Whether you are planning a management level career in the healthcare sector or as a consultant at a venture capitalist firm, the impact of Covid is something you will always have to consider from this point forward!
If you are graduating from a B-school this year or next you should be expecting a big offer sometime soon. And if you are planning on applying, the thought about post-pandemic recruitment levels must have crossed your mind. You will, after all, want to get a good ROI on your MBA investment.
Last year was pretty much a financial crisis for a lot of industries, and recruitment in various sectors was affected. Things are definitely looking better this year, but we are still not back to normal conditions. The industries are yet to go through changes, and this will also impact recruitment continuously.
So, under current conditions what is the future of MBAs looking like? Let’s discuss!
Understanding the Changes
It is fair to say that certain sectors have been more affected by the pandemic than others. Globally, travel and hospitality have been hit the hardest, followed closely by leisure. However, there are also industries that have performed better during the height of the pandemic, tech and pharmaceutical industries especially.
And now that the economy is once again opening up, there are certain industries such as banking that are showing a spike in the management level recruitments. The world is going to need strong business leaders to guide them through a tumultuous time, but there are also a lot of opportunities ahead. This is where you need to come in!
Digitalization has become the motto of every industry in 2021, and a lot of it is owed to COVID. So, as an MBA with knowledge of tech and business functions you are the perfect person to help companies in your target industry achieve the right way to use the tech. Change management is now one of the most crucial roles that many MBAs are being recruited for, and the more adaptive you are to change the better you will fit the demands of the industry.
Consulting is another sector that has been seeing a boom off late! Since most other companies now require guidance to navigate the finance and marketing, consulting firms are picking up young MBAs to channelize this uptake in demand.
You need to constantly follow more such trends regarding the various industries. Since the COVID-19 pandemic has left the world in a delicate state, more such changes are definitely on their way. So, the sooner you get the knowledge of them the better!
What should you be worried about?
You are not the only one worried. Almost everyone has the same questions in their minds. But, what you need to understand is that the pandemic situation is not the absolute loss of opportunity that you thought it would be. Rather, you need to ensure that you are fit for the constantly fluid business world ahead.
If your original career plan involved the tech, healthcare, or consulting industry then you should not be worried. But, if you are thinking about being a manager in the travel or leisure industry, you will have to either develop a strong strategy or rethink your choices. One thing remains true however, that the job market will be more crowded than ever before, and getting an MBA now will definitely help you stand out and climb up the corporate ladder faster!
If you have not yet started your MBA, then digital transformation is something that you should include in your curriculum. And if you are already on the journey you can think about how quickly you can develop skills for such requirements. While the demand for MBAs will definitely be there, MBAs with tech knowledge are more likely to be preferred over others.
Just take a look at this infographic below to understand what the projected recruitment rates are going to look like –
So, if you are really worried about something then it should be how fast you can develop certain skills. You don’t really need to worry about the job market, it will always take care of itself. You just need to notice the changes in it and understand what is required of you.
And if the COVID-19 pandemic has taught us anything, then it’s that the power of tech is above all else in this world. The more knowledgeable you are about this, the better you will fare in the new job market.
We recently got in touch with one of my applicants who was enrolled in one of the top-tier MBA programs during the pandemic, and here is what she had to say –
Changes in School Ranking
The rank of the B-school you graduate obviously affects your recruitment chances. So, you need to stay on top of the constant changes in the rankings. Here are the latest rankings for this year as well as last year from USNews.
As you can clearly note, there have been many remarkable changes in the rankings. A part of this change is of course driven by the pandemic, and you should also update yourself with further changes that will take place in the rankings.
Are you applying soon? Here are some tips to help you!
Tips for 2021-22 MBA Applicants
At this point, your application should not be largely affected by the pandemic. However, you want to ensure that your entire MBA journey right up to recruitment goes smoothly. So, it’s better to plan a few things in advance so that you don’t miss out on anything.
Internship: This is the time to figure out the internship situation as soon as possible. Most candidates will be eying tech companies for internships and you should definitely try to get on the train before it leaves! Don’t be worried about not getting an internship, but the early birth is indeed going to get the worm.
Delays in dates: The world is still catching up on lost time. So, if your joining date or recruitment date is being delayed, don’t start worrying. Even if you don’t get employed within your course term, don’t be discouraged. Rather, use the time to develop skills while also hunting for jobs.
Get help if necessary: There are truly a lot of changes to keep in mind. If it all seems too much, then definitely get a professional consultant on board. There are a lot of great MBA applicants, so make sure to choose one who will truly help you achieve your goals and give you the hands-on support you need.
The future is definitely anything but bleak! What you need to be doing right now is targeting the industries facing the largest growth. Tech, pharmaceutical, consulting, fintech, etc. are definitely some of the best industries to apply to right now.
If you are having difficulty finding a job or are simply worried, head over to any of the virtual careers fairs that are regularly taking place. Not only will it be a great learning experience, but you will also understand the particular demands of the various industries. With the right strategy and knowledge of business management, nothing can hold you back from achieving the best!
And once again, you need to develop certain skills, especially in the realm of tech management, which you might not have planned on before. Now is truly the time to be flexible and be open to new experiences!