Pursuing MBA During COVID-19 Recession

Pursuing MBA during the global pandemic creates a question about the quality of study, and employment after the study. But, completing MBA programs during the COVID-19 recession shows a brighter side. Yes, it sounds unbelievable to get a ray of hope amidst this situation but it is true!

Research shows that amidst this negative situation, the positive sides of COVID-19 can be seen in terms of internships and job offers for MBA candidates. The entrepreneurs who had started their ventures during the recession or financial crisis or faced a recession after starting had agreed with this fact.

Not just that! Right now, most of the top B-schools (6 out of 10) have plans to expand their career offices with the hope that more companies can engage the MBA candidates in the virtual environment. It is not just a prediction – it is according to a survey report.

Check B School Updates due to COVID 19

What Does The Survey Say?

On August 3, MBA Career Services & Employer Alliance presented a report after a survey done on 250 business schools and organizations. From this report, the findings were

• 58% of the participants were planning to add to their career management staff.
• 45% of the B-schools reported expanding to serve their alumni who had faced difficult times during this pandemic.
• Half of the participants believed that there will be an increase in the recruitment process
• A major percentage opined that the economic environment of the present time will have an opposite effect
• Companies may extend their reach to the schools to hire qualified candidates from there

Virtual Will Be The Next NEW

The most interesting factor found in this survey is – the career service functions will remain virtual in the upcoming time. The study will also be continued in the hybrid format as it is going right now. The following statics are very interesting in this regard:

• 84% of the participating B-schools will continue the hybrid model
• 13% of the schools may go in fully online mode
• 83% may conduct the campus interview virtually
• 96% will do virtual career fair
• 35% of the participating B-schools are willing to continue their functions virtually by the end of 2020
• 31% of the participating B-schools plans to continue the virtual-thing till 2021
• 34% of the participating B-schools are yet to decide this
• 85% of the employers will complete the info session of their next term via virtual platforms

The following graph gives a clearer picture of the participants’ willingness to go virtual for different tasks:

It means a majority of the participants are willing to go virtual. Moving on to the teaching model, a shift to virtual mode is seen during the COVID-19 times.

84% of the participant B-schools in this survey, confirmed hybrid mode and 13% confirmed virtual mode of study for MBA of 2020 fall. Wharton School of University of Pennsylvania announced to move to “mostly virtual” from a “fully hybrid” mode of teaching.

Along with that, there will be some changes in the career services of the B-schools as well.

Changes in Career Services

The main changes in terms of career service due to the COVID-19 can be:

• 57% opined that careers services can be expanded the number of employees will be engaged virtually
• 46% of the participants assumed more team involvement
• 45% found that services will help the alumni who lost their jobs during these tough situations
• 37% of the participants considered that the departments will strategically support each candidate
• 15% agreed that campus recruiting activities will less involve the team

These statistics are quite impressive and it indicates a silver lining for those who will complete MBA during the recession of COVID-19.

Economic recession is not a barrier

Yes, the economy of almost all the countries is going through a difficult situation due to COVID 19 – it will not be wrong to assume that “This too shall pass” and slowly we will slowly come over the tough time. If not, we will find a way to see the light amidst the darkness. It is not just the report of the survey – it is proven!

• Google, faced the 1998 recession
• AirBnB started during the recession of 2008
• IBM faced the 1910-1911 panic
• Microsoft was found when GDP decreased to an end of 3.4% and 9% unemployment rate increased due to the oil embargo recession
• General motor faced rejections for the loans to survive during the panic of 1907 which lasted for 13 months and recession caused a major decline in business
• HP was found when the unemployment rate increased by 6%
• Maruti Suzuki faced 2 recessions (3 including COVID-19)

There are actually many more examples like this where the big companies of today, started just as an entrepreneurial venture during an economic recession or faced a recession in the initial days. At that time, the virtual was not in, but not it is an advantage. So, obviously completing MBA During the COVID-19 recession shows a silver lining - it’s not completely dark.

So, the candidates with an MBA degree will not struggle even during COVID times. It will be better for the candidates to concentrate on their studies. The B-schools will be assisting them in every possible way to get a placement or to start own venture. Remember, this is the tech era and several companies are/will be working remotely and hiring is not paused at all – the process of hiring is changed.