Due to the economical downturn caused due to corona virus outbreak, recession is hitting across the world. Even there is liquidity crunch in the world. In this globalized world Indian business environment is always going to get affected negatively in terms of growth.
As per recent reports, Indian GDP growth in the last quarter was reportedly around 5.02% which is down compared to around 6 to 8% in the last decade period. So instead of looking for better job opportunities this seems to be right time to go back to School to fine tune your skill sets. Here are some of the key points about doing MBA during Recession period. A degree in MBA will also boost your confidence to start with your own business as this is the best time to do so.
Here are some of the key points about doing MBA during Recession period.
1. Building Skill sets and Qualifications
If you are a fresh Graduate and looking for job or you are fired from your organization due to recession then options available in terms of job opportunities are limited for you. It is definitely not a bad option to stop looking for promotion opportunities within organization and start focusing on your education to fine tune your skill sets.
If you are going for an executive MBA or Full Time MBA then during recession period you will need to forgot your salary (if you are a working professional). But during recession period opportunities are limited. You might find it difficult to search a new job which pays you more. Therefore, going for higher education would turn out to be the perfect option to take your career to the next level.
2. Networking with other MBA Students
If you have opted for Full Time or Part Time MBA then there is great opportunity to network with other MBA students. Generally MBA class has students coming from different background like Commerce, Arts, Engineering, Bio Medical, etc. Interacting with those students will help you to broaden your point of view about handling certain business situations and it will also help you to improve your interpersonal skills.
There might be a possibility of your peers becoming your business or financial advisors or even customers in the future. So instead of worrying about opportunities in the job market you can enjoy your time by going back to school and explore more options and widen your skill set.
3. Building Profile for Future
Even though there is recession, generally there is cycle of uptime and downtime, a degree course in MBA lasts for two years. Therefore, while you are finishing your MBA there are good chances that market will tune positive and there will be more options for you to explore in your existing organization for career advancements.
Many opportunities to start your own business might stem up as well. As the economy continues to grow, you would witness some excellent progress in your business too.
4. Taking Sabbatical from current Organisation
Many organizations have sabbatical leave policy where you can opt for higher education and join back to your organization after completion of your MBA. You can certainly consider this option if you are too much worried about future prospects. Taking sabbatical leave will ease out pressure of expectations from your mind. You can freely enjoy your time in the B School. You would not need to exhaust yourself from balancing between the daily office work and degree studies.
Also, the course of MBA degree is designed in a way so that more focus is given on group assignments, group projects and developing social skills. Hence, this course demands your full time and energy.
Hence, we can see that taking up a course in MBA during recession period would be extremely beneficial. With an MBA degree, you can be confident enough to make a difference in your organization. You will receive great returns on the money which you invested in this course in terms of salary. You might even want to take up some more business related courses which will help you to lead and grow in the direction of your career goals.