MBA and its Sustainability in 2024

The term MBA stands for Masters of Business Administration degree. Usually, a full-time MBA takes two years, but several accelerated MBA programs take only a year to graduate, particularly at non-US Business Schools. MBA is amongst the most popular post-graduate programs in the country and abroad. The degree was initiated in the USA when the country saw a boost in industrialization and the companies required scientific management. The MBA program’s main courses include various fields of business administration, such as accounting, applied statistics, human resources, business communication, business ethics, supply-chain management in a way most important to management analysis and strategy.    

Various types of MBA Degrees 

There are several types of MBA programs. To name them, these are Full-time, part-time and executive MBA programs. The programs are suitable for different kinds of candidates, depending on their career needs. A full-time MBA is an all-immersing educational experience that opens doors for a variety of career possibilities. There are two major types the MBA aspirants can consider in the full-time MBA programs: a conventional 2-year MBA program and an accelerated one-year MBA program.  

A part-time program is suitable for people who are content with their jobs but want progress in the company. People satisfied with their current career path might not want to quit their jobs permanently. 

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The executive program is for experienced people who want to go to the next level in their careers and enhance their professional skills. 

When the full-time MBA couldn’t work with everyone, the business schools re-invented the courses and brought some notable changes in the course offerings. The schools first came up with the part-time MBA, then the weekend MBA, then the One-year MBA, then the Executive MBA, and now the online MBA.  

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Relevance of MBA in 2024

One might wonder what makes an MBA relevant in 2024, particularly when the world is wrangling with a global pandemic. One of the biggest reasons MBAs remain one of the most sought-after courses on the global level is its flexibility and evolution with time. Over the last several years, MBA has emerged as one of the most popular educational programs because of its holistic view on how businesses work and the importance of cross-functionality in marketing, finance, human resources, and operations. 

The companies are looking towards emerging stronger by regulating business models once the Covid-era draws towards its end. An essential part of the process will be hiring the right people with the right skills. 

Criticism towards the MBA Courses

The MBAs have met with escalating criticism from various academics, students, and numerous organizational stakeholders. During the 1900s, the MBA program commenced by the USA Universities encouraged industrialization in the country. The principle behind the plan was to boost individual efficiency and improve the production cycle. However, with time, things have changed. One of the major critiques of the MBAs is that they focus too much on the leadership aspect and too little on the administration’s detailing. Hence, the course vastly deviates from its earlier purpose. 

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MBA and its sustainability have been in question for many years. In the last few years, enough jobs have not been created because of the excess competition in the field, which has rendered the market saturated from the employment perspective. For years, business schools have enjoyed a growing reputation in the business world and unparalleled respect in academics. Today, the criticism is often directed toward the educational institutions for not following the essential standards of imparting the practical applications necessary to apply in the corporate world, thus failing to guide the graduates to good corporate jobs. 

How an MBA has Changed over the Years  

The world has witnessed a considerable change in the past several decades and the way educational institutions perceived education has changed tremendously. With the global economy frequently shifting, the business education system has altered in great detail and is changing its patterns and offerings. Born in the USA, the MBA began its life as a Master of Science in Commerce degree at the Tuck School of Business, the first school of management. Started in 1900 at Dartmouth College, the Master of Science in Commerce degree came to be known as Master of Business Administration. However, Harvard offered the first-ever MBA degree in 1908 at the Graduate School of Business Administration. 

As the years progressed, the program saw various changes and came a long way from where it started. However, its fundamental values remained the same. The MBAs have seen tremendous development from the traditional approach of offering the courses to the broader education level to prepare students for corporate jobs. 

To ensure MBA and its sustainability in 2024, the business schools are thinking out-of-box regarding employment scope in the upcoming years. The courses are now integrated. The schools will use innovation and analytics as their pillars to move forward the modern-day skill sets required. The schools are looking to revamp the curriculum where students learn the basics to excel in their domain and develop critical skills necessary to sustain the corporate and their perpetual demands. 

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Conclusion

MBAs, over the years, have been subjected to both admiration and harsh criticism. As the competition in the field grew manifolds, the corporate world became more selective in whom to take and who is to be left out. Out of 3 lac students passing out from the B-schools in India, 35% make it into the suitable jobs. MBA degrees greatly influence the corporate world as they continue to fill the industry with the best talent with business acumen, intelligence, critical thinking, and an ability to work independently. Despite the potential downsides of being part of the institutions cramming with the aspirants, the MBA offers tremendous work experience, knowledge of the global markets, and varying perspectives on the worldwide economy. Obtaining an MBA degree is not enough to land you in a dazzling salaried job. It’s the extracurricular such as leadership, critical and analytical skills that truly counts. The companies want the students with the absolute best talents in their fields, including communicating skills or marketing skills.

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