While the global and domestic economy reels from the major shock induced by the COVID-19 pandemic, Indian students are looking to secure places in coveted business school courses abroad, to be ready for the forecasted growth in the economy post-COVID. This trend was seen during the 2008 global financial crisis as well, as students and their parents see upskilling as a profound investment at a time where the job market is drying up, and job openings are becoming hard to come by.
The founder and CEO of Reachivy.com, Vibha Kagzi confirmed this trend by commenting that inquiries and enrolments for business schools have gone up by 35%. Other courses have also seen a rise, and this can be primarily attributed to the fact that students are choosing to defer their entry into the job market by a year, and instead taking up post-graduate courses which are enabling them to build an even stronger foundation in their subject of specialization, which will help them secure higher-paying jobs once the COVID-19 pandemic situation phases out.
While students are riding this wave, so are universities. Many top universities and their prestigious business schools are providing lucrative scholarships and waivers for students who have the drive and passion to study and to innovate.
And Indian students are demanding the best: from Harvard to INSEAD, students are aspiring to earn a coveted MBA from one of these prestigious institutions. Moreover, because of the global nature of the pandemic, Universities in most countries are facing a restrained inflow of new students, as many students are either choosing to defer their studies, or to completely forfeit the decision to study abroad in lieu of the financial strain posed by the crisis.
This has meant that Universities are also willingly accommodating International students, because international students, in many countries, pay almost double the cost of education for locals or residents.