Corona: The Impact on Business Schools around the World

Existential Crisis or Unique Opportunity? ?What COVID-19 means for MBA students today

As the reality of a global shutdown begins to sink in, the COVID-19 conversation starts to shift from a health & safety frenzy, to a debate on the effects that the pandemic is having on our social, organisational and economic livelihoods. The obvious topics dominate the early conversation. Travel, tourism and entertainment businesses are in real trouble. Most of us are sent home to work remotely. And our kids are pulled out of school.

But if you chose 2020 as the year to plow your life savings into a global MBA, hoping to land a top paying job at the end of it, you’re worse off than most.

With major business schools across the globe already closing campuses, transitioning to remote classes, and cancelling all student travel, it’s easy to feel hard done by if you (like me) find yourself in the middle of an MBA program that’s quickly being stripped of its value offerings.

If that’s not enough, your search for a competitive job just got a whole lot tougher, as many employers put on hold their talent acquisition processes while they focus on other things... like staying in business!

On the face of it, 2020 looks like a pretty miserable year to call yourself an MBA student. Right?   

Maybe not.

If you’re resourceful, there are unique opportunities to be had, as is the case in any disruptive environment. Boardrooms around the world will be scrambling to move online, work remote, and run lean. And those that can adapt most quickly will come out the other side of this in stronger positions than their competitors.

So, what does this mean for MBA students who are seeing both the quality of their MBA programs as well as their chances of employment evaporate before their eyes, as measures force schools closed and hiring processes to freeze. If you’re currently enrolled, then try adopting some of the measures below, which may see you getting even more value out of your MBA program with this crisis than you’d be able to extract without it.

1.   Collaborate

For those who find themselves in the middle of their MBA programs, collaborate with your schools to generate ideas to replace lost value offerings as a result of the travel bans and remote learning protocols. Many schools have had to cancel job fairs, student exchanges and learning tracks promised to students. To replace these, schools like EDHEC in Nice are already planning to open additional places on their 2021 learning tracks and expeditions for current students who missed out this year. Work through your class reps to see if your school is willing to consider other value reimbursement ideas, such as products available from their Executive MBA or Master’s faculties, online courses, or even once-off exchange programs with other business schools facing the same challenges.

For those about to end their programs and head into the job market, collaborate with your classmates to find opportunities. Ask those who are returning to the workplace if their organisations would be interested in offering remote assignments, even if these are not paid projects. Students who are returning to (or opening) their own businesses after the program would also be interested in having you come on board to help set things up. Both of these assignments could help bridge the gap during this volatile period.

2.   Pivot 

If your industry is one of those most affected by the current pandemic, it might be time to look into other industries or sectors for future employment. If you’ve got a background in the travel industry, this could mean moving into supply chain or logistics which require many of the same skill sets and offer opportunities in categories that are thriving.

For MBA business owners in affected sectors, this may be a chance to adapt your business model. Those running tourism operations could begin offering ‘staycations’ rather than big city packages. Even travel influencers who’s businesses have been hit with cancelled trips and declining interest can shift their focus to remote destinations within their own borders. Or in rare cases where these individuals are able to string a sentence together, they could vlog in their downtime. 

Finally, for students (like me) who’ve had their internship opportunities frozen, it might be time to consider switching out internship aspirations for replacement activities over the period, such as MBA consulting projects or theses which would earn school credits over the period.

3.   Develop Your Skills

This is the year that you’ve decided to develop yourself. With the world holding its breath (literally) and global operations running lean, this is a great time to pick up new skills. Platforms like Coursera and Getsmarter offer the opportunity to learn how to code, write copy or understand the blockchain from top institutions. Learning a language online is also a great use of the downtime. If you’re stuck on what to pursue, see the 5 Must-Adopt Marketing Skills to get some ideas. 

4.   Start something New

Many MBA students have aspirations of starting their own business after their program but find that job security is the overriding priority and as a result, end up returning directly to the formal sector. The current crisis may be the push that you need to take the plunge and focus on that startup idea. You’ll never have as much access to information, talent around you or opportunity to be bold. Switch out your planned internship or consulting project for a business plan which all top business schools will recognise as a credit worthy activity. If you need inspiration, check out success stories of companies started during the last financial crisis.

There is opportunity amidst the chaos. It is our ability to adapt that defines us as a species, and in times of extreme uncertainty, it is often those who are able to pivot, and do so with a cool head, that prevail - and even thrive!

For MBA students in 2020, you may have a rare opportunity to pounce.