An MBA offers many lessons that are especially applicable in this moment and beyond.
Even when the world isn't in a state of crisis, MBA courses frequently incorporate current events, and that will be even more true now that the world is facing unprecedented challenges, for the simple fact that, it is essential for business school students to grapple with the financial and economic problems posed by the pandemic.
The goal of MBA will be the same as always: to give students salient examples of business problems that are being dealt with in real time and to provide students with timeless ideas that they can apply any time anywhere under a variety of circumstances.
IPS BUSINESS SCHOOL has always believed in continuously updating its courses to ensure that the students are armed with the current and on-going requirements of the business world - although the name MBA will not include the word "coronavirus," the subject will inevitably come up in class lectures and discussions.
IPS BUSINES SCHOOL or for that matter all ‘real’ B-schools have long focused on the concept of "disruption" in the marketplace, and this idea is particularly pertinent now – albeit in a different way than in the past, since the COVID-19 outbreak has caused enormous damage to domestic and foreign economies. Previously, this idea was mostly brought up in regards to the ways in which a revolutionary and innovative technology product such as the Uber ride-hailing service or the Airbnb vacation rental platform could "fill a void," reshape the economy and transform society. But the world is changing, and this is how the world is changing, and if you want – if your business wants – to stay relevant, then you need to constantly think about disruptive forces out there in the economy.
Since the COVID-19 disaster came by surprise, it was a wake-up call in many ways, making business professionals and business school faculty appreciate the importance of preparing for the possibility of worst-case scenarios such as infectious diseases, political instability and monetary instability.
This is going to open people's minds to other forces of disruption and get us thinking more broadly about it. So that's one of, the big curricular changes that is going to find its way just naturally and organically into MBA classes.
Incorporating COVID-related content into business leadership class by discussing what strong leadership in a pandemic looks like, what leaders' highest priorities ought to be during one and whether conventional leadership approaches work during such unusual circumstances. Therefore, an MBA will actually enable the budding managers to answer the most important question in the present times - "What should leaders be doing and paying attention to right now?"
Crisis management principles are embedded in MBA curriculums, so content about the trauma wrought by COVID-19 would fit in well alongside those fundamental concepts. The current crisis also provides a great illustration of the dangers of complacency among business people during a time of economic expansion, since periods of economic growth can be followed by steep declines in the economy as has happened recently – a painful lesson likely to be explored in a solid MBA program, like the one offered at IPS BUSINESS SCHOOL.
Also remember, that the coronavirus pandemic also provides an excellent example of the ways in which a major economic disruption can create winners – companies that profit from present circumstances such as the Amazon and Zoom technology companies – and losers, companies devastated by the current situation such as those involved with commercial real estate, transportation or tourism.
Yes, the pandemic has huge ramifications. The impact of COVID has been so significant that the lessons learned are just beginning to become evident and will likely evolve for years to come. The aspiring MBA students should choose a program that teaches them how to manage all types of changes, not just catastrophes. Today the requirement is not to produce MBA graduates that are only good at crisis management or only good at it within one context. Prospective MBA students should consider schools like IPS where they can develop broader skills such as innovation, looking at business from a systems perspective, and managing change and helping employees through it – while change may occur much more quickly in times of crisis, it is the only constant in business.
So, engaging with real-world and real-time examples of an MBA program is especially essential nowadays – as it is so much more critical today, to experience meaningful examples of present-day issues and to ensure that the students are exposed to the real business challenges that companies are facing while offering their perspectives on the direction business is going at the moment – and it can happen only with an MBA!
It is also to be noted that the pandemic-related economic turmoil has forced business executives to make tough calls about cost-cutting measures, so prospective MBA students should choose B-schools like IPS which has a solid curriculum in data science and business analytics. Those kinds of math skills – along with communication and ethics – will help the budding business professionals make evidence-based choices in difficult situations and aid them in making predictions – a distinguishing skill for the future!
Because of the economic trouble and the challenging job market post-COVID, ‘now’ is the opportune moment for prospective MBA students to develop or fine-tune marketable skills so that they are ready to find a great job when the crisis has blown over. There are also people who are realizing that there is so much disruption in the market that they want to ‘retool’ by making a career pivot or transition to a new field like project management or human resources. Those technical areas are where B-Schools are witnessing the greatest interest from students.
So as far as MBA is concerned – it’s still the winning choice! Undoubtedly.