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For those with their sights set on making it in the cutthroat world of business and finance, it has been a worrying year. Month after month, headlines have announced major job losses, forecasts have predicted negative growth and the mood among the business community has been sombre.
Now, though, there appear to be flickers of hope that the financial world is emerging from one of its darkest periods in recent history.
And as major banks and finance companies get back on their feet, those who have enrolled in postgraduate business qualifications, such as a master of business administration (MBA), will be eagerly watching and waiting to plan their next move.
The perceived value of an MBA differs greatly between industries and companies, and the answer to how much value can be attached to the qualification depends largely on who you ask.
What is more certain is that the qualification's popularity has continued to grow in recent years, with universities reporting strong enrolment figures.
With some commentators suggesting there's never a better time to upgrade your r?sum? than when hard times hit, some business schools have reported increased enrolments in some programmes this year.
Hong Kong University of Science and Technology's business school, which has been consistently ranked the best in Asia and among the best in the world, has seen enrolments in its full-time MBA programme grow by 20 per cent this year, although there was a 20 per cent drop in numbers for its part-time programme.
The part-time mode costs HK$238,500 compared with  HK$380,000 for the full-time course.
Enrolments in the Kellogg-HKUST Executive MBA, an HK$805,000 programme for executives, have remained steady.
Steven DeKrey,  senior associate dean and director of master's programmes, attributes the drop in part-time MBA students to fewer companies sponsoring employees to take up studies and people feeling the need to concentrate on their jobs.
DeKrey said the programme included students from the major financial centres that had been hit hard by the economic crisis, including London and New York.
Some of these international students had lost their jobs before enrolling while others had been motivated to make a career change. 'A lot of people, when they see difficulty in the jobs market, want to strengthen their capacity. It's a good time to look around, to study,' he said.
DeKrey said the average MBA student was 28 years old and had typically had one or two jobs. They wanted to accelerate their careers, build networks and better prepare themselves for business roles if they were not already working in the sector.
'Some of it is career-changing. Some of it is East meets West. People are finally realising the opportunities in China and Asia,' he said.
Enrolments in the University of Hong Kong's part-time MBA course almost doubled this year after the introduction of a weekend mode.
'This mode is very successful as students often travel during the week or may not even be based in Hong Kong,' said Chris Chan Wai-hong,  assistant dean and director of MBA programmes at HKU. The university continues to offer weeknight classes.
Enrolments for the full-time programme, a 14-month course where students spend time at the London Business School, the Columbia Business School in New York and in Shanghai, have remained steady, although applications doubled this year.
HKU's new EMBA programme, which was launched in May, is a joint degree course with the London Business School and Columbia Business School.
'Students tend to be more experienced executives, diverse in background, often company-sponsored, and classes are conducted in four to five consecutive days once every month in Hong Kong, London and New York,' Chan said.
Michael Ferguson,  associate dean (graduate studies) and MBA programme director at  Chinese University,  said the business education sector was thriving and competition for the best students was intense. 'MBA applications at CUHK are on the rise and this year's total enrolment represents a substantial increase for both full-time and part-time MBA classes,' he said.
While there appears to be no shortage of candidates willing to sign up for a demanding business qualification in the hope that it will help them stand out from the rest, recruiters stress that employers are seeking a combination of experience and qualifications.
'Combined with the relevant experience, ideally 10-plus years, an MBA can definitely add more value in leadership roles,' said Emma Charnock,  regional director of Hays recruitment firm in Hong Kong and the mainland. 'But the value of an MBA comes not just from the holistic skills of the syllabus, but the contacts made. The alumni are a big selling feature for those candidates with an executive MBA.'
 Charnock said the qualification had received more consideration from candidates this year in light of the global financial crisis.
'With work and study commitments difficult to juggle, many candidates have viewed recent market conditions as an opportunity to further their professional studies. Their career is in respite and they've had the breathing space that they haven't had before to complete the qualification.'  
Charnock said consultancy firms and those seeking to  fill strategic roles may be more likely to target MBA graduates. However, she believes experience remains the most important requirement.
Given the pervasiveness of the economic crisis, it was perhaps inevitable that it would leave its mark on MBA curriculums.   'Reconnecting our students and graduates with the community by sharing and strengthening bonds  is very important in a post-financial crisis world,' said Chan.
CUHK has also launched several new courses, including corporate risk management and global challenges and strategic corporate social responsibility.
'In many ways, the recent crisis has been fuelled by failures in identifying, measuring and monitoring risks and in corporate governance more generally,' said  Ferguson. 'Both courses will provide CUMBA graduates with critical hands-on experience in these key aspects of management.' 
CUHK is also offering a new course in management for the creative industries.




Gearing for the economic rebound