Most of today’s MBAs are pretty well versed in its theory, but they can’t turn any of the ideas into actual action. Many modern management programs, especially undergraduate courses, place too much emphasis on theory-based practice and tend to overlook the immense value a student can gain from practice-based theory. This has led to a general atmosphere of disenchantment and disillusionment in the industry with candidates trained in business school. According to The Associated Chambers of Commerce & Industry of India (Assocham), only 20 percent of students graduating from B schools in 2017 have job offers. According to data available from the All India Council for Technical Education (AICTE), only half of students graduating from AICTE-approved B schools 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 fancy buildings, with wi-fi and laptops for everyone. Sadly, they lack the most essential vital infrastructure to produce employable, industry-ready managers of the future. Many do not have quality teachers, others cannot keep up with market realities, 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 that MBAs not only start to work, but also that they can quickly acclimatize and adapt. However, the reality is that most management students enter courses directly after graduating from an undergraduate course and have no work experience. What this means, realistically, is that when they graduate from an average management course, they know the theory, but they can’t turn these ideas into work-related actions. They do not possess the knowledge and skills so important to effective functioning in the workplace.
Furthermore, very often business school curricula are taken directly from the West. While this equips them with a strong command of international theory, it often fails to take into account the big paradigm shift, the difference in context that working in India will actually entail. There is an enormous amount of cultural difference, not to mention greater diversity in almost every possible segment, much higher actual or potential growth rates, and much more regulation in emerging markets.
This is where institutes that focus on faculty with more industry experience, strong corporate connections, and a history of bringing in experts from real market sectors will win in 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, communication technology and more, is changing much faster than the academic world. Revised curriculum to focus on real-world problems is helpful, but “experts” can play a much larger role; Experienced members of the mid- to senior-level workforce who can share their valuable insights and practical knowledge of how things work.
Experiential learning is much more durable than theoretical knowledge. Also, internships can play an important role in giving the student a taste of reality. A combination of good internship placements and industry-savvy faculty can equip the student with the ability to make quick and flexible decisions, take calculated risks, use multiple media and communication channels to maximize efficiency, have a practical grasp of marketing, see business processes at work, learn how to balance risks against benefits, and more. Classrooms that operate on the discussion/workshop model rather than the lecture format can be combined with case studies to address immensely complex topics through dialogue, debate, and real-time domain-based insights.
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 like presentation skills, teamwork, language skills, active listening, good global manners, business and professional ethics and more will be added to management skills. The new age workplace is not based on theory or academics alone and management students need to focus on developing soft skills with as much dedication as they do with their “prescribed courses”. They can’t afford to focus solely on writing and passing exams, they need to pay attention to what businesses really need in this changing world. Participating in industry engagement events can add to this skill set, along with soft skills training, and make tomorrow’s managers industry ready.
In short, aspiring future managers and entrepreneurs should find a management course and business school that emphasizes an up-to-date academic curriculum; A group of industry-experienced faculty and hands-on experts, superior corporate connections, and industry ties through multiple events; Optimal internship placements; Adequate emphasis on the development and training of soft skills; And last but definitely not least, Superior Record of Final Placement History. This will be the way to ensure future success.
