Women’s underrepresentation at business schools has been the subject of discussion for a long time and it cannot be resolved by a single change. As more Buiness schools support gender equality, more women would be able to perform better in the business world. According to the Forté Foundation, business school barriers for women have been continuously weakened, with 39 percent of women enrolled in MBA courses in 2019 in contrast to 32 percent in 2011. 

Having more representation of female leaders is important  

Changing the harsh reality of the business world that women are greatly outnumbered has been stagnant. Nevertheless, it needs to be done for varying bright sides that the increased presence of women can bring to the corporate world. Shama Hyder, CEO of Zen Media, claims that women in the business can change the workplace to be more collaborative and productive with better dedication, which can prevent employees’ burnout as a result. 

Hyder also highlights the increased demand for “soft” skills from corporates. She says, although the traditional “hard” skills, such as technical knowledge and experience, are still valued, companies are paying more attention to soft skills. These skills involve self-motivation, resilience, networking, communication, critical thinking, and collaboration. 

The increased visibility of women in the business world is not simply an outcome of effort breaking the dominant presence of men. Rather, this may be due in part to women’s better performance of these skills. For example, in the workplace, women tend to be capable of successfully making negotiations and solving problems even under high pressure. Also, women tend to be more open to helping other women colleagues, especially future leaders to ensure they perform their full potential. 

The pandemic has impacted women’s employment and MBA enrollment 

The pandemic recession has engendered challenges across varying sectors and subsequently, many employees have experienced the loss of a job or a large reduction in working hours. Yet, the report of ‘the Center for American Progress indicates that the COVID-induced impacts on women were more severe, with a 4 times higher unemployment rate than among men in September 2020. In this circumstance, applications for MBA from women, ironically or because of it, were increased, bringing back to school those who aim to get an MBA degree and change their career path. 

Elissa Sangster, CEO of the Forté Foundation, says "I think that the stall caused women to rethink whether they wanted to go back [to their careers]. If they did have to step away, they may be thinking, 'Do I really want to go back to what I was doing before, or is it the chance for me to make a pivot?'". 

MBAs attempt to empower women in business 

Women are of course aware of the difficulties in securing a high position in the business world. Even in a respectable corporate, where gender equality is well established, it is not easy. 

Businesswoman Atefeh Khodadi tells her own experience with this challenge, "I've worked in companies where I didn't receive equal training to help me progress in my career. I was put down by my male peers when I said I wanted to become CEO of my own company, simply because I was a woman." 

However, women in an MBA course tend to be open to sharing their career top tips with future female leaders rather than solely focusing on their careers. This trait of women employees helps business schools design initiatives to empower their female students, for instance, women in business societies, mentoring schemes, and a series of conferences that invite successful female role models. 

Studying at business schools can benefit women 

When women cannot see the possibilities for themselves to advance their careers in the business world, they are more likely to give up pursuing their professional goals. In business schools, however, women can ensure that they are well equipped with the important skills and knowledge as well as the self-confidence for career achievement. 

Dianne Bevelander, professor at the Rotterdam School of Management (RSM), says "It will push women to move outside their comfort zone and give them the confidence to be less modest and allow their talent to shine. They will learn to push boundaries in innovation, accept risk, and welcome leadership roles." 

There are tips for women in excelling in MBA programs 

The bright side of the situation is that many business schools aim to increase women’s enrollment each year to adjust the gender balance. What is important for women is then knowing how to be strategic to maximize their success as a student. 

Sravya Maturu, HHL Leipzig alumna, says "Females are always trying to make sure they're 100% correct before speaking […] But it's up to us to make ourselves heard and speak confidently". Along with stepping out of their comfort zone and embracing networking, women need to encourage themselves to speak up with confidence in their workplace.

Binh Vu, HHL MBA alumna, says "If we want to build a truly disruptive business, then we need more women and diverse people making venture capital decisions”. Knowing the advantages of being a woman in the business world and what these merits can bring to the table is also an important attitude. 

How can business schools support women’s change? 

Many MBAs have implemented recruitment processes designed to enlarge the proportion of women applicants. However, this does not necessarily guarantee the increased enrollment of women. What schools can do for female students is to present role models who have already achieved professional success in business and to provide them with adequate support to be ready to become future leaders themselves. By boosting women’s networking beyond the MBA course, schools can help current female students and alumni encourage and empower one another. 

Read more: US Business Schools Combat Anti-Asian Racism

Factors like the high cost of the degree and the emerging job market reduce the number of students applying for business school.

Many prospective students are not expected to apply to business schools in 2022, causing a decline in applicants to US MBA programs. This is forecasted from the fewer GMAT tests by the prospective students in the US this year, meaning it will have fewer applications for business school. According to the monthly survey conducted by the analysts at QS Quacquarelli Symonds, more than half of the admission officers agreed that US business schools would receive declined number of applications this year. Within that bracket, two-thirds of the respondents say there will only be a minor reduction of applications. In contrast, one-third of the officers expressed that it would be significantly lower.

There was a gradual decline in students taking GMATs in North America in the last few years. It went down from 80,000 in 2017 to below 39,000 in 2021, contributing substantially to the reduction of business school entry. Even though the MBA’s benefit and power for an individual’s strength in the job market are still acknowledgeable, other factors like high costing fees and loss of opportunity and time during the degree are core reasons behind the abandonment of the MBA entrance.

Quacquarelli emphasized the more comprehensive option for prospective students seeking outside the traditional academic certificate. “There are numerous options for students to pick from outside the US. The boom in online certificates and on-campus degrees around the globe has a variety of options to fit an individual’s career goal, budget, and time.” He continued, “With the increased number of courses, a traditional MBA degree from a high prestige school stays the foundation of standard for higher management education.”

A higher ratio of online committed students can be observed in many top business schools. Imperial College Business School in London currently holds 8% of its total admitted students from the online MBA program. Similarly, University College London has over 12% of students studying their MBA program online. According to James Berry, a director of UCL online MBA, it is much cheaper for students to study in Europe than in the US, which is a significant factor for students studying online.

This trend, however, was affected by the pandemic in 2021. There was a decrease in online MBA students in Europe from the US. The percentage has dropped below 5% overall. Moreover, the online MBA experience did not meet the same standard as it would be in person. Berry highlighted the explosion of education opportunities taught online and its effectiveness. “Online educations differ by the schools with its quality and depth of the content. Some with high quality while others can be mediocre. Despite all of this, I have realized that these online educations do not create the same learning experience as students would gain from an interactive classroom experience on campus. Furthermore, I believe that is the critical value of a traditional MBA degree.”

Reasons behind the fall of MBA admission can be found in the current US job market. According to Nunzio Quacquarelli, the founder and CEO of QS Quacquarelli Symonds, “Current job market has become more attractive than before due to the increased number of job vacancies from the pandemic through mass resignation. Therefore, an MBA degree has become less of an advantage to help their career paths. The money and time required to be invested from the MBA candidates consider taking the job first.”

The reduction of US students in the MBA will change the landscape of MBA students and graduates in the future. Experts predict a decrease in the US but an increased number of MBA admissions from other continents, including Europe, Latin America, India, and Africa. Some predict these numbers to be much higher.

Read more: Business schools support gender equality

If you’re stuck working an entry-level job and want to progress your professional career in business, a Masters of Business Administration (MBA) could be the degree for you. With most positions requiring an MBA degree having an average salary of $130,000(USD), it seems like a degree that would pay off in the long run.

But the real question is when would be the right time to take an MBA program? Most MBAs take around 2~3 years and you need to dedicate at least one year of time to online ones. It is a master’s program after all. It’s never easy to find the right time to put a pause on your career to pursue an MBA but there are ideal conditions you should take into consideration before you do.

The Importance of Job Experience

If you have just graduated and got a bachelor's degree in business administration, it is not suggested that you go take an MBA program right after graduation. Many, if not all, job positions requiring an MBA degree also require you to have some sort of job experience. Because of that, it is suggested that you take up an entry-level job to build up your portfolio. It is also a good time to save up some of that money so you can avoid checking out a loan from the bank to pay for the degree.

And with the demand for MBA’s growing due to business administration needs, it would be difficult not to find a job with an MBA degree and 2~3 years of job experience. From start-ups to corporate jobs, there are plenty of jobs out there demanding an individual with an MBA degree and it would be foolish not to take one if you have the time and the money.

Read more: Decline in applicants to US MBA programs

Taking concerns over sustainability is becoming more important than ever

In 2022, MBA schools offer more than business education in their curriculum. This is because profit in Business is not only an MBA student's concern, further broadening the student’s abilities outside their expertise. Interestingly, over one-third of MBA students in Kellogg School of Management at Northwestern University in Illinois participated to take more than three elective units within the social impact discipline. From that group, over 80 percent of the students joined a relevant student club associated with social impact. The Director of Social Impact at Kellogg School explains the explosion of students with a genuine interest in social impact. “There has been a substantial increase of students participating to make a better impact on our society. It could be something like starting up a non-profit venture or a board to adjust the appropriate investment for the relevant organizations.” 

This trend isn’t limited to Kellogg School itself, but across the US and European countries. “Broad but shared interest,” Tensie Whelan, a director of the Center for Sustainable Business in Stern School of Business at New York University, raised a point on why student involvement is becoming more rapid. “Apart from the business point of view, everyone in the society or students in our school are concerned about the social matters like everyone else. It could be a more urgent matter like climate change to a long systematic problem, such as racism and inequity. She continues, “As a business student, they view business as one of the most important tools in which students can contribute to both the problem, solutions, and students who want to create the solutions for it.” 

The importance of sustainability is mutually agreed upon between the students and business schools. Therefore, business schools are actively encouraging responsible business practices in their core MBA curriculum. Different schools are approaching different ways to integrate the topic of sustainability into their courses. The main differences between businesses arise from the implication of the topic to be included and integrated into the traditional topics like accounting or teaching as a separate independent course. 

The crossroad of the implication of the topic depends on the subject that is taught according to Batia Wiesenfeld, the director of Stern’s Business and Society Program. “The choice on how to be provided depends on the characteristics of the topic. Learning as an independent course will be more beneficial for fields like environmental investing with more time to invest.” Rotterdam School of Management in the Netherlands offer sustainability inclusivity within the core of their MBA courses with requirements to accomplish an expertise project on social impact.  

Increasing attention on sustainability and responsible business practices are changing businesses as well. After the realization of the value of these factors, businesses are looking for employees that are competent in these matters to align their business plan with suitability and responsible business. 

In the past, the business world’s only emphasis was to make more profit regardless of the consequences with the quote “Greed is good” from a known Hollywood film. This ideology is no longer considered assertive in the market. MBA schools, students, and businesses are looking to thrive more sustainability in our society with responsible business in practice.  

What happens if sustainability and responsible business is included in the MBA curriculum? 

There's a contradiction that exists in the inclusion of responsible business and sustainability in the MBA course. Both sides on this agenda agree on the importance of introducing sustainability and responsible business practice as students desire more than a simple paycheck but an accomplishment and making change.  

Director of Marketing in RSM, Brandy Kirby, suggests why it could cause a problem if sustainability is forced to be included in the MBA curriculum. “Due to the nature of the competitiveness and density of MBA courses, sustainability in the course means it will replace another important subject that cannot be ignored.” Wiesenfeld from Stern agreed with this. The MBA curriculum has been formulated over the years in its ideal state with every part contributing as a core function. Though she points to the possibility of consideration as some of these subjects are delivered inefficiently to the students meaning other subjects could be more useful to be taught. 

On the other hand, Matthew Conisbee, MBA program director of the Business School at the University of Oxford, suggests that responsible business and sustainability should unquestionably be included in all MBA programs in the UK. He explains that global challenges are being fought together with several successes and its importance for businesses to adopt the sustainability agenda into their practice.  

Oxford’s Scroll Centre for Social Entrepreneurship is also another strong follower of advocating sustainability and social matters. A social entrepreneur in Oxford, Charmian Love, emphasizes the importance of the student’s role to face the current challenges and work together to end them for all. Research conducted by Oxford focuses on the roles of business in our society to make improvements. One of the latest upcoming papers by professors Richard Barker and Robert Eccles highlights the non-financial corporate reporting and whether it is required to complete a compulsory reporting standard for the best result. 

MBA Students considering sustainability agenda for a career path 

Enthusiasm for sustainability and other social impacts during the school years is becoming more apparent in career pathways for graduates. To help this initiative, Kellogg School introduced a pathway for social impact in 2015 and energy and sustainability in 2019. It reinforces students’ ability to consider social values into greater changes with opened vision. Hence, it encourages more students to embark on the career pathway with social impact. 

Kashner from Kellogg acknowledged the increasing number of graduates choosing a career path aligned with sustainability practices. According to Kellogg, over 44 students have participated to work as social impact interns for big non-profit organizations like BlueWave Solar, Quona Capital, and Gate Foundation in the past summer. Kashner further argued that although financial gain and fame is a big drive for ambition, the social impact that the students can make is as important as the other values. “Students will not only consider their financial benefits for their career but also the values that the companies produce and the positive changes it can output into the society. “ 

Despite the mutual agreement for the interest in these social agendas, Kirby from RSM suggests that even though graduates consider these values highly, financial gain and benefit cannot be replaced as the number one priority for their career. He explains that graduates will consider all of these factors when choosing their company to work with. 

Read more: When Should you Start Pursuing an MBA Degree?

Online MBA courses are popular as ever, but are they worth the investment?

You have an abundance of choices with choosing which college or university you get to take your MBA program. With prices as low as $1,200 a credit from University of Florida, it is as affordable as ever. But is it worth taking the time and money for an online MBA program?

What can an MBA program do for you?

While during your Master of Business Administration (MBA) program you’ll learn leadership skills, business sense, and how to network with other business representatives. The question is, will these skills being taught online be just as effective as live, face to face classes? Will it be worth your time and money on an online class teaching social skills? But all these factors depend on your professional expectations, costs, and goals.

The Cost of an Online MBA program

The cost of an online MBA program can vary widely but assuming that you are taking an online MBA program out-of-state, the whole program can cost as low as $22,000, which the University of Illinois offers. That is about one-fifth of the cost of a normal degree, which averages around $100,000. So, affordability wise, you have a variety of choices of which university or college to according to your budget.

How to choose an MBA program that is right for you

Now, with plenty of colleges offering an online MBA course, how do you choose which college or university fits your needs? Since most of your interaction with the professors and the faculty will be done online, you want to make sure they offer other online courses. This makes sure the college or university has a well-established presence online and have experience working with online students. Other questions you might want to ask before you enroll or apply are…

• Do the professors would teach the online courses also teach on campus?
• Are the courses going to be pre-recorded video or taught live?
• Is there a strong network of alumni?
• What is their employment rate and average salary for those jobs?

The Pros and Cons of Online MBA programs

Cost: As mentioned previously, the cost of an online MBA programs is significantly lower than in person, on campus courses. Of course, this doesn’t count for in-state prices. So, if affordability is your priority, look for MBA programs in in-state colleges and universities. If they do not match your costs, you should be able to an affordable college or university that offers an online program that matches your cost. But acknowledge that cheap online MBA programs are very competitive, because with affordability comes competition with the thousands of other applicants.

Location: This seems very obvious but deciding to enroll in on-campus class limits your choices on where you can go without going into college dorms. If you decide on taking an online MBA program, you can choose from a variety of colleges and universities and pick the ones that matches you needs and expectations.

Quality: What most people are worried about is that will an online program degrade the quality of the education or the negative stigma that comes with online learning. But with online studying now normalized by the pandemic, many consider an online degree just as valid. But don’t make the mistake of enrolling in an online MBA program thinking it easier than live class.

Verdict

An MBA degree, online or offline, is the correct step if you want to go to progress your business career. With hundreds of colleges and universities out there to match your needs and plenty of them offering online MBA programs, it would be a worthwhile investment if you have the time. Employees with an MBA degree tend to get higher salaries, obtain senior level position, and many companies look for employees with such a degree. An online MBA degree can take up to two to three years but with all those benefits of having a MBA. So if you have got the time or wanting to take your professional career to the next level, you should consider taking an MBA program, online or not.

Read more: Concerns other than Profit in Business for Students