MBA Placement & Demand Conundrum: These Specialised Skills More In Demand Now Than MBAs
The Application Trends Survey from the Graduate Management Admission Council showed a 5% drop in interest for MBAs and all business school degrees globally in 2023.?
However, while demand in the US and Europe has stagnated, there's increased interest from students in emerging economies like India and China.
But some reports do point to specialised skills being more in demand by employers than a conventional MBA.?
Lay-offs, delayed start dates & reduced hiring the trend?
Job placements for graduates from Harvard Business School have hit their lowest levels in over five years, indicating a slowdown in demand for highly qualified candidates, according to a report by ET.?
In fact, recent data from Harvard Business School states that only 86% of the 73% of its most recent MBA class seeking employment received offers.?In comparison, 95% received job offers in 2022 and 96% in 2021.
Harvard Business School is one of the world's premier business schools.?
Sectors traditionally recruiting large numbers of MBAs, including consulting, audit firms, and tech companies are all showing a trend of reduced hiring, which is in line with the reduced campus placement offers.?
Consulting companies are even laying off employees and delaying start dates.?
Outdated curriculum major issue in MBA programmes?
Outdated curriculum is a major issue plaguing MBA programmes.?
A Financial Times report had focused on how MBA programmes are failing to update business education in ways that account for a changing world and business landscape.?
For instance, business schools need to teach how to evaluate systemic risk, such as climate change, which is not covered by conventional studies.?
Specialised skills more in demand?
"Companies are looking at newer cohorts of skill sets. Most of the new hiring is happening in skills such as legal, cybersecurity, data analytics, and engineers," said Rajkamal Vempati, head HR at Axis Bank, as quoted by ET.?
So, a host of specialised skills are being demanded by employers, such as specialisation in economics, commerce, statistics; CAs; those trained in data science, digital marketing etc.? ? ? ?
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