For professionals in the business world and beyond, the achievement of an advanced degree like an MBA is a logical milestone in the pursuit of securing a stable, well-paying job at a reputable organization. The time investment, often one-two years, along with a sizable tuition bill, is often viewed as a necessity to career advancement. According to mba.com, 2020 was a-typical compared to 2019 in terms of application numbers, but not from previous economic downturn trends. According to their research, applications tend to rise during periods of recession or economic instability as the opportunity cost is reduced. During economic booms, working professionals feel more confident in their ability to secure desirable positions without the added pressure that fierce competition instills when fewer jobs are available. Certificate programs and online course enrollment have also increased as professionals seek to strengthen their employment positions through targeted skill learning. With a wealth of options, and many now available entirely online, taking your career to the next level, or learning more about setting up an independent business, is simply a matter of choosing the program that best suits your time and budget.
The traditional MBA degree
Of all the popular choices, an MBA degree is regarded as the most credible form of continuing education within the business industry. With a variety of focuses, from finance to marketing, prospective candidates are able to guide their education towards existing or even new professional goals. Aside from coursework learning and a prestigious new line on a resume, an MBA offers the intangible benefit of networking with other students, professors, and alumni that opens doors for new opportunities that are elsewhere hard to obtain. However, working towards an MBA is an ambitious undertaking that must be balanced against the cost, time, and effort required to achieve this advanced degree.
In Dubai, the highest-ranking schools, like The Hult International Business School and American University of Dubai will cost upwards of AED 200,000 for an MBA, while the London Business School Dubai will set you back more than AED 450,000. The world's workforce is changing, however, and newer generations of professionals are trending in the opposite direction, favoring work experience, short hyper-focused courses, and online self-learning. The incurred debt and potential loss of wages (if considering full-time studies) appear to weigh much heavier on the cons list for some prospective students. Many companies have also made room for more flexibility in recruitment, opening doors for candidates that show strong ability, creativity, and mastery of concepts, regardless of their highest educational degree.
The rise of Certificate Programs
What began as a sub-par substitute for professionals who didn't wish to contend with exorbitant fees or admissions tests required for an MBA, certificate programs have now blossomed into a widely acceptable form of continuing education. With completion times ranging from one week to six months, most certificates offer flexible schedules that focus on trending skills that are in high demand.
At AstroLabs in Dubai, participants of their Digital Marketing Certification Course are guided through growth campaign strategies to launch and manage modern digital marketing initiatives, backed by Google and the KHDA, Dubai's education regulation authority. Throughout the two-week certificate, evening and weekend classes allow for easy attendance, with a moderate fee of AED 5,399. For an entirely online experience, London Business School offers a variety of online courses. In a matter of five weeks, obtain a certificate in Sustainability Leadership and Corporate Responsibility or extend your virtual classroom to 12 weeks with Mastering Digital Marketing: SEM, SEO, Social Media and Beyond. With fees of £1,500 and £2,500, respectively, participants can expect high-quality coursework from one of the world's most reputable business schools at a fraction of the cost of an MBA degree.
Low cost and free online course options
Online tools like LinkedIn Learning have become widely popular for even greater flexibility at minimal cost, with individual subscriptions or team learning options through group memberships. Originally Lynda.com, the company was acquired by LinkedIn for $1.5 billion and has since been the flagship educational platform of the professional social networking site. Another giant in the world of online courses, Udemy draws hundreds of thousands of virtual learners through on-demand videos that include business classes, computer programming, and even photography and design. With ratings and reviews from previous participants, popular courses are easy to find and are available at varying skill levels, from beginner to expert.
For completely free learning tools on subjects like marketing, sales, data privacy, and web design, HubSpot Academy has earned a top spot among working professionals and students. Coursework completion also grants participants time-stamped badges that they can include on LinkedIn profiles, verifying mastery of high demand subjects, like SEO strategy, WordPress design, and social media marketing. Google Career Certificates, hosted on Coursera, are geared towards professionals without a college degree or those seeking to change career paths, creating an opportunity for viable employment and economic security in high demand sectors, including project management, UX design, and IT support. Classes are three-six months at a nominal subscription fee of $49 per month.
In the modern age of business, educational tools have followed the inevitable path of accessibility through online coursework and certificates that offer a higher degree of flexibility - and an arguably higher ROI than traditional MBAs if you ask some. That said, MBA degrees are still a prevalent minimum for hiring in many senior-level positions of fortune 500 companies and beyond. As trends continue to shift towards non-traditional standards of educational backgrounds, options for those seeking career advancement, setting up a business, or honing their existing skills will continue to be more flexible and welcoming to candidates from all degrees of the higher learning spectrum.