Most MBAs today are fairly well versed in their theory, but cannot turn any of the ideas into actual action. Many modern management programs, especially degree courses, place too much emphasis on theory-driven practice and tend to overlook the immense value that a student can derive from practice-driven theory. This has led to an atmosphere of disenchantment and disillusionment in the general industry with the candidates trained in the management school. According to the Associated Chambers of Commerce and Industry of India (Assocham), only 20 percent of students who graduated from B schools in 2017 have job openings. According to the data available with the All India Council for Technical Education (AICTE), only half of the students graduating from B schools approved by it are being placed. New age managers, employers increasingly feel, must offer more.
Given the large number of institutes offering MBA programs in India, this may or may not come as a surprise. Many institutes are nothing more than ostentatious buildings, with wi-fi and laptops for everyone. Sadly, they lack the most essential vital infrastructure to produce future employable and industry-ready managers of the future. Many do not have quality teachers, others cannot cope with the realities of the market, and still others have poor placement services. What this does is give the student a degree or diploma, but sadly it doesn’t equip them to deal with the real world in many ways.
Given the current dynamics of the market, the economic situation, the constantly changing work environment, it is essential not only that MBAs start to work, but also that they are able to acclimate and adapt quickly. However, the reality is that most management students join courses directly after graduating from a bachelor’s degree and have no work experience. What this means, realistically, is that when they graduate from an average management course, they know the theory, but are unable to turn these ideas into work-related actions. They do not have the knowledge and skills that are so important to effective operation in the workplace.
Also, very often the curricula of B schools are taken directly from the West. While this provides them with a great command of international theory, it does not usually take into account the huge paradigm shift, the difference in context that working in India will entail. There is a big cultural difference, not to mention greater diversity in almost every possible segment, much higher actual or possible growth rates, and much more regulation in emerging markets.
This is where institutes with a focus on faculty with more experience in the industry, strong in corporate connections, and with a history of bringing in experts from real market sectors will win over courses designed with an academic mindset. Academic content tends to be traditional and slow to change. However, the market in India and the world, especially in sectors like financial services, airlines, media, communications technology and more, is changing much faster than academics. Revised curricula to focus on real-world issues are helpful, but “insiders” can play a much larger role; Experienced members of the mid to upper level workforce who can share their valuable insights and practical knowledge of how things work.
Experiential learning is much more durable than simple theoretical knowledge. In addition, internships can play an important role in giving the student a glimpse of reality. A combination of good internships and industry expert professors can equip the student with the ability to make quick and flexible decisions, take calculated risks, use multiple media and channels of communication to maximize efficiency, get a practical idea of marketing, see processes. business at work, learn to balance risks with returns and more. Classrooms working in the discussion / workshop model rather than the lecture format can be combined with case studies to address immensely complex problems through dialogue, debate, and domain-based knowledge in real time.
Additionally, management students preparing for the workforce of a new, global world must also learn the softer aspects of management. Part of a manager’s job, a very important part, is communication. Other soft skills such as presentation skills, teamwork, language skills, active listening, global good manners, business and professional ethics and more will add to the managerial skills. The new age workplace is not based on theory or academics alone, and business students must focus on developing soft skills with as much dedication as they do with their “prescribed courses.” They cannot afford to focus solely on writing and passing exams, they must pay attention to what companies really need in this changing world. Participation in industry outreach events can add to this skill set, along with soft skills training, and prepare future managers for the industry.
In short, aspiring future managers and entrepreneurs should find a management course and a B school that emphasizes the academic curriculum down to the minute; A group of professors with experience and practice in the industry, superior corporate connections and ties to the industry through multiple events; Optimal internship placements; Adequate emphasis on soft skills development and training; And last but definitely not least, top final placement history record. This will be the way to ensure future success.