Understanding the worth of MBA in changing times
It is frequently quipped that there are multiple graduates for single job profile in India. Employment ratio remains bleak in present time and news regarding students unable to pay back educational loans is doing rounds in major channels. This leads to question if an MBA can earn a high paying job? The answer is yes! Always. Read further to understand the details: The how’s and the Why’s Business programs are retaining prominence. As across the globe an MBA is perceived as the top contender in the job market. This is due to fact that MBA students have made a mark to explore themselves and innovate. Growth and risk taking are two abilities important to an MBA. Both for his present and future. It is this quality that makes business love MBA and their zeal. The full time MBA programs across the nation remain competitive. It is estimated that on an average b-schools receive an average of 40 applications per single seat. Nearly 73 percent graduate business programs report increased application volumes! The trend is surely of an MBA. MBA helps a person in investing in themselves the qualities that make them preferable to the employer (time management, soft skills, market insights and risk taking ability). Also, the program is designed to survive the dynamic economic environment with its multidisciplinary approach towards business and people management. The MBAs tend to be digitally aware in tapping consumer expectations and improving post purchase experience. When combined with the networking opportunities, these results in an amalgam of customer satisfaction and relationship building (further strengthening the employer’s preference). With an entrepreneurial mind set (which is imbibed through numerous project assignments), many MBAs etch a new part for themselves (as job creators) and work towards goals like sustainability and Social ethics. International Aspect: MBA programs in countries like Europe and Canada are experiencing growth at twice the rates in other nations for their MBA programs. However in U.S.A. just 32 percent of the programs report growth in terms of international applications. Similarly, two-thirds of United Kingdom programs have seen positive growth trends. This number is just 65% in comparison to the 77% figure of the Canadian programs. In these applications, women comprise of 42 percent of the total applicants (which have gradually increased in number. The Economist reported that the number of MBA degree holders in the USA have increased by seven-folds (since 1970). It can be easy to get intimidated by the business school trends. Students however end up selecting a school that hardly fits in with their life and learning goals. The prestige of the b-school and the brand equity is important for bringing employers to your institution but your personal enthusiasm and desire demonstrates your commitment to the work (and selection outcome as well). Some people choose to study their MBA because of the global career progression it promises while others hope to modify their salary structure through this career progression. A few end up taking the giant leap of faith i.e. changing sectors and geography, in one small but bold move. For an MBA programme, collaboration is the success key. Every b-school and its students need to be in contact with local organizations and their developments to understand their outlooks. With the resources dedicated to student development and activities designed to enhance the same, MBA students get the best exposure during the course as well as get groomed during internship phase. Many b-schools invite the top executives for round tables, speaker sessions or a meeting to boost the horizons of learning. A business school success is related to the business opportunities it can provide for its students. And thus, all are in race to produce the next best CEO. The positive trends: It is believed that the average take home salaries of an MBA graduate has increased by a large sum (after three years’ experience at the workplace) and been the highest in the decade. Financial services and e-commerce sector were the highest paying sectors for the MBA graduates. Further the sectors and companies, not traditionally associated with hiring from these business schools, today seek out candidates with MBA qualification. The MBA is like a marathon that requires both commitment and hard work over the two year period of study and true belief is required to achieve the desired outcome. The course is also considered as a generalist degree for those with a specialization in your choice of trade. As one develops through the course, you get the technical skills and you can become middle as well as senior level manager. Also, it can be used to describe and learn about local partnerships, FDI policies and shareholder value. An MBA is not only a formal education in business but also a self-improvement initiative in marketing, human resource finance and operation functions. An MBA also a practical exposure to erase geographical business boundaries. Companies are already realizing the benefits of globalization and are pooling into resources like: raw materials, capital and human capital, etc. After bearing witness to the 2008 recession aftermath and the collapse in the Indian markets, more and more MBA schools are venturing into creating opportunities that prepare candidates to work in the international landscape. An MBA today is a person who can identify the needs of the market and collaborate with parties like investors, technical teams, and sales personnel to deliver the right product. It is indeed important to create the business outcomes that will promise employment to people and empower them to earn a living. An MBA will deliver better results by delving into key business functions such as strategy, finance and operations, and will learn how to lead change process. Hence, when one thinks of getting an MBA you shall be considered a part of the reason behind business success. According to an FT report: The MBA Salaries have picked up so as to reach an average of $142,000 in 2017 at a growth rate of 12%. The report also indicates the data analysis for the upcoming year to be positive indicating that the salaries are on an increasing trend. Also, average salaries have increased by a whooping figure of $7,000 in 2017 (the largest increase in past 12 years). All sectors (apart from education, logistics and law) saw an average salaries increase. If this trend stays, the overall average salary boost is expected to be at $150,000 in 2018 in international standards. Another positive trend related to MBA graduates states that these young guns have always doubled their salaries within three short years of completing their degree. Thus, Zeroing on a university or MBA colleges is a crucial decision for future success. Apart from the accreditations; faculty, placements, and academic welfare of students should also play a significant role in choosing a MBA college. Conclusion: MBA programmes are taught with specializations which help in accommodating the need of industries. These programmes became instrumental in imparting necessary skill sets to the students. The degree is structured attempt for student professional attributes through projects and assignments. Various students however, fail to utilize these impressive resources available on the b-school campus and fail to explore them. Such resources can provide knowledge to understand that to enjoy your college experience as much as possible. Also, the MBA never goes out of style. Ever! Its capability and value is growing to rise every year sue to the skills to reinvent itself to suit the needs of the industry.