MBA in the 21st Century
In today’s world, MBA education is the most sought-after amongst the current university graduate degree offerings. Every year, more than 120,000 students enrol in MBA programs in the United States alone, and the estimates in countries do not lag far behind. In addition, job prospects have never looked better for business school graduates; corporations are hiring more business school graduates every year, and compensating them more handsomely. In 2017, we saw a 13% increase in global MBA hiring according to the QS Jobs & Salary Trends Report 2018, triple the number of positions available to MBA graduates when compared to before the 2008 financial crisis.
But since its inception, over 100 years ago when leadership and management were more predictable and linear, the global landscape has changed tremendously. The current business world is volatile and complex, and technological innovation, political shifts, and developing economies are all impacting how and where business is done. In this environment, business schools had to adapt to stay relevant.
To give you a better understanding of the changing landscape in the years to come, here is what you should look for in while pursuing MBA in the 21st century:
In the past few years, MBA in Entrepreneurship have gained popularity, as generations y and z prioritize values of entrepreneurship and independence, and companies in increasing numbers recognize the value of innovation and autonomy when hiring graduates. Best business schools work closely with students to help them achieve their professional potential and realize their career goals.
2. Online & Executive MBAs
A decade or so ago, the only way to earn an MBA degree was to pack away to a business school campus for a year or two, put your career on pause and forgo a salary. But today however, an MBA program can be taken whenever and from wherever it suits you. The demand for a flexible MBA continues to rise, as growing numbers of professionals recognize the appeal of developing their expertise without taking a career break. Earlier, people were apprehensive of studying online programs, but now online education is becoming increasingly popular. It is extremely convenient and unlike before, the interactivity in online courses now is at par with classroom-based programs since you always have someone able to give feedback. There is no constraint of time zones—the world is your classroom. As for executive MBA, they are perfect for working individuals, since classes are conveniently scheduled over the weekend.
3. Personal Branding
When looking for your dream job or starting up your own business, you will be expected to prove your value as a thought leader and industry expert. This is why your MBA course needs to teach you how to capitalize on the latest online marketing strategies to impress recruiters and investors. Any course you take should help you to develop those invaluable soft skills that are crucial for a successful career in business – from performing a convincing elevator pitch to perfecting your social media branding, these are the skills that you cannot afford to do without.
4. Creating a new generation of Leaders
Today’s world offers fascinating opportunities for new business models, products, services and markets. However, this also means having new competitors and people who may be overwhelmed by the complexity and number of opportunities. Successful organisations understand that the key is combining technological expertise with business acumen and understanding of the human drivers for seizing new opportunities. As even more opportunities arise, this capability becomes a competitive advantage with lasting impact. A good MBA institute will always support a new generation of leaders, who lead by providing an environment where innovation can happen with people fully committed to seizing new opportunities.
Looking at the numbers above, it is fair enough to come to a conclusion that the MBA education in the 21st century is booming, making it crucial for students to choose good institutes that help them evolve and make them global leaders.