A corporate entity today demands much more from a contemporary manager than his predecessors, though most of the present generation managers are performing better than the earlier generation. The performance bar is continually being raised. This means that the top management expects a manager to achieve better results and give more than what he gets from the organisations. Management graduates coming out of such B-schools can outsmart others by battling a crusade in their careers more competitively.
The significance of MBA curriculum in terms of management education is presumed to have adequate potentials to shape the professional prospect of an individual in a way to assist them in overlapping their career milestones. For such performance, quality has become a prerequisite and requires Total Quality Management. The future belongs to those who take opportunities as they come. To make India intellectual hub of the world, we have to take bold "U"- Turns in context of reengineering the concerned management education system. And for this, we have to engage with certain special efforts to create a vibrant environment, which can cultivate advanced quality of practical education in our nation.
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Our management graduates no longer line up for safe government jobs. Instead, they are ready to take up corporate challenges and are jeopardise their career to become a tycoon or become a global player in developing private sectors. India, being the largest democratic state with safe, mature, vivacious and exemplary democratic governance and institutions, claims lot of quality B-Schools attracting intellectual student community in large numbers every year.
Management education in India is not very mature; it has occupied its realistic structure during early sixties, with certain noteworthy Professional 'B'- School establishments to train the people with management concepts. No doubt, Indian Institute of Management (IIMs) are a few one amongst them, which are remarkably contributing their potential in training & trimming the upcoming generation in context of Real Corporate trends. Later on, many institutions, universities also stepped ahead, and efficiently took part in contributing to the management education to cater to the increasing demands of efficient corporate professionals.
The concept of GLOBAL VILLAGE and REVOLUTION in the field of information technology is increasing the integration of economies around the globe and thus, the attainment of global competitiveness has become a striving necessity for survival and growth. The liberalisation of Indian economy has resulted in the highly competitive environment all round, highlighting the upcoming necessity to raise the inclination towards gaining expertise, quality, and greater concern in society for resolving the environmental issues & unparalleled expansion and utilization of information expertise.
Key Words: Management Education, Reengineering, HR, Career Opportunities.
The problem is very simple why Management education in India is an issue for reform because the corporate world has undergone transfiguration stage in last two decades and the reasons behind this transfiguration are financial prudence, since they have shifted down from industrial to knowledge based business and secondly hyper competition. This modification leads to many new challenges where only the best can survive .Therefore, companies prefer to recruit those mangers that can provide an operative leadership to face new challenges. The four basic competencies required for an operative leadership area comprising of logical mind; a multidimensional approach; problem solving outlook and Crisis Management. A forward looking dynamic B-school should prepare its student to develop the above mentioned four competencies so that they can be aware of actuality and reality working style of highly competitive global market.
There has been a proliferation of business schools in India since the 1990s, mostly through private assets. But today, we have about 1,700 establishments providing undergraduates and post graduates in business management. Precisely, these establishments have to groom and shape future business leaders for the highest corporate expertise. Since the product of these establishments is primarily supposed to be captivated by the corporate entities, thus there is an upcoming need to balance the prospectus as well as structurizing the management education to meet the requirement of the corporate segment. Thus, there is a crucial need to promote such competitive business schools, which can not only provide advanced knowledge, but also outmanoeuvre the required skills to the upcoming Generation 'Y' and enabling them to survive among the global opponents. In regard with deciding about the appropriate selection of such B-School out of those which are exceedingly originating like seasonal mushrooms, the upcoming student's generation, is day by day exploring into the depth of disguised dilemma.
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Management education has basically four mechanisms: Student, Faculty,
Pedagogy and finally Placement.
Student: Successful academic performance is ultimately influenced by the quality of the student. A high concentration of aptitude, smart and genuinely nice individuals in management education is to define excellence. The reason why the IIMs, particularly the ones at Ahmedabad, Bangalore and Kolkata are famous is because of the quality of student they admit.
Faculty: Faculty is the main pillar of a sound and dynamic management education system. There is an acute shortage of high quality management educators, mostly in the well defined areas like marketing, finance, HR and also integrative subjects like Strategic Management. The quality education is depreciating due to the appreciating inclination of a set of mushrooming institutes towards gaining profits in terms of education's quantity rather than enhancing the education quality.
Pedagogy: Different ways adapted for teaching are often referred to pedagogy. When deciding about what teaching methodology is to be adopted, one considers student's background, knowledge, environment, their learning goals as well as the set pattern of a curriculum. The pedagogy is interaction between merchants, student and content which is basically dynamic and triadic in nature. An efficient management education system often contributes towards innovating effective pedagogy, course and administrative system, to keep abreast with the latest development in business need.
Placement: The commercialised placement provision also might be the prominent reason due to which few of the professional institutes are reducing their academic identity. The process of placement of respective batch entirely depends upon the goodwill that an institution possesses especially in terms of their practical education system. In spite of everything, it is the quality education (in terms to meeting current corporate demand), that attracts any good organisation to hire the institution's product.
Since these four components of management education are interrelated, thus these cannot be viewed isolated.
Various criteria which influence a student's choice of B-schools
(Source: Business & Management Chronicle, Apr 2010)
(Source: Outlook Magazine Sep 27, 2010)
As far as HR career opportunity in India is concerned, especially in terms of those who are interested in opting Human Resource Management as their major specialisation, we can simply say that there are ample of opportunities for them in the prevailing market trends as well as to meet the upcoming requirement of shaping and managing the escalating human capital which is considered a key resource for any organisation to gain success. Thus, still there are scope to groom such human capital, and consequently there are still more opportunities to extract more results in this field for upcoming HR professionals.
As per an empirical testimony engendered by Ms Bideshwary (2007), in her report "Report of The Working Group On Management Education Background", she well reviewed that the present system of over-regulation based on inputs has resulted in a very uneven situation, which has been noted by the NKC (Report to the Nation, 2006: 54) as follows: 'there are several instances where an engineering college or a business school is approved, promptly, in a small house of a metropolitan suburb without the requisite teachers, infrastructure or facilities, but established universities experience difficulties in obtaining similar approvals.'
Dr. A. Chakravartty (2007), have well stated in one his conceptual work:- "Concept of Business School Management Education ", that Private business schools in India are running as departments of technical colleges and that must change. The private education institutions must think seriously to make separate institutions imparting quality management education. Benefits of such reorganization will be immense to Students will get better education and placement. He also pointed that to improve the education quality of Management Education in India in general it is necessary for the groups to have a focused approach and give education as any other practical course.
DRAWSBACKS OF MANGEMENT EDUCATION IN INDIA:-
The practice of management education in India is still under lacuna which need to be get occupied in our country because the world is changing, as the corporate sector is moving from industrial economy to knowledge-based economy .But in India, excluding few, most of the "B"- schools are operating like academic institutions that are overviewed to be merely imparting bookish knowledge. As a consequence of which, students are not able to utilise the acquired knowledge as they enter the corporate sector. Since the objective of every business school is to groom the candidates appropriately for the ultimate placements, it is necessary to know the skills meeting to the corporate world necessitates. Only then it can groom future business leaders. As industry outlook of India has changed a lot as what we have to take care of the certain changes that are as follows:
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India has emerged as one of the fastest growing economies in the world.
All the large MNCs and Indian corporate are hiring new talent and the opportunities are vibrant for management graduates.
Promising outlook in BFSI (Banking Financial Service and Insurance) sector Recruitment.
With infrastructure activities taken by fortune 500 co's. In metros, the job market is very buoyant.
In current knowledge societies, where fast changes are taking place in all aspects of life, management education has become leading and crucial element in education. Professionalization of management education is going to be an important tool for accepting the current challenges but in reality they are lacking to adapt these changes.
Some of the Major Drawbacks of Management Education in India are as:-
Unavailability of expert and qualified faculty: Faculty are the pillar of the academic edifice. Same goes for management education. Faculty comprises of people with outstanding calibre, which automatically shows demanding standards of excellence which reflects in their pupils. But usually it is seen that only a few reputed institutes are there who regularly recruit experts on their teaching staff. These academicians are mentors for management institute to groom the students for 2 years for corporate education under MBA/PGDM programme.
Lack of Industry Based Specialisation: Many institutes offer general specialisation in management programmes like Finance ,Human Resource, Marketing ,Insurance and IT but today globalisation and privatisation has transformed the economic scenario worldwide. India too is not left untouched. Specialisations demanded by industry like Production Management, Logistics, Agricultural Management, Co-operative Management and Public Administration etc. so it is necessary to think to bridge these specialisations. Institute like XLRI, MICA, IRMA, IIFT and TISS are the best in their respective specialisations so we need to have more such institutes like these which offer industry based specialisation.
Inferior Infrastructure: Infrastructure of B-school offering management education should be as per the necessity of the student. In India "Business Schools" are budding day by day. Except a few schools, most institutes do not even offer the basic facilities like good library with relevant books for management students, computer labs with adequate hardware and software, teaching -learning facility which is essential for any B-school. Management institute like JBIMS and FMS do not have spectacular infrastructure but still they are much better than sundry institutes having Infrastructure like that of a 5 stellar hotel.
Absence of Good Industry Interface: Industry interface is perhaps the most critical differentiator for management education worldwide. The critical indicators of industry interface are the number of joint research projects taken up with industry, the number of field cases authored by faculty, the number of live cases that students take up with industry, the number of Open Management Development programmes (MDPs) conducted and lastly refurbishing the curriculum and its application. Good interface with industry ensures that faculty keeps pace with fast changing scenario of industry which is mirrored in the knowledge and skills of students who don't require much training after being hired.
Issue of Certification: In India there are around 1700+ management institutes imparting management education but only few of them are accredited. Certification basically needed as its guarantee of quality, brand recognition and standard of programme they are running. So it's very much important that to check out whether a particular management institute has the approval of AICTE and UGC or not. It is a vital indication that the content and theoretical level of the curriculum of management institutes offered meets the requirement of the accrediting authority or not.
Outdated and Obsolete Syllabus Contents: The syllabus of most Indian universities is not updated often so they remain outdated resulting in a wide gap between industry and academics, this has become a challenge which needs to be embattled. Hence to overcome this challenge, come certain changes are required in the syllabus, for example, teaching methodology, class room arrangement and value auxiliary, etc, so that the student is able to cope and explore at work place.
Lack of Inter Disciplinary Approach: Inter disciplinary approach implies crossing the old-style boundary in regard with academic discipline, this approach involves researcher, student and teacher in the goal of joining and assimilating the academic when we apply this approach in management we still use same outdated methods like focusing on theories but no practical application of it. Also, we need to look towards with disciplines like psychology, economics, anthropology, sociology and other social sciences.
Exorbitant Fee Charged: Fees are major issue while selecting the management institute in India, as private management institutes often charge hefty amount as course fees for infrastructure and other facilities, not to mention, placement. All of them fall short of the management aspirants' expectations and ultimately prove sheer wastage of money, time and energy. There is a need to rein in the hefty fees demanded by private management institutes.
The prevailing notion about HR is that people think it is a sitting and "feminine" job, so involvement of men is very less compared to women, it is often thought that there are very less career opportunities in HR as compared to other fields of Management like Finance and Marketing. Many think HR students get no placement.
After analysing the above drawbacks of management education in India, the researcher contends that it needs to get reformed as soon as possible to maintain the quality of management institutes. Some of the suggestions useful in this regard are as enumerated:
1) First and primary step taken by AICTE to stop the deteriorating quality of education is to stop the mushroom growth of management colleges. Presently, in India there are around 1700+ management institutes which offer graduate and post graduate degree courses like BBA, BBM, BBS and MBA, so it is necessary to check whether a particular institute has the approval of AICTE/UGC and accreditation by National Board of Accreditation (NBA).
2) There are many management institutes which have failed to follow the rules, regulations and norms framed by AICTE/UGC/NBA. The central government has authority to adjudicate a particular institute. Secondly, there must be a panel of AICTE experts who must be authorised to regularly inspect whether these institutes abide by rules and regulations . In the event of their being found flouting the norms prescribed then they should be punished for criminal offence and slapped fines. This will surely help to maintain the quality and quantity of our management institutes.
3) Management entrance like CAT, XAT which is mostly cracked by technical background student IITs learner, commerce learner etc. Provision should be made for those who are not so good at mathematics like humanities students but adept in their disciplines also have a reasonable chance to crack management entrance exams. Their skills will prove useful in the field of management. Like we have 3 sections in CAT Reasoning, Quantitative ability and English in place of Quantitative ability other branches of humanities and science should be included so non-technical background student can easily be able to crack it.
4)Separately from the subject knowledge, soft skills like good writing skills, listening skills, presentation skills, interpersonal skills, leadership ,crisis management skills, problem solving skills etc. must be made compulsory in view of their significance in the contemporary job market by the management institutes.
5) A good management institute should impart latest knowledge to work for changing market as in business establishment do not do the same thing again and again like surgeon who would be doing the same operation every day, similarly, management too needs latest, creative and innovative approaches to deal with any crisis.
6) Remodelling the pedagogy, as nonconformity from traditional teaching methods. The management institute/ schools must use innovative and real-world teaching methods like management games, workshops and seminars, mock interviews, presentations, individual assignments, field surveys and case studies, live project and developing business plan in their academic curriculum so that management students get utmost exposure with latest knowledge.
7) Summer training should focus on quality and full assistance should be provided by the institute in this regard and secondly the organisation should also made accountable towards the students to train them in real outlook because many students are of the belief that summer training is a waste of time and common practice by them to arrange fake training certificates. To check this mala fide practice, the researcher suggests that all training certificates be verified with the concerned organisation by management colleges.
8) Dual specialization like finance marketing, HR marketing etc. should be available and add on courses like foreign languages, for instance, French, German and Spanish, 6 month courses in export-import, International Business , International Relations and other international commerce bodies (like IMF, World Bank, WTO), guest lecture by senior corporate executives and foreign faculty to discuss both national and international market issues.
9) There is a need for a new system that can give much more time to students and recruiters like IIM Ahmedabad, Bangalore, Calcutta and Lucknow adopted a common placement system which is similar in order to maintain standardisation Some other private institutes also follow the same pattern for final placement.
10) A complete industry visit report based on the field visits should be made an essential part of the course. This will surely enhance student interaction with the industry and make them aware of working style in corporate world.
11) In context of HR those who are interested in it as career there are a number of Placement and Recruitment agencies which offer good opportunities for HR professionals. Human Resources is a key component of an organisation's senior and top management team. No corporate policy can be complete without the contribution of HR. A strategic HR policy plays a very important role in strategic alliances at the corporate level and in mergers & acquisition. So that students may be inspired to opt for a career in HR.
As the observation and analysis made in the latest study in relation with Management education in India: An agenda to reform we can state that after so many shortcomings in management studies we can still enhance the quality of Management Education in India overall so it is essential for the groups to have a focused methodology and give importance like it is given to other professional courses. We can also state that Management Education requires innovative and productive ways of collaboration between industry and academia to have complete, comprehensive and all round development of human capital in India.
In context of the requirement of effective and efficient manpower extraction, an appropriately trained talent is required in field of HR as it's a middleware between the management and the employee. The objective of HR professionals is to develop a positive and healthy working environment to increase the productivity and job satisfaction among the employees.
Thus, it can be stated that there are plenty of opportunities for today's generation in this field for building their career, as well as plenty of scope for strengthening the structure for skilling the human resource capital. This will benefit not only the current industrial standard but it will also provide the upcoming B-schools scope of improvement in the field of raising the skill- standard of HR studies. Beyond these regular functions, HR professionals in an organisation are now actively involved in the issues of Talent Management, initiatives to retain the talent, building brand image, improving work culture and transforming the learning aspects to manage the organisation especially in context of recruitment and selection, manpower planning, human resource administration, compensation and benefits, industrial relation, training and development and performance appraisal.