Should you opt for an MBA during a recession

1. Should you opt for an MBA during a recession? With the spate of layoffs in the tech sector in the past one year, coupled with increasingly pessimistic economic outlooks for the US and Europe, it seems that a recession is looming on the horizon – or it’s already here. Which brings us to a dilemma that a lot of people face during this time – should you use poor job market conditions to retrench and upskills, or should you cling on to the security of your job? According to reputed MBA consultants/study abroad consultants, you should keep the following in mind before you decide: 1.You should approach this quandary from the perspective of your career, and not your job. Economic cycles are, to state the obvious, cyclical, and therefore come and go. Your investment in you career should be independent of these. 2.Consider your occupation, industry and role and see whether it is an MBA or a more specialized degree that is a better fit. The best courses and schools for you will differ depending on the kind of work you do and your areas of interest. 3.The reputation of the school, its career outcomes and alumni should be the deciding factors for you, and not its location or cost. Schools with strong reputations have better placement networks and alumni connections which are key to finding a good job after graduation. That said, let’s take a look at the advantages and disadvantages of taking up an MBA during an economic downturn. Advantages: •As the job market naturally becomes more competitive during a recession, it’s a good idea to enhance your skill set, as that will give you a competitive edge over other candidates. •The networking opportunities a good B School offers are of immense help throughout your career – not only can these networks help you find a job after you complete your MBA but can also prove to be valuable for later career growth. •An MBA can be especially useful if you are trying for a career shift. For example, a recession can cause job losses in certain industries while creating vacancies in others. Pursuing an MBA can often give you the opportunity to switch to a new sector or industry that can offer greater security and stability during a recession. Disadvantages: •Due to the economic uncertainty a recession causes, there is always the possibility of not being able to secure a lucrative or in fact any job at all after completion of the MBA. While the degree definitely does add weight to your profile, it doesn’t guarantee a job placement or a better salary. So you need to be realistic about your options and be prepared for a sub-optimal outcome after graduation.

2. •An MBA is definitely an expensive degree, and you should realistically assess your financial situation before opting for one. Especially if the recession persists, and you are unable to get a high paying job after completing the MBA, you need to ensure that you have a backup financial contingency plan in place. •Increased competition is another factor as many individuals consider returning to school to enhance their profile and skill set during a recession. This not only makes getting into an MBA program more competitive, but also leads to increased competition in the post MBA job market, making it tougher to get into a school and program of your choice, as well as a job of your liking after you graduate. sUltimately, if you’re looking at taking up an MBA during recession, you should think long term. A good MBA consultant or study abroad consultant can help you weigh the advantages and disadvantages applicable specifically to you and help you ultimately take the right decision.