Why to Consider Getting an MBA After the Coronavirus Pandemic
No one could have predicted the current coronavirus pandemic that is raging around the world. Or that we would have to update this article more than a year later. The worldwide spread of COVID-19 has created consequences the world must adapt to, including travel restrictions, remote learning and working, and economic uncertainty. Professionals in many industries are looking for ways to survive and thrive in the face of this historic upset. And an MBA might be just the way to do it.
Why is it a good time to get an MBA?
Earning an MBA during the COVID-19 pandemic is not just another thing to do to pass the time while under quarantine. It can actually be a smart move to weather the economic storm that the pandemic will leave in its wake. Experts agree that the economic fallout caused by COVID-19 will trigger a recession, which has historically seen a spike in demand for more education. Studies demonstrate an upturn in MBA applications during the 2008 financial crisis, the trends of which might repeat themselves in this upcoming recession. While the catalyst and circumstances for this recession are different than the 2008 financial crisis, history shows that going back to school is nevertheless a good idea.
Why is a recession a good time to go back to school?
Going back to school and taking on more debt during economic uncertainty might seem counterintuitive, but it can actually be one of the smartest decisions you make. Business experts have noticed a relationship between the economy and higher education trends. Over the years, business schools have noticed that decisions to go back to school are largely influenced by the state of the economy. If the economy is healthy and stable, the workforce remains relatively unchanged. However, once the economy takes a downturn, business professionals face layoffs and less upward mobility.
During an economic downturn, the business world gets even more competitive, and an MBA is the most effective way to stand out in a saturated market. Businesses understand the value of an MBA and thus continue to prioritize professionals with the advanced degree. An MBA continues to provide a strong return on investment, but the risk of taking on additional debt is nevertheless something to be wary of in an unstable economy. Proceed with caution: rather than taking out more loans than you can keep up with, consider enrolling in a part-time program that allows you to work and study simultaneously. Many MBA programs offer these part-time or accelerated options, which gives you the flexibility to make enough money to support yourself.
I can’t leave my house, much less go to business school. How do I get an MBA?
Even before the emergence of this COVID-19 pandemic, business schools were already making a shift toward online learning. Recent innovations in remote learning have made a 100% online MBA possible, so your options are already plentiful. The University of Miami, for example, offers a high-quality MBA program whose fully online program features the rigorous curriculum taught by the same world-class professors who teach on campus. Other unique options like an online orientation and GMAT waiver make it easier than ever to get a high-quality MBA from a safe social distance. If you’ve never taken an online course, we have plenty of tips and tricks for you to get the hang of it.
A recession is an uncertain time to be sure, especially when triggered by the rapid spread of a novel disease. COVID-19’s evolution into a pandemic has forced many industries to adapt to new business practices and make tough decisions, but your emerging skills are sure to keep you afloat as we face the virus’ effects on the economy. And even when it feels like all resources have ground to a halt, we’re here to help you navigate your educational and professional goals in the time of COVID-19. Abound: MBA narrows down your options and gets you in touch with schools that we can confirm are Accessible, Affordable, Accelerated, and Advanced. Take a look at the schools we trust and find the online program that works for you.