Taking Control: Equipping Yourself for What Comes Next
When faced with a crisis, people respond in one of two ways. They either duck under the doona, keep their fingers crossed and hope it’ll all be ok, or they look for the opportunities that present themselves and take control over what they can.
And while we’re all currently facing significant uncertainty, in 2017 Kane Ryan faced his own crisis.
Having spent the whole of his working life at Holden – 20 years, all up – he, along with hundreds of colleagues, faced a very uncertain future as the car giant moved its production offshore.
Rather than wallow in what was to be lost, Kane decided to take his future into his own hands.
“When the closure announcement was made, I decided that I needed to study an MBA to help me transition into the world outside of Holden,” Ryan says.
“It gave me confidence from the experience I had, backing it up with why we do things the way we do in business. It helped develop me as a person.”
Ryan says the MBA process was invaluable in equipping him to tackle whatever came next.
“It was amazing how the skills and knowledge I gained throughout the MBA process helped me prepare for that change.
“Give yourself some time, and do it for yourself, because it’s worthwhile.”
The MBA process has certainly paid off for Ryan – he quickly found a new role as Operations Manager at Elbourn Engineering, and subsequently joined Topcon Agriculture.
Dealing with today, preparing for tomorrow
Paul Wappett, CEO of the Australian Institute of Business, says that it’s smart to start thinking about what it is you need to do – both professionally and personally – to make yourself less susceptible to the impact of crises, and to adapt to whatever the new world looks like.
“This crisis is forcing us to reassess almost every facet of our lives.
“Right now, we are all assessing our monthly spending and how we enjoy our free time, for example.
“We are all naturally reviewing our professional situations, too. Maybe your job isn’t as secure as you thought it was. Maybe your business isn’t as robust as it needs to be.
“While, of course, the world is tumultuous at present, the opportunity is there to really take stock and identify exactly what it is you need, personally and professionally, to ride out this crisis, and succeed in the ‘new world’.”
Although we are in the midst of a crisis, Wappett says now is the time to be even more clear-headed about how to position yourself for the career that you want.
“As a consequence of the economic turmoil that is engulfing us, there are likely to be fewer jobs available in the next few years, and more applicants for those jobs that are available.
“Amid all of the uncertainty, one thing is certain – business will not go back to how it was before. New businesses and business models will emerge, and we all need to be fully equipped to take advantage of that.
“We are all losing some control over our lives – be that from a financial perspective or how we spend our free time.
“Something you have full control over is how prepared you are for what comes next. And the more knowledge and education you have, the better equipped you’re going to be.”
A path to success
There are many things you may consider doing to prepare yourself for tomorrow – and an MBA is something that could help you future proof your professional life.
There are a number of options available and, as AIB’s MBA is a purpose-built, online-only course that fits in around you, we remain fully operational during this time.
The good news is that you can access funding to do an MBA now, and only pay back when you’re earning a certain amount of money, meaning that if you’ve unexpectedly found yourself without employment, you can study now and pay later.
Funding your MBA can be done in a number of ways:
In a nutshell, if you study with the right institution and meet their criteria the Commonwealth Government will help pay your tuition. For 2020, the HELP loan limit is $106,319 and this can be used to pay for part or all of your tuition. You only pay this back once you’re earning above the threshold – for 2020 that is a pre-tax income of $51,957.
Try our FEE-HELP calculator to see how this option would look for you.
AIB is partnered with Study Loans – the first dedicated private student loan provider for Australian Citizens and/or permanent residents in Australia. This loan scheme allows you to draw down on funds only as you need them, simply paying for what you use. This combined with competitive interest rates and flexible payment schedules can make funding your studies more affordable.
Of course, you may be in a position to fund the MBA yourself. If you are, you can pay for your studies in several ways. Students can pay:
- for the total degree upfront which is $35,964
- subject to subject, with 12 total subjects each costing $2,997
- by stage, which is every 4 subjects
It’s not uncommon that we see employers help out and cover the tuition for their employees who ask. If you’re considering asking your employer to help fund your MBA, check out our top 5 tips.