MBA during COVID-19: Why now is the best time to go to business school

At times of great change it is natural to return to schoolhellip Jonathan Levin Dean Stanford Graduate School of BusinessFrom April to June this year Indias GDP fell by 239 percent By August the Center for Monitoring Indian Economy CMIE reported that whitecollar job losses hit 61 million Young professionals facing the possibility of stalled promotions and career uncertainty may not prioritise a business degree at this time However as business practices change career aspirations need to adapt to future expectations If the pandemic has taught us anything it is that future managers need to be nimble focused on interpersonal skills and emotional intelligence and prepared to lead a digitally connected workforceFigure 1 Source GMAC Application Trends SurveyThe GMAC application trends survey indicated that fulltime MBA applications in 2008 increased by a record 10 percent over the previous year In past crises MBA graduates built resilience and adaptability which helped them land unconventional roles and remain relevant in a dynamic business landscapeAs we look ahead from sixseven months of lockdown into the next admissions cycle the following changes will impact applicantsFlexible Admission CriteriaMany business schools have adopted more flexible admission policiesndashgoing test optional extending application deadlines and enabling deferrals where required These changes have already resulted in double digit growth in applications for fulltime MBA programmes starting in Fall 2021 and increased class sizes While Northwestern Universityrsquos Kellogg School of Management saw 5813 Round 1 applications for their fulltime MBA programme a jump of 54 percent yearoveryear Columbia Business School reported 6971 Round 1 applications an 186 percent increase over 2019 after extending their Round 1 deadline by 51 daysApplicants with bachelorrsquos degrees in STEMrelated fields professional certifications or with analytical work experience have a significant advantage in this new situation When GMAT test centers shut down a number of schools including Northwestern Universityrsquos Kellogg School of Management and The University of TexasAustinrsquos McCombs School of Business began offering test waivers for applicants directly affected by the pandemic The University of Virginiarsquos Darden School of Business has made the GMAT and the GRE testoptional subject to certain conditions Emory Universityrsquos Goizueta Business School has made GMAT and GRE scores optional for applicants to its evening MBA programme saying they are lsquounnecessary barriersrsquo for working professionals Other business schools such as Vanderbiltrsquos Owen School of Business now accept the GMAT Executive Assessment scores Sue Oldham Associate Dean of Admissions explained the decision was ldquohellipan inclusive move to allow our applicants to submit their most competitive test score as a part of their applicationNew Ways of Adding ValueThe pandemic is also pushing business schools to innovate and leverage resources in new ways Many are investing heavily in technology to deliver experiences beyond classroom broadcasts Whether itrsquos the ability to attract exceptional talent remotely or leverage expertise of influential alumni now students not only gain a more diverse range of business expertise during their business school experience but they also have access to insights on decision making during this crisis Below are some notable examplesThe Stanford Graduate School of Business capitalised on alumni relationships to create summer internships during the hiring freeze Stanford alumnus and Zoom founder Eric Yuan participated in an online lecture series to talk about the fivefold revenue growth Zoom will see by the end of this yearCornell Universityrsquos SC Johnson College of Business in March hosted a professional development series for their MBA class by tapping into a wide range of domain expert faculty members and alumniFrom June 2020 Michael Roberts Wharton School of the University of Pennsylvaniarsquos awardwinning professor and researcher led a 12part series with faculty from the business schoolrsquos worldrenowned finance department These additional virtual interactions have allowed MBA students access to discussions on reviving economies post the pandemic by professors who have spent entire careers studying and interpreting financial trends and dataJonathan Levin Dean of Stanford Graduate School of Business spoke of continuing to advance longerterm priorities with a lsquoBeyond COVIDrsquo taskforce composed of alumni and faculty to identify new opportunities for the school to leap ahead in virtual education and lifelong learningThese are compelling reasons for young professionals to consider applying for an MBA in Rounds 2 or 3 taking advantage of schoolsrsquo plans to extend deadlines for these application rounds Potential applicants need to create a strong case for themselves in what looks to be the most competitive admissions season everAuthor BioWritten by Namita Mehta who has been in the college counselling space for more than eleven years She established the University Guidance Counselling Department at BDSomani International School in Mumbai before joining The Red Pen where she currently serves as PresidentKeep scrolling to read more newsCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updates MidDay is now on Telegram Click here to join our channel middayinfomedialtd and stay updated with the latest news