The project has been a big learning experience for me and I would like to express my gratitude towards all the people who have guided me throughout, and without whose guidance and support this work would not have been completed successfully First of all, I express my deep sense of gratitude to this esteemed Institute DOON VALLEY INSTITUTE OF ENGINEERING AND TECHNOLOGY, for enriching me with such a courage and knowledge to undertake this work. With great happiness and gratitude, I would also like to extend my sincere thanks to our principal Mr. HARISH ABHICHANDANI and my mentor Mrs. Manisha Tanwar(H.O.D), for all his support and guidance. In particular, I want to express my gratitude to Ms. POOJA KAURA (Seminar incharge) for providing me consistent guidance and valuable critical counsel for the completion of this work and all the people in DOON VALLEY INSTITUTE OF ENGINEERING AND TECHNOLOGY (DIET), without whom this work won’t have achieved its completion.

Thanking all for their support


This report presents the findings on challenges for management education and recommendations/ suggestions resulting from the study of the “CHALLENGES FOR MANAGEMENT EDUCATION IN INDIA”. The objective was to compile and synthesize information on the status of management education in india at present. The report consist of study regarding the need of the management education for future, principles for responsible management education, various trades offered in management education, their scope & competitive advantage, challeges for management education & suggestions to overcome these challenges. This reports help the readers to understand the scenario of management education in india and its role in post globalization era. This report provide a wealth of information about the management education in India and the conclusion at end summarize the whole report and help to get the better picture of management education in India.


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and Operations Management. Education in this field occurs at several levels. including secondary education and higher education or university education. DEFINITION FOR: MANAGEMENT EDUCATION Formal instruction in the principles and techniques of management.) INTRODUCTION TO MANAGEMENT EDUCATION MEANING Management education involves teaching students the fundamentals. Courses offered vary by school. with the greatest activity in the latter. and processes of business. most often an MBA. but typically include basic selections such as Accounting. leading to a degree.1. Specific curricula and degree-granting procedures differ somewhat by region. POSTGRADUATE EDUCATION At the graduate school level. theories. Management education strives to develop management . or a teaching career in academia. or to seek a specific degree in business studies. Students pursuing postgraduate degrees usually have some prior business experience. UNDERGRADUATE EDUCATION At the university level. Marketing. and in related subjects. students have the opportunity to take general business courses. students can seek a variety of specific degrees (see below). Finance. Business education typically prepares students for an occupation in business or a business-related field.

and differs from management training in that the latter may exploit any one of a variety of formal or informal methods. understanding. and does not result directly in a formal degree. Management education is a main component of management development. tends to be focused on a specific skill. . and competence through classroom or distance-based methods.knowledge.

903 were private unaided and 149 were government institutions. The current intake stands at roughly 92. the country has witnessed a phenomenal growth in enrolment in management education. mostly through private capital. In the last decade. In the field of management education. The distribution of management institutions shows a regional imbalance. with 86 per cent of the colleges concentrated in north and south India. The regional imbalances in development and the creation of capacity for management education in the state are probably related. Therefore. Growth in the number of business schools has accelerated over the last two decades. there is a growing need to match the curriculum and structure of management education to better fit the needs of India and to the changes in the industrial and services sectors within the country. The per capita seats per lakh of population may be partly a reflection of the state’s capacity to absorb a higher percentage of management graduates. Of these. propelled by the increase in the rate of growth of the Indian economy. India has around 1200 institutions providing undergraduate and post-graduate level courses. There appears to be a correlation between the number of schools in a state and its economic and industrial development.) INTRODUCTION IN INDIAN CONTEXT In recent years there has been an unprecedented number of technical and management institutions being set up. Since the management graduates and post-graduates produced by these institutions are primarily absorbed by industry. 5 were private aided institutions. with the majority of the students enrolled in private management colleges.000. This acceleration. . there were over 1100 business schools in the country. it is important to properly assess the quality of management education imparted to the students of various institutions. Moreover. A large proportion of the capacity is filled through all. a high per capita seat capacity for a state does not necessarily mean a higher level of opportunity for aspirants from that state.2.India examinations conducted at a number of locations throughout the country. CURRENT SCENARIO As in 2006-07.

cost effectiveness or relevance. It is not also clear how many actually meet the norms and standards established by the All India Council for Technical Education. The regulatory framework and implementation has been unable to link the entrepreneurial initiative to performance in terms of educational quality. faculty. research. The imbalance between demand and supply for management graduates has led to an overly commercial and exploitative environment in management education. access. . It is not clear how many of the recently started institutions are merely speculative and how many are seriously committed to the cause of management education.speaks also for the entrepreneurial initiative of promoters to seize commercial opportunities in education. It has a control perspective focusing on inputs such as land. and other infrastructure rather than on the outcomes such as quality of education.



more and better resources have to flow to those MEEs that have a capacity to consistently deliver better value and respond well to professional influence. the Government or the regulatory authorities but little generated by or addressed to the professional community. especially in the “sunrise” industries. what proportion of the total requirement will be for the . There is need for greater autonomy for management education entities as well as a better regulatory regime. There is general consensus among industry that the needs are increasing at an accelerating speed. perhaps next only to the U. foresee a manifold increase in their requirements. both at entry and middle levels.) NEEDS OF THE FUTURE Although India produces a large number of management graduates. There are. The market has to be enabled to consistently discriminate different programmes/institutions based on their capacity to provide education of value. objectives and content of management education as the context and needs keep changing. student interests. Management institutions in India are today estimated to be graduating approximately 95. Capacity growth would be guided by systematic forecast of the educational needs of the economy/various sectors.3. and innovation is negligible. However. Those MEEs that have a higher level of commitment and depth of resources should be the ones that grow and respond to needs. such as upgrading of the curriculum by the Universities or the Board of Management Studies. In a well functioning system. or addressed to.000 students annually.S. as already noted. the emphasis is increasingly on quality. HR managers in various industries. There are few systematic attempts at forecasting the demand for managerial manpower in India. many reports prepared on behalf of. There would be in such a system serious and continuing debate among management scholars and educationists on the goals. Non-Government Organisations.. scholarly debate on curriculum. which has to deliver the results. Also. pedagogy. or the economy and society. Action by government or regulatory authorities on the various reports is slow and sometimes inconsistent. Most institutions depend on curricula and materials developed elsewhere and have not developed an intrinsic capacity to respond and evolve to the changing needs of various sectors of industry and services. Many are unable to fulfil the mandatory changes imposed on them.

as a best estimate. It is important to ensure that the students do acquire enduring knowledge. An improved working of the market processes would have its consequences for those institutions not gearing up to meet minimum quality standards and expectations of the stakeholders. The retailing sector. if desired. which is expected to hire large numbers in future. Based on the assessments of HR managers. there will be a need to raise the output from the current level of 100. and a regulatory architecture and supportive infrastructure. Notwithstanding the above. has already initiated through several MEEs long-duration educational programmes and short-term sector-specific training of experienced managers. skills and aptitudes that are well recognized. data and exaggerated claims of various educational organisations. The market has already started discriminating the quality of institutions and graduates. and sometimes inaccurate. the Group foresees the need for a three-fold increase over the next 10-15 years. .000 managers to about 300. specialized management training/development programmes would be needed. This is expected to intensify in future. with many of indifferent quality. which is currently based on incomplete. as in a recognized professional degree. quite a large percentage of the huge additional requirement could be met more speedily and satisfactorily by adapting the Bachelors programmes in Management so as to focus on specialisation and practice. Thus.000 a year over the next 10-15 years. It is in this context that the Group reiterates the need to put in place an appropriate promotional and mentoring agency. there is no doubt there will be a steep increase in the demand for postgraduates in management. A good information system on all the schools can sharpen the working of this market process. and upon which they can build later. The number of business schools has trebled in the last ten years. For these. In the Group’s judgment.increasingly more expensive post graduates in management and what proportion would be for the less-expensive lower levels of managers is not clear.

PIN : 226013 Contact No : 00(91)(522)2761397.700104.iimidr. Kozhikode 673 570.ac.iimahd.Uttar Pradesh.in Website : http://www. NDIA Contact No : + 91-731-4228400 Website : http://www.ernet. INDIA Contact No : +91-33-2282-4598. 00(91)(522)2761437.iimcal. O. INDIAN INSTITUTE OF MANAGEMENT (LUCKNOW) Address : Prabandh Nagar.) LIST OF TOP TEN MANAGEMENT COLLEGES IN INDIA 1.. Ahmedabad . Kolkata (Calcutta) .4. Off Sitapur Road.Lucknow.in/ 4.ac.in/ . Website : http://www. INDIA Contact No : 91 79 2630 8357.India.in/ 2. West Bengal.Indore 453 331.ac. INDIAN INSTITUTE OF MANAGEMENT (KOZHIKODE) Address : IIMK Campus P.ernet. +91-33-2467-9178 Website :http://www. Kerala.380 015.in/ 5.iimk.iiml. INDIAN INSTITUTE OF MANAGEMENT (KOLKATA) Address : Diamond Harbour Road Joka. dean@iimahd. India Contact No : +91-495-2803001 Website :http://www.Madhya Pradesh.in/ 3.ac. INDIAN INSTITUTE OF MANAGEMENT (INDORE) Address : Prabandh ShikharRau-Pithampur Road. INDIAN INSTITUTE OF MANAGEMENT (AHMEDABAD) Address : Vastrapur.

Bangalore. JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES (MUMBAI) Address : Backbay Reclamation.110007 Contact No : +91 11 2766 6382 / 6387 / 6388 Website :http://www. India. DELHI UNIVERSITY (FMS) (NEW DELHI) Address : Faculty of Management StudiesUniversity of DelhiDelhi .edu/ 9. Pin .6. XAVIER LABOUR RESEARCH INSTITUTE (XLRI) (JAMSHEDPUR) Address : XLRI Circuit House Area (East)Jamshedpur 831 001JharkhandIndia Contact No : +91 .022 . IndiaPin Code : 560 076 Contact No : 91-80-26582450 Website : http://www.in/ 7.edu/ 8. Contact No : +91-22-2623 7454 / 0396 / 2401 Website :http://www. Andheri West.xlri.jbims.fms.657 .in/ 10.org/ .398 3333 Website : http://www.iimb.400020 Contact No : +91 .400 058. SP JAIN INSTITUTE OF MANAGEMENT & RESEARCH (MUMBAI) Address : Munshi Nagar. INDIAN INSTITUTE OF MANAGEMENT (BANGALORE) Address : Bannerghatta Road.spjimr.22024133 / 22024118 / 22025153 Website :http://www.Mumbai . India.ernet. Dadabhai Road. Mumbai. FACULTY OF MANAGEMENT STUDIES.ac.

materials. reporting on progress to all our stakeholders and exchanging effective practices with other academic institutions: PRINCIPLE 1 PURPOSE: We will develop the capabilities of students to be future generators of sustainable value for business and society at large and to work for an inclusive and sustainable global economy. processes and environments that enable effective learning experiences for responsible leadership.) THE PRINCIPLES FOR RESPONSIBLE MANAGEMENT EDUCATION As institutions of higher learning involved in the education of current and future managers we are voluntarily committed to engaging in a continuous process of improvement of the following Principles and their application. PRINCIPLE 5 PARTNERSHIP: We will interact with managers of business corporations to extend our knowledge of their challenges in meeting social and environmental responsibilities and to explore jointly effective approaches to meeting these challenges. PRINCIPLE 3 METHOD: We will create educational frameworks. PRINCIPLE 2 VALUES: We will incorporate into our academic activities and curricula the values of global social responsibility as portrayed in international initiatives such as the United Nations Global Compact. dynamics. . environmental and economic value. PRINCIPLE 4 RESEARCH: We will engage in conceptual and empirical research that advances our understanding about the role.5. and impact of corporations in the creation of sustainable social.

government.PRINCIPLE 6 DIALOGUE: We will facilitate and support dialogue and debate among educators. We understand that our own organizational practices should serve as example of the values and attitudes we convey to our students. media. civil society organizations and other interested groups and stakeholders on critical issues related to global social responsibility and sustainability. . consumers. business.

because the implementation of ideas in any company or NGO or Government organizations is rooted in Finance. Though most MBA programmes will provide the basic knowledge of business principles.) DIFFERENT TRADES IN MBA 1. The employers these days are realizing the many benefits of sending their employees for an Executive MBA. Quite a number of Distance learning MBA’s are earned to enhance career prospects. Many of the Universities and Colleges also offer an Executive MBA commonly known as the EMBA. A MBA Finance degree offers many more job opportunities than other MBA specializations. . The course can be completed in one of the many ways that most universities offer. The Institutions offering part-time MBA courses conduct classes either in the evenings after working-hours or during week-ends over a 2 year period. Either one can do a Regular two years Course. The employees get a chance to improve their managerial and leadership skills and directly bring ideas from the ‘class room to the Board room’. It is specially designed to improve the career prospects of working business professionals. The salaries of a qualified MBA are among the best anywhere.6. It gives the working Managers and Executives a chance to upgrade their management skills. or opt for a part-time MBA course-which can be done either through Distance Learning or Online. MBA FINANCE MBA Finance is becoming a very popular choice among the many specializations offered in the MBA course. A finance career is best started off with an MBA in Finance. an MBA in Finance better equips one to face the cut-throat competition of a dynamic business environment. It is a win-win situation both sides because the employers get a reinforced loyalty from the employee and the employee gets to earn a much sought after degree without taking a break from his or her job.

Candidates seeking admission to the reputed B-Schools for pursuing their higher education in marketing are expected to qualify the entrance examination conducted for the selection of the candidates. MBA Finance will teach a student accounting. Finance for MBA can be easily garnered through a Student loan given by most Banks or a personal loan which can be sought from any financial lending institution.Why MBA Finance: MBA Finance increases the job opportunities. However. ELIGIBILITY FOR MBA MARKETING The minimum eligibility criteria required for students seeking admission to MBA marketing programs is graduation. market structure etc. In some of the institutes at least 60% marks is required for taking admission. The entrance test held is generally based on multiple choice questions which include quantitative ability. one can also come across online MBA marketing courses. economics. The remuneration offered to the individuals in this profession is quite decent and there is ample scope for career development. It has become a very common practice to get corporate finance for the course. banking. In addition to the courses offered through traditional modules. logical reasoning and data interpretation. verbal ability. A number of Companies have started recruiting students who are still doing the Course. helps in changing careers or better qualifies one for a chance at career advancement or helps one to start one’s own business. MBA MARKETING MBA marketing courses are offered by a number of reputed institutions worldwide. as the demand for MBA Finance Graduates is quite high. which are all vital to any enterprise. The comprehensive courses offered are ideal for both students and working executives. selection process may vary from one institution to the other. Candidates selected on the basis of their performance in the entrance . who wish to add value to their educational background.

sales manager and PR director. Human Resource professionals were just involved in the behind-the-scenes work such as handling issues of employee benefits or recruiting. brand manager and new product manager are some of the job profiles available for MBA marketing professionals. Scope of MBA Marketing Courses Candidates with an MBA degree in marketing are sure to enjoy excellent career growth in this highly competitive world.examination are then called for a personal interview round. In the past. MBA IN HUMAN RESOURCE If PR (Public Relations) department of a business house is involved with the external clients. . glamour and lot of traveling. One can also come across other specialized corporate positions like advertising manager.e. interviewing. MBA Marketing programs are also ideal for those who wish to make a career as a brand manager. advertisement and jobs related to communications. A group discussion session is also conducted for the short-listed candidates to take part. market research analyst. the employees of the business house. Today HR managers are more actively involved in shaping corporate policy as well as juggle with the tasks mentioned earlier. Marketing manager. 2. HR managers need to interact with people of widely differing levels of intelligence. HR or Personnel Managers are involved in all aspects of people management. and hiring new personnel in accordance with policies and requirements laid down by top management. marketing communications manager. This profession generally attracts youngsters as the job involves lot of responsibilities. Candidates with profound knowledge in finance can also look for the job opportunities available as strategic or market planning executives. then the Human Resource (HR) are concerned with the internal clients i. Most of the advertising agencies also offer ample job scope for marketing professionals in specialized areas like direct marketing. education and ability.

critical reasoning and general awareness of socio-economic environment. It also teaches the students how to assess and improve essential components of company operations.A MBA in HR enables an individual to pursue a career in Human Resource/Personnel management. What is the benefit of doing MBA in Human Resource? MBA with a specialization in HR Management allows a student to develop a general set of management skills in other areas in the first year while learning about human resource practices in the second year. it is essential for any business house to look after the needs and demands of their employees. The employees need to be kept satisfied. Realizing the growing need for keeping the employees happy. including compensation. These programs teach human resource development. Entrance tests for MBA in Human Resource (HR): There are no different entrance tests for MBA in HR. Students become familiar with the social. the legal aspects of management. benefits. The entrance test includes testing of proficiency in English. which would not only recruit the right candidates for the organization but also make it a point to keep them happy and motivated. Eligibility for MBA in Human Resource (HR) : A student needs to have completed his/her graduation from any stream in order to pursue a MBA in HR. salary negotiations and safety standards. MBA in human resource management focuses on the skills that are required to be effective organizational managers. and economic factors that influence employee relations. many organizations started having human Resource department. Future aspects of MBA in HR: As per the modern concepts of management. . cultural. data analysis and interpretations. problem solving. as they are the heart of an organization. and strategic human resource management.

This program provides solid information technology fundamentals. Information technology education also includes information management theory and related technology applications. Elements of the master of business administration within this information technology program enable you to conceive of and execute organizational planning at the MBA level. INFORMATION TECHNOLOGY MBA DEGREE An MBA in information technology covers the basics of emerging IT trends. An MBA in HR can give a candidate an edge over others pursuing a similar course. 3. Subsequent coursework educates future MBAs to master information technology interfaces with business administration.The HR department has now become an indispensable part of every organization. Information technology is then examined in light of modern business administration requirements. Career Opportunities as a Master's of Information Technology • • • • • Computer Information Specialist Information Systems Manager Management Information Systems Director Vice President of Information Technology Chief Technology Officer . A HR manages employees in private and public sectors. They can also work within a company or as consultants to advise corporations on anticipated organizational change. Alumni leave this program with the information technology and business administration competencies. information database management and networking. to start or run their own businesses. in the form of an MBA title. finance and economics related to the information technologies industry. An MBA degree in information technology is highly specialized. MBA Degree Specifics This MBA program begins with information technology coursework in computer science. Coursework includes accounting.

www.Professional Outlook for the Information Technology MBA According to the US Bureau of Labor Statistics. the information technology MBA master's program enables you to exceed this. . Many positions attainable by those graduating with an information technology MBA master's degree also come with additional compensation and benefits packages above that of average employees.bls. While earnings in the information technology field can be an average of $80. This is due to the high demand in the information technology sector through rapidly changing administrative. security and business needs.gov.000 on the management level. demand for those with an information technology MBA master's degree will grow at a faster pace than average.

There is increasing realization that subjective dimensions of the observer are inextricably embedded in observations and facts. sociology. a notion celebrated in Indian philosophy and society. technology. psychology or mathematics. With the impact of management on society greatly increased over the last several decades. management education did not have to go deep into the bases of the other fields or the wider context of society itself. psychology or sociology. including science. however. scientific reasoning has come full circle in the West. while strengthening its roots in various fields. methodology and objectives in society were different. Management education. Further. the need for management education to pursue greater scope and aim at a more wholesome impact on society has increased. Knowledge in each field was considered separate with its own reasoning and technology. The strengthening of the Universities and their pursuit of knowledge relevant to the understanding of behaviour and values in society is extremely important. even while being independent and autonomous. with its diverse socio-cultural contexts and disparities in different occupations.7. management educationists in the West are debating on how to root management education more solidly in the basic fields it draws upon such as sociology. . Such thinking is particularly relevant to India. or philosophy. rationality or positivism was at its peak in the West. should also understand and reflect on India’s diversity and preserve the age-old Vedantic wisdom that holds our society. With globalization. particularly the United States. a position that encouraged a compartmental view of management education. the establishment of management institutes in India outside the University system distanced management education from other fields. But since its own knowledge. should draw deeply from the knowledge sources in other departments and do research. Management did draw from a number of other fields.) MANAGEMENT EDUCATION IN THE WIDER CONTEXT OF SOCIETY In the 1950s. Management Departments in Universities. There exists today an environment for accepting the validity of multiple approaches and societal assumptions. Observation and fact was the guiding source for knowledge. Science and technology was separated from history. when India sought to give an impetus to its management education with assistance from abroad. Since those days.

There is need to increase research support not only in management but also in the many of its supporting disciplines. The materials used for teaching are also not of relevance to the student background or living experiences in India. careers and jobs further detracts students from gaining a disciplinary understanding of the specializations and society in which they have to innovate and be influential leaders. . The focus on campus interviews.A majority of management education organizations in India is oriented primarily to teaching.

The expansion of B. The solution seems to be. the benchmarks were also on the rise.Schools (in Number) doesn't look to be in line with the challenges posed by the globalization of Indian Management Education. From aggressively successful entrepreneurs and steel magnates to bio-techies and event management experts. the situation will be exacerbated by the requirement of greater numbers of people 'on-the-job'. which might stand a standard test of quality. The Globalization doesn't seem to have happened just to the Industry but also to Indian B. With the dawn of new millennium. Use of Technology and Case Method. the autonomous institutions have to strengthen their curriculum'. while there was phenomenal growth in the number of B-Schools. Should the globalization of Management education India become a reality in terms of free movement of faculty and freedom of operations across the globe. . For the affiliated colleges to upgrade their competencies. Industry Interaction. Of the 1500 B. As more and more well-educated and well-equipped talent emerges. the Indian B-Schools might have to take many initiatives to stand up to the challenge. the major Driver. there might be around 200-250 schools.) ROLE OF MANAGEMENT EDUCATION IN THE POST GLOBALIZATION ERA Management Education in India is at cross roads.Schools. The onerous task of hiring the best will become more and more difficult. The established institutions have to strengthen their curriculum by improving the standards in terms of Faculty & Research.8. everyone's talking about expanding their businesses across continents. Companies find it increasingly difficult to identify and zero in on the right candidate for the right job. the task of talent selection becomes even more complex.' While the affiliated colleges are needed to be more autonomy-both financial and academic. The words 'global economy' are on everyone's lips today.Schools India currently has. the Financial Autonomy will be the Key and academic Autonomy.

there will exist a single. based on true merit. the playing field will be flat and level. In a truly global economy. In a truly global economy. Finally. In a truly global economy. we will find that with newer seats of higher education opening up across the world. if any. providing opportunity to all. talent seekers from across the world will capture talent from across the world. based on experience as well as trial and error. most new entrants in the professional field are there because they hope that they are in the right place and not necessarily because that is what they like and are good at doing. . and today. Very few. As companies resort to greater eliminatory tactics. Students are faced with the unenviable task of having to make choices based on popular opinions or trends. fields of specialization and methodologies. In a truly global economy. therefore. Highlighting one's abilities and hidden or unique strengths becomes even more crucial in the race to stand out from the crowd. study subjects. with a new class structure based on one's graduating institute rather than one's merit emerging. make choices based on potential and real aptitude. the ability to contribute to a global business will be crucial as geographical boundaries to hiring get blurred. Graduates from institutes located in unusual geographies will be hit even harder. they run the risk of letting real talent slip through the employment net. Identifying one's own potential and true métier is. definitive benchmark. providing a standard methodology to recognize the quality of the human resource. Both companies and job seekers lose in the ensuing chaos. the task of getting oneself noticed by potential employers becomes more difficult. time-tested avenues of employment making way for newer opportunities and career paths. This means that finally. Apart from this. what will matter is potential and aptitude. external trappings will not matter. most students are faced with a bewildering array of choices—of colleges.Opportunities to students Traditional. out of the chaos will emerge order? In a truly global economy.

government agencies and test development experts came together and set up the Professional Aptitude Council. Therefore there is a need to revamp our management education. India's position as a lead contributor to the global IT human resources pool will need to be supported by the adoption of global standards for talent selection. programme in India. the Indian economy has become more mature and hence we require entrepreneurial management skills. At the time of independence. However 50 years after independence. hiring experts. Growth of management education In 1950. PAC helps test skills and aptitude to make a highly predictive assessment of a person's ability to perform in an IT job within a global business setting. Indian Institute of Management. It is out of this need that a council of companies.B. psychologists. industry-standard examinations on behalf of the IT Industry.A. Companies are feeling the need for global standards to benchmark human resources. . technology experts. Ahmedabad was set up in collaboration with the Harvard Business School. the Department of Commerce of the Andhra University Started the first M. and academics are encouraging the use of merit-based candidate selection systems. In 1963.The new dimension The emergence of such a new dimension has already begun. With a charter to develop and administer global. The 1950s and 1960s witnessed the growth of commerce education and 1970 and 1980s witnessed the growth of Management Education in India. Our management schools have failed to meet this challenge. Indian economy was developing and hence we required bureaucratic management skills.

000 students pass out of management schools. Glimpses of 21st century –thinks globally Alvin Toffler in his famous book 'Future Shock' Says " To help avert future shock.D Skill * Innovation/ Credibility * Service Sector Management Skills * Time Management Skills * Stress Management Skills * Environment Management Skills * Entrepreneurship . * Information Management Skill * Information Technology Management Skill * Decision.) Our future global manger would require the following new skills. the supply is very meager.There has been a tremendous growth of management institutes in our society. 1. There is an urgent need to restructure management education to meet new challenges of 21 Century. Management courses have become 'Academic Courses' rather than 'Professional one'. * H." New Management Education.R... re-engineering of management education must be done.making in very dynamic environment. we must search for our objective methods in the future rather than the past. Education must shift into future tense. have reduced to commerce colleges. Management Institutes. we must create a super industrial education system and to do this. barring a few exceptions. Every year about 14. Keeping in mind the demand.Act locally Keeping in mind the future scenario.

) Lack of specialization is one to the problems of our MBA programme.) Management Institutes will have to introduce new Service Sector Management Courses. Farm Management etc. 2. courses should be need based and syllabi should be changed periodically 4. without compromising on quality. NGO Management.) Needless to say. Consultancy Management. Advertising Management. Hospital Management. Banking and Insurance Services Management. 3. . Construction Management. Hotel Management.) Management education must be made 'Mass Education' rather than the 'Class Education' and that too. Thus efforts must be made to imbibe work related values. like Travel and Tourism Management. MBA student must have specialization at least in one discipline.) Management is a performing art. 6.* Customers Services Management Skills * Entrepreneurship Management schools will have to develop these skills among students. 5.

but how do we maintain quality while continuing to grow? This is not a new challenge. many schools have achieved higher levels of quality. of course.or do not . Through strategic investments and accreditation.intend to keep and offer programs whose quality is not assured by reputable accrediting organizations. Everyone started blaming business schools for the present mess. there are rising concerns about a growing number of institutions that make promises they cannot . a better scenario than decline or stagnation. leaving some business schools to seek higher tuitions and new financial sources to compete internationally. Aspiring business schools in many countries have found it increasingly difficult to build and maintain faculties with both academic qualifications and professional experience who are capable of conducting advanced research and teaching effectively. However. we assimilate and prioritize five pressing challenges for management education in schools of business worldwide. economic trends. government financial support for business education hasn't kept pace with growing demands. then who is responsible for the current global mess? Is it the business schools or faculties or students or parents or all to be blamed? In this section. Growth is. future demands will come not only from traditional college-age populations. business expectations. and the challenges are not mutually exclusive. Similarly. We now know that these expansions have led to diverging quality of management education providers. GROWTH All the indicators point to continuing increases in the demand for management education. Limited decision-making autonomy at these schools not only makes tuition increases unlikely. Driven by demographics. but also constrains their ability to respond to emerging .) CHALLENGES FOR MANAGEMENT EDUCATION The present economic meltdown has thrown several challenges to business managers and leaders across the world. We have shown that most countries have expanded their number of business schools and programs in recent years. and initiatives that expand access to higher education. Is it justified to blame them? If not. 1. This list is not exhaustive.9. but also from working professionals who need to retool and reinvigorate their careers.

it will not grow. but we cannot ignore unique histories. doing so will be increasingly difficult in the absence of qualified faculty.curricula needs with innovative programs. especially in developing countries. and students . and finance and govern their programs. 2. we cannot forget that wider access to quality management education can contribute to economic and social progress in countries or .and particularly doctoral education . many developing countries lack research experience and the emphasis on research that is necessary to shift from vocational training to higher levels of management education. But. and without quality supporting elementary and secondary level education. BALANCING GLOBAL ASPIRATIONS AND LOCAL NEEDS A recurring theme throughout this report has been tensions between global aspirations -of countries. strategy. and collaboration.will impact our future ability to meet demands for quality management education. as many schools seek global recognition for world-class quality. Today's investment in infrastructure . sufficient infrastructures. Transition economies across Europe and parts of Asia .though they don't always face the same demographic trends . faculties. we expect huge increases in college-age populations. and supporting institutions. In some developing countries in Asia and Africa. There is great potential in these countries if management education is able to expand while also working toward achieving higher levels of quality.require investments to build educational and economic institutions to support entrepreneurship and innovation. At the same time. for example. For all of these reasons. for example. Future access to management education by young people will determine whether developing nations will thrive or languish in the emerging knowledgebased. and cultures. management education is higher education. Similarly. Further economic integration calls for strengthening our curricula emphasis on global perspectives. and accreditation focuses on the best schools in the world. For example. it appears unlikely that business schools throughout the world can support continuing demand growth without significant changes in the way they assure quality. market-driven global economy. organize faculties.and pressing local needs. politics. schools. relevant instructional resources. These tensions are revealed on many dimensions: curricula.

international alliances and exchanges of faculties and students create opportunities to build banks of localized case studies. the most pressing regional concerns are low overall educational attainment and extreme poverty. Although these tensions are quite natural and are to be expected in dynamic and competitive environments. "How will we capitalize on these opportunities to balance our global aspirations against the needs of our regions. Not every school in every country need hire from the dwindling supply of doctoral faculty or attain the highest level of accreditation when. The real and more important question is. Doing so can assist countries to attract knowledge enterprises. Rather. the GFME believes that these efforts should be complemented by broader strategies to expand access to management education. and consistently improving upon. well-intentioned investments in world-class business schools should not come at the expense of investments in other quality management education programs that are accessible to a broader portion of the population. we must also capitalize on the advantages offered by multilateral alliances and increasing student and faculty mobility. and local communities?" The GFME is particularly concerned about efforts within some countries to develop international graduate management schools that. they should be viewed together as complementary investments in the future of business and society. Achieving. advances in information and communication technology. by design. However. we should also be mindful that management education can enable both global and local success. clearly. While supporting national initiatives to fortify international competitiveness. are highly selective and expensive to support. while ensuring sufficient levels of quality across education providers with diverse missions and stakeholder groups. which can be shared worldwide through electronic channels. At the same time. and further liberalization of services trade will not only demand more from management education. nations. For example. The powerful forces of globalization. but also represent an investment in local economies. for example. Expanding global footprints of individual schools give rise not only to globally savvy graduates. the highest level of quality is certainly important. . serve as a foundation for broader management education objectives. but also enable us to achieve local and regional goals and objectives. and attract talented faculty and students.regions with fundamentally different goals. including undergraduate education.

growing demand and competition can increase the incentive for schools to exaggerate promises. histories. yet flexible. we have shown that they cover only a small fraction of the institutions that deliver degree-based management education. with doctoral faculty becoming more scarce and with shrinking financial support from governments. educational outcomes. Schools have different missions and aspirations. However. But. standards to assess quality and support continuous improvement. and are embedded in a wide array of cultures. they are designed to ensure that quality depends implicitly on whether the promises of schools and expectations of students and employers are met. . including some regions where demand for management education is exploding. and research. and financial models. faculty characteristics. vary in governance structures. assessments. Unfortunately. AACSB International and EFMD s EQUIS have developed deep. are essential to ensure quality. in others. leaving their graduates with unmet expectations. staff. Diversity means that students and employers have choices to meet their unique goals and accommodate their circumstances. most of the globally accredited institutions are in higher-income countries. as management education grows and students. curricula. In the environment we described above. because they are linked to the mission of the school. there are tremendous pressures to cut corners. In some countries. faculty. viable and effective systems to promote quality in management education do not exist or are severely underdeveloped. students. strategy. and faculties become more mobile. as long as they are communicated accurately and delivered sufficiently. there are incentives for schools to compromise the integrity of their missions. In short. QUALITY ASSURANCE We have argued that expansion in management education has brought greater diversity among the programs and providers in management education. It also fosters innovation among schools and programs. we must be increasingly concerned about the maintenance and assurance of quality. and deliver less. Global accreditations. Moreover. The standards define quality and. graduates. and governing systems. These standards cover the full breadth of quality dimensions: mission. All of this diversity is to be nurtured and celebrated. or regulations fill the void. Unfortunately. promise more. national accreditations. such as EQUIS and AACSB.3. The standards allow for a wide range of promises.

we have highlighted the difficulties that schools have had in recruiting and retaining qualified faculty. there are quality concerns that range from depth of knowledge of theory. too. There are growing concerns that rankings actually mislead. cover only a tiny fraction of the programs offered worldwide.Transparency is important for our working definition of quality. However. In less mature management education environments. accreditations have tended to focus on institutional improvement. there are systemic problems related to funding models and perceptions about academic careers. For many schools. Rankings have also led to unfortunate outcomes such as promoting homogeneity among programs and creating incentives to invest in short-term gains over long-term sustainability. We have argued that the problem is complex. leading to concerns about the ability of some of these schools to introduce or sustain an emphasis on scholarship. and educators have questioned their methodology and accuracy. they. the public. it appears to be a structural problem. rather. It is thus noteworthy that few global structures currently exist primarily to inform and protect students and employers against the hazard of implausible claims. It is not a temporary issue that can selfcorrect without intervention. while national systems are often regulatory or administrative in nature. capabilities to teach and conduct research. In mature environments with a tradition of research excellence. Appropriately so. SUSTAINING SCHOLARSHIP Throughout this report. the challenge is to recruit faculty with doctorates to support missions that include research and scholarly approaches to teaching. If quality is about delivering on the promise of the school's mission and meeting expectations. the lack of doctoral programs has rendered it impossible to bolster faculty supplies. and experience to provide relevant education in a dynamic business environment. Clearly. rather than inform. Even when there are sufficient numbers of doctorates. 4. the demand for doctoral faculty has been outstripping production. then it is important to ensure that accurate data and information about the institution are available to the public. . Business school rankings publish data and information about programs and claim to play a role in holding programs and schools accountable for meeting student and employer expectations.

some critics claim that business schools have become overly academic and. The point here is not that the needs of organizations have changed over time. rising costs. for it will take many years of sustained investment to bring doctoral production to the levels required. For example. fracturing value chains will require graduates to master important skills rather than just apply knowledge. and emerging emphases on social responsibility and sustainability will require new ways of thinking about business strategy. some argue that schools do not place enough emphasis on the development of interpersonal. less relevant to business. Meeting this challenge will require efforts to bolster doctoral production around the globe through regionally targeted investments. a greater sense of urgency arises when we consider the challenge in light of the growing demand for management education. we argued that the integration of economies will require stronger emphasis on global perspectives. Together. the goal is to maintain or increase the quality of management education as demand continues to expand. Or. cooperation and collaboration. and react quickly enough to emerging needs? Recent criticisms have exacerbated this challenge.By itself. we have attempted to isolate the emerging needs of organizations around the globe. and the integral role that management education and talent play in fostering innovation. and conducting research. However. they have and always will. . for example. developing and delivering curricula. How can business schools structure themselves and build systems to learn about. ALIGNING WITH THE FUTURE NEEDS OF ORGANIZATIONS By examining global economic and business trends. it will require new models for organizing faculties. Most likely. What's new is that the pace of change has been accelerating. We should caution that these are only examples and are rather subjective. and innovation to develop and expand doctoral programs. 5. predict. Others have claimed that the content of what schools teach does not currently match the requirements of business. lack of quality assurance. Targeting MBA programs. For example. In the end. as a result. the challenge of recruiting and retaining qualified staff would already be alarming to business school leaders. these concerns send a clear message that the challenge of sustaining scholarship should be a top priority for business and government leaders. it will require both.

Many business schools have strong relationships with practicing managers and leading businesses and are constantly monitoring the business environment and making projections to refine and revise curricula. or that entrenched functional silos within curricula do not support the holistic requirements of business. and leadership skills in business programs. if implemented. debate.in response to emerging needs. Business leaders and management educators do offer their opinions to one another. some schools are reluctant to adapt their curricula and programs accordingly for fear that their reputation will suffer from the lower salaries their graduates would earn. been only slowly delegated to the institutions that deliver management education.much less change quickly . Two obstacles make this challenge particularly difficult to overcome. But. we have seen that decision-making autonomy has. organizations. these individual efforts cannot capture and share the benefits that would be created from higher-level interactions between business and education communities." The challenges are not insurmountable. For example. because they are informed mostly by personal experiences. rather than broader discussion and analyses. . management education leaders must be proactive. We have described five pressing challenges for management education. But. by no means. and jointly-define the future of management and management education. and societies they serve to navigate the difficult terrain ahead. Second. but they converge in ways that signal a sense of urgency. we present five recommendations that. Management education is. there are few substantial industry-level collaborations between businesses and business schools to discuss. First. In the next section.communication. although demographers have shown that the students of the millennial generation are more interested in social responsibility relative to money than the previous generation. Moreover. funding formulas and other factors such as rankings have created limited incentives to change . Each is important independent of the others. hold great potential for helping business schools and the people. but these opinions often seem disconnected and idiosyncratic. in some cases around the globe. facing a "perfect storm.

relevant and should focus on the current . The theoretical background in the classrooms along with practical exposure in the corporate world can make successful professionals. Production. The passionate professors would love to share their knowledge. Send the faculties regularly for training programs to update their skills and abilities.) The project work should be contextual. Develop right mindset and attitude.) You cannot make a successful manager in classrooms. etc. It should be made mandatory for every business school to have a fulltime faculty for each functional specialization like Human Resources. What is needed is the industry interface which builds confidence among the students. experience. Marketing. Blending all these ingredients would make a faculty as outstanding.) Provide decent salaries and professional ambience to faculties. Finance.10. 5.. Take the professors with research. 3. expertise with students to take on the real corporate battles.) It is essential to have more visiting faculties with diversified and rich industry experience. You cannot become a crack shot unless you lose some ammunition. It is like having diversified menu on a platter. 2.) Look for the professors who are passionate in teaching rather than who pass their time in classrooms. they can have visiting faculties who are passionate towards teaching for every specialized functional skill. There has to be interactive sessions for the students rather than mere preaching what is mentioned in the books. This boosts more confidence among the students. The students have to be exposed to the industry through interface so that they understand the practical problems in corporate world. and industry and also with teaching experience as it enriches the teaching process.) HOW TO OVERCOME THE CHALLENGES? There are some ways which help in overcoming the challenges faced. These are the following-: 1. consultancy. Whatever the doubts the students posses can be clarified and verified with their exposure to corporate world. 4. Besides. Focus on quality of education not quantity.

Take stringent action against the illegal and unauthorized MBA colleges.) Make accreditation mandatory to ensure quality of education.scenarios. 6. MBA is a professional degree and it should train and groom the students to be true professionals to take on the challenges being faced in the business environment. .

) The problem with us is to imitate the western management education blindly. 3.) Educational qualification is the brick and mortar of a specific career path. Let us make Indian management education qualitative and affordable to all.) CONCLUSION: "There is no need to reach high for the stars. 2. research experience and teaching experience. consultancy experience.just reach deep into yourself!" 1.11. They are already within you .) The four pillars for effective management education are industry experience. The educational system failed to forecast the recession and failed to check the overheated economy. Let us be creative and innovative in preparation of curriculum and methodology of teaching. . then it ensures qualitative management education.) There is failure in management education which is evident with the current economic downturn. When faculties possess these four areas of experience and expertise. By the time we take best out of them. 4. the content and curriculum gets outdated thus resulting into obsolescence.


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