The field of artificial intelligence is seeing rapid development. Generative AI is forecast to produce 10% of all data by 2025, a ten-fold increase from its current contribution of around 1%. The conversation is already moving to how interactive AI is going to eclipse GenAI, with users being able to talk to their AI and ask it to perform tasks for them. For businesses to succeed and not just keep pace, but foresee and prepare to incorporate these technologies, it will require talent that is trained and skilled with a deep knowledge of AI and how it can be leveraged for business success. The traditional MBA, once the gold standard for business education, is emulating this change and undergoing a significant transformation, also encouraging wider adoption amongst working professionals. This is where education-first companies like upGrad have an edge where technology complements the pedagogy to ensure tangible career growth for learners.
Excerpts from our chat with upGrad Co-founder & MD Mayank Kumar, who guides us through the evolving landscape of management studies.
The Waning Appeal of Traditional MBA Programmes: Is That True?
Full-time MBAs, once considered the pinnacle of business education, are waning, and that’s absolutely true. Cost-effective hybrid MBA models with shorter durations are gaining prominence because of the flexibility these programmes offer, especially to working professionals. As per industry reports, nearly 60 percent of the deans, administrators, and Chairs at the world’s top universities believe that they would consider overhauling their MBA offerings to align with these evolving student preferences. There is a palpable shift towards experiential MBA programmes that prioritise hands-on, industry-led projects, and we at upGrad ensure our learners don’t just learn business theories but acquire skills to apply them in real-world scenarios. For instance, two of our learners, Voruganti Aravinda and Shashank Sonawane, who came out of the Global MBA programme with Liverpool Business School have set notable examples for the world to see. Aravind, an engineer by training, found that the course equipped him with the skills to effectively market and position products, while Sonawane appreciated the programme’s emphasis on hands-on learning and comprehensive career support, which included everything from resume building to mock interviews.
How do you see the AI-Driven Paradigm Shift in Business Education Shaping Up?
The technological renaissance is compelling companies to re-evaluate business models, from talent acquisition strategies to resource allocation. At the same time, the AI revolution has created a burgeoning demand for professionals equipped with the relevant skills to navigate this new landscape. Enabling professionals to garner the necessary skills and fulfil this demand are the new hybrid MBA programmes with innovative approaches that seamlessly blend traditional learning methodologies with AI-driven modules. They offer accelerated, customisable, and skills-based curriculums that cater to the modern learner’s desire for flexibility, relevance, and real-world applicability. A recent survey of 1,129 prospective MBA students in 2022 unveiled a telling trend: a whopping 73% expressed a preference for studying at their own pace over adhering to fixed lecture and virtual project schedules. As per upGrad’s Data Labs, we’ve recorded the highest CTC hike of 567 percent during FY23 within the MBA domain, thus reflecting the industry/recruiters’ acceptance.
How is upGrad moulding the Business Titans of the Future?
The infusion of AI into MBA curriculums is a game-changer, ensuring that graduates are not only well-versed in business strategies and theories but also adept at leveraging technology to drive innovation and growth. This blend of business acumen and technological prowess will be the hallmark of the next generation of business leaders. upGrad boasts a strong portfolio of such up-to-date AI-integrated MBA modules. The courses offer blended learning programs with 360-degree career support inclusive of resume building and mock interviews. The curriculum is infused with real-world business case studies and capstone projects that help the learner understand real-life application of learnt skills. Having collaborated with the top 1% of B-schools worldwide to offer our learners a plethora of courses that are WES recognised and AACSB and EQUIS accredited, we have set a benchmark for evolving MBA curriculums.
Points to consider while shortlisting an MBA that will make you industry-ready?
There are certain aspects to be considered while finalising an MBA and university. First and foremost being it’s global ranking and accreditation as they play an important role when entering the industry. Parameters such as faculty qualifications, campus infrastructure and course structure form an integral part when evaluating an MBA program. One should definitely do a deep dive into the program’s
course structure to ensure that it covers a wide range of subjects and provides practical exposure through case studies, internships and workshops. It is important to acquire the right and relevant skills to your industry while pursuing your Masters or MBA. Moreover, interacting with the faculty, present students and institute alumni also helps one understand the institute’s environment and culture. Lastly it is important to explore alternate options and compare the tuition fee, course structure, campus facilities and on-campus placement opportunities to ensure it aligns with your budget and expectations. Aligned with our commitment towards driving career outcomes, we have concluded 6 offline placement drives for our learners where they get to meet leading recruiters in- person for promising career prospects.
What kind of new-age business competencies one could get after completing an MBA in today’s time for positive career growth?
The job landscape today is evolving at a rapid speed with a massive impact on the competencies required to enhance career trajectories. Some of the important business skills that are extremely relevant today and will boost one’s career growth are market research and data analysis as data plays a huge part in all business sectors today. Followed by effectively leveraging Gen AI tools in your day-to-day business activities right from content creation, customer segregation and effective marketing. GenAI is playing a revolutionary role across all industries and being able to use it to your advantage is a very important new-age skill to be learnt.
The AI-driven reboot of MBA programs signals an important shift in business education necessary to prepare the business leaders of tomorrow. As we stand at the crossroads of a new era in business education, it is clear that the integration of AI is not a fleeting trend but an essential evolution. It is not merely about integrating cutting-edge technology into the curriculum but about crafting a comprehensive learning experience that readies students for the multifaceted challenges and opportunities of the digital age.
upGrad offers Credit-based Learning within MBA, how does it help individuals?
Credits play an essential role in upGrad’s various programs, offering learners the flexibility to tailor their educational journey according to their preferences and needs. For instance, learners enrolled in upGrad’s Advanced General Management Program with IMT Ghaziabad can opt for MBA in the 2nd year using the acquired credits in the 1st year or apply for study abroad option which saves their time and money. This is a unique learning pathway that allow learners to attain online MBA from one of the U.K.’s finest B-schools – such as Liverpool Business School, while simultaneously earning dual credentials. Additionally, learners gain access to educational resources, including over 15 Harvard Business Case Studies, regular Job Fairs, and access to the upGrad Career Portal. Moreover, upGrad ensures a holistic learning experience with features such as personalized 1:1 Mentorship, responsive Doubt Resolutions, and round-the-clock learner Support.
Road ahead?
A new chapter in business education has begun, and it promises to be transformative, dynamic, and unequivocally AI-centric. Institutions that can successfully merge business education with technological insights will set new benchmarks for excellence and lead the way. With enhanced curriculums, Indian MBA graduates are the most sought after for roles such as tech product managers, fintech strategists, sustainable business consultants and venture capitalists. India also witnessed a significant rise in employability of MBA graduates from 41% in 2021 to 60% in 2023.
As MBA programs continue to evolve, we at upGrad will continue with our mission of empowering professionals with the new-age business skills coupled with tech proficiencies to build a business-force of tomorrow, thus putting India on the map as a global powerhouse and talent capital.
10M+ learners have been enrolled with upGrad, to date, and the skilling company moves strong with its mission of claiming the global title. Read on to learn more about the programs and university partnerships: www.upgrad.com
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