As per a recent ASSOCHAM study, barring the IIMs and a handful of the top business schools, almost among the 3,700 business schools in the country are producing sub-par graduates.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is one of the apex trade associations of India. The organization represents the interests of trade and commerce in India, and acts as an interface between issues and initiatives.
The ASSOCHAM report says that only 7 per cent of the MBAs that graduate every year are employable. Lack of quality control and infrastructure, low-paying jobs through campus placement and poor faculty are major reasons for the unfolding B-school disaster in India. The constant endeavor to upgrade and re-train faculty in emerging global business perspectives, is practically absent in many B-schools, often making the course content and pedagogy redundant.
From the industry’s point of view, the report addresses many key issues that have been sources of concern, especially the disconnect between management education and the real need of businesses in India.
Is everything lost? Can we revive this situation?
Firms across the world are looking for problem solvers. The employer is the ultimate arbiter of education and, therefore, the onus is on industry to force change in management education. Students must learn more of what is current and not just of what has occurred in the past. More importantly, they have to learn about the developing trends in industry and management, put together.
Globalizing management education is of great interest to the industry. The task force found that majority of MBA programs across the world are too local and do not prepare management graduates to thrive in global organizations. As an immediate inclusion, the colleges can look at providing experiential immersions during the MBA program, which some colleges are also currently doing.
“The world needs 1.5 million MBA holders with business analytics skills by 2018” – McKinsey
Infrastructure – the demand for MBAs with data analytics experience is at an all time high. Business analytics has developed vastly, with the rise in computing power allowing for increasingly complicated analysis to take place. But the necessary steps are not taken in advance to equip students with such knowledge.