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In 2024, the business landscape has been evolved enormously. It has changed with lots of new technologies and opportunities coming into action. Companies and businesses are now focusing on smart work along with AI and robotics applications. In this scenario, the businesses are looking for people who can understand and run AI based applications, who can work smartly and bring more and more indigenous ways of making growth and transformation. These requires a team of people who understands more about AI and Robotics technology, along with business administration skills.
So, in 2024 the businesses are looking towards incorporating latest tools and technologies, working globally, giving importance to environment and planet earth, and being really good in your respective field. MBA does best add on to your career, which helps you in getting a competitive edge, lucrative salary and much better career advancement.
Benefits and Scope of doing MBA in 2024
A. Benefits of doing MBA in 2024
In 2024, businesses are facing unexpected changes and advancements, therefore pursuing MBA degree is never so advantageous before. Along with advantages, the year 2024 presents new challenges and opportunities which requires new set of skills and vision to drive businesses. This also requires smart strategic approach with problem solving, reasoning, and analytical skills to beat the competition and moving with the pace at which technological advancements and innovations are being made. The actual and more relevant benefits for MBA holders in coming years, will be as follows:
1. Increased Job opportunities
The cut-off and expectation from a normal graduate degree holders and bachelors have been raised currently. The number of job opportunities have been increased multi-folds, allowing businesses to keep the pace with the advancing nature of businesses and their operations. So, there will be more and more job opportunities for MBA holders in 2024, and this will be in different fields and departments. Checkout the List of MBA programs you can pursue in 2024.
2. Career Advancement with promotions
With Masters Degree in Business Administration, your career will get boost with promotions and increments. Your position will be given preference to non-competent colleagues at your workplace. In short, MBA degree in 2024 will give you a competitive advantage. Your specialized MBA degree will beat your competitors 5 to 7 years of experience. This will move your career quiet higher than expected without MBA degree.
3. Higher Earning Potential with Lucrative Packages
With the complexity of any MBA program and the skills and qualities that it provides, the requirement of such qualified and expert professionals is getting more demand among employers. And the ability of these professionals after getting MBA from highly reputed Institutes like SP Jain Institute, IITs, IIMs, IIFT, NMIMS, Symbiosis Institute of Business Management, Xavier School of Management, etc.
4. More Wider Options with Leadership Roles
Businesses are looking for individuals with business acumen along with analytical and strategically problem solving skills, which can help the businesses to withstand the tough business scenarios emerging in 2024. Thus MBA graduates are more susceptible to be offered with higher rankings and leadership roles.
The advanced skill set acquired through these MBA programs makes them professionally suitable for more significant and robust leadership roles to drive organizational growth, managing teams, promoting innovative projects, overcoming challenges, managing resources, planning operations, etc.
5. Enhancement of Management Skills
After graduating with MBA degree, the individuals not only possess theoretical bookish knowledge, but have more practical expertise in facing, addressing and tackling managerial and technical issues. The specialized MBA programs are designed to sharpen the managerial skills in specific areas and specializations, where an individual is made or equipped with expertise knowledge to handle different situations effectively.
With more practical insights and ability to handle situations, with multiple perceptions and confidence to make calculated decisions through different approaches, makes them preferred choice for prominent leadership roles in any organization.
In 2024, keeping in mind the dynamic nature of businesses and global opportunities having such skills will be an added advantage.
6. Global and Cross Cultural competence
In this era of globalization, where India is competing with world leaders like USA, China, Germany, etc.; in terms of Technology, Research, Medical, and Economy, India need the best of his talent to come forward. Many Indian companies and organizations are facing tough time because of more talented individuals and advanced research facilities and better economy. This can be compensated by upgrading the work force with better leaders having better global and cross cultural competence.
7. Preparedness to Face evolving Challenges and Complexities
The latest specialized MBA programs which focuses on specific areas are so well designed, that individuals get thorough knowledge and expertise with practical insights with a business acumen. This makes the individuals to grasp the ongoing and evolving challenges and complexities and be prepared or come up with resolutions to withstand their impacts.
8. Know-how of Ethical and Sustainable Operations
The upcoming generations are more responsible and thoughtful against the malpractices in and around businesses that can cause social or environmental disturbances in our society. The latest MBA programs are made with due consideration to help the MBA graduates to think and consider ethical and social responsibility, in decision making processes.
There are instances were organizations have faced backlash from responsible individuals and organizations in our societies, for not maintaining or disrupting the ecological balance. This have resulted in bigger issues like endangered Aquatic life due to water pollution, effect on Birds and bees by the Cellphone/Mobile tower radiations, Ozone layer depletion due to green house gases, etc.
So, the MBA programs makes them aware with technical, sustainable and ethical know-how of business practices and responsibilities.
9. Business Startup opportunities
The advanced MBA courses in 2024, also makes the individuals capable of starting and managing their own business, in their filed of specialization. This was not possible with such an ease because there are very limited streams and specializations, like Marketing, HR, Finance, operations, etc. But todays there are more than 1000+ specialized MBA courses (List of MBA courses) that are being offered by many B-Schools, IITs, IIMs, and many Engineering and Management Institutes.
10. Easier Access to Funding and Resources
The investors are keen towards ideas pitched by Management Graduates and b-School Toppers and MBA pass outs. This is because of the sense of trust and confidence that comes within, for management graduates. Since they are having a better view, perception and understanding of their business, they are always in the limelight. Also, within their network, people take them seriously which develops a sense of bonding, and thus easier to get access to, borrow and arrange resources much easier.
So, being qualified with a MBA degree in 2024, can bring loads of entrepreneurial opportunities and access to funding.
B. Scope of doing MBA in 2024
As far as scope of doing MBA in 2024 is concerned, we can say that the minimum level of expertise required for jobs and roles, and bar of rejection, both has been raised together. Specially talking about 2024, there has been a drastic change in business market in and around the world. The following reasons has opened more opportunities with much better scope in 2024, for MBA graduates:
1. Growth in Sectors which Requires Business Expertise
Tremendous growth in sectors like Healthcare, Hospital Management, Clinical Research, Product Design, Natural Resources, Fitness Management, Artificial Intelligence, etc., which was meant to be hospitality, technical, and service sectors, are now increasingly demanding individuals with business expertise from the related field. These sectors and industries are now evolving with ever increasing demand for individuals with business acumen.
By staying in tuned with the requirement of many emerging and growing sectors, the MBA graduates who have got technical expertise in the core business along with business and managerial skills, are ready to lead the roles.
2. Global Market Expansion
Along with globalization, the companies are now looking for global market expansions. To acquire global market share, companies are sharpening their edges with smart intellectuals at the forefront. This has made a huge demand for Management graduates as India is developing and giving tough competition to competitors like China and US.
Ex: The garment manufacturing hubs in Bangladesh, Srilanka, Vietnam, Thailand, etc., can be shifted to Indian manufacturers with proper dealings and offerings to overseas buyers.
3. Increasing Complexity of Business Operations
In 2024, the business complexities is not the same as it was some 10 Years back. The technologies and machineries have been advanced. Like screen printing has took over digital printing to a great extent. Similarly, the embroidery and garmenting processes has become quiet advanced. The semiconductor and display technologies has led to the discoveries of smart gadgets. This all has also led to the business processes and their handling points to become highly complicated.
These advanced machineries and technologies has increased the complexity of businesses, which is good and that is what we wanted. But, these advancements are running at a great speed so we also need to run with hand in hand.
First, adoption of latest and sophisticated technologies and than running together while achieving greater heights with better products, high production, minimum downtime, minimum damages and optimum utilization of resources. This all require skilled and technical experts with business knowledge.
4. Customized MBA Programs to match Industry Needs
There are industries, which have some special requirements for technical individuals with business expertise. Such demands are being fulfilled by designing custom MBA courses, where there are limited seats and unexpected offerings and packages.
Ex: Positions like CEO and CMO in hospitals, require individuals with medical background along with business understandings.
5. Emerging Technologies and Applications
Emerging technologies have created a demand for specialized roles. Organizations like ISRO working in the astronomical field of Lunar and Mars missions, may need management graduates to handle different roles, within their organization. Similarly, with the advent of Artificial Intelligence and Robotics, there are specialized MBA programs currently being offered in AI management. Also, with the importance of psychological behaviors of individuals in organizations, there are specialized MBA courses in Psychology.
6. Flexibility to choose Specialization
Since, there are many specialized MBA courses available now in different areas within an industry, people can choose their specialization with much more flexibility to suit their personal career goals and aspirations. This will make individuals to excel in their field of specialization. An individual with a keen interest in hospital management, can specialize in that particular field, instead of any general MBA course which has no particular area of specialization.
Summary
In short, pursuing a specialized MBA degree in 2024 can bring loads of benefits and opens up huge number of opportunities. This also has got unbelievable scope as a personal investment towards career advancement. The latest complexities in businesses and emerging technologies with little or poor expertise demands certain skill sets with an expertise and this MBA degree actually provides that. Also, this new global market, gives more importance to ethical and sustainable business practices which requires people with responsible leadership roles.
Also, individuals looking for entrepreneurial opportunities and trying their hands with starting up a business, MBA in 2024 will give them the dynamic and competitive edge along with the business acumen needed in entrepreneurship.
Thus, MBA in 2024 has got many many benefits and there’s a huge scope for individuals looking for pursuing MBA programs in 2024.
