COVID-19 and the MBA Job Market
New graduates everywhere have had to adapt to a shockingly changed employment landscape in 2020. Almost immediately after the coronavirus pandemic hit, we started to see its negative impact on both the MBA job market and recruiting.
The fallout of this crisis is unprecedented. Yet, we do have experience navigating past economic crises that have affected MBA applicants and graduates. We can apply some of those lessons learned as we weather this adversity.
As in previous recessions, the job market right now is tight and competitive. Although this may feel like a disappointment, getting a job offer in the current economy is a huge win. Even if salaries are down and offers are not first-choice. So far, jobs remain stable in healthcare, consulting, banking, many tech companies, and online companies. But, networking is going to become more critical than ever for anyone entering the post MBA job market.
To prepare for these changes, MBA graduates should remain adaptable, flexible, and resilient. Right now, simply being employed is a luxury. Graduating MBAs need to make that significant mental shift.
Make the Best of This Unique MBA Job Market
Today's graduates need to start thinking about the career story they hope to tell in the future. Also, they should focus on the experiences and skills they can get out of whatever job/internship/unpaid project they find themselves in that will add to that career story.
Employers continue to prize skills such as adaptability, resilience, and relationship-building. As we shared with Find MBA, this is an opportunity for grads to showcase these skills and prove they can thrive in the face of adversity.
MBAs should always focus on developing their soft skills in tandem with their hard analytical skills. After all, soft skills are vital to a capable leader. That said, now is the ideal time to hone skills that will make you particularly successful in your desired function, industry, or role.
Finally, in these uncertain times, grads need to be prepared to make career pivots. Besides developing industry-specific skills, they must continue relationship-building in our increasingly digital world. Take comfort in the knowledge that your ability to come out of the crisis on top will impress recruiters in the future.
Stacy Blackman Consulting is the only MBA admissions firm with a complete panel of former Admissions Officers from every M7 program and the elite European MBA programs. If you are looking for guidance on your MBA application, we can help with hourly and comprehensive consulting services. Contact us to learn more.