Impact Of Coronavirus On B-Schools And MBA Admissions; 5 Points To Consider
Here are five main points that show the impact of COVID-19 on B-schools, MBA admissions and candidates:
The impact of Coronavirus was not really felt, at least in India, until March of 2020. But the global spread of the virus impacted the economy, businesses, schools and even institutions offering higher education after the first quarter of the year. So, what exactly is the impact of Coronavirus on business schools (B-schools) and MBA admissions this year? What should MBA aspirants expect given the current situation?
So, here are five main points that show the impact of COVID-19 on B-schools, MBA admissions and candidates:
1. The MBA experience of candidates in 2020, 2021
Unlike previous years, the MBA candidates of 2020 will not be starting their courses on the campuses. They will start by attending online sessions as the B-schools, be it in India or abroad, cannot open their campuses for their students.
Though the B-schools are keen to get back to the classroom model of teaching, they will do so only after assessing the ground situation. So, in the interim period, the B-schools have designed a new ‘hybrid model of learning’, a mix of online and offline learning, the first of which will be experienced by the MBA candidates of 2020. Whereas, the candidates of 2021 might be able to start their classes on campuses, given that the COVID-19 vaccine is developed by then.
2. Alterations in B-schools’ curriculum
Most of the B-schools have a set plan to ensure that their students get a great educational experience - be it online or offline. MBA programs have recognized the importance of having a new teaching model that reflects the change in the way we work in the post-COVID world. Therefore, they have altered the curriculum to suit the current requirements to include new courses on remote collaboration, on business analytics, and technologies such as BlockChain.
The changes in the B-school curriculum include providing students with more webinars, more online interactive sessions with faculty members, alumni and other industry experts and giving students practical experiences through faculty-led projects. The colleges have gone a step further to ensure that students can make the most of their courses even though they are studying remotely and not on campuses.
3. Changing job market
As mentioned at the beginning of the article, the Coronavirus has had an impact on the economy. And it is not just in India.
Given this scenario, there have been a lot of changes in the job market - more layoffs, severe pay cuts and even shutting down of businesses. This has happened across industries like consulting and finance and is not limited to a particular sector.
While the MBA candidates who graduate this year or next year will have to face this situation, the MBA aspirants looking to join B-schools in 2021 might have a better scope. By the time they graduate, the economy will probably pick up and the job market might even be flourishing giving them more opportunities to explore.
4. Border closures and changing VISA regulations
With travel restrictions in place due to the COVID-19 situation, MBA aspirants looking to go abroad to study might not be able to make it to the campuses. Moreover, a lot of countries including the United States are not offering VISAs to anyone for now.
So, at least those MBA aspirants who are looking to go abroad will have to attend sessions online and wait until they can get their VISAs processed to access the campuses.
5. Changes in B-schools admission processes
B-schools are going out of their way to ensure that the students do not experience more pressure at the time of a crisis like this.
Unlike previous years, the B-schools will be more accepting of students applying in the later rounds of MBA application. And there are even B-schools which have waived off GMAT/GRE scores for candidates applying in 2020. They will evaluate the MBA applications without the competitive exam scores and then allow them to provide the scores later.
Also, the B-schools know that financing an MBA during a crisis period might be difficult for several candidates. To make up for this, they will try and offer more scholarships and financial aids to students.
As visible from the aforementioned five points, the COVID-19 situation has changed the entire landscape of MBA applications, admissions and courses. For an MBA aspirant, this might be a really difficult time as they might not be able to make up their mind about pursuing their higher education now.
But look at it this way: This is a time when people across the world are trying to find jobs and the job market is not all that great. Isn’t this a good time to invest in oneself and upskill? Isn’t it the right time to stay low just to come back stronger a little later? Think about it and make the right decision.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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