Several individuals aspiring for a Master of Business Administration (MBA) degree believe that acquiring this will improve their careers and increase their compensations. However, due to the pandemic, many are now questioning whether they should change their MBA plan.
If you are one of those people, then you are on the right page. This article will help you evaluate whether changing your MBA plans is a good move or not.
What are the Effects of the COVID-19 Pandemic to MBA Students and Schools?
Starting an MBA amidst the Covid-19 pandemic is indeed affecting business schools on a huge scale.
Students and schools are set to face new learning challenges along the way. Given that no one knows the exact end date of the pandemic, newly enrolled MBA students and those who are planning to enter the field are confused if they’re still going to pursue their MBA plans or not.
There are many doubts about whether in-person classes will be reasonable and effective. Thus, several are beginning to reassess if now is the best time to start an MBA. As recorded by the Poets & Quants, around one-third of over 300 MBA students have been found to have plans of deferring their MBA. Specialists highly recommend that students carefully consider their preferences and circumstances.
How can MBA Students Handle the Negative Consequences of the Pandemic?
MBA students whose current jobs are in jeopardy or those who have been laid off from their jobs can still use this time to attend an MBA program. They can make use of this opportunity to take online classes wherein they can still develop their market skills. This might give them the empowerment that they need as of the moment.
However, if you are an MBA student who is okay with your employment status, then you might want to rest for a while. You are usually the person who is already satisfied with your job’s stability.
Thus, you tend to prioritize creating powerful relationships composed of business-minded individuals. Pursuing an online MBA class during this time might not be ideal for you. MBA experts believe that the quality of one’s MBA experience can suffer if there is an absence of in-person interaction with professors and classmates. You can always enroll the next semester or when there is already a certainty of a full-campus involvement.
Bear in mind that Zoom calls are not the same as an in-person lecture. It would be a challenge to replace the traditional classroom setting with pre-recorded videos. The latter may lessen your chances of being able to ask questions to your mentors directly.
What are the Things to Consider if You are Planning to Pursue an MBA Degree Amidst the Pandemic?
Here are some of the factors to consider whether you should pursue your MBA degree despite the pandemic:
1. Start at an Early Life Stage
If you are a career-focused individual, then an MBA may be among the best investments you can make amidst the pandemic. This friendly tip might come handy, not just during the pandemic. Individuals who delay enrolling in graduate school might end up not attending at all, particularly if they reach a stage where it is already challenging to allot time for school activities.
Those who want to finish an MBA degree are highly encouraged to start attending now when others are delaying. Given the digital online classes available nowadays, you may be given a chance to enroll in a more competitive academic institution than if we are in a normal condition. Also, work from home option might give you a good opportunity to prepare for GMAT to achieve your dream score.
2. Consider the Tuition Reimbursement Program of Your Company
If you are an enrolled MBA student and an employee of a company that offers a tuition reimbursement program, then you should probably want to consider availing the said learning scheme. You should make use of it while you have access to it.
If an MBA degree is the next step to your career path, you might want to take it as soon as possible. You are good to go as long as there is no serious hindrance along the way. Acquiring one may boost your chances of earning good compensation and a great career.
What Adjustments or Preparations shall I Make if I Wish to Pursue my MBA Plans?
Some students and faculty members still feel that in-person lectures make way for a richer classroom experience, especially in team-based projects. Thus, with the transition of traditional education to digital learning, it is vital to maintain communication with your social, academic, and cohort group.
You must be open to exploring the digital world of learning and being more versatile in your learning modes. You should consider enrolling for free GMAT test prep courses via deals websites to gauge how much hours you need to put to get your expected score.
Should I Change my MBA Plans Because of the COVID-19 Pandemic?
The COVID-19 pandemic came as a surprise and as a wake-up call to many. Business people, professionals, and universities learned to appreciate the importance of preparing for worst-case situations, namely financial crises, political instability, and a worldwide pandemic.
The current economic and health situation gives us an excellent illustration of the threats of being complacent in business, specifically during economic growth. The latter can usually be followed by economic declines, just like what happened now.
However, we must remember that the pandemic also gave us great examples of the methods in which a great economic depression can mold winners. These enterprises earn profit given the current situation, namely Apple, Microsoft, Facebook, Google, Netflix, Zoom Video, Amazon, companies offering food deliveries, etc.
Whether or not you wish to continue with your plans to earn an MBA degree is up to you. It would help if you thoroughly considered your current financial situation and capability to spend on your academic ventures.
You shall also ponder on if getting an MBA degree is among the things that matter most to you now. Do your research and consult with friends as well as professionals in the field for additional insights.