As the world is currently experiencing the worst economic slump in recent history, every field of education in business requires a review. This review needs to look at which segments are still valid, which ones have a chance to resurface again, and which are now truly gone for the foreseeable future.
Given that a master’s degree in business administration is the most popular business management degree in the US and globally, it is time to look at the course in the new light of the current developments to see how potent it still remains.
Variables Will Play a Huge Role in Determining the Answer
There is no denying the fact that millions of people have lost their jobs in the US, which leads us to the question; should you aim for higher education at a time when job security is at its lowest?
The answer is quite simple in this regard, but it is not universally applicable. To make more sense of the statement, let us divide it into two parts. Firstly, in a time when job security is dwindling, higher education in a relevant field can only strengthen your position. If the cutout is getting narrower, you can only benefit from having higher qualifications than before. Admittedly, that qualification does not always have to be an MBA, but if you are reading this, then there is a high chance that it is. A master’s degree in business administration that’s catered to suit the post-COVID industry can only make you more indispensable or employable than you were before.
As for the second part of the answer, we will explain why the first answer is not universally applicable. In order for someone to pursue an MBA in the middle of everything that is going on, they should first consider the following criteria:
- The stability, potential and future prospects of their current job
- The right choice in regard to the MBA specialization
- The mode of education; online or offline
We will define these variables and explain why and how they should play a key role in deciding whether an MBA is indeed the right career path to pursue at this point of time.
Stability and Future Prospects of Current Jobs
The more stable one’s job is, the higher their chances are of gaining from an MBA program. It should be remembered that a master’s degree is a course that is designed to help current, experienced business workers assume higher positions and responsibilities in managerial posts. Therefore, if someone has job reliability at a time when that is pretty rare, this might be the perfect opportunity for them to complete their executive MBA and progress further in a prospective, stable and illustrious career.
In order to be indispensable in the middle of a recession, a master’s candidate likely has the technical and professional skills specific to the field of work already. Completing the right MBA course will only open up their career opportunities, even further into management territory. While that doesn’t mean they will be immediately promoted to managerial posts, it still means that they will have the necessary qualifications when the time comes.
If, on the other hand, you have been laid off, or are not sure whether you will have a job next month or not, the situation will be different. In such instances, an MBA degree can only help make your resume stronger than before, but whether you should choose to pursue higher education at this specific point in your life should depend on factors such as:
- Your backup financial status right now; affiliated and recognized MBA courses are not cheap
- Your credibility for the necessary student loan
- Whether you choose to study MBA online or full time
It should be noted that accredited online MBA programs are significantly more affordable and safer by default. While there is no doubt that such individuals can only benefit from an MBA, online MBA programs will give them the time necessary to hold/look for a job on the side.
The Correct Specialization
Right off the bat, it should be understood that the MBA is neither the only executive management course available, nor is it always the best choice for everyone by default. For example, someone looking to progress more as a skilled professional should pursue a graduate degree in their respective field of expertise, rather than choosing an MBA. However, for those that are looking to assume an executive position in their sector as a senior executive, the right MBA course is still by far, the best option for career progression.
This brings us to the all-important question: what exactly defines the term ‘right specialization’ in the post-COVID world? You can find answers to that question by checking this recent post on the Suffolk University website. This AACSB International accredited institution highlights the importance of choosing the right MBA specializations in respect to all new developments and even points them out for the convenience of aspiring executives.
Choosing between Online and Offline Courses
In late 2019, or even during the first two months of 2020, the advice provided about how to study was different. There were pros and cons to both online and offline MBA courses, and a lot depended on the professional’s specific location and situation. While none of the advantages of online education, in general, have dwindled since then, a large number of offline education pros have become obsolete in 2020.
As things stand now, an online MBA program is, in many cases, the only choice, since business schools are not yet allowing full student capacity everywhere. Even if offline MBA courses remain an option, it should be clear that most classes are being conducted online, which defeats the very purpose of pursuing an offline MBA program.
Aside from that, online courses for higher education remain the only safe choice at this point, which also happens to be more convenient and affordable as well. The argument here is almost non-existent unless the professional is willing to wait and lose out on a year or even two.