The Global Economic Crisis Has Badly Affected All Sectors, Including Business Education

Despite the intense emotional situation, the demand for business education and training is growing.

There is a number of reasons for that: first of all, global workforce shortage. One can think that this only happens during the economic recovery. However, in order to use human recourses effectively during the recession period, the tighter qualification requirements are met, which makes the problem even more acute.

People need stability when they are going through economic crisis. It is impossible to foresee the situation development scenario, but they are positive that a decent education will provide them with a decent job.

Any economic crisis is not forever. The economics goes through cycles, and there is always a rainbow after the rain. That is the reason why this time is the best for getting an education.

The global economic crisis is followed by an unusual interest towards business schools. According to GMAC data, 77% of all business schools experience the number of full-time MBA applicants increase in 2008. This is the highest indicator for the last five years.

This year the number of Americans who took GMAT test has increased by 19%. The number of international applicants increased by 26%. The western MBA programs popularity improved the rankings of the leading domestic business schools, and this year the number of their students raised by 40%.

In the stable conditions of the labor market, full of different positions, many chose the immediate employment over business education. Now people are more concerned about the future: the huber of jobs is decreasing and the employer gives the priority to the specialist with a decent diploma.

In two years, when the current business school students graduate, they will be in a high demand on the labor market.

What MBA programs are popular now? Taking into consideration the current financial market situation, the finance programs are very popular. People want to understand the mechanism of economic crisis, they want to learn how they can help the company they will potentially work at, go through the crisis. Leader programs are also popular. When the economic situation is not in context, the companies always need leaders. General Management programs, International Business Development programs and IT programs are still in high demand.

Before choosing your MBA program, it is important to learn the market situation and to evaluate the future of your industry.

Everybody needs an MBA: the programs are designed to help you succeed both in your career and in your personal life.

If you are going to take a managing position or start your own business, you absolutely need an MBA diploma. There are two categories of people who can have a special interest in MBA. These are young people age 25-30, who already got an experience after graduating and who are at the beginning of the management career. Another category includes those who already have certain career achievements and who is striving to improve their managing skills.

MBA graduates, who are confident about their future, are always in demand, even during a recession. Today the labor market is changing and small successful companies are interested in MBA specialists. The uncompetitive industries also try to attract the MBA graduates.

Today, for instance, many jobs are offered by pharmaceutical, biotechnological, IT and other companies, that operate in the sphere of high technologies.

The analytics able to evaluate the possibilities of the company development in the medium term will be in a higher demand. Also the internal control specialists will be sought after.

Today`s world in general and our country in particular go through hard economic times. It is important to look at the situation considering all the facts, get a down-to-earth approach, admit mistakes and forget the traditional behavior models.

What does not kill us makes us stronger. Probably, by overcoming the difficulties of a harsh reality, we will be able to become self-confident and will be sure about our great future.

Source: The Moscow Times