Upside of pursuing a British Masters in the current downturn

Year 2009 hasn’t gone down well so far with many. Yet, according to the head of admissions at a university in the UK, an MBA is in high demand in the developed markets after the financial crisis happened, for more than one reason; it helps those who’ve been affected by company downsizing, it enables students to have a better understanding of the market mechanism, and it prepares them overcome such tough times in their search for employment opportunities. More over the monetary gains due to the low interest rates on education loans and the purchashing power (explained below) have had a positive effect. Full-time MBA programmes are indeed being seen as the hot favourite among the current jobless, as they tap into the schools’ advisers to identify potential jobs for them as they train themselves with latest skills in the classroom.

More than two thirds of the students start at a salary at least 30% higher than their previous rate within the first 2 years of graduating with an MBA. Besides, possessing an MBA opens up a world of networking right before you; sharing contacts with classmates, university student bodies and professors not only primes you better for employment opportunities but also helps to ease your way in as compared to the rest – after all, it can only accelerate your career after you complete your MBA program.

Interest rates: As the global economy has taken a plunge, federal governments all over the world are trying to boost their economies by lowering their federal lending interest rates in order to increase consumer spending. This means that if you were to borrow an international student loan in your home country, you will be able to avail the same at a lower interest rate than before!

Purchasing Power: The currencies of countries such as the UK that are at the epicentre of the global recession have decreased in value. Due to the decrease in exports and shortened economic activity, the British Sterling Pound has taken a hit and lost a nearly a quarter of its value! Here's an example - currently it costs only about 1.50 to 1.60 US Dollars to buy 1 British Pound, compare this to same time last year 1 pound was worth nearly 2 US dollars! This translates to more purchasing power if you were to buy British goods, currency and even British Masters Education! Devalued British currency means you can buy more for the same amount of Dollars, Euros, Yen, Rupees etc. Your accommodation and living costs just got cheaper and so did your education!

Ride out the downturn while it lasts: Rather than waiting for the right time and the right job to come along, this is the ‘right opportunity’ to get yourself a Masters degree that will enhance your career prospects and make you more marketable in the job market. There is no better way to confirm that than asking the alumni of ’92 to ’08. Not only does the current scenario challenge you to pursue your core competencies more adamantly, but it also prepares you for a cushier economic recovery period, for now and for the rest of your life.

The current economic scenario although poses threats, but it also is a good time to sit back and consider the positives of having an MBA on your side to battle out such days. The economic crises will end and companies will begin hiring, that’s for sure. What matters more is that those with strong skill differentiators such as having an MBA are the ones who possess the market need for skilled people and will continue to be valuable assets for the crises of today and the fortunes of tomorrow.

And as for the students graduating with their MBAs presently, they’ll tell you of no better time to apply for one but now and no better reason than the upside of a downturn!

Manish Arora

Sr. Director at Britishmba.com