B-School Compendium: The relevance of an MBA in 2023

Isha Sharma, a 31-year-old Delhi resident with a flourishing career of 7 years in journalism, decided to join the Indian Institute of Management (IIM) Kashipur for a Masters in Business Administration (MBA) in analytics. But why? "The turning point when I decided to pursue an MBA was my realisation that I needed to understand analytics. While working as an assignment editor for the India team at MSN, I noticed that content was published on the website based on click-through rate (CTR) and traffic. We were required to meet targets by producing content that generated traffic. That's when I decided to learn something that would help me comprehend analytics for a better future."

According to a Fortune India report, in 2022, as many as 403,202 students enrolled at about 3,100 institutions offering postgraduate diplomas in management (PGDM) and MBA programmes. There had been 435,000 enrolments at 3,112 B-schools the previous year. These numbers had increased significantly in 2021 after five continuous years of decline. In 2015, there had been 456,000 students at 3,608 institutions. The number of Common Admission Test (CAT) applications decreased from 244,000 in 2019 to 227,000 in 2020, but rose to 232,000 in 2021.

In the era of artificial intelligence (AI), these numbers clearly emphasise the relevance and impact of an MBA tag on career growth trajectory. The long-term advantages of an MBA course, including financial and career opportunities, outweigh the immediate financial and time costs associated with the degree programme.

While AI rapidly transforms various industries and business functions, it does not replace the need for business acumen, strategic thinking, and leadership skills, which are areas often emphasised in MBA programmes. AI is a powerful technology with the potential to disrupt and reshape industries. An MBA course equips professionals with the knowledge and skills to comprehend the strategic implications of AI, identify opportunities for its implementation, and manage its impact on organisations.

Many recruiters count an MBA degree as an asset due to the skills that the degree holders usually possess. The programme also provides networking opportunities and business contacts through career placement cells, classmates, and programme faculty. While an MBA in finance remains a popular choice, MBA degrees in HR, IT and marketing are the next most sought after.

Dr Balakrishna Grandhi, dean, Global MBA & MGB, and professor of marketing & strategy at SP Jain School of Global Management, said: "There has been a tectonic change in the macro business environment in the recent past — be it due to the pandemic, supply-chain disruptions, the Ukraine-Russia conflict, shortage of chips, volatility in commodity prices, emerging technologies, explosion of data, global warming, unprecedented inflation, shifts in shopping behaviour, climate change, and more. Every company is forced to reinvent its business model, bringing people with skills to help adapt to the macro turbulence, and to add value by designing and executing customer-centric strategies and processes, not just for survival but also growth and profitability.”

“Several subjects have been in high demand lately. Some of them, in no particular order, are Global Supply Chain & Logistics, Research for Customer Insights, Customer Value Management, Entrepreneurship for Disruptive Launch, Data Analytics for Decision-making, Digital Marketing & Analytics, Demand Management, E-Business Strategies, Enterprise Innovation and Digital Transformation, FinTech and Technology Innovations, Teamwork and Leadership, Effective Business Communication & Negotiation Skills, etc," he added. 

Asked about the upcoming specialty trends he hoped to see in the coming years, he said: "To navigate through the current age of turbulence, tomorrow's leaders need to be ambidextrous, playing both defence and offence. One needs to prudently manage the downside to mitigate risks while aggressively pursuing the upside to chase opportunities. They need to think about the next decade, not just the next week, month or year. To be part of a 'living' organisation, one needs to consider their journey as a marathon, not a sprint. 'Risk management' is becoming increasingly important to help organisations stay resilient while coping with ambiguity. 'Soft skills' necessary to be truly professional are more important than ever before. One should become indispensable to the company they are with due to their edge in insights, commitment, and execution.”

An invaluable feature tailored to the needs of ambitious MBA aspirants, the B-School Compendium is an exhaustive compilation of all MBA colleges available for application in 2023. This comprehensive resource acts as a guiding light for students seeking admission to top-tier institutions in India. Offering an array of options and alternatives, the compendium will equip aspirants with the knowledge and opportunities they need to embark on their journey towards a successful management education, ensuring that no dream goes unrealised.