For many students pursuing an MBA, the most common aspiration is to become an entrepreneur and running a startup within ten years of graduating.
These aspirations are what have driven potential entrepreneurs to pursue a masters in business administration for decades.
And though this trend seems firmly rooted in the culture of entrepreneurship, other aspects of the landscape are not as entrenched.
Here are 4 trends to keep a close eye on if you’re aspiring to run or launch a startup of any kind.
1. Business schools and training programs will become an increasing source of unique and valuable information not easily acquired elsewhere.
According to a 2018 QS TopMBA Applicant Survey, nine out of 10 people looking to pursue an MBA send applications to more than one school.
On the more extreme side, around 28 percent of MBA candidates send applications to over six business schools.
Reports have revealed that business schools and training institutions control an extensive collection of useful sources of information, and this is used by candidates when choosing where to apply.
Many of the initial searching and exploring begin on the Internet. Many of the Internet searches include school rankings and whatever publications are available on their official websites.
Lastly, of the most popular countries for people to go for an MBA, they include the United States, the United Kingdom, Australia, Canada, Germany, and France.
In most case, countries such as Australia, the UK, and the US are viewed as having the best sources of information.
2. Online MBA courses will continue to experience an increase in applicants as the traditional two-year and full-time MBA course falls to the wayside.
According to a report by the Financial Times, the Graduate Management Admission Council (GMAC) said around two-thirds of two-year MBA courses experienced significant drops in applications.
With the rise of online MBAs and better traditional MBA offerings, obtaining an MBA has become more accessible.
Further, online business administration courses have reduced barriers that once kept the average individual from applying.
Another trend supported by the above is an increase in applications from people of varying industries and backgrounds.
3. Individuals who have an MBA will start seeing salaries increase, with the average salary in the United States reaching $150,000.
During the 2008 financial crisis, people with MBAs suffered a significant drop in their salaries.
For six years, the average salary of someone with an MBA only increased four percent, while the two-year MBA programs increased in cost by 44 percent.
However, in 2017, salaries in industries such as law, logistics, and transportation have increased exponentially.
The Financial Times report estimates that if things continue to go this way, the average overall salary of someone with an MBA will be $150,000 before the end of the year.
4. More professionals will start looking to get obtain micro-credentials, essentially hand-crafting their own unique batch of skill sets.
As more people around the world favor learning online rather than going to a physical school, the types of credentials offered by online universities has also changed.
Professionals are seeking skill-based short courses, most of which are found online.
Niche-based “micro-credential started gaining prominence in 2017 and not only cost less but can be obtained relatively quickly.
This makes them an excellent option for people looking to get qualified for a specific skill in a pinch.