not permanent and when the economy will bounce back to normal, organizations will require large workforces and people in high managerial positions to manage these workforces. Therefore it is important to look at an MBA degree beyond the two years of college life.
2. Relevance of human resource management and financial management
Popular MBA specializations such as human resource management and financial management will never lose their relevance. No matter what the world is going through, for the successful functioning of an organization, one needs to efficiently manage its employees and finance. Human resource management helps bridge the gap between the top tier of the company and the lower tiers of the company. Similarly, financial management helps in strategizing, planning, controlling, and directing the financial resources of a company.
3. MBA will help you accomplish your goals
Whether your goal is to reach the top tier of the managerial arena or to open your own company, an MBA degree helps you in achieving your target. 2021 is a year of great loss to humanity but even during this tough time all of us are still working relentlessly towards achieving our goals. An MBA degree will help you achieve your professional goals.
4. MBA makes you a class apart student
During your time in B school, you will be learning about self-discipline, strategic thinking, communication skills, and managerial skills which will make you view the world with a broader vision. John F. Kennedy has once said “the problems of the world can’t possibly be solved by skeptics or cynics whose horizons are limited to obvious realities. We need men who can dream of things that never were” and an MBA degree does exactly that. It makes you think out of the box and come out with unique solutions to various problems. MBA helps you to inculcate a diverse set of skills into your personality. The most important of all the skills is leadership. Nobody is born a leader but during your time in B school, you become one. Leadership quality along with conflict management and conflict mediation are some of the skills that you learn during your MBA which makes you capable of managing a heterogeneous group of people.
5. Cutthroat competition due to economic slowdown
Economic slowdown due to lockdown and the pandemic has led to cutthroat competition in the job market and you have to bring something extraordinary to the table to be selected by top companies. With the second wave of the pandemic at its peak job losses have been on the rise and an MBA degree from a premier institution makes you stand apart from the crowd.
6. Acceleration in the career graph
The pandemic has bought many lives and careers to a halt. Many students may be feeling a sense of stagnancy in their careers. An MBA degree is exactly what you need to boost your career during this time of slack pace.
7. Makes you more likely to get employed
An MBA degree makes you more employable. According to the India skill report, 2020 employability rate of an MBA graduate is 54% and this makes you one of the top slot candidates in an interview.
8. Entrepreneurship
P.M Narendra Modi on 12th May 2020 announced a 20 Lakh Crore financial aid to revive the Indian economy. In his speech he had emphasized the policy of “vocal for local” wherein he stated that local products of India have a huge potential in the global market. This is a great opportunity for aspiring entrepreneurs to make a global impact. Young and aspiring entrepreneurs will benefit from an MBA degree that makes you a sales, marketing, and management expert.
9. MBA in sales and marketing
Sales and marketing are very important aspects of any business organization. The fundamentals of sales and marketing will be the same irrespective of what platform is being used by the organization. Technology has augmented the significance of digital marketing and e-commerce and with the second wave of the pandemic and social distancing being extensively practiced, e-commerce has been on the rise. This has generated new avenues in the field of digital marketing and sales. Digital marketing helps in reaching an enormous group of audiences with less expenditure. Digital marketing also helps you to have a global reach. Comparatively newer job roles like content managers, digital marketing managers, and directors are on the rise. According to an article by marketing week, in the UK there was a 52% rise in job opportunities in the field of digital marketing in 2020 and this trend is penetrating every corner of the globe. The average salary of a digital marketing manager in India is Rs 618,368 per year which makes pursuing an MBA in sales and marketing very beneficial.
Covid 19 has left many households without a bread earner and during this time of uncertainty skepticism towards the relevance of an MBA degree is genuine. But we need to keep in mind that a globally recognized degree like MBA won’t lose its relevance so easily. The fundamentals of management will be relevant for years to come.