Management Education Today: It's Challenges, Opportunities & Road Ahead
“Life isn’t about finding yourself, Life is about creating yourself” “The objective of education is – Learning: To know, To do, To be….”
The importance of a Management Degree, which adds the actual marketplace perspective to a Graduate Degree, is constantly evolving.
Experts say that this is a degree that sharpens one’s image of reality. If your Graduate Degree gives you a direction to your career, your Management Degree (especially MBA), will be the launch pad to the corporate world.
ANCIENT INDIAN EDUCATION:
LORD MACAULAY'S ADDRESS IN THE BRITISH PARLIAMENT ON 2ND FEBRUARY, 1835:
“I have traveled across the length & breadth of India, and I have not seen one person who is a beggar, who is a thief, such wealth I have seen in this country, such high moral values, people of such caliber that I do not think we would conquer this country, unless we break the very backbone of this nation, which is her spiritual and cultural heritage. And, therefore, I propose that we replace India’s old and ancient education system, her culture, for, if the Indian think that “all that is good, is greater than their own”, they will lose their self-esteem, their native culture and they will become what we want them, a truly dominated nation.”
The above address truly reflects the strengths of India’s ancient education system and its deep-rooted human values.
Today’s Management Education is like a finishing school, it makes you ready for the market.
CHALLENGES AND OPPORTUNITIES FACING MANAGEMENT EDUCATION:
In the current scenario, Management Education has become more challenging. The expectations from the “Managers’ and “Would-be Managers” are more, with the ever-changing socio-economic pattern of the people. It is not merely getting a `Management Degree’, but it is imperative to upgrade the skills, knowledge and enlarge the network.
Today, the Management Education System faces the following challenges/issues:
A.Value-Based Management Education:
Ancient Indian Education System involved imparting “moral, spiritual and cultural values” to the students. It created deep understanding of human values and gave importance to `Character’. It was felt that `Character’ of a person was more valuable than his wealth. This developed a spiritual and cultural heritage, besides imparting knowledge.
Today, in Management Education, students are regarded as “Customers”. As a result, there develops a “Comfort Zone” which “Qualifies them and gives them Degrees invariably”. Hence, the main focus of imparting “Quality Education & Knowledge”
Besides, the `Students / Degree Aspirants’ are also keen on “Placements & Pay-Packages” rather than gaining the right knowledge. They feel that qualifying for MBA or Management Degree, `will make them Rich & Wealthy and thus, enhance their Social Status.’
Hence, there is a need to have “Value-Based Management Education System”.
B.Industry & Geographical Relevance:
Today, it is noticed that some of the vernacular students aspiring for `Management Degrees’, have communication and understanding problems of English language. They are not able to speak and write correct English. As a result, their output is low.
Besides, the focus on “Entrepreneurship” is low. Students are keener on “Better Jobs and Higher Scales” rather than struggle with uncertainties in `Entrepreneurship’.
Academia is a crucial part in Management Education. It is felt that good academics can positively improve students’ knowledge and his outlook; whereas, a sub-standard one, can reduce his potentials and output.
The following are some of the key issues in `Academics’ in Management Education System:
1)Getting the right teachers with academic and industry experience.
2)`Revision of Syllabus’ at periodic intervals, to keep the Course in line with the current market scenario and industry requirements.
3)Customization and Mentoring.
The students should be guided in their career selection & specializations, based on their capabilities.
This will help the academicians to sharpen their skill in the respective fields and improve their output.
5)Availability of necessary infrastructures like Library (With a good collection of Books & Periodicals), Computer Lab, etc.
6)Setting different `Question Papers’ for different students to minimize the chances of copying or other unfair means.
7)Placements related issues like industry selection, campus interviews, students training & guidance, etc.
OPPORTUNITIES & ROAD AHEAD:
Today, pursuing a Management Degree (especially, an MBA), from India’s top 100 B-Schools, still is the best option, for someone who is willing to work hard and be patient.
When the world economy turns around in 2020, management graduates who have worked on tougher times would be more prepared to cash-in on the opportunities. The profile and growth opportunities for them would be tremendous. After all, everyone still has faith in the India story.
This article was published in BW Education issue dated 'Nov. 20, 2018' with cover story titled 'BW Education Issue Nov-Dec 2018'
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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