The year 2020 and beyond has been crucial from the survival point of view because of the COVID-19 pandemic. The Corona pandemic has drastically affected our country’s economy as well.
India’s GDP has hit a record low of all times at -8% last year. Again, one can be optimistic because the IMF has predicted the economy to grow at 12.5% in 2021. Now, does it augur well for the education industry specifically for the MBA colleges and students? Yes, things seem bright as of now!
The placements of top colleges in India like IIMs, IITs, MDIs did not show any signs of the COVID blues. The average placements in these colleges are 15 – 20 Lakhs INR per annum in 2021. The Covid-19 pandemic has also heralded the innovation in the MBA course curriculum and delivery process of the program. The courses are designed to realize this famous saying- “Today a reader, tomorrow a leader.”
These are easing up the system and offering holistic education to students for the future and tackling the pandemic. Read on further to know about the state of MBA in India and its new avatar.
The State of MBA in India in 2021
MBA in India is going through an exciting phase now post-covid. The modern MBA is more global and multi-disciplinary as compared to the traditional one. The courses in 2021 are driven by tech both in their electives and mode of delivery. The curriculum of Universal Business School has topics such as-
- Data management and integration
- Data visualization & analysis
- Machine & deep learning
- Business process innovation
- UX/UI centered product design
- Digital transformation, etc
Tarun Anand, the Universal Business School Chairman, stated that “Newer jobs require that people either know how to use technology or how to build it”. This means that they either become capable of mastering technology or making it.
Similarly, IIM Bangalore and IIM Kozhikode have come up with new specializations – MBA in Sustainable Development and PGP in Liberal Studies Management, respectively. On the other hand, KJ Somaiya Institute of Management is offering students with MBA in Healthcare Management.
Some of the trending job opportunities in India for MBA graduates are – project designing, researchers, analysts, consultants in marketing, finance, hr, operations and other sectors.
Specializations like Data Analytics, Business Analytics, Sustainable Management, Entrepreneurship, Healthcare Management, and others will be vital. Classes have also gone online due to the pandemic, which has increased quality education among students.
New Avatar of Post-Covid MBA in India
Now let’s talk about how India’s leading Management Institutions supercharge their degree of MBA.
Online Learning & Collaborations:
During this pandemic, it has been observed that most of the MBA colleges in India are focusing on delivering programs online. The institutes are trying to break the shackles of geographic limitations, which was impossible with the traditional teaching method. Anyone can gain access to quality education from anywhere at any point of time from their homes.
Institutes are also collaborating with many other education institutes and colleges to deliver their programs. Universal Business School has collaborated with Cardiff School of Management and IIM-Indore for their one-year Global MBA program. The institute offers various courses like – Marketing, Finance, HR, and Logistics & Supply chain through collaboration.
In this pandemic era, people’s perception has become more inclined towards online marketing and online business. This has led to an increasing demand towards Ed Tech, Online Grocery, e-pharmacy, etc.
COVID 19 pandemic has compelled MBA colleges to induct new courses on topics like entrepreneurship and innovation. An MBA in Entrepreneurship and Innovation will offer students the required methods and expertise to start and grow new companies. This will lead to creating new jobs and promote the entrepreneurial ecosystem in the country.
Data Analytics has been used most in the time of the Covid crisis. From collecting a data set of people affected by Covid to concluding it, Data Analytics played a significant role. In this new normal, many companies use data science tools like ML Algorithms, Recommendation system, Predictive Analysis, etc.
In the post-Covid phase, data is playing a major role in providing a competitive edge to businesses. It is helping companies to analyze consumer behavior and forecast future needs.
According to a recent study, there is almost a 40 percent increase in the student’s fraternity to opt for data science to prepare themselves as per the current economic scenario.
Therefore Business Schools are focused on offering MBA in Data Analytics to students having an analytical mindset.
Earlier, the Health Industry was just limited to the medical field. Still, today the health industry has expanded its arm in another sector too beyond hospitals to achieve curative, preventive, palliative, and rehabilitative care by providing goods and services.
According to the data provided by the Bureau of Labor Statistics, the progress in health care employment is ongoing, and by the year 2022, it is expected to increase by 26 %.
To tackle such a pandemic MBA in Healthcare Management is the need of the hour. Such a course can churn out skilled professionals to boost the healthcare industry, which needs a revival because of the ongoing pandemic.
Also, Indian Government has allocated 64,18 Crores INR under the Atmanirbhar Bharat Swastha Bharat Yojana to develop primary, secondary and tertiary healthcare systems. An MBA in Healthcare can work wonders for students taking the course as there will be a demand for manpower as the sector expands.
Revival of Executive Education:
Executive education is known as business management courses which are designed to train business leaders and managers. In recent years, after having 1 to 5 years of experience, there is a dip in hiring preference by companies. This means that companies are preferring professionals with upgraded skill sets as they become more and more experienced. Here comes the role of executive education in India. An Executive MBA degree holder is expected to be more productive as they have experience on their side and also enhanced skill sets.
Sustainable Development and Management
The Sustainable Development and Management stream is focused on applying eco-friendly business developments and ideas to maintain stability and growth in businesses. An MBA in Sustainable Management is a new age course training students exactly on these terms.
Trending New-Age MBA Jobs in India
Some of the trending job profiles after post-Covid MBA in India are:
- Business Analyst
- Project Manager
- Data Analyst
- Market Researcher
- HR Analyst
Though COVID 19 pandemic has affected us in many ways through loss of lives, joblessness, mental anxiety etc. But it has also pushed mankind to innovate in various fields. The MBA education in India has changed as well.
MBA courses have made changes in their curriculum regarding the delivery of the course and choice of electives. To counter the pandemic, more and more trained professionals are needed to tackle such situations.
This article will certainly clear all doubts among the students who have a perception that MBA may not be effective in the post-covid world.