MBA education in India: The way ahead
Management education in India has come a very long way in the last two decades. From a handful of B-schools such as IIMs that were popular nationally to the spurt of private management colleges across the country that are able to match the education standards followed internationally; the management education scenario has undergone a massive transformation. But being a dynamic field, it is always necessary to deliberate about the next big step that will shape the future of MBA education in the country.
Why MBA in India?
The first thing to evaluate in this regard is the motive which inspires so many students to pick MBA as their preferred career choice. Traditionally touted as the best career option available to students, MBA is often cited as the sword that cuts shorts the climb up the corporate ladder. While this still continues to a major source of inspiration for MBA aspirants, today’s students have started looking for avenues beyond this singular goal.
Simple job placements and statistics are not enough to deem an institute apt; aspirants also look for fast paced career growth, skill enhancements at personal as well as institutional level and a platform to launch them into the business world with impactful credentials. Another interesting trend which has been seen among MBA aspirants is to look at the success ratio of institute alumni up to 5 to 10 years after passing out from a B-school. All these factors make up the crux of the motivation while choosing MBA colleges.
Career Prospects after MBA
Despite the major challenges such as global economic meltdown, management education in India has been able to adapt and evolve as per the contemporary needs of students and the industry. While traditional career prospects such as investment banking, management consultants and financial analysts still hold a considerable amount of sway; there are many new career avenues which have emerged as successful career prospects for MBA graduates. For instance, luxury management or fashion and apparels which are traditionally handled by creative agencies have started seeing a steady influx of management talent which can enhance their business prospects further. Similarly, event management has also emerged as a very lucrative and prosperous career option for management graduates. Management forms the core pillar of success for any organization, operational in any field. So, the scope of career prospects for management graduates is only limited by their talent, interest and imagination.
Going forward, one of the most important aspects with regards to MBA education in India would be employability quotient. While many reports have come out with negative outlook with regards to management education and the employability quotient of MBA graduates walking out of the B-schools. To an extent, these studies have presented a skewed perception of employability which leads to such ambivalent conclusions.
As per the general definition, employability is the ability to perform a job, a set of tasks related to that job or a set of jobs, at an acceptable level of productivity set by an employer. Considering the current quality and level of management education in the country; the course curriculum and teaching pedagogy followed is at par with the global standards. This means that Indian management graduates are in no way under-qualified or less trained compared to their global counterparts. The factors on which Indian B-schools miss out are industry exposure for students and industry interface. B-schools which lay prime emphasis upon these as an integral part of their teaching pedagogy have seen their students enjoy tremendous success. And this success is not limited to short-term achievements such as initial placements but it also translates into continued professional success spanning throughout their career.
So, the way ahead for management education in India would be to ensure that management programmes on offer currently are future proof and are capable of tackling the upcoming challenges.