Do Millennials and Gen Z benefit from an MBA? Is it worth the investment?
MBA Blog / 8th April 2024
Millennials and Gen Z (born between 1981 and 2010) are reshaping educational norms as they enter MBA programmes with unique expectations. Unlike previous generations, they bring a distinct set of values, characteristics, expectations, and aspirations. Consequently, business schools must adapt and innovate MBA curriculums and delivery modes and create an inclusive learning environment that prepares them for success in a rapidly evolving business landscape in which sustainability and AI are the dominant factors.
Is the Global MBA market growing or in decline? Is it still worth investing in an MBA, or has it become a commodity? According to GMAC’s 2023 application trend survey, global MBA applications have dipped by five per cent, which suggests business schools that offer flexibility are the ones creating winning programmes. Crucially, this flexibility gives women (largely underrepresented) and minorities the chance to study and improve their professional careers. However, according to the UN, we are currently missing 40 million workers in the global workforce; economies need skilled, upskilled, and reskilled workers, but factors such as the post-COVID-19 environment, economic shifts, and geopolitical changes and conflicts continue to influence how business is done, which is why business education needs to adapt.
So, what skills, competencies and attitudes are needed for the future?
According to the World Economic Forum (WEF), the most in-demand skills in 2023 were analytical and creative thinking, resilience, motivation and self-awareness, curiosity, and lifelong learning, with technological literacy, AI and big data skills on the rise.
Just as businesses are increasingly focusing on economic, social, and environmental issues, business schools must also adapt or perish. Doing well while also doing good is what Millennials and Gen Z expect, which is why de-globalisation has already started in business schools, with some European institutions reconsidering MBA programmes in English and certain countries becoming more restrictive on student visas. Gen Z students entering MBA programmes have specific expectations that must be met to ensure their engagement and satisfaction. To read the full article, click here!
