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What Happens When Classes, Including MBA Programs, Go Virtual?

What Happens When Classes, Including MBA Programs, Go Virtual?
Megan Donovan

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INSEAD, the Business School for the World with an Abu Dhabi campus, announced that virtual reality will be used to enhance the learning experience for the Global Executive Master of Business Administration program — this will allow them to venture through journey, moving to different places they have only seen in videos. This was launched in 2019, even before the pandemic, to increase engagement, knowledge retention, and personalization of learning. According to Business Transformation, over 4,500 MBA and executive participants have now used virtual reality in a variety of countries. Temple University's Fox School of Business also has held a virtual class for discussion — based learning in the spring of 2020. "The goal was to make that classroom truly immersive, so that the students are seeing each other as well as the faculty and teaching team and what Bora has to say," said Tom Lennon, a senior video production specialist in the Online and Digital Learning Department. Aside from not being able to check emails or do anything physically other than focus while wearing a virtual reality headset, Temple University has not mentioned any other inconveniences yet. Other colleges, such as Northcentral Technical College, have implemented virtual college, which allows you to start your own schedule within a deadline, create a personalized plan for your own success, and receive the same quality as an in-person class. According to ZD Net, Fisk University also has partnered with HTC VIVE, T-Mobile, and VictoryXR to allow students to experience VR technology on 2021 Fall — allowing students to visit locations only seen in a book or video. "We're combining the best aspects of virtual and in-person learning, and this is the educational future." Dr. Vann Newkirk, President of Fisk University, stated. [caption id="attachment_13561" align="aligncenter" width="2560"] Diane Gromala, Canada Research Chair and Professor at Simon Fraser University's School of Interactive Arts and Technology, uses Virtual Reality to demonstrate how it can alleviate chronic pain. Photo: Simon Fraser University —  Communications & Marketing / Licensed under: CC BY 2.0[/caption] According to Ithai Stern, director of the VR immersive learning initiative at INSEAD in Fontainebleau, France, to The Wall Street Journal, virtual reality strongly provides key access to places that are difficult to visit for students. True, virtual reality is used so effectively and widely around the world that in-person engagement is now limited due to the pandemic. Professor Stern also stated that they do not expect virtual reality to replace existing executive educational tools and approaches, but rather to add a new dimension to the classroom — both virtually and physically — without taking anything away. However, it is a growing concern that "students' attention spans are decreasing, reducing their ability to read 40-page case studies in favor of watching short videos." According to the Brookings Institution, the metaverse lacks content, which would be far apart from the major subject categories at school, such as math, science, reading, writing, and social studies, among others, which require working memory — which is important in academic achievement. This would have a long-term impact on students' critical thinking and reasoning skills — be taught through content, but virtual reality online classes do not yet have a deep and fine mastery course that could help students improve themselves with those skill sets. The metaverse itself, according to the conversation, contains a variety of technological devices that are appealing to students and may become a distraction. It is, however, impossible to eliminate these technological devices because they are critical to own at college, where most classes have been converted to online classes due to the pandemic, and those classes require laptops or phones. College should be a place where students feel like they belong in a community, allowing them to communicate with one another — students and professors interact both formally and informally, build strong relationships for their future careers, and basically build their connections for their career backgrounds — as it is a place where students mostly spend time before jumping right into their first career — requires a huge amount of in-person social interaction and congruence. However, Covid is preventing students from reaping all of these benefits. Students, on the other hand, would lose their sense of belonging in the metaverse, as the main experience at college is communicating and getting along with people from all over the world. According to the conversation, the limited environment at metaverse — just everyone wearing headsets at home looking at virtual reality — would not be helpful to students who want to experience a meaningful community among people and collaborate with each other. The Covid-19 pandemic has had a massive impact on schools and students — and, indeed, VR will be used ubiquitously even after the pandemic is over. Thus, regardless of how frequently VR will be used in students' lives, educators must exercise extreme caution when implementing VR in the classroom as a teaching tool — until the VR content itself contains all of the factors that an in-person class does on a larger scale, allowing students to develop reasoning ability, working memory, and other skills.   Read more: Will Augmented and Virtual Reality Change Our Classrooms?
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Megan Donovan
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Education & Admissions Correspondent, [email protected]
Megan Donovan covers the fast-changing world of college admissions, standardized testing, and student success strategies. With a background in academic counseling, she brings a deep understanding of the challenges students face. Whether she’s analyzing Ivy League acceptance trends or uncovering flaws in the education system, her work provides invaluable insights for students and parents alike.

Absenteeism as a COVID-19 Effect — How Do Schools Respond?

Absenteeism as a COVID-19 Effect — How Do Schools Respond?
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Lauren Robinson
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Vice Chief Editor, [email protected]
With a decade of experience in education journalism, Lauren Robinson leads The EduTimes with a sharp editorial eye and a passion for academic integrity. She specializes in higher education policy, admissions trends, and the evolving landscape of online learning. A firm believer in the power of data-driven reporting, she ensures that every story published is both insightful and impactful.

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Absenteeism rates may be difficult to track due to differences in report preparation; however, the pandemic has reduced school absenteeism — teachers are struggling to keep students on track.

The percentage of chronically absent students increased by 9.2 percent between 2019-20 and 2020-21, according to the National School Boards Association, while the state average increased by 6.8 percent. The US Government Accountability Office also reported that approximately 1.1 million teachers had at least one student who never showed up in class for the 2020-21 school year, regardless of the teaching environment; if they were conducted virtually, in-person, etc. — teachers who conducted virtual lessons due to the pandemic reported having more students who never showed up.

Now that teachers are having difficulty teaching due to increased student absenteeism, they have estimated some of the challenges absent students may have faced — challenges related to the learning environment, a lack of tools for learning at home, and competing time demands - such as not having reliable internet access at home, or having limited adult assistance or support at home, or even having difficulty getting used to the virtual model, according to U.S Government Accountability Office.

According to the New York Times, the most common reasons for students missing school are illnesses regardless of Covid-19 affected, safety concerns, bad weather, transportation difficulties, and so on. As a result of Covid 19, students are also experiencing anxiety and depression, leaving them emotionally unstable - which contributes significantly to student absenteeism.

Jacqueline Rodriguez, the director of student support services for California's Sacramento City Unified School District, said parents were extremely concerned about their children's safety at the start of the pandemic, which may have resulted in a higher rate of school absences when the pandemic was initiated.

According to the Los Angeles Times, prior to the pandemic, concentrated poverty and racism were the primary causes of high absenteeism among students. The chronic absence rate for black students was 57%, 49% for Latinos, and 68% for homeless students - Parents are concerned about their children's academic performance, school engagement, and mental health at school.

Parents of Black and Hispanic students are most concerned about their children's academic performance, interaction at school, and mental health - 5 percent has increased in academic performance and engagement/attendance from prepandemic to Fall 2021, and 7 percent in mental health. Source: McKinsey Parent Survey, November 2021 (n=14,498) Photo:McKinsey&Company

School absenteeism is a growing issue because it has a significant impact on academic performance — Balfanz and Brynes (2006) stated that students who do not attend school frequently receive fewer hours of classroom instruction and, as a result, receive poor academic grades. Furthermore, Neild and Balfanz (2006) and Rumberger and Thomas (2000) discovered a link between low school attendance and increased future academic risks and eventual dropout - that students who do not show up in class face significantly higher academic risks.

From first to sixth grade, Black students are 3 months behind White students in Math and 2.6 months behind in Reading. Source: Curriculum Associates i-Ready assessment data Photo: McKinsey&Company

According to McKinsey & Company, "students in majority-Black schools are still five months behind their historical levels in both mathematics and reading, while students in majority —White schools are now only two months behind their historical levels, widening pre-pandemic achievement gaps." — learning levels were different even before the pandemic; however, the pandemic exacerbated the situation.

“It’s a matter of answering a simple question that a parent has that for whatever reason, they didn’t feel like they had access to that information. Sometimes, it’s a matter of making that connection with the family to the school,” added National School Boards Association, estimating the reason why the school attendance would be so low.

School-based responses to the problematic absenteeism

Schools are making a change in response to the sudden increase in chronic absenteeism. The Akron Public Schools, which are considered the most prominent among high school seniors, had 25% of their students chronically absent, according to the Akron Beacon Journal.

The best way to increase student attendance is to keep students and teachers engaged. Akron Beacon Journal added that Akron Public Schools has several attendance-based initiatives — stay in the game campaign in partnership with the Cleveland Browns, also partnering with Graduation Alliance – which has mentors call homes to track students' attendance and hopefully raise the student attendance rate.

“Instead of saying ‘Oh, you missed five days; here are all of those missed assignments,’ I try to approach everything as if we are falling forward,” said Chang, the Attendance Works Director to Los Angeles Times.

Carli Rocha-Reaes, Bridgeport's director of school counseling and parent partnerships, emphasized the importance of engagement not only between students and teachers, but also between families — “When students feel that sense of belongings in their schools, when families feel a strong relationship to administrators and teachers in the buildings, that’s how we get students back to school.” Rocha-Reaes explained.

Alberto M. Carvalho, the superintendent of the Los Angeles Unified School District, stated that he plans to launch the "I ATTEND LAUSD" program, which will primarily focus on tracking and supporting students at risk – to provide a roadmap to students as a guideline and to build strong relationships with them. However, this yet-to-be-implemented system is unappealing to students in higher grade levels — it is unfair to them because they have already lost so much time.

So, now that Covid-19 has worsened student attendance and even narrowed access for minority and low-income students, and virtual learning models are ubiquitous at school, it is administrators' and teachers' responsibility to actively engage with both students and parents to increase engagement, so they feel more belonged and welcomed to join. However, it is still unclear who will compensate students who have already been impacted by Covid-19.

Read more: The Pandemic Exacerbates Latin America’s Already Troubled Education

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Lauren Robinson
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Vice Chief Editor, [email protected]
With a decade of experience in education journalism, Lauren Robinson leads The EduTimes with a sharp editorial eye and a passion for academic integrity. She specializes in higher education policy, admissions trends, and the evolving landscape of online learning. A firm believer in the power of data-driven reporting, she ensures that every story published is both insightful and impactful.

Increasing Marijuana Consumption by College Students — Benefits or Just Side Effects?

Increasing Marijuana Consumption by College Students — Benefits or Just Side Effects?
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Jeremy Lintner
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Higher Education & Career Journalist, [email protected]
Jeremy Lintner explores the intersection of education and the job market, focusing on university rankings, employability trends, and career development. With a research-driven approach, he delivers critical insights on how higher education prepares students for the workforce. His work challenges conventional wisdom, helping students and professionals make informed decisions.

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The debate on marijuana — anywhere from whether it is a gateway substance to more addictive and stronger drugs such as cocaine or heroin to whether it should be legalized for just medicinal or even recreational use — has always been fierce. With 19 states, two territories (Guam and the Northern Mariana Islands), and the District of Columbia legalized recreational marijuana, the debate and research on its effect on students have been growing in scale and numbers. As colleges are now returning to pre-Covid educational settings and teaching methods, changes the pandemic has brought on students’ marijuana consumption patterns are at the center of researchers’ attention to study. For instance, boredom motives for marijuana use among young adults significantly increased during the pandemic, while celebration motives showed an opposite trend. This is perhaps due to the physical distancing and stay-at-home orders by the government, making students feel disconnected from their friends and family, with more spare time to utilize at their will. Yet, one of the main reasons for marijuana consumption remained the same as before: to feel “high,” or experience enhanced feelings. Monitoring the Future, a nationwide survey on drug use conducted by the University of Michigan since 1975, reported that the annual prevalence of marijuana for college respondents was 44 percent in 2020. A different survey in 2006 showed that 98 percent out of 5,990 respondents incorrectly predicted that “students in general” consume marijuana at least once a year. Although the study was done 16 years ago, it still provides a crude sense of how much students misperceive their peers’ marijuana use. Considering that when people think most others are doing something, the more they are likely to start doing the same thing, the students’ inflated conception of the drug use prevalence may indirectly increase the overall marijuana consumption, creating a vicious cycle. [caption id="attachment_2754" align="aligncenter" width="1280"] While cannabidiol (CBD) is an essential component of medical marijuana, delta-9-tetrahydrocannabinol (THC) is often more associated with recreational use of marijuana with its psychoactive component making the users feel “high.” Photo: Goodmoodfarms / Licensed under CC BY-SA 4.0[/caption] Other than the prevalence of drug use, the potency of the substance significantly contributes to the seriousness of the problem. Cannabis potency is judged based on the concentration of delta-9-tetrahydrocannabinol (THC), the percentage of which is frequently used to determine how strong of an effect the substance will have on the user. Unfortunately, the concentration of THC — the psychoactive component that makes the users feel “high” — has continuously increased across the U.S. over the decades. While the average concentration in the 1970s was under two percent and about four percent in the mid-1990s, it quickly reached over 15 percent by 2014. On the more extreme side, legal marijuana markets in the state of Washington commonly sell flower products for smoking with over 20 percent concentration of THC and over 60 percent for other forms of products, such as dabs or hash oil. Since some experts define high potency cannabis (HPC) as those containing over 10 percent concentration of THC, the products easily accessible in Washington state seem dangerous to consume. Just as wise Confucius once said, “to go beyond is as wrong as to fall short,” the exceptionally high potency marijuana comes with health implications. Joint research by the University of Washington and Washington State University found that HPC can have lifelong mental health consequences, increasing the risk of developing psychotic disorders including but not limited to schizophrenia. Furthermore, other researchers also reported that there is a correlation between frequent marijuana use and lower GPA. The correlation may be logically explained by something else; there could be a third factor such as high stress that contributes both to increased marijuana consumption and the lower GPA. However, with numerous other research results, the correlation seems more likely to imply causation in this case. It has been repeatedly witnessed that there is a correlation between marijuana use and impaired attention and memory, which directly affect academic performance. [caption id="attachment_2756" align="aligncenter" width="2560"] On May 7, 2017, Marijuana legalization supporters held a protest in South Minneapolis, Minnesota. The state currently only allows limited medical marijuana use. Yet, the scientific findings on the medicinal benefits of marijuana use are still far from conclusion. Photo: Tony Webster / Licensed under CC BY-SA 2.0[/caption] As for how long these impairments from cannabis use last, there are conflicting research results. While some say that “there were virtually no significant differences among the groups [of current heavy users, former heavy users, and control group]” after about 28 days of abstinence, some others say that they found significant impairment in selective attention and concentration even from cannabis users who had been abstinent for two years. Meanwhile, there is a widespread belief among the general population that marijuana use helps treat anxiety and insomnia. However, not only is there not enough science backing the claim so far but some psychologists and researchers warn that cannabis consumption may, in fact, worsen the problems. The American Psychiatric Association made a statement in 2019, “There is no current scientific evidence that cannabis is in any way beneficial for the treatment of any psychiatric disorder. In contrast, current evidence supports, at minimum, a strong association of cannabis use with the onset of psychiatric disorders.” Worse yet, there is preliminary evidence that cannabis use strongly correlates with an increased likelihood of developing post-traumatic stress disorder (PTSD) for those who have a history of trauma. The research result is especially worrisome for it found that the increased likelihood is found in all groups including the late quitting group. College students and the larger young adult population are especially vulnerable to the negative effects of HPC, with a higher chance of developing cannabis use disorder (CUD) or addiction to marijuana. Until there is a sufficient amount of scientific research done on the benefits of marijuana consumption, it is highly recommended that students forgo occasional cannabis use, not to mention HPC.   Read More: College Students’ Depression Has Worsened; Here Are Some Solutions
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Jeremy Lintner
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Higher Education & Career Journalist, [email protected]
Jeremy Lintner explores the intersection of education and the job market, focusing on university rankings, employability trends, and career development. With a research-driven approach, he delivers critical insights on how higher education prepares students for the workforce. His work challenges conventional wisdom, helping students and professionals make informed decisions.

School Shooting, Are Schools Really Safe?

School Shooting, Are Schools Really Safe?
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Megan Donovan
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Education & Admissions Correspondent, [email protected]
Megan Donovan covers the fast-changing world of college admissions, standardized testing, and student success strategies. With a background in academic counseling, she brings a deep understanding of the challenges students face. Whether she’s analyzing Ivy League acceptance trends or uncovering flaws in the education system, her work provides invaluable insights for students and parents alike.

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On May 25th, a tragic shooting occurred at Robb Elementary School in South Texas, killing two adults and 19 children. Salvador Ramos, an 18-year-old gunman, was suspected of being a high school student in the surrounding area.

According to Erick Estrada of the Texas Department of Public Safety (DPS), speaking to CNN, a Uvalde school district police officer mentioned Ramos emerging from the vehicle with a rifle and body armor on. Texas DPS has now revealed that the door was closed but unlocked, allowing the gunman to easily enter the school.

The officer was unable to stop Ramos, the gunman, and was forced to call for backup, at which point the shooting began. According to the Texas Department of Public Safety, waiting for backup was the "wrong decision," resulting in the deaths of 19 children and two teachers until one of the officials from the US Border Patrol – a federal agency that guards US ports of entry – rushed into the school and killed the gunman.

“I am sick and tired of it. We must act. And don’t tell me we can’t have an impact on this carnage,” says Biden, “What in God’s name do you need an assault weapon for except to kill someone?” he remarks.

Here’s what else I know: Most Americans support commonsense laws – commonsense gun laws. What struck me was these kinds of shootings rarely happen anywhere else in the world,” Biden continues, “It’s time – for those who obstruct or delay or block the commonsense gun laws, we need to let you know that we will not forget.”

Since 2018, there have been 118 school shootings, with 107 non-active shooters and 11 active shooters. The year 2021 saw the most school shootings so far, with a total of 249 incidents. Photo: Statista Research Department

Many other city councils convened in response to the Texas tragedy to strengthen or change school policies. Middletown, New Jersey, is now seen as the most recent district to take steps toward strengthening school safety policies for both teachers and students. – by hiring retired law enforcement officers; off-duty police officers will be replaced beginning in September, which is welcomed by parents who want to send their children to school without worrying about what might happen. Some argue that this is insufficient; creating access passwords and door keys are also required to distinguish visitors.

Arkansas legislators debated how to prevent school shootings and ensure student safety. According to KARK, only 20% of campuses have SRO, indicating the need to consolidate the policy to establish SRO.

Other ideas included equipping classroom doors with locks that can be locked from the inside, requiring visitors to sign in or check in and wear badges for identification, granting access to school buildings during school hours, and renovating campuses with a single-entry point for main campus buildings, among others.

The Medford School District (MSD) also held an executive session to discuss the plans for the mass shooting in Uvalde, Texas. MSD reported that in extreme cases, students are being trained in schools on how to deal with an active shooter.

"It's not just about buildings and protocols and training – though those are all important," Karen Starchvick says. "I've been reminded, especially this week, that the majority of high school shooters are bullied. It speaks to the importance of relationships and the power of knowing every child by name."

Another unforgettable tragedy associated with a bullied gunman is brought up – the Virginia Tech Massacre – Cho, a 23-year-old student slaughtering 32 people before taking his own life. Chris Davids, a Virginia Tech student who attended the same high school as Cho, claimed Cho was bullied. "As soon as he began reading, the entire class began laughing and pointing and saying, 'Go back to China,'" he recalled.

According to NBC News, Cho sent a package that included a 1,800-word statement filled with complex emotions such as resentment, extreme anger, and a desire to exact revenge. "I didn't have to do this. I could have left. I could have fled. But no, I will no longer run. It's not for me." wrote Cho.

According to 51 years of K-12 School Statistics data, the Escalation of Dispute accounted for 37.1 percent of K-12 School shootings. Photo: Campus Safety

According to CNN Health, the killers suffered from depression, were bullied, harassed, and even ignored at school. According to Jack Levin, a professor of sociology and criminology at Northeastern University, most of the killers lacked social interaction, having no one to turn to or talk to when they were going through a difficult time, so they were mostly alone.

This year alone, 27 school shooting have occurred, causing widespread concern across the country. Knowing that many gunfire shooters were either bullied or were mentally unstable, school districts should now pay close attention to ensure that no children are left behind, with mental health care support to prevent what will happen in the future - before another tragedy occurs. The shooting, of course, do not excuse their mental instability.

Read more: College Students’ Depression Has Worsened; Here Are Some Solutions.

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Megan Donovan
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Education & Admissions Correspondent, [email protected]
Megan Donovan covers the fast-changing world of college admissions, standardized testing, and student success strategies. With a background in academic counseling, she brings a deep understanding of the challenges students face. Whether she’s analyzing Ivy League acceptance trends or uncovering flaws in the education system, her work provides invaluable insights for students and parents alike.

mit_Improving, Yet Still Lacking, Gender Equality in and After MBA

mit_Improving, Yet Still Lacking, Gender Equality in and After MBA
Nathan O’Leary

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While the male dominance in the population has been witnessed in almost every labor sector, it has been especially prominent in the business world. That, unfortunately, has long been mirrored in business schools across the world. In spite of years of collective, yet often fragmented, efforts to tackle gender inequality, there still remains great disparities in the student numbers of men and women in MBA programs and their career projectile after graduation. Although studies on gender inequality in the labor market at large have continued for a while now, there has not been much research focusing on such an aspect in MBAs. Thankfully, the Financial Times (FT) has collected and organized data from the past 15 years to trace the amends and improvements made to address the centuries-old issue. The Japanese-owned British company also released a business school ranking with factors that indirectly signal gender equality or inequality. The factors used in the ranking include pay gap, female students ratio, female faculty ratio, and percentage of women on board. The company reports that it gathers data and information from those who graduated with an MBA at least three years before the survey to track how they fared afterward in terms of salaries and careers. As for faculty and school-related data, such as enrollment and program information, it receives the data from business schools. [caption id="attachment_13566" align="aligncenter" width="1631"] All 193 UN member states uniformly agreed in 2015 to work together to achieve Sustainable Development Goals (SDGs). Gender equality is the fifth goal among the total of 17 SDGs. The official website states the fifth goal as, "Achieve gender equality and empower all women and girls." Source: The Sustainable Development Goals by the United Nations[/caption] Since 2015, all United Nations member states adopted the 2030 Agenda for Sustainable Development. At the heart of the agenda, there are 17 Sustainable Development Goals (SDGs) including, but not limited to, “ending poverty […] improve health and education, reduce inequality, and spur economic growth – all while tackling climate change and working to preserve our oceans and forests.” Of them, gender equality and women empowerment are listed as the fifth goal. As a response to the growing movement toward the SDGs, business schools worldwide have started to follow the global community’s footsteps putting more emphasis on people, purpose, and our green planet. Accordingly, not only have the ratio of female faculty and that of students noticeably improved but the percentage of women on the advisory board for MBAs has also increased from 17 to 31 percent since 2007. However, gender equality is far from being achieved; across the world, women only make 77 cents for every dollar earned by men for work of equal value. Despite the laws — specifically, Title VII of the Civil Rights Act — prohibiting employers from treating workers differently based on gender, women in the United States also report gender discrimination and gender inequality. The Pew Research Center’s survey in 2020 reveals that a quarter of employed female respondents in the U.S. reported that they had earned less than their male counterparts for doing the same job. The percentage of pay gap among MBA graduates has been less significant than the global average of 23 percent. In 2007, the median salary of males with an MBA degree three years after graduation was $109,209 and $92,000 for females. The pay gap was $17,209, or 16 percent. 15 years later, the gap has been narrowed down to $10,578, or eight percent, with males earning $137,000 and females $126,422. [caption id="attachment_13568" align="aligncenter" width="847"] The lower gender pay gap for the younger workers may indicate that the issue is continuously being addressed. However, to solve the centuries-old problem of the glass ceiling and occupational segregation, the efforts must also be persistent and determined. Source: Pew Research Center analysis of Current Population Survey data Graph: Pew Research Center[/caption] In its survey, the Pew Research Center points to the substantial progress women have made on “factors such as educational attainment, occupational segregation, and work experience,” closing the pay gap over the decades. The difference in gender pay gap the respondents to the FT experienced before and after their business school education is a great example. While they reported about a 10 percent of pay gap before they attained an MBA degree, it was reduced to eight percent afterward. Yet, the percentage of salary increase with an MBA degree has always been greater for the male since 2006, except for four years in 2016, 2017, 2020, and 2021. The gender disparity in how business school graduates fare extends beyond base salary; their career projectile is also affected. In detail, male MBA graduates have continuously advanced faster and to many more senior positions than the female graduates have over the last 15 years, as far as the FT’s data tracks. Furthermore, even until this day, the most sought-after sectors for MBAs, such as consultancy, finance, and tech, are still male-dominated, though many female graduates have broken the seemingly unbreakable gender barrier throughout the years. Partially thanks to the global community’s collective effort, and mainly due to years of women’s hard work, the gender disparities in educational attainment, the prevalence of occupational segregation, and the height of the glass ceiling have been diminished. Nevertheless, the Financial Times’ analysis of 15 years of data clearly shows that there is much more progress to be made to bridge the gap and achieve gender equality in and after MBAs.   Read More: Business Schools Support Gender Equality
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Nathan O’Leary is the backbone of The Economy’s editorial team, bringing a wealth of experience in financial and business journalism. A former Wall Street analyst turned investigative reporter, Nathan has a knack for breaking down complex economic trends into compelling narratives. With his meticulous eye for detail and relentless pursuit of accuracy, he ensures the publication maintains its credibility in an era of misinformation.

The New “High Potential Individual” Visa in the UK Receives Criticism

The New “High Potential Individual” Visa in the UK Receives Criticism
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William Spencer
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Chief Editor, [email protected]
A veteran in education journalism, William Spencer has spent over 30 years dissecting the policies and trends shaping higher education. As Chief Editor of The EduTimes, he is committed to delivering in-depth analysis on university rankings, admissions strategies, and the future of learning. With an unwavering dedication to journalistic integrity, he ensures that every article upholds the highest standards of accuracy and insight.

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Starting on May 30, recent graduates of top global universities are allowed to stay in the United Kingdom for a maximum of three years, with a new scheme called a High Potential Individual (HPI) visa. The applicants must have graduated from an eligible university within five years, and once accepted, college graduates will be allowed to stay for two years at most or three years for Ph.D. or other doctoral degrees. The government only briefly describes on their website what the new visa holders can and cannot do, and yet, the short list seems to be enough to attract applicants for the new program. With an HPI visa, foreign nationals can “work in most jobs, look for work, be self-employed, live in the UK with partner and children [they must meet another eligibility criteria], do voluntary work, [and] travel abroad and return to the UK.” In the meantime, they will not be able to apply for the most of public funds, or the State Pension, work as a professional athlete, extend the HPI visa, or apply to settle permanently in the UK. The government says that the accepted applicants will be provided with a full, extensive list of what they can and cannot do during their stay in the UK with the new visa. The new program has also attracted numerous criticisms for being meritocratic and discriminatory. Of the total of 37 eligible institutions for the most recent graduates, 20 are from the United States alone, or 23 from North America. However, there are no universities from South America, the Middle East, or Africa. As the program focuses primarily — and seemingly exclusively — on the name of a school graduated for eligibility, even highly talented people like Microsoft CEO Satya Nadella or Google CEO Sundar Pichai would not qualify for the HPI if they had applied only with their undergraduate degree in India. [caption id="attachment_2640" align="aligncenter" width="968"] Satya Nadella, CEO of Microsoft, received his undergraduate degree from Manipal Institute of Technology in Karnataka
, India. Sundar Pichai, CEO of Google, went to the Indian Institute of Technology Kharagpur in West Bengal
, India for his alma mater. None of the above schools are listed under the eligible universities for the High Potential Individual visa. Photo: Manipal Institute of Technology[/caption] Furthermore, the program does not take GPA into account, meaning that someone who barely managed to graduate from an eligible institution would be qualified while an honor graduate from Brown University or Dartmouth College would not. With such ironies and an apparent lack of understandable rationale in choosing which universities qualify for the HPI, some people are raising their eyebrows about the purpose and effectiveness of the program. There are similar policies in the US to attract talents into the country. For instance, the House of Representatives recently passed a bill that will lift numerical limits on immigrant visas for STEM (science, technology, engineering, and mathematics) Ph.D. graduates, possibly providing a direct pathway to permanent residency. However, no policy in the US principally considers the name of a graduated university, rather than a major or academic achievement. Although there is no other major destination country for international students with a similar policy to HPI, the UK government seems satisfied and confident with its new program. UK chancellor Rishi Sunak said, “This new visa offer means that the UK can continue to attract the best and brightest from across the globe.” Home Secretary Priti Patel also added, “I am proud to be launching this new and exciting route as part of our points-based immigration system which puts ability and talent first – not where someone comes from.” In a response to the officials’ remarks, a critic wrote in her opinion piece, “Sadly, this is far from the truth. Why else would the best and the brightest, ability and talent, not include graduates from the IITs and IIMs? The University of São Paolo?” She also argued that “the British government is not interested in the best and the brightest across the globe, but in those with access to elite, First World education.” [caption id="attachment_2641" align="aligncenter" width="1394"] The University of Cape Town is ranked as the best university in the African continent by U.S. News. Yet, its graduates are not eligible to apply for the High Potential Individual visa in the UK. Photo: Adrian Frith / Licensed under CC BY-SA 3.0[/caption] Christopher Trisos, a senior researcher at the African Climate and Development Initiative at the University of Cape Town, also expressed his deep dissatisfaction with the new visa program in his comment to the BBC, describing it as “a deeply inequitable approach.” He said, “They [the UK] need to be recognizing and including diverse skills and in-depth knowledge held by many graduates from universities in developing countries” to together address imminent global issues such as climate change, energy access, and pandemics. In addition to graduating from an eligible institution, there are a few other basic requirements that must be met by the applicants. Most predictably, applicants will need to pass a security and criminality check and prove their English proficiency with at least a “B1 level” which indicates that they can communicate with native speakers without much effort. Those who are applying from outside the UK will be able to get their visa results within three weeks of submission if successful, or eight weeks for those who are switching their visa to HPI while staying in the UK.   Read More: Recent Academic Trend in Africa to Gain In-depth Knowledge of the U.S.
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William Spencer
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A veteran in education journalism, William Spencer has spent over 30 years dissecting the policies and trends shaping higher education. As Chief Editor of The EduTimes, he is committed to delivering in-depth analysis on university rankings, admissions strategies, and the future of learning. With an unwavering dedication to journalistic integrity, he ensures that every article upholds the highest standards of accuracy and insight.

College Students' Depression Has Worsened; Here Are Some Solutions

College Students' Depression Has Worsened; Here Are Some Solutions
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Lauren Robinson
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With a decade of experience in education journalism, Lauren Robinson leads The EduTimes with a sharp editorial eye and a passion for academic integrity. She specializes in higher education policy, admissions trends, and the evolving landscape of online learning. A firm believer in the power of data-driven reporting, she ensures that every story published is both insightful and impactful.

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COVID-19 has increased depression among college students. According to the National Library of Medicine, COVID-19 increased stress and anxiety in 138 of 195 participants, but only 10 sought mental health counseling - the most common stressors were found to be loneliness and isolation from the pandemic effect, due to a lack of face-to-face activities. However, depression in college students had become increasingly common even before COVID, with counseling services unable to track college depression rates. Furthermore, college enrollment has declined since the pandemic. According to an Imagine America Foundation study, one-third of students with depression drop out of college, and researchers believe that the pandemic rate has exacerbated depression among college students. Newport Institute also added that 56% of students are concerned about dealing with mental health issues, and 63% say their emotional health has deteriorated since the pandemic.

What are the Depression Symptoms?

The National Alliance on Mental Illness lists several severe warning signs of depression. One of the symptoms of depression is expressing or displaying negative emotions. However, showing emotions varies depending on the person, but they are commonly exhibited by being less engaged in conversation or activities – they tend to isolate themselves and spend time alone. Other symptoms include undereating or overeating, sleeping for more than 10 hours on a regular basis, or suffering from insomnia. Students who are depressed may experience pain without knowing why, especially if there are no injuries. As a result, if your child or roommate avoids you, he or she is most likely concealing their true feelings. Leading to depression, the Inside Higher Ed and College Pulse survey, with support from Kaplan, discovered that nearly one in every five students struggled with suicidal ideation while in college. Inside Higher Ed also provided data on whether struggling students have someone to turn to on campus, and surprisingly, 43 percent of students responded that they neither agree nor disagree – a large number of data indicating that students are actually having difficulty talking to, or relying on, other people with this issue. According to Bornthisway/Foundation, many students seek help from friends, romantic partners, or significant others, with the percentage of 18 considered the highest – however parents, were 3 percent lower than those groups. [caption id="attachment_2634" align="aligncenter" width="639"] College students with depression seek help from a friend, a significant other or romantic partner, and a mental health professional the most.[/caption]

Where are the parents?

Furthermore, children sometimes would not ask or seek assistance from their parents. "Students may say they don't care about their parents' influence, but they still want reassurance from and a connection to their families," Larry Marks, a licensed psychologist at the University of Central Florida's Counseling & Psychological Services, tells TODAY. According to Mental Health America, students struggle to seek help because they are afraid of how their parents will react, or even upset or anger them; it is the responsibility of parents to advocate for their children's rights and authorities to do everything independently. Instead of judging the fear of failing, it is important to accept that falling and failing is "OK" - it is just a process that everyone goes through in new environments. Katherine Wolfe-Lyga, director of the Counseling Services Center at SUNY College at Oswego, adds, "first-generation college students or students with families who live far away often feel torn or helpless when there's a disruption at home, so you don't have to come home if your younger sibling is in trouble around expectations." Given the rise in depression among college students, most colleges now provide mental health services to students in need. Columbia University, for example, provides Individual Counseling, which helps with stress, anxiety, depression, academic concerns, and more. – provides students with self-care resources and recommendations for stress management, among other things. Another example is Cornell, which offers Let's Talk drop-in consultations for students who are unsure if the counseling program is a good fit for them or if they would be fine with a one-time brief conversation with a CAPS counselor. Colleges offer a variety of mental health care programs, so it is the responsibility of students to perform self-checkups or seek treatment by visiting self-care resources and programs. Glad to hear that one in every five college students (20%) already uses peer counseling, and another 62 percent are interested in doing so. Peer counseling programs have grown in popularity since the pandemic's outbreak and received positive feedback from approximately 60% of students who used the peer services. Adapting to different environments compared to high school years is difficult - it is normal to be stressed. Thus, college should be spreading the need or necessity of using mental health care programs, as well as college students checking on themselves for the need of health care programs at school without being so self-conscious of what others think about you - because you are the one living your own life.   Read more: Covid Brings All-time Low Acceptance Rates
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With a decade of experience in education journalism, Lauren Robinson leads The EduTimes with a sharp editorial eye and a passion for academic integrity. She specializes in higher education policy, admissions trends, and the evolving landscape of online learning. A firm believer in the power of data-driven reporting, she ensures that every story published is both insightful and impactful.

What Is Excelsior Scholarship and Is It Really Beneficial?

What Is Excelsior Scholarship and Is It Really Beneficial?
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Megan Donovan
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Megan Donovan covers the fast-changing world of college admissions, standardized testing, and student success strategies. With a background in academic counseling, she brings a deep understanding of the challenges students face. Whether she’s analyzing Ivy League acceptance trends or uncovering flaws in the education system, her work provides invaluable insights for students and parents alike.

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What is Excelsior Scholarship?

The "Free College" Program has gotten a lot of attention from students who are struggling with the complicated financial aid system. In 2017, Governor Cuomo promised to provide Excelsior scholarship to provide tuition-free college – the first program that covers training for New York's public faculties and universities – for households earning up to $125,000 per year, with the program expected to benefit up to 640,000 New Yorkers, covering any tuitions that were previously not covered by other types of financial aid. Thanks to New Yorks’s first to be the institution of enforcing this scholarship, now the elite schools such as Massachusetts Institute of Technology (MIT), Stanford, University of Michigan, and University of Wisconsin are enforcing this program for college students who meets profits necessities for need-based aid. MIT, for example, awards scholarships to 98 percent of candidates with profits ranging up to 125,000, which covers tuition, fees, and $4,827 toward housing costs – a typical MIT Scholarship of $58,617. In another case, Stanford University increased the full-tuition scholarship from $125,000 in annual family earnings to $150,000 as reported by Stanford Report, which is slowly displaying some adjustments among colleges. According to the Excelsior Fact Sheet, being the remaining dollar award – the Excelsior award will be zero if the amount of grants and scholarships exceeds the value of tuition. Awards may also vary; however, the maximum annual Excelsior Scholarship is $5,500. It should be noted that if a college student fails to complete 30 credits within a year, they will forfeit the second payment as well as all future payments. Furthermore, the award, which includes TAP, Pell, and other scholarships, is deducted from the tuition freeze of $6,930 at CUNY and $7,070 at SUNY. According to New York State, the Excelsior Scholarship will allow full-time SUNY and CUNY in-state college students to attend university without having to pay tuitions, by allowing up to 55 percent. However, 43,513 out of 63,599 applications were denied for Excelsior Scholarships, with the most common reason being "inadequate credits, which comprised 83 percent of rejected applications, along with 6 percent of exceeding the earnings restriction, etc," according to the Center for an Urban Future. Contrary to what has been promised to recipients of the Excelsior Scholarships for the middle to lower classes, it primarily benefits first-year college students with incomes exceeding $70,000, which exceeds the city's median household incomes. Surprisingly, only about 25% of eligible first-year college students received a reward, with even lower charges for eligible community college students, including those with Black and Hispanic students – even though applicants met all eligibility criteria. [caption id="attachment_2616" align="aligncenter" width="738"] The take-up rate for the Excelsior Scholarship among Black and Hispanic students is low, with only 20% for Black students and 22% for Hispanic students. Sources: Authors' Calculations using restricted City University of New York student-level data. Photo: Urban Institute[/caption] Students must complete the Free Application for Federal Student Aid, the country TAP application, and the Excelsior scholarship to be considered for the Excelsior scholarship. To keep the excelsior in second year, a comparable procedure must be followed, which includes submitting the FAFSA and TAP application while meeting all of the requirements for the need.

What are the other options besides Excelsior?

While students compete for the Excelsior Scholarship, they do have other options. Tuition Assistance Program (TAP), unlike Excelsior, subsidizes a completely tuition-free SUNY and CUNY education for students who receive Excelsior Scholarships while also reducing personal university attendance college students with low-income. The Pell grant, which is a need-based federal monetary aid that does not have to be repaid, is greatly appreciated. According to New York State, TAP does not have to be repaid and awards students up to $5,665, which is reachable for both full-time and part-time students. [caption id="attachment_2617" align="aligncenter" width="785"] On average, Asians/Pacific Islanders receive the largest Grants; however, Black students are more likely to receive the Pell Grant in general, with 58 percent receiving the Pell Grant. Photo: Education Data Initiative[/caption] According to Federal Student Aid, the maximum amount you can get from a Pell Grant in 2021 – 2022 is $6,495 based on Expected Family Contributions, lesson cost, and student popularity as a full-time or part-time student. Unlike how Black college students were not considered the primary race to benefit from Excelsior Scholarships, according to Education Data Initiative, approximately 58 percent of Black college students received Pell Grants, with the average amount of $3,400. Nonetheless, the Pell Grant primarily benefits families with annual incomes of less than $20,000 per year (51 percent). According to the National Center for Education Statistics, 72 percent of Black students received Pell Grants, while Asian students received 36 percent and White students received 34 percent. It is unknown if the data only examined a few application metrics, but the fact that the Excelsior Scholarship has a complicated application process does not change, and the benefits they truly receive are unclear for those who are no longer recipients. The fact that so many students are hesitant to enroll in college because of the college fee – should be addressed and resolved with a high likelihood of receiving scholarships.   Read more: Biden’s Plan to Double Pell Grants
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Megan Donovan covers the fast-changing world of college admissions, standardized testing, and student success strategies. With a background in academic counseling, she brings a deep understanding of the challenges students face. Whether she’s analyzing Ivy League acceptance trends or uncovering flaws in the education system, her work provides invaluable insights for students and parents alike.

Growing Movement Towards Test-optional for MBA Admissions — To Take or Not To Take?

Growing Movement Towards Test-optional for MBA Admissions — To Take or Not To Take?
Tyler Hansbrough

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Since the onset of the pandemic, a growing number of business schools in the United States have forgone standardized test requirements for their applicants. Now, the trend seems likely to stay in place long after the global virus outbreak. Kaplan and Manhattan Prep recently released a survey result of about 100 full-time MBA programs, indicating that 67 percent of them waived exam requirements in 2021, and 37 percent answered that they are considering making the test waiver or test-optional policy permanent. The Graduate Management Admission Test (GMAT) has been the primary standardized test for business school admissions after its first administration in 1954. On the other hand, the Graduate Record Examinations (GRE) — which was mainly used for graduate school admissions in social sciences and humanities — started to be widely accepted by MBAs in 2011, with over 85 percent of schools officially offering it as an alternative test option by 2014. Then, Covid-19 hit the global population in 2020 and still continues to disrupt every part of people’s lives, including on-site test taking for the GMAT and the GRE. Although the test-owning companies, such as the Graduate Management Admission Council (GMAC) for the GMAT and Educational Testing Service (ETS) for the GRE, quickly responded to the spread of the virus by launching online exams, higher education institutions in the U.S. took the situation as a chance to move towards test-optional admissions. The University of Washington Foster School of Business, for instance, has announced that standardized test scores are optional. Meanwhile, the Simon Business School at the University of Rochester and the Georgetown University McDonough School of Business offer test waivers to applicants who meet certain criteria, especially undergraduate GPA and major.
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It is highly recommended for applicants to go on to the schools' websites to check if the standardized tests are optional, or if they meet the criteria to request a test waiver. Source: Foster School of Business at the University of Washington, Simon Business School at the University of Rochester, and the Georgetown University McDonough School of Business, respectively.
Stacey Koprince, Senior Academics Manager for GMAT at test preparation company Manhattan Prep, says, “What business schools may tell you is that going test-optional is a way for them to demonstrate they have the best interests of prospective students in mind by simplifying a rigorous process during a stressful time. It gives applicants one less time-consuming piece of the application to focus on.” Just as the test-free and test-optional admissions brought a record-breaking number of applications with all-time low acceptance rates for the most prestigious colleges, the same effect is expected to manifest in business schools. “Many potential students see the exams as a barrier, rather than an opportunity. Going test-optional removes that barrier and has sent applicant volume soaring,” Koprince said. However, the sky-rocketing number of applications following the change may come as good news for MBAs, but not necessarily for applicants; increased applicants without a quantitative measurement, such as the test scores, can make the applicants feel more uncertain and unpredictable about the admissions process and the results. Such a feeling is, in fact, shared with some admissions officers. Approximately one-third of MBAs in the Kapan/Manhattan Prep survey indicated that taking the test scores out of the equation has made it more difficult to evaluate applicants. Some schools are putting more emphasis on interviews and transcripts, and others on applicants’ professional work experience, in their best effort to compensate for the lack of test scores. Dawna Clarke, senior assistant dean of Admissions at the University of Virginia Darden School of Business, says, “If you have a master’s or advanced degree in an analytical subject or a strong undergraduate record with demanding coursework, for instance, that may show as much as a quantitative score.” She also noted, “We also take certifications such as the CPA, CFA, and HBS Online into consideration.” Nevertheless, many experts recommend applicants continue taking the standardized tests especially if they are aiming for the most prestigious business schools. Koprince advised applicants that reporting an above-median GMAT or GRE score would likely give them an advantage over the others. “In fact, as part of our 2021 business school admissions officers survey, nearly 90 percent of test-optional business schools told us that a competitive score can still help a prospective student get in,” she said. [caption id="attachment_13574" align="aligncenter" width="8264"] MIT Sloan is the highest-ranked business school that currently offers test waivers to those who experience difficulty taking standardized tests amid the pandemic. Photo: Mys_721tx / Licensed under CC BY-SA 3.0[/caption] MIT’s Sloan School of Management, ranked as the fifth-best MBA program in the nation, is a great example. While MIT Sloan does offer test waivers for those who have difficulty accessing an exam safely, the school explicitly states on its website, “Standardized tests, such as GMAT and GRE are a component of the application process and play an important role in our holistic evaluation process.” Rebekah Lewin, senior assistant dean for admissions and programs at the University of Rochester’s Simon Business School, also noted that applicants without a quantitative background — such as a major in business administration or math — can utilize standardized test scores to demonstrate their mathematical abilities. Likewise, some admissions consultants argue, though controversially, that submitting a competitive test score provides schools with an objective measure of a candidate’s ability to handle the academic rigor at a top MBA program. Lewin pointed out another reason for prospective students to consider taking standardized tests. She said, “If possible, we encourage candidates to do the test prep and take the test as a self-assessment of strengths and opportunity areas.” She elaborated, “[if a student performed poorly on math or verbal section of the GMAT], that might be an area where they can do pre-work before business school that will ultimately help their learning curve when they enroll — particularly in the core classes that span many different business areas.” Despite the growing trend toward test-optional admissions policies at MBA programs across the U.S., there are still many compelling reasons to sit in for standardized tests such as the GMAT or the GRE. It is highly recommended for applicants to first check schools’ websites for test requirements, and then objectively evaluate their own credentials to decide whether they should take the tests for better admission chances.   Read More: What Happened to MBA Employment Rate After the Pandemic, and Is It Still Worthwhile?
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Tyler Hansbrough
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As one of the youngest members of the team, Tyler Hansbrough is a rising star in financial journalism. His fresh perspective and analytical approach bring a modern edge to business reporting. Whether he’s covering stock market trends or dissecting corporate earnings, his sharp insights resonate with the new generation of investors.

What Happened to MBA Employment Rate After the Pandemic, and Is It Still Worthwhile?

What Happened to MBA Employment Rate After the Pandemic, and Is It Still Worthwhile?
Anne-Marie Nicholson

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"When Covid hit, I felt like I lost those MBA connections," said the 30-year-old, adding that "a lot of us were going into the unknown in the fall. It was a difficult time for everyone." "Graduation arrived, but there was still no job," says Bailey Thibodeux, a University of Mississippi MBA student in 2020. "A couple of  interviews, but no job offers." Thibodeux eventually stopped looking for work and instead started her own business. Another issue related to the impact of the Covid 19 pandemic on MBA careers is career choice, as many MBA graduates are unsure of their future career path following the pandemic. The Online Business at the University of Maryland illustrates the various MBA career paths for students who are unsure which to pursue. Accounting Careers, Finance, Marketing, Supply Chain Management, Information System, Business Analytics, and other MBA Career Paths are broadly classified by the University of Maryland. Accounting, as one of the most popular professions, necessitates communication, detail orientation, time management, computer, and accounting skills. Visit their website for more information. It is still debatable whether an MBA is worthwhile. Having said that, according to the Columbia Business School's 2021 Employment Report, 94 percent of the Class of 2021 students were offered jobs three months after graduation, a 4 percent increase from 2020. Another example is the University of Virginia, Darden, where 91 percent of the class was employed by graduation, with another year of record-breaking salaries, reaching $144,933 in 2021, an increase of $4,988. Surprisingly, 97% of MBA students received an offer within three months of graduation, with 95% accepting. [caption id="attachment_13579" align="aligncenter" width="1800"] Lecture inside the Harvard Business School Photo: HBS1908 / Licensed Under CC BY-SA 3.0[/caption]

What do others think of the MBA Benefits?

Harvard Business School has released the Faculty's Advice for MBA Graduates — to Make a Difference in the World — for students who are struggling with their careers. Deepak Malhotra, a professor at Harvard Business School, advises forging your own path and quitting if what you're doing, or pursuing doesn't make you happy. "Be willing to waste a few extra months or even years to find what you really want to do with your life," Malhotra continues. "Those months and years may seem insignificant now, but in 20 or 30 years, they will appear insignificant — and they will almost certainly be the best investment you ever made." Aiyesha Dey, Associate Professor at HBS, adds some insightful comments. "The pandemic has made us even more aware of the world's enormous need for connections and closeness," — "No other business school can boast of such tight-knit cohorts, support networks, shared experiences and values, and deep lifetime friendships." In line with Dey's advice, Senior Lecturer at HBS John Jong-Hyun Kim advises graduates to be open to unexpected encounters or forks in the road in their journey ahead — they may just lead to a better destination, so stay open-minded and curious. In addition to HBS's advice, the University of San Diego online introduces some MBA alternatives that offer faster and less expensive career paths.
  • Mini MBA Programs
  • Massive Open Online Courses (MOOCs)
  • MBA Certificate Programs
  • Online Accelerated Degree Programs
  • Entrepreneurship
Indeed, alternative MBA programs vary by school because many schools have their own distinct programs, so it is best to conduct research on their respective schools for more information. The D'Amore-McKim School of Business at Northeastern University also provides tips to help students perform better in an MBA program, one of which is to seek help; to not overestimate your potential growth and stifle it. Instead of expecting an MBA program to be beneficial, you should continue to pursue your interest by conducting additional research, such as contacting professionals in your field to learn more about how they achieve success. Work-life balance is important in all professions, not just the MBA. Setting a clear goal and prioritizing important tasks is critical for success in balancing your life outside of school, giving you time to do things other than MBA. According to Wharton, one of the benefits of pursuing an MBA program is the opportunity to join a global network of nearly 100,000 alumni. Along with the announcement of Wharton benefits, Northeastern University also emphasizes one of the most important benefits as building relationships in the MBA program — such as career fairs or professional networking events. To students' surprise, classmates, for example, may be the most valuable connections — you never know when you'll be working under them.   Read More: The MBA Labor Market is on the Rise
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Anne-Marie Nicholson
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Anne-Marie Nicholson is a fearless reporter covering international markets and global economic shifts. With a background in international relations, she provides a nuanced perspective on trade policies, foreign investments, and macroeconomic developments. Quick-witted and always on the move, she delivers hard-hitting stories that connect the dots in an ever-changing global economy.