The Future ofPGDM in India Post-COVID

 COVID-19 pandemic impact has fuelled uncertainty in various walks of life, especially in the education sector.  The business schools have had to restructure how they deliver the PGDM experience due to lockdowns and other restrictions. The decision to pursue  PGDM is never an easy one with a significant outlay required to cover the costs of the programme. On top of that, the time spent in a PGDM programme means time spent away from employment, which translates to foregone income and other investments. The economic downturn has also forced several companies to reassess their hiring plans.

But despite all of this, the benefits of obtaining a PGDM degree continue to override the potential disadvantages.                                                                                                                              

Let's discuss a few reasons why a PGDM  in India remains a safe bet.

There will be opportunities abound when you graduate

Every economic recession is followed by a boom wherein existing companies scale up while new companies are formed to meet rising consumer demand. This was witnessed in the last major global recession, the 2008 financial crisis, and it should be no different this time around. Starting your PGDM in the next couple of years will likely mean that by the end of a 12 to 24-month programme (depending on your business school), you will be graduating into a healthy economy and a stronger job market,  especially in a country like India, which was already on a strong growth trajectory before the pandemic hit and will bounce back even harder when it ends.

Companies will seek the best talent to drive their post-recession growth and PGDM graduates, with their wide range of skills, will continue to be a major attraction, making the future highly secure of PGDM in India.

 Looking at some empirical data, a study by Bloomberg on 126 business schools across the globe found that almost everyone from the PGDM classes of 2010, 2011 and 2012 - the years right after the recession - found work upon graduation. Thus we can say that hiring trends will continue to become better beyond 2021.

PGDM programmes will continue to develop future-ready managers

COVID-19 causing the most significant disruption to businesses in recent times, you may question why a PGDM still makes sense and what role it can play in equipping you with the necessary skills for a post-pandemic world.

At this stage, everyone has seen enough of the pandemic in the last year to have a sufficient understanding of how it impacts various industries and business functions. The disruption has inevitably found its way into the PGDM curriculum with courses covering different segments of a business, from human resources to manufacturing, encouraging lectures and discussions on transformation brought upon by COVID-19 and how it impacts future strategy.

Business schools are known for helping PGDM students transform into highly effective managers by the virtue of cross-functional academic and practical learning The focus is on teaching students what leadership means during a disruption, be it a pandemic or technological revolution, and how managers can not only deal with change and guide their company through it but also foresee change and realign their business strategy accordingly.

The PGDM also offers students a chance to develop their soft skills such as their ability to communicate effectively, think critically and creatively. According to GMAC's Corporate Recruiters Survey 2021, the top three skills that will see higher demand in the next five years are managing strategy and innovation, managing tools and technology, and interpersonal skills. This is also reflected in the survey, with the recruiters selecting the top three reasons for having confidence in a business school's ability to prepare graduates for success post-COVID as - 'they are strategic thinkers', 'they have strong communication skills, and 'they have a versatile skill set'. These results clearly show recruiters’ penchant for MBA graduates and further justify why a PGDM is worth it.

The opportunity cost of not working is lower right now

Many companies have reduced costs by laying off employees due to major operational disruptions and a bleak economic outlook. For individuals searching for a new opportunity, the challenges of finding any job currently are immense, let alone finding the one that you like.

Without having to worry too much about the money not earned or professional growth opportunities missed, it is now the best time to invest in learning and upskilling yourself. Survey 2021 from the Graduate Management Admission Council (GMAC) found that 67 percent of more than 1,000 business schools globally saw a relative increase in application volumes in 2020 as compared to 2019.

This is the best time to invest in education.