Questions have been raised whether MBA courses today have really become cliché or not. To be honest, recent reports suggested that the salaries for MBA degree holders have almost halved whereas students expected to get a boost in their pay packages after graduation. As per the Financial Times annual Global MBA rankings, students who have graduated from business schools in the year 2008 witnessed only half that increase.
The study moreover reported that the course fees since 2005 has gone up by 62%. This has led US MBA students to spend around $106,000 over 2 years and that too by excluding the living costs. However, one of the prospective employers, Helena Pozinak has said that MBA graduates are still high in demand and therefore earning an MBA can never be considered cliché.
Planning is essential before proceeding for MBA
Well, students have now become more thoughtful prior to embarking on intensive courses in business management. In fact, the majority now thinks that standing and staring for courses like MBA would be sheer stupidity. Rather, soul searching is a wise and brilliant initiative that must be executed before one invests lump sum amount for the course.
As per experts, the 3 prime reasons responsible for bringing obstructions to one’s career path are:
- Making career plans too late
- Putting extreme focus on a specific path
- Ignoring the soft skills
Although it’s true that the employment market is no doubt tight, jobs for MBA graduates are coming up with the passage of time. Reports said that almost 92% of the business school graduates in 2012 were successful in finding jobs worldwide just after three months from graduation. The report showed 86% in the previous year that included business masters as well as MBAs.
Around 76% of the international employers conducting the GMC survey said that they would be hiring a good amount of MBA graduates in 2013. Well, about 69% of them hired individuals who completed their graduation in 2012. Moreover, the habits and procedures of recruiters are changing since they have now stopped traditionally visiting campuses and are rather hiring more than what they used to do a few years ago.
Colin Hudson, career director of Cranfield School of Management said, “Employers realise a recruitment freeze is no longer tenable. They need bright people coming through.” Well, business schools are taking big attempts to meet the needs and wants of employers.
In fact, business experts now feel that honing interpersonal and soft skills are more important rather than being boastful about having a qualification. This is one of the reasons why students and working professionals are now going for online MBA courses to acquire communications skills; gather extensive knowledge on business applications and overcoming reticence. Therefore, an MBA can never be synonymised with the word ‘cliché’ but will always be known to be a powerful weapon for career growth.