In the era of liberalization and globalization, the demand of management education or MBA has been growing rapidly in India and abroad. Presently, MBA is one of the programs that assure the students of a secured and highly paid future. Nowadays, corporate are searching for well-skilled business management pass-outs, those who can contribute to the growth of the company from the very start. No company wants to spend much time in hiring and training a person at the fresher level. An MBA degree has been considered as the key to professional success in India.
The future of MBA education in India is quite good and fetching. With more and more number of foreign companies being launched here, there is increasing need of candidates to manage the companies and their businesses. Students these days are opting for MBA with great spirit as it has got lots of scope. Students applying for business management courses are rising day by day as it offers them great job opportunities, high positions and bulky paychecks. MBA educations can truly prepare the students for the business world.
Every growing economy presents a huge amount of opportunities as well as challenges on availability of work force. India, at present, is at an advantageous position on the educated manpower front. Since it is a developing country, almost all the MNCs have their business operations here. And many more are in line to start their operations here. An MBA education provides in-depth training that makes a person an effective manager even at the time of the commencement of the management studies.
Due to high demand of MBA, management education in India is now becoming globally competitive. It has students and faculty from all over the world. According to management experts, in another few years, MBA programs from India will be sought by students from other countries the same way as it happens in many other countries, such as Singapore and Hong Kong.
India has a large number of world class management institutes, such as Indian Institutes of Management (IIMs), Indian School of Business (ISB), S.P. Jain Institute of Management Studies, Jamnalal Bajaj Institute of Management Studies (JBIMS), Management Development Institute (MDI), Indian Institute of Foreign Trade, Xavier’s Labour Research Institute (XLRI), and Faculty of Management Studies (FMS) and to cope with the changing reality more are on the cards.
This is the reason behind more and more students from other countries being attracted towards pursuing a specialized management course in India’s world-class management institutes. An MBA degree is of various forms, instead of a single one. To meet the rapidly changing reality, an assortment of traditional and ground-breaking MBA courses is on the track at the moment and the selection of the most appropriate one depends on the skill of the student.
A characteristic MBA program in any part of India and in any institution consists of a primary curriculum. This includes business management, finance, international business, health management, human resource, communication management, IT and lots of others.
The events in the last two to three years have forced many top B-schools faculty members to question the utility of management education. Most of the B-schools in India have started giving attention to up gradation, rationalization and restructuring of MBA course curriculum.
The re-designed MBA course curriculum at leading B-schools is giving increased focus on execution skills, integration ethics, corporate accountability, corporate citizenship and global competitiveness in management education. There is now a movement towards developing ethical managers and business leaders with a high sense of accountability to the society.
Also, there has been an increased focus on the development of the soft skills in management education. Hence many well-known B-schools have programs on development of soft skills and are laying lot of emphasis on non-classroom learning.
Today, there is a changing scenario in management education across the globe. Due to globalization, B-schools in India have been forced to look at international business, focus on producing graduates with global mindsets and to develop links with schools overseas. Indian institutes have also been developing tie-ups with foreign universities to improve the quality of management education. On the other hand, many aspirants from India have started preferring overseas institutions from Canada, Australia, UK and other countries for an MBA degree.
Management studies helps to shape up student to develop the competency and capability as an entrepreneur. This capability does not necessarily come from just the degree or diploma. It requires developing the will and skill to contribute towards growth, self-reliance and self sustenance of nation. MBA degree can accelerate individual career, prepare an employee for promotion and help to have a complete career change.
Management education trains a person for team work, leadership, entrepreneurship, marketing, customer focus and neglected field of business ethics.
Business schools around the world are rethinking leadership and how to train the next generation of managers in the midst of unprecedented challenges. It is not the time to tweak what has been done before. It is a time for reinvention of management education.
An efficient management education framework is becoming a need for every country today as the skilled managers are needed to manage the complexities of the corporate world. The country that arranges for such flexible and wide management education for its young students will gain an edge over other countries and will progress much in future on the behalf of its more talented and practically trained managers.