Clarity of purpose, thorough research, accountability, and goal-orientation are the lessons that students gain out of MBA programs. Ideally, these lessons must also guide management institutes in running their MBA programs.Unfortunately, many MBA programs lack these features.
Here are four ways in which B-schools may better manage their MBA programs:
1. Shift in focus
Courses such as executive MBA programs in India are known for the in-depth knowledge of the business world that they provide. However, an excessive focus on economic theory and concepts will not prepare students to deal with problems that they will face every day at work.
Apart from ensuring that all teaching faculty possesses relevant teaching experience, MBA institutes must design programs that focus on practical application. For example, students of a one year MBA in Delhi could be taken on educational visits to industries running in nearby Noida or Gurgaon.
2. Interdisciplinary approach
MBA programs impart leadership and team-building skills. However, employers and graduates have noted that some problems they face at work are not business-related.By including modules on subjects such as psychology and history in the curriculum, MBA graduates will be better prepared to provide solutions to issues that would otherwise make them feel out of their depth.
The inclusion of subjects related to the environment and society will also inculcate a sense of integrity in students, encouraging them to make decisions that are environmentally sustainable and beneficial to society.
3. Organizational changes
An MBA program should be de-linked from other under-graduate and post-graduate courses so that it has a distinct identity and there is no dilution of effort on the part of the faculty. The relationship between professors and students must be open to interaction.While two-year courses give ample time for an exchange of knowledge and ideas, faculty members must endeavor to extend the same treatment to those who pursue MBA in one year.
4. Ethical leadership
Studies have brought into question the possibility that management education that overemphasizes self-interest, power, and profit may be contributing to a culture of greed and fraud.The solution is that MBA programs must include a section on ethics as part of key modules such as macroeconomics. After completing their program, students must be able to identify which business activities are unethical and the repercussions they will have to face as a consequence of those activities.
Rather than indulging in false publicity, institutes must run MBA programs in the most efficient way possible, so that the college, the student body and the industry at large may benefit.
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