The MBA is a big commitment and, right now, it can feel like an even bigger decision. While there’s technically no right or wrong time to do an MBA in the wake of the coronavirus pandemic, there are some considerations to keep in mind.
Economic downturns and an unpredictable job market have prompted individuals to consider business school as an opportunity to reinvent themselves amidst the disruption. Historically, recessions see a significant uptake in demand for education as employment and promotion opportunities remain scarce.
According to a recent article by Forbes, business school admissions expect to see a sharp rise in applications for the next 2020-2021 admissions cycle, which begins next month.
But is a pandemic a more advantageous time to do an MBA?
If the MBA was something you were considering even before the coronavirus crisis, then it’s probably still a good option for you now.
So, whether you’re just getting started on your long and fulfilling career path, or you already have a decade’s worth of experience on your CV, let’s take a closer look at a few signs that it might be time for you to send off your MBA application.
When you feel academically ready
There’s no doubt you’ll have already weighed up how to balance your commitments to your family, career, and partner. But considering whether you’re ready to commit to a program that’s as enriching as it is rigorous is just as important.
You should look carefully at entry requirements, average class profiles, and your professional “personality” as well. Although you might have a few years’ worth of experience under your belt, it’s worth considering what you’ve enjoyed (or not) and what you’re good at (or not) in your professional line of work.
How are you with numbers? Do you enjoy working with others? How are your presentation skills? Identifying your strengths and weaknesses puts you in a stronger position for enhancing your business skill set and knowledge during the MBA.
Drawing on such experiences and linking them to your learning is crucial if you want to maximize your MBA as you bring a valued perspective to the table for group discussions and class collaborations.
When you’ve reached a plateau in your career
Career plateaus are common and are usually a result of being greatly limited in your upward mobility. After a handful of promotions, it can suddenly feel like you’re stuck with no more room for growth.
If reaching a management position sooner is your goal, an MBA could be the right move, as recent figures by the US Bureau of Labor Statistics suggest 18 percent of all jobs will require a master’s degree by 2022.
You want to change career paths
Evaluating your career ambitions is important at this point. Are your career goals still the same as what they were when you first started?
But be sure to know what the program can offer you. Today’s MBA is very different from what it was some decades ago. Join QS Connect MBA event online on 7th October to meet with local and international top business schools like RSM, Vlerick, Maastricht, Antwerp, Copenhagen BS, Warwick, ESSEC, and more, access $45K in scholarships, attend workshops and get €25 Bol.com gift card.
The event is free, but spaces are limited. To find out more and register for free, click here.