As the economic downturn continues to run its course, a lot of people have been asking themselves this question – “Should I go for an MBA now?” Certainly the response is predicated on a number of issues (family, career, finances, etc.), but many are answering in the affirmative.
So, what is it that is pushing people to return to school to get their MBA degree?
1) With most businesses seeking new ways to cut even more costs, many currently-employed people can look forward to more bonus reducitons, salary freezes, and perhaps even pink slips. This means that the opportunity cost associated with pursuing an MBA education has severely gone down.
2) A top MBA still offers the same potential of increasing your earning power tremendously. And, as we all know, economic cycles always have downturns and upswings alternating each other. Each upswing that follows a downturn brings forth a new economic era (new concepts, strategies, innovations, philosophies, etc). This means that there is opportunity for people who understand the new era and can capitalize on it. Those with a command of emerging forces like financial regulation, behavioral finance, globalization, sustainability will be in high demand. Those who enter MBA programs now, will be in the right place at the right time when the economic upswing hits.
3) With the total number of jobs decreasing, there’s a premium for people who can multi-task and become general managers. So, if you enhance your knowledge and skills during the downturn, you will be best positioned to make the most of the new opportunities even before the upswing begins. And MBA degree could be your secret weapon.
4) With ‘Job security’ no longer a certainty, a lot of people are applying to business schools as a backup plan just in case their positions – or their companies – vanish. Some individuals are also using this downturn as a reason to shift from one career path to another or to start their own business. An MBA education can be the ideal “passport” to such change.
5) In good times or bad, the key to success can be “who you know.” Whether it’s overachieving classmates from around the world, or highly accomplished alumni eager to help current students to follow in their footsteps, attending a leading business school immerses students in the most supportive of all communities.
6) Finally, there’s no real decision or firm commitment to make until you get an offer of admission. So, why not hedge your bet by reaching out to the best MBA programs to see if you can even create the option of enrolling.
With the application deadlines for Fall 2011 enrollment only about eight months away, the time to start thinking about a top MBA is now. Why not jumpstart the process with a free, preliminary evaluation of your candidacy?