The effects of the recession are still being felt across the world. Unemployment rates are still high, inflation is a big problem, there are various problems in different sectors across the world – the downturn is still playing a lot in our minds. Coming out of this downturn has been much slower than the previous ones and thus its prolonged effect has been ever more problematic.
According to a recent survey by the Graduate Management Admission Council 2010 which analyzed 327 business schools across the world, the applications for full – time MBA saw an increase only in 44% of the MBA programs down from 77% of 2008. But during the same period the applications for part–time MBA as well as executive MBA saw an increase of more than 59% compared to the previous year (37%).
There are a number of factors for this surprising trend –
- Almost 60% of the students according to the survey are looking for a shorter MBA
- The flexibility in MBA programs is becoming a very important issue with the development of full – time, part – time, executive and also online MBA courses
- Due to the recession, people are realizing the importance of distinguishing themselves from the competition and thus are going for executive MBAs in between their careers
- A great expectation of economic recovery among the managers and top executives may have led to many of them pursuing executive MBAs to further their career
- Many people are also finding it easier to pursue part – time MBAs because this would enable them to juggle their family responsibilities, jobs and also help them grow further in their careers
In India there are still most of us who pursue the full–time MBA route. But there are many institutes who have started the executive and part–time MBA program options including the IIMs. While there are no statistics to show the number of people in India who are pursuing such courses, its popularity is surely on the rise.