The Right Time to Pursue a Master's is Right Now

In an era of digital transformation, it might seem counterintuitive to further one's studies as current skills seem to be replaced by new ones at such a rapid pace. However, a Master's degree can play an important role in our new economy. The competencies that a postgraduate programme offers can help individuals develop timeless skills that are essential for success.

Today, the ability to navigate change and learn new skills is a workplace prerequisite alongside domain knowledge. Back in 2020, the World Economic Forum (WEF) predicted that by 2022, 42 per cent of the core skills for jobs would have changed. This means that companies and individuals must be adaptable and responsive to change if they want to stay ahead of the curve.

"We want to transform our students regarding their world views, competencies, strategic vision, the spirit of collaboration and appetite for problem-solving."

"A postgraduate degree should be more than simply attending a set number of courses to earn your Master's degree," says Linette Lim, SMU Director of Admissions.

Linette Lim, SMU Director of Admissions

And real-world learning experiences are one of the best ways to develop the adjacencies needed to thrive in a rapidly changing world. By being immersed in new environments and challenging themselves to learn new skills, students can develop the agility and adaptability needed to succeed in an ever-changing world.

We speak more with Linette to learn how workers can pivot to the future world of work, by gaining the knowledge and expertise they need to face fresh challenges head-on.

Age of disruption

Traditionally, advanced studies in accounting, finance, law, and other professional fields enable students to keep abreast of developments in related fields and delve into deep or cutting-edge issues. In recent years, however, global disruptions have also given rise to an increasingly complex business environment that demands new knowledge, skills, and interdisciplinary expertise.

"We find that the key to postgraduate education is to go beyond the simple concepts of exposure and comprehension, and move toward integration, synthesis and the ability to create new knowledge," explains Linette.

"This is a significant distinction as our students must assist the firm's management in being aware and proactive, by leveraging new economy skills of creative problem solving, team collaboration and visionary strategy."

A postgraduate programme helps sharpen analytical skills and strategic vision, which will nurture students for more complex and unpredictable problems of the future. At SMU, many of these skills are developed through feedback and insights from world-class faculty and industry practitioners. The SMU Executive MBA programme, for example, personalises leadership development. Working individually with an experienced coach, students are able to identify strengths as well as opportunities that they have not previously been aware of — to amplify their impact as a leader.

In addition, real-world learning experiences allow students to develop critical thinking, decision making, time management and communication skills, and strategic management capabilities. By learning through a mix of case studies, project-based assignments, consultative experiences and internships, SMU students become both innovative problem-spotters and problem-solvers.

Reskilling revolution

Life is a never-ending journey of learning. To ensure lifelong employability, we need to continuously learn and hone our skills to always have the relevant skills for the job market.

"Today, mastery of knowledge alone is inadequate."

"To navigate change and disruptions, we must develop skills beyond knowledge," says Linette. "These skills are more 'evergreen', such as being able to function in team settings, being an effective communicator, and being able to lead when necessary."

At SMU, initiatives such as the Postgraduate Professional Development courses offer Master's students the chance to acquire fundamental skills beyond their specific course of study. These, in turn, complement the programme curriculum, allowing graduates to enter or progress in the workforce armed with a well-rounded suite of skillsets.

The rising complexity of global events also requires new methods of problem solving. An interdisciplinary approach can help address challenges through the lens of different perspectives and knowledge bases. This can be particularly useful in times of disruption when familiar ways of thinking and doing things may no longer be effective.

For example, Linette explains that sustainability issues may not be solved from a solely legal or financial perspective.

"You need organisational leadership and an understanding of how businesses, governments and society can (and need) to work together on these issues," she adds.

"The interaction, teamwork and innovative problem solving experienced by students from different postgraduate courses provide networking opportunities to get to know more like-minded individuals from different disciplines."

Ready for new opportunities

According to a recent global survey conducted by the industry body Graduate Management Admission Council, more than 300 business schools saw a 66 per cent increase in postgraduate programme applications following the pandemic.

While it may seem counterintuitive to further one's studies in a slowdown, Linette explains two primary considerations when pursuing a postgraduate degree: opportunity cost vs skills upgrading.

"In good times when your career is doing well, the opportunity cost of what you would have to give up — decent remuneration, promotion opportunities, business travels — to further your studies is usually very high," she says.

"However, the opportunity cost will be a lot lesser during a pandemic when the market has taken a downward turn. Enrolling in a postgraduate degree in difficult times will help to prepare you for an unpredictable future, and to future-proof your value in the workplace."

Forward-thinking leaders may also aim to master adjacencies — areas that are closely related to their core businesses. For example, adjacencies for a company specialising in e-commerce might include operations management, technological innovations and marketing strategies.

"Some graduate students prefer to learn adjacencies to help them connect and integrate the dots between volatile and difficult issues in an increasingly unpredictable world economy, thereby helping to solve these issues through innovative problem solving, which is an important skill for the future," says Linette.

"A Master's will position you, armed and ready with new knowledge for the next upswing."

Investing in a postgraduate degree that allows you to nurture your strategic management or visionary problem solving skills will be a transformative experience, empowering graduates to meet the demands of Industry 4.0. A postgraduate education can also help professionals stand out from the competition and improve their chances of landing a job in today's evolving job market. By investing in further education, graduates can gain the edge they need to grasp opportunities when the economies pick up.