MBA has become the order of the day and a proven shortcut for success. Everyone wants to do an MBA as it promises a good professional growth and money. But, the question is whether today’s management studies are adequate enough to help students face the changed business/professional environment.
MBA in India for some private institutes is becoming all about money. To earn more business, some institution wants to start MBA program even though they don’t have the basic facilities and infrastructure. Everyday a number of new institutions are mushrooming in different parts of the country. Due to the exponential growth in the number of B-Schools and depreciating quality in Tier-II, Tier-III B-Schools, most of the MBA programs have lost their luster.
MBA aspirants looking forward to promise of better life after completing the course just blindly pay a huge amount of fees and get admissions in the institutes without even checking their credibility. It is because the students have no means of choosing the credentials of the institutes.
Besides, MBA is not only about submitting fake projects and assignments, or just passing the exams. The real purpose of management education should be to acquire in-depth knowledge in the chosen specialization. In other words, students should really specialize in the chosen subject, only then can an MBA really add any value to any organization.
Most of MBA aspirants are just finishing their degree in order to acquire high packages, but there is a lot of difference between students who finish their MBA in B-schools and who finish their MBA in local colleges. People who get degrees from topmost B-schools are indeed more efficient because they get more practical exposure whereas most of others just get theoretical knowledge. It is also due to the fact that a good institution gives hardcore education and training whereas the others simply do time pass.
One of the biggest paradoxes is that while management institutes are primarily teaching how to maximize profits to make their students become more employable in the corporate sector, the corporate sector is not equally reciprocating towards these management institutes in terms of raising the level of management education there. In fact, in India our corporate houses are barely contributing their part to promote better MBA’s.
The current curriculum in management education does not teach students how to manage uncertainty and complexity arising in an enterprise due to challenges arising out of rapid growing technology. While lots of theories are imparted in the two years of management education, there is a general dislike among students for these theories; they consider these to be just – ‘theory’. The feeling among them is that theories do not work in practice, and therefore they stay disconnected when the faculty teaches them these theories in the classroom. There should be more and more industry experienced faculty plus more visiting faculties to better the education.
Indian companies are rapidly expanding their operations globally. How many management graduates today are confident of handling global operations of Indian companies?
In the name of the global exposure, institutes teach one or two subjects related to international operations. Why can’t institutes tie up with institutes in other countries to undertake student exchange program for limited period so that students get real life feel of the global markets? Today many Indian institutes have tie ups with foreign universities, but again these tie ups are more of academic nature. We need to follow this course more seriously.
When the students are evaluated for their knowledge on these theories, the results are not very heartening either. When it comes to practice, what best happens is that few managers are invited into the management institutes to teach either a full course or a few sessions in a course.
Management is as much practice driven as theory driven. While theories can be taught, practice cannot be taught. Except for the two-month long summer internship program, most management students are happily disconnected from what practice is. With some management institutes teaching as many as 35-40 courses in two years of management education, it is supplemented by only two months of some practice (internship) in the field. The management students need to ‘get their hand dirty’ in the two years of management education much before they start their careers.
While there is no dearth of the programs ranging across two years’ MBA degree or diploma or certificate, executive MBA, evening and part-time MBA even backed with distance learning. But it is the quality of the program which raises doubts in minds of students and employers. There are many management schools in India that claim to be the best, but the academic standard in many business schools are not up to the mark.
The inability of AICTE to act tough with unauthorized business schools is a cause for concern. The management of business schools looks for loopholes in the existing laws and exploits the same. They believe in growing their budget rather improving the quality of business education which is very sad to note.
In India, after 60 years of management education, over 10 review committees, numerous workshops, etc. we are still struggling with policy-level issues of approval, admission, fees, one-year MBAs, new IIMs, etc. pushing back crucial issues of relevance and delivery. The need to reinvent Indian MBA education cannot be put off any longer.