A Nexford MBA could change your life
Two-thirds of business school programs have seen applications increase during the pandemic, with MBAs leading the way.
Strangely enough, in this day and age where so many more people are vying for the attention of prospective employers and better-paying jobs, there are those that simply don’t believe that a modern degree is worth the time and money invested, instead electing to let their natural abilities get the job done.
Wrong! According to The Economist, going to university is now, more than ever, incredibly important. Those with degrees are more sought after and end up post-graduation possessing a greater competitive advantage than those that don’t have one. But the age-old question still remains: what degree, when, and where?
Harvard Business Review maintains that an MBA will certainly open more doors for graduates, future-ready their careers, accelerate their career path, and put themselves in good stead to earn more money and get promoted quicker. It’s a no brainer, but what you need to decide before you embark on one is to decide what you can afford to pay which will then dictate what university you will be able to go to.
The time to act is now!
Procrastination has no place in the business world, and even less so when considering an MBA to advance your career. This has never rung truer when considering that more people are studying MBAs each year. In 1971 only 11% of master’s degrees were in business, but in 2017, they had more than doubled to over 25%. Competition is greater now than ever — and you can’t afford not to have an MBA on your CV.
Nexford University has seen MBA applications increase year on year since it launched. In 2019, MBA applications grew steadily throughout the year — and in 2020 MBA applications grew by 18%. However, it was in 2021 that applications really soared, jumping to a massive 64% increase in 2020. Advancements in online education seen at modern universities such as Nexford are driving the surge in people signing up for MBAs.
“Now, more types of business professionals are going for online MBAs. There’s so much growth,” said Lance Lambert, editorial director of Fortune Education. “Over the past decade, the hottest fields for MBA grads are finance, tech and consulting, but lately both the financial technology and entrepreneurship sectors have grown to be more sought-after, too.“
Not even Covid could supress MBA demand
It might surprise that two-thirds of business school programs have seen applications increase during the pandemic, according to new GMAC research. The research shows that 67% of business schools saw an increase in applications in 2020, according to the new Application Trends Survey published today by the Graduate Management Admission Council (GMAC), which tracks demand for MBA and master’s programs.
The total volume of applications to global business schools increased by 2%. “The opportunity cost of leaving a job to pursue an MBA or business master’s lessens as economies begin to regress. As a result, we are now seeing more people thinking about b-school to grow or improve their career prospects,” says GMAC CEO Sangeet Chowfla.
Demand for program types in the US has seen changes. Online MBAs have seen the biggest percentage growth – with 86% of programs reporting growth. This a response to the increasing online orientation of business schools, as well as uncertainty over travel restrictions as a result of COVID-19.
Two-year full time MBAs have also rebounded in popularity, with 75% of programs reporting growth overall. This is particularly high among top-ranked MBA programs, whose reputation and reliability remains consistent in the face of a changing business school landscape.
At Nexford, the standard MBA completion time is 18 months, even with learners working at a flexible pace and holding down a job whilst doing their degree. For someone earning $70,000, to give up two years of wages in order to go for an MBA which includes tuition, room and board can run over $360,000. Compare that with Nexford where the cost of earning the degree costing on average ($3,240) to pursue, and that figure can come down the faster learners elect to finish.
Every dollar well spent
As the amount of MBA learners increases, so too has the demand to seek out and employ such highly skilled individuals, armed with the modern hard and soft skills required from today’s employers to bolster their bottom line.
MBA.com says that corporate recruiters project robust hiring demand for business school graduates post-COVID, with 9 in 10 projecting hiring to increase or remain stable in the next five years.
“As corporations recover from the pandemic and rebuild their workforces, it is no surprise that business school graduates – with their leadership and managerial skills in high demand – are specially strengthened in their value proposition as an employee and uniquely positioned to meet today’s economic challenges,” said Chowfla.
MBA.com goes on to report that before the pandemic, 92% of recruiters indicated they were planning to hire MBA graduates in 2020. However, the disruptions caused by COVID-19 adversely affected those plans, and hence the actual hiring of MBA graduates (80%) was lower than 2020 projections. Looking ahead, the proportion of recruiters planning to hire MBAs in 2021 (91%) returns to the same level as pre-pandemic 2020 (92%). Good news for MBA graduates around the world and vindicating their decision to pursue one in the first place.
Drilling down into verticals, MBA hiring in the tech sector is projected to see a notable increase from pre-pandemic levels, according to the survey findings. Among responding tech employers, 96% expect to hire MBAs this year, up from 86% in pre-pandemic 2020.
Online is clearly where it’s @
“As business schools continue to evolve modalities and more candidates are able to access MBA and business master’s programs through online delivery, this presents the graduate management education community with an opportunity to align expectations and outcomes for graduates and corporate recruiters,” says Chowfla.
As competition for top jobs continues to rise, the only way for people to stand out in a crowded hiring landscape is to gain a graduate business degree, like an MBA, which will give them the skills, network, and credibility you need to reach your career goals.
A good place for you to start and finish your MBA journey is at Nexford. There’s no need to put your career on hold as you can study your MBA and still earn whilst doing so. Then, when done, use the in-demand skills to demonstrate what you can do, not what you’ve read about. Statistics show that now has never been a better time to earn an MBA and climb the corporate ladder, so the only question left to ask is, what’s stopping you?
Ready to get started? Download our brochure or book a call with our Nexford Advisors!
Mark is a college graduate with Honours in Copywriting. He is the Content Marketing Manager at Nexford, creating engaging, thought-provoking, and action-oriented content.
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