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Imagine walking out of your MBA graduation, equipped with all the knowledge and an ambitious attitude, and being smacked by the job market for demanding skills you never learned in school. This is becoming increasingly a reality for MBA graduates today, as technological advancement and changing industrial landscapes continue to reshuffle the professional world. This rapid change has brought new challenges for MBA graduates.
Adapting to the New Job Market
In the last decade, the job market has changed so fast that "reskilling" and "upskilling" have become critical terms for survival and success. The Future of Jobs Report by the World Economic Forum estimates that by the year 2025, an astonishing 85 million jobs could be displaced because of shifts in the division of labour between humans and machines. More than ever, this fact impresses on the need for continuous learning among MBA students. Earlier, having an MBA degree meant that a person was assured of having a comfortable and successful career. However, many recent graduates found out traditional business education was not enough to keep pace with technological changes that were truly disrupting industries.
Such graduates, driven by the need for personal and professional growth, normally start upskilling and take courses in artificial intelligence, data science, and other related modern fields. This not only increases the scope of their knowledge, but also assures them to create absolutely new career directions and values in upskilling tremendously. Reskilling and upskilling are not about catching up; they're investing in oneself.
Why reskilling is crucial for future-proofing careers?
According to a McKinsey report, by 2030, because of automation and digitalisation, 375 million workers—14% of the global workforce—will be required to reskill. This is something corporations are aware of and are trying to fill by setting up training programmes so that employees can bridge their skill gaps. For MBA students, the journey of learning continues beyond graduation. It becomes a lifelong process integral to being employable and making successful progress in any career.
Recent global events have further emphasised this trend. The COVID-19 pandemic only underscored the realisation that we needed to reskill and upskill even more. Enterprises had to change their business models very fast and adopt technologies in order to survive. This was a time for most professionals to reconsider the directions of their careers, and this put an even greater focus on organisational learning and development.
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It is in response to these needs that MBA programmes are changing. Schools that incorporate a "learn by doing" philosophy will set their students up for the much-needed preparedness to plunge into the rigours of the job market. Only those programmes that genuinely connect real-world projects and industry partnerships at a global pedagogy level will help create a more well-rounded student.
The dual certification courses give MBA students the chance to obtain other qualifications alongside their degree, which eventually makes them employable. The graduating students will be knowledgeable and versatile in the various roles that their chosen industry may require of them. The support provided by top internship and placement companies reinforces the gap between academic learning and its practical application.
Such benefits of reskilling and upskilling do not stop at individual levels of career development. Rather, it enhances employee engagement and retention since one feels more valued and able in his or her role. As revealed in the report, ‘Five Fifty: The skillful corporation’ from McKinsey & Company, 87% of employers claimed a deficiency of people with the required skill set amongst potential candidates. It is through continuous learning that an employee and employer will be better placed to bridge this gap and ensure a stronger, more effective workforce.
To cater to the constantly changing environment, the need to learn continuously would be the only constant. As Peter Drucker rightly put it, "The only skill that will be important in the 21st century is learning new skills. Everything else will become obsolete over time." The statement holds true today, where the ability to learn and adapt is the key to long-term career success.
Reskilling and upskilling are no longer options but necessities for MBA students. Moving with these practices, they shall remain relevant and competitive in a world that never stops changing. It is through lifelong learning—be it online courses, employer-sponsored training, or just plain experience—that they make the best investment in their future. Paved with a desire to learn and grow, the path to success in today's job market is one of adaptation to new demands and opportunities that lie ahead.
The journey, in other words, as an MBA graduate does not end with any degree but is actually the stepping stone into mainstream. In continuation, the changing job market looks for much more in an individual than what has traditionally been taught by an MBA. It demands continuous learning of new skills and continuous learning towards technological upgrading. Hence, reskilling and upskilling are not only strategies to get better placed, but they have become an imperative to remain relevant and competitive.
Remember, in this shifting world, learning ability and adaptability are going to make a difference. The investment in continuous learning is going to be huge. As you step into the professional world, remember that the path to success is always inundated with opportunities for growth, learning, and innovation. Keep curious, keep committed, and above all, stay adaptable. The future is bright, but only for those who are willing to accept it.
The author is a Director at MBA ESG.
