During a job interview, Hassan, an MBA graduate, confidently highlighted his unique strengths as being his versatile skills and strategic thinking. However, when asked about specific skills like coding, data analytics, or AI, he conceded that he had not mastered any. The interviewer jokingly called him a "Jack of all trades but master of none", to which Hassan gingerly added that he was working on becoming a "Jack of all trades but master of one" but had not chosen which one yet. Everyone present laughed, realising, at least for now, humour remained beyond the scope of AI automation.

In developed markets, students rarely pursue an MBA immediately after a BBA or graduation because employers are not keen to hire MBAs without work experience. In my 30+ years of corporate life, I am yet to see a fresh MBA magically lead up to a promotion or extra increment. More commonly, MBA is a degree that people earn while working. That said, there is one market where an MBA consistently outshines a regular graduate: the matrimonial market!

For decades, an MBA was considered a ticket to a lucrative career. Graduates from top business schools like Harvard and Stanford earned six-figure salaries and easily climbed the corporate ladder. However, a recent report shows that 23 percent of Harvard MBA graduates in 2024 were jobless even three months after graduation -- a stark increase from the 10 percent in 2022.

The scenario is similar in elite institutions in Bangladesh, signalling a global trend. According to the Graduate Management Admission Council's (GMAC) 2024 Application Trends Survey, there is a resurgence in interest in full-time MBA programs, with 80 percent of two-year and 64 percent of one-year MBA programs -- the highest in a decade.

One of the key factors driving this shift is the growing influence of artificial intelligence across industries. In Bangladesh, the finance, telecom and retail sectors are adopting AI-driven platforms to improve efficiency, reducing the need for large workforces. While management roles remain somewhat shielded, the impact of AI is becoming evident at other levels.

Another significant challenge is the oversupply of MBAs in the Bangladeshi job market. Over the last decade, there has been a boom in business schools offering MBA programs. As a result, the market is saturated with graduates, making competition intense for limited positions.

In Bangladesh, employers, like their global peers, are prioritising general management skills. Proficiencies in areas such as digital marketing, data analytics and artificial intelligence are increasingly getting sought after as companies value specific technical skills that often come at a lower cost than an MBA. This shift reflects a growing demand for professionals that are not just versatile, but highly skilled in a given area -- a concept I previously explored in my article, "Jack of All Trades but Master of One."

For aspiring MBA students in Bangladesh, this changing landscape requires careful consideration. An MBA alone may no longer guarantee career success. Supplementary training in specialised fields is becoming essential to stand out in a crowded market. Furthermore, financial investment in an MBA -- often a significant expense in Bangladesh or abroad -- demands a thorough evaluation of its potential return.

In today's job market, where AI is taking over spreadsheets and undergrads are mastering niche skills, being an MBA without specialisation might just be the most expensive way to wake up to being overqualified and unemployed. A word of caution to future MBAs; choose your skills wisely for versatility without mastery is now just a fancy way of saying "replaceable".

The author is president of the Institute of Cost and Management Accountants of Bangladesh and founder of BuildCon Consultancies Ltd