Seminar Report on Challenges for Mgmt Edu

8/8/2019 Seminar Report on Challenges for Mgmt Edu

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A

SEMINAR

REPORT ONCHALLENGES FOR

MANGEMENT EDUCATION IN INDIA

SUBMITTED IN PARTIAL FULFILLMENT OF THE

REQUIREMENT FOR THE DEGREE OF MASTERS OF BUSINESS

ADMINISTRATION

SESSION (2009-2011)

SUBMITTED TO-: SUBMITTED BY-:

Ms. POOJA KAURA SALONI BINDLISH

ROLL NO.0129629

DOON VALLEY INSTITUE OF ENGINEERING

ANDTECHNOLOGY(APPROVED BY AICTE AND AFFILIATED TO KURUKSHETRA

UNIVERSITY, KURUKSHETRA)


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ACNOWLEDGEMENT

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 mentorMrs. 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 wont have

achieved its completion.

Thanking all for their support

SALONI BINDLISH


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PREFACE

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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TABLE OF CONTENT

S.NO. DESCRIPTION

1 INTRODUCTION TO MANAGEMENT EDUCATION

2 INTRODUCTION IN INDIAN CONTEXT

3 NEED FOR THE FUTURE

4 LIST OF TOP TEN MANAGEMENT COLLEGES IN

INDIA

5 PRINICIPLES FOR RESPONSIBLE MANAGEMENT

EDUCATION

6 DIFFERENT TRADES IN MBA

7 MANAGEMENT EDUCATION IN THE WIDER

CONTEXT OF THE SOCIETY

8 ROLE OF MANAGEMENT EDUCATION IN POSTGLOBALISATION ERA

9 CHALLENGES FOR MANAGEMENT EDUCATION

10 HOW TO OVERCOME THE CHALLENGES

11 CONCLUSION

12 BIBLOGRAPHY


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1.) INTRODUCTION TO MANAGEMENT EDUCATION

MEANING

Management education involves teaching students the fundamentals, theories, and

processes of business. Education in this field occurs at several levels, including secondary

education and higher education or university education, with the greatest activity in the

latter. Business education typically prepares students for an occupation in business or a

business-related field, or a teaching career in academia.

UNDERGRADUATE EDUCATION

At the university level, students have the opportunity to take general business courses, or

to seek a specific degree in business studies. Courses offered vary by school, but typically

include basic selections such as Accounting, Marketing, Finance, and Operations

Management. Specific curricula and degree-granting procedures differ somewhat byregion.

POSTGRADUATE EDUCATION

At the graduate school level, students can seek a variety of specific degrees (see below),

most often an MBA. Students pursuing postgraduate degrees usually have some prior

business experience.

DEFINITION FOR: MANAGEMENT EDUCATION

Formal instruction in the principles and techniques of management, and in related

subjects, leading to a degree. Management education strives to develop management


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knowledge, understanding, and competence through classroom or distance-based

methods. Management education is a main component of management development, and

differs from management training in that the latter may exploit any one of a variety of

formal or informal methods, tends to be focused on a specific skill, and does not result

directly in a formal degree.


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2.) INTRODUCTION IN INDIAN CONTEXT

In recent years there has been an unprecedented number of technical and management

institutions being set up, mostly through private capital. In the field of management

education, India has around 1200 institutions providing undergraduate and

post-graduate level courses. Since the management graduates and post-graduates

produced by these institutions are primarily absorbed by industry, 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.

Moreover, it is important to properly assess the quality of management education

imparted to the students of various institutions.

CURRENT SCENARIO

As in 2006-07, there were over 1100 business schools in the country. Of these, 5 were

private aided institutions, 903 were private unaided and 149 were government

institutions. In the last decade, the country has witnessed a phenomenal growth in

enrolment in management education. The current intake stands at roughly 92,000, with

the majority of the students enrolled in private management colleges. The distribution of

management institutions shows a regional imbalance, with 86 per cent of the colleges

concentrated in north and south India. There appears to be a correlation between the

number of schools in a state and its economic and industrial development. The regional

imbalances in development and the creation of capacity for management education in the

state are probably related. A large proportion of the capacity is filled through all- India

examinations conducted at a number of locations throughout the country. Therefore, a

high per capita seat capacity for a state does not necessarily mean a higher level ofopportunity for aspirants from that state. The per capita seats per lakh of population may

be partly a reflection of the states capacity to absorb a higher percentage of management

graduates.

Growth in the number of business schools has accelerated over the last two decades. This

acceleration, propelled by the increase in the rate of growth of the Indian economy,


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speaks also for the entrepreneurial initiative of promoters to seize commercial

opportunities in education. The imbalance between demand and supply for management

graduates has led to an overly commercial and exploitative environment in management

education. 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. 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. It has a control perspective focusing on inputs such as

land, faculty, and other infrastructure rather than on the outcomes such as quality of

education, research, access, cost effectiveness or relevance.


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REGIONAL DISTRIBUTION OF MANAGEMENT COLLEGES


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STATEWISE MBA/PGDBM SEATS PER LAKH POPULATION


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3.) NEEDS OF THE FUTURE

Although India produces a large number of management graduates, perhaps next only to

the U.S., scholarly debate on curriculum, pedagogy, and innovation is negligible. There

are, as already noted, many reports prepared on behalf of, or addressed to, the

Government or the regulatory authorities but little generated by or addressed to the

professional community, which has to deliver the results. 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, student interests, Non-Government Organisations, or the

economy and society. Many are unable to fulfil the mandatory changes imposed on them,

such as upgrading of the curriculum by the Universities or the Board of Management

Studies.

There is need for greater autonomy for management education entities as well as a better

regulatory regime. The market has to be enabled to consistently discriminate different

programmes/institutions based on their capacity to provide education of value. In a well

functioning system, 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.There would be in such a system serious and continuing debate among management

scholars and educationists on the goals, objectives and content of management education

as the context and needs keep changing. Capacity growth would be guided by systematic

forecast of the educational needs of the economy/various sectors. Those MEEs that have

a higher level of commitment and depth of resources should be the ones that grow and

respond to needs. There are few systematic attempts at forecasting the demand for

managerial manpower in India. There is general consensus among industry that the needs

are increasing at an accelerating speed. Also, the emphasis is increasingly on quality,

both at entry and middle levels. Management institutions in India are today estimated to

be graduating approximately 95,000 students annually. HR managers in various

industries, especially in the sunrise industries, foresee a manifold increase in their

requirements. However, what proportion of the total requirement will be for the


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increasingly more expensive post graduates in management and what proportion would

be for the less-expensive lower levels of managers is not clear. In the Groups judgment,

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. The retailing sector, which is expected to hire large

numbers in future, has already initiated through several MEEs long-duration educational

programmes and short-term sector-specific training of experienced managers. It is

important to ensure that the students do acquire enduring knowledge, skills and aptitudes

that are well recognized, as in a recognized professional degree, and upon which they can

build later, if desired. Notwithstanding the above, there is no doubt there will be a steep

increase in the demand for postgraduates in management. Based on the assessments of

HR managers, as a best estimate, the Group foresees the need for a three-fold increase

over the next 10-15 years. Thus, there will be a need to raise the output from the current

level of 100,000 managers to about 300,000 a year over the next 10-15 years. For these,

specialized management training/development programmes would be needed. The

number of business schools has trebled in the last ten years, with many of indifferent

quality. The market has already started discriminating the quality of institutions and

graduates. This is expected to intensify in future. A good information system on all the

schools can sharpen the working of this market process, which is currently based on

incomplete, and sometimes inaccurate, data and exaggerated claims of various

educational organisations. 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. It is in this context that the Group reiterates the need

to put in place an appropriate promotional and mentoring agency, and a regulatory

architecture and supportive infrastructure.


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4.) LIST OF TOP TEN MANAGEMENT COLLEGES IN INDIA

1. INDIAN INSTITUTE OF MANAGEMENT (AHMEDABAD)

Address : Vastrapur, Ahmedabad - 380 015, INDIA

Contact No : 91 79 2630 8357, [email protected]

Website : http://www.iimahd.ernet.in/

2. INDIAN INSTITUTE OF MANAGEMENT (LUCKNOW)

Address : Prabandh Nagar, Off Sitapur Road,Lucknow,Uttar Pradesh,India,PIN :

226013

Contact No : 00(91)(522)2761397, 00(91)(522)2761437,

Website : http://www.iiml.ac.in/

3. INDIAN INSTITUTE OF MANAGEMENT (KOLKATA)

Address : Diamond Harbour Road Joka, Kolkata (Calcutta) - 700104, West

Bengal, INDIA

Contact No : +91-33-2282-4598, +91-33-2467-9178Website :http://www.iimcal.ac.in/

4. INDIAN INSTITUTE OF MANAGEMENT (KOZHIKODE)

Address : IIMK Campus P. O., Kozhikode 673 570, Kerala, India

Contact No : +91-495-2803001

Website :http://www.iimk.ac.in/

5. INDIAN INSTITUTE OF MANAGEMENT (INDORE)

Address : Prabandh ShikharRau-Pithampur Road,Indore 453 331,Madhya

Pradesh, NDIA

Contact No : + 91-731-4228400

Website : http://www.iimidr.ac.in/


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6. INDIAN INSTITUTE OF MANAGEMENT (BANGALORE)

Address : Bannerghatta Road, Bangalore, IndiaPin Code : 560 076

Contact No : 91-80-26582450

Website : http://www.iimb.ernet.in/

7. FACULTY OF MANAGEMENT STUDIES, DELHI UNIVERSITY (FMS)

(NEW DELHI)

Address : Faculty of Management StudiesUniversity of DelhiDelhi - 110007

Contact No : +91 11 2766 6382 / 6387 / 6388

Website :http://www.fms.edu/

8. JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES

(MUMBAI)

Address : Backbay Reclamation, Mumbai, India. Pin - 400020

Contact No : +91 - 022 - 22024133 / 22024118 / 22025153

Website :http://www.jbims.edu/

9. XAVIER LABOUR RESEARCH INSTITUTE (XLRI) (JAMSHEDPUR)

Address : XLRI Circuit House Area (East)Jamshedpur 831 001JharkhandIndia

Contact No : +91 - 657 - 398 3333

Website : http://www.xlri.ac.in/

10. SP JAIN INSTITUTE OF MANAGEMENT & RESEARCH (MUMBAI)

Address : Munshi Nagar, Dadabhai Road, Andheri West,Mumbai - 400 058,

India.

Contact No : +91-22-2623 7454 / 0396 / 2401

Website :http://www.spjimr.org/
http://mbacollegesinindia.blogspot.com/2007/08/mba-colleges-in-mumbai.htmlhttp://mbacollegesinindia.blogspot.com/2007/08/mba-colleges-in-mumbai.html


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5.) THE PRINCIPLES FOR RESPONSIBLE MANAGEMENT

EDUCATION

As institutions of higher learning involved in the education of current and future manag-ers we are voluntarily committed to engaging in a continuous process of improvement of

the following Principles and their application, 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.

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.

PRINCIPLE 3

METHOD: We will create educational frameworks, materials, processes and

environments that enable effective learning experiences for responsible leadership.

PRINCIPLE 4

RESEARCH: We will engage in conceptual and empirical research that advances our

understanding about the role, dynamics, and impact of corporations in the creation of

sustainable social, environmental and economic value.

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.


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Why MBA Finance:

MBA Finance increases the job opportunities, helps in changing careers or betterqualifies one for a chance at career advancement or helps one to start ones own business.

MBA Finance will teach a student accounting, economics, banking, market structure etc.

which are all vital to any enterprise.

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. It has become

a very common practice to get corporate finance for the course. A number of

Companies have started recruiting students who are still doing the Course, as the demand

for MBA Finance Graduates is quite high.

MBA MARKETING

MBA marketing courses are offered by a number of reputed institutions worldwide. The

comprehensive courses offered are ideal for both students and working executives, who

wish to add value to their educational background. In addition to the courses offered

through traditional modules, one can also come across online MBA marketing courses.The remuneration offered to the individuals in this profession is quite decent and there is

ample scope for career development.

ELIGIBILITY FOR MBA MARKETING

The minimum eligibility criteria required for students seeking admission to MBA

marketing programs is graduation. In some of the institutes at least 60% marks is required

for taking admission. However, selection process may vary from one institution to the

other. 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. The entrance test held is generally based on multiple

choice questions which include quantitative ability, verbal ability, logical reasoning and

data interpretation. Candidates selected on the basis of their performance in the entrance


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examination are then called for a personal interview round. A group discussion session is

also conducted for the short-listed candidates to take part.

Scope of MBA Marketing Courses

Candidates with an MBA degree in marketing are sure to enjoy excellent career growth in

this highly competitive world. Marketing manager, market research analyst, brand

manager and new product manager are some of the job profiles available for MBA

marketing professionals. Candidates with profound knowledge in finance can also look

for the job opportunities available as strategic or market planning executives. One can

also come across other specialized corporate positions like advertising manager,

marketing communications manager, sales manager and PR director. Most of the

advertising agencies also offer ample job scope for marketing professionals in specializedareas like direct marketing, advertisement and jobs related to communications. MBA

Marketing programs are also ideal for those who wish to make a career as a brand

manager. This profession generally attracts youngsters as the job involves lot of

responsibilities, glamour and lot of traveling.

2. MBA IN HUMAN RESOURCE

If PR (Public Relations) department of a business house is involved with the external

clients, then the Human Resource (HR) are concerned with the internal clients i.e. the

employees of the business house.

HR or Personnel Managers are involved in all aspects of people management. HR

managers need to interact with people of widely differing levels of intelligence, education

and ability.

In the past, Human Resource professionals were just involved in the behind-the-scenes

work such as handling issues of employee benefits or recruiting, interviewing, and hiring

new personnel in accordance with policies and requirements laid down by top

management. Today HR managers are more actively involved in shaping corporate policy

as well as juggle with the tasks mentioned earlier.


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The HR department has now become an indispensable part of every organization. An

MBA in HR can give a candidate an edge over others pursuing a similar course. 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.

3. INFORMATION TECHNOLOGY MBA DEGREE

An MBA in information technology covers the basics of emerging IT trends. 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. This program

provides solid information technology fundamentals. Subsequent coursework educates

future MBAs to master information technology interfaces with business administration.

An MBA degree in information technology is highly specialized.

MBA Degree Specifics

This MBA program begins with information technology coursework in computer science,

information database management and networking. Information technology education

also includes information management theory and related technology applications.

Information technology is then examined in light of modern business administration

requirements. Alumni leave this program with the information technology and business

administration competencies, in the form of an MBA title, to start or run their own

businesses. Coursework includes accounting, finance and economics related to the

information technologies industry.

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


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Professional Outlook for the Information Technology MBA

According to the US Bureau of Labor Statistics, www.bls.gov, demand for those with an

information technology MBA master's degree will grow at a faster pace than average.

While earnings in the information technology field can be an average of $80,000 on the

management level, 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. This is due to the high demand in the

information technology sector through rapidly changing administrative, security and

business needs.


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7.) MANAGEMENT EDUCATION IN THE WIDER CONTEXT OF

SOCIETY

In the 1950s, when India sought to give an impetus to its management education with

assistance from abroad, particularly the United States, rationality or positivism was at itspeak in the West. Knowledge in each field was considered separate with its own

reasoning and technology. Science and technology was separated from history, sociology,

or philosophy. Observation and fact was the guiding source for knowledge, a position

that encouraged a compartmental view of management education.

Further, the establishment of management institutes in India outside the University

system distanced management education from other fields. Management did draw from a

number of other fields, including science, technology, psychology or sociology. But since

its own knowledge, methodology and objectives in society were different, management

education did not have to go deep into the bases of the other fields or the wider context of

society itself. Since those days, however, scientific reasoning has come full circle in the

West. There is increasing realization that subjective dimensions of the observer are

inextricably embedded in observations and facts. There exists today an environment for

accepting the validity of multiple approaches and societal assumptions, a notion

celebrated in Indian philosophy and society. With the impact of management on society

greatly increased over the last several decades, 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, psychology or mathematics. With globalization, the need for

management education to pursue greater scope and aim at a more wholesome impact on

society has increased. Such thinking is particularly relevant to India, with its diverse

socio-cultural contexts and disparities in different occupations. Management education,

while strengthening its roots in various fields, should also understand and reflect on

Indias diversity and preserve the age-old Vedantic wisdom that holds our society. The

strengthening of the Universities and their pursuit of knowledge relevant to the

understanding of behaviour and values in society is extremely important. Management

Departments in Universities, even while being independent and autonomous, should draw

deeply from the knowledge sources in other departments and do research.


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A majority of management education organizations in India is oriented primarily to

teaching. The materials used for teaching are also not of relevance to the student

background or living experiences in India. The focus on campus interviews, 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.

There is need to increase research support not only in management but also in the many

of its supporting disciplines.


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8.) ROLE OF MANAGEMENT EDUCATION IN THE POST

GLOBALIZATION ERA

Management Education in India is at cross roads. With the dawn of new millennium,while there was phenomenal growth in the number of B-Schools, the benchmarks were

also on the rise. The Globalization doesn't seem to have happened just to the Industry but

also to Indian B- Schools. The expansion of B- Schools (in Number) doesn't look to be in

line with the challenges posed by the globalization of Indian Management Education.

Of the 1500 B- Schools India currently has, there might be around 200-250 schools,

which might stand a standard test of quality. Should the globalization of Management

education India become a reality in terms of free movement of faculty and freedom of

operations across the globe, the Indian B-Schools might have to take many initiatives to

stand up to the challenge. The solution seems to be,' While the affiliated colleges are

needed to be more autonomy-both financial and academic, the autonomous institutions

have to strengthen their curriculum'.

For the affiliated colleges to upgrade their competencies, the Financial Autonomy will be

the Key and academic Autonomy, the major Driver. The established institutions have to

strengthen their curriculum by improving the standards in terms of Faculty & Research,

Industry Interaction, Use of Technology and Case Method.

The words 'global economy' are on everyone's lips today. From aggressively successful

entrepreneurs and steel magnates to bio-techies and event management experts,

everyone's talking about expanding their businesses across continents.

As more and more well-educated and well-equipped talent emerges, the task of talent

selection becomes even more complex. Companies find it increasingly difficult to

identify and zero in on the right candidate for the right job. The onerous task of hiring the

best will become more and more difficult; the situation will be exacerbated by the

requirement of greater numbers of people 'on-the-job'.


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Opportunities to students

Traditional, time-tested avenues of employment making way for newer opportunities and

career paths, and today, most students are faced with a bewildering array of choicesof

colleges, study subjects, fields of specialization and methodologies. Students are faced

with the unenviable task of having to make choices based on popular opinions or trends.

Very few, if any, make choices based on potential and real aptitude. This means that

finally, 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. Identifying one's own potential and true mtier is, therefore, based on experience

as well as trial and error.

Apart from this, we will find that with newer seats of higher education opening up across

the world, the task of getting oneself noticed by potential employers becomes more

difficult. Highlighting one's abilities and hidden or unique strengths becomes even more

crucial in the race to stand out from the crowd. Graduates from institutes located in

unusual geographies will be hit even harder, with a new class structure based on one's

graduating institute rather than one's merit emerging. Both companies and job seekers

lose in the ensuing chaos. As companies resort to greater eliminatory tactics, they run the

risk of letting real talent slip through the employment net.

Finally, out of the chaos will emerge order? In a truly global economy, talent seekers

from across the world will capture talent from across the world. In a truly global

economy, there will exist a single, definitive benchmark, providing a standard

methodology to recognize the quality of the human resource. In a truly global economy,

external trappings will not matter, what will matter is potential and aptitude. In a truly

global economy, the ability to contribute to a global business will be crucial as

geographical boundaries to hiring get blurred. In a truly global economy, the playing field

will be flat and level, providing opportunity to all, based on true merit.


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The new dimension

The emergence of such a new dimension has already begun. Companies are feeling the

need for global standards to benchmark human resources, and academics are encouraging

the use of merit-based candidate selection systems. 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.

It is out of this need that a council of companies, hiring experts, technology experts,

psychologists, government agencies and test development experts came together and set

up the Professional Aptitude Council. With a charter to develop and administer global,

industry-standard examinations on behalf of the IT Industry, 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.

At the time of independence, Indian economy was developing and hence we required

bureaucratic management skills. However 50 years after independence, the Indian

economy has become more mature and hence we require entrepreneurial management

skills. Our management schools have failed to meet this challenge. Therefore there is a

need to revamp our management education.

Growth of management education

In 1950, the Department of Commerce of the Andhra University Started the first M.B.A.

programme in India. In 1963, Indian Institute of Management, Ahmedabad was set up in

collaboration with the Harvard Business School. The 1950s and 1960s witnessed the

growth of commerce education and 1970 and 1980s witnessed the growth of

Management Education in India.


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There has been a tremendous growth of management institutes in our society. Every year

about 14,000 students pass out of management schools. Keeping in mind the demand, the

supply is very meager.

Management courses have become 'Academic Courses' rather than 'Professional one'.

Management Institutes, barring a few exceptions, have reduced to commerce colleges.

There is an urgent need to restructure management education to meet new challenges of

21 Century.

Glimpses of 21st century thinks globally

Alvin Toffler in his famous book 'Future Shock' Says " To help avert future shock, we

must create a super industrial education system and to do this, we must search for our

objective methods in the future rather than the past... Education must shift into future

tense."

New Management Education- Act locally

Keeping in mind the future scenario, re-engineering of management education must be

done.

1.) Our future global manger would require the following new skills.

* Information Management Skill

* Information Technology Management Skill

* Decision- making in very dynamic environment.

* H.R.D Skill

* Innovation/ Credibility

* Service Sector Management Skills

* Time Management Skills

* Stress Management Skills

* Environment Management Skills

* Entrepreneurship


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* Customers Services Management Skills

* Entrepreneurship

Management schools will have to develop these skills among students.

2.) Management Institutes will have to introduce new Service Sector Management

Courses, like Travel and Tourism Management, Hospital Management, Construction

Management, Hotel Management, Consultancy Management, NGO Management,

Advertising Management, Banking and Insurance Services Management, Farm

Management etc.

3.) Needless to say, courses should be need based and syllabi should be changed

periodically

4.) Lack of specialization is one to the problems of our MBA programme. MBA student

must have specialization at least in one discipline.

5.) Management is a performing art. Thus efforts must be made to imbibe work related

values.

6.) Management education must be made 'Mass Education' rather than the 'Class

Education' and that too, without compromising on quality.


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curricula needs with innovative programs. For all of these reasons, it appears unlikely

that business schools throughout the world can support continuing demand growth

without significant changes in the way they assure quality, organize faculties, and finance

and govern their programs.

In some developing countries in Asia and Africa, for example, we expect huge increases

in college-age populations. There is great potential in these countries if management

education is able to expand while also working toward achieving higher levels of quality.

But, doing so will be increasingly difficult in the absence of qualified faculty, sufficient

infrastructures, relevant instructional resources, and supporting institutions. For example,

management education is higher education, and without quality supporting elementary

and secondary level education, it will not grow. Similarly, 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. Transition economies

across Europe and parts of Asia - though they don't always face the same demographic

trends - require investments to build educational and economic institutions to support

entrepreneurship and innovation.

Today's investment in infrastructure - and particularly doctoral education - will impact

our future ability to meet demands for quality management education, especially in

developing countries. Future access to management education by young people will

determine whether developing nations will thrive or languish in the emerging knowledge-

based, market-driven global economy.

2. BALANCING GLOBAL ASPIRATIONS AND LOCAL NEEDS

A recurring theme throughout this report has been tensions between global aspirations -of

countries, schools, faculties, and students - and pressing local needs. These tensions are

revealed on many dimensions: curricula, strategy, and collaboration, for example. Further

economic integration calls for strengthening our curricula emphasis on global

perspectives, but we cannot ignore unique histories, politics, and cultures. At the same

time, as many schools seek global recognition for world-class quality, and accreditation

focuses on the best schools in the world, we cannot forget that wider access to quality

management education can contribute to economic and social progress in countries or


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regions with fundamentally different goals. While supporting national initiatives to

fortify international competitiveness, we must also capitalize on the advantages offered

by multilateral alliances and increasing student and faculty mobility.

Although these tensions are quite natural and are to be expected in dynamic and

competitive environments, we should also be mindful that management education can

enable both global and local success. The powerful forces of globalization, advances in

information and communication technology, and further liberalization of services trade

will not only demand more from management education, but also enable us to achieve

local and regional goals and objectives. For example, international alliances and

exchanges of faculties and students create opportunities to build banks of localized case

studies, which can be shared worldwide through electronic channels. Expanding global

footprints of individual schools give rise not only to globally savvy graduates, but also

represent an investment in local economies. The real and more important question is,

"How will we capitalize on these opportunities to balance our global aspirations against

the needs of our regions, nations, and local communities?"

The GFME is particularly concerned about efforts within some countries to develop

international graduate management schools that, by design, are highly selective and

expensive to support. Achieving, and consistently improving upon, the highest level of

quality is certainly important. Doing so can assist countries to attract knowledge

enterprises, serve as a foundation for broader management education objectives, and

attract talented faculty and students. However, the GFME believes that these efforts

should be complemented by broader strategies to expand access to management

education, including undergraduate education, while ensuring sufficient levels of quality

across education providers with diverse missions and stakeholder groups. Not every

school in every country need hire from the dwindling supply of doctoral faculty or attain

the highest level of accreditation when, clearly, the most pressing regional concerns are

low overall educational attainment and extreme poverty, for example. At the same time,

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. Rather, they should be viewed together

as complementary investments in the future of business and society.


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3. QUALITY ASSURANCE

We have argued that expansion in management education has brought greater diversity

among the programs and providers in management education. Schools have different

missions and aspirations; vary in governance structures, faculty characteristics, and

financial models; and are embedded in a wide array of cultures, histories, and governing

systems. All of this diversity is to be nurtured and celebrated. Diversity means that

students and employers have choices to meet their unique goals and accommodate their

circumstances. It also fosters innovation among schools and programs.

However, as management education grows and students, graduates, and faculties become

more mobile, we must be increasingly concerned about the maintenance and assurance of

quality. AACSB International and EFMD s EQUIS have developed deep, yet flexible,

standards to assess quality and support continuous improvement. These standards cover

the full breadth of quality dimensions: mission, strategy, faculty, students, staff, curricula,

educational outcomes, and research. The standards define quality and, because they are

linked to the mission of the school, they are designed to ensure that quality depends

implicitly on whether the promises of schools and expectations of students and employers

are met. The standards allow for a wide range of promises, as long as they are

communicated accurately and delivered sufficiently.

Unfortunately, growing demand and competition can increase the incentive for schools to

exaggerate promises, leaving their graduates with unmet expectations. In the environment

we described above, with doctoral faculty becoming more scarce and with shrinking

financial support from governments, there are tremendous pressures to cut corners,

promise more, and deliver less. In short, there are incentives for schools to compromise

the integrity of their missions.

Global accreditations, such as EQUIS and AACSB, are essential to ensure quality. But,

we have shown that they cover only a small fraction of the institutions that deliver

degree-based management education. Moreover, most of the globally accredited

institutions are in higher-income countries. In some countries, national accreditations,

assessments, or regulations fill the void. Unfortunately, in others, including some regions

where demand for management education is exploding, viable and effective systems to

promote quality in management education do not exist or are severely underdeveloped.


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Transparency is important for our working definition of quality. If quality is about

delivering on the promise of the school's mission and meeting expectations, then it is

important to ensure that accurate data and information about the institution are available

to the public. Appropriately so, accreditations have tended to focus on institutional

improvement, while national systems are often regulatory or administrative in nature. It is

thus noteworthy that few global structures currently exist primarily to inform and protect

students and employers against the hazard of implausible claims.

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. However, they, too, cover only a tiny fraction of the programs offered

worldwide, and educators have questioned their methodology and accuracy. There are

growing concerns that rankings actually mislead, rather than inform, the public. 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.

4. SUSTAINING SCHOLARSHIP

Throughout this report, we have highlighted the difficulties that schools have had in

recruiting and retaining qualified faculty. For many schools, the challenge is to recruit

faculty with doctorates to support missions that include research and scholarly

approaches to teaching. Clearly, the demand for doctoral faculty has been outstripping

production, leading to concerns about the ability of some of these schools to introduce or

sustain an emphasis on scholarship.

We have argued that the problem is complex. It is not a temporary issue that can self-

correct without intervention; rather, it appears to be a structural problem. In mature

environments with a tradition of research excellence, there are systemic problems related

to funding models and perceptions about academic careers. In less mature management

education environments, the lack of doctoral programs has rendered it impossible to

bolster faculty supplies. Even when there are sufficient numbers of doctorates, there are

quality concerns that range from depth of knowledge of theory, capabilities to teach and

conduct research, and experience to provide relevant education in a dynamic business

environment.


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By itself, the challenge of recruiting and retaining qualified staff would already be

alarming to business school leaders, for it will take many years of sustained investment to

bring doctoral production to the levels required. However, a greater sense of urgency

arises when we consider the challenge in light of the growing demand for management

education, rising costs, lack of quality assurance, and the integral role that management

education and talent play in fostering innovation. Together, these concerns send a clear

message that the challenge of sustaining scholarship should be a top priority for business

and government leaders.

Meeting this challenge will require efforts to bolster doctoral production around the globe

through regionally targeted investments, cooperation and collaboration, and innovation to

develop and expand doctoral programs. Or, it will require new models for organizing

faculties, developing and delivering curricula, and conducting research. Most likely, it

will require both. In the end, the goal is to maintain or increase the quality of

management education as demand continues to expand.

5. ALIGNING WITH THE FUTURE NEEDS OF ORGANIZATIONS

By examining global economic and business trends, we have attempted to isolate the

emerging needs of organizations around the globe. For example, we argued that the

integration of economies will require stronger emphasis on global perspectives, 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. We should caution that these are

only examples and are rather subjective. The point here is not that the needs of

organizations have changed over time; they have and always will. What's new is that the

pace of change has been accelerating. How can business schools structure themselves and

build systems to learn about, predict, and react quickly enough to emerging needs?

Recent criticisms have exacerbated this challenge. Targeting MBA programs, for

example, some critics claim that business schools have become overly academic and, as a

result, less relevant to business. Others have claimed that the content of what schools

teach does not currently match the requirements of business. For example, some argue

that schools do not place enough emphasis on the development of interpersonal,


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communication, and leadership skills in business programs, or that entrenched functional

silos within curricula do not support the holistic requirements of business.

Two obstacles make this challenge particularly difficult to overcome. First, there are few

substantial industry-level collaborations between businesses and business schools to

discuss, debate, and jointly-define the future of management and management education.

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. But, these individual efforts cannot capture and

share the benefits that would be created from higher-level interactions between business

and education communities. Business leaders and management educators do offer their

opinions to one another, but these opinions often seem disconnected and idiosyncratic,

because they are informed mostly by personal experiences, rather than broader discussion

and analyses.

Second, we have seen that decision-making autonomy has, in some cases around the

globe, been only slowly delegated to the institutions that deliver management education.

Moreover, funding formulas and other factors such as rankings have created limited

incentives to change - much less change quickly - in response to emerging needs. For

example, although demographers have shown that the students of the millennial

generation are more interested in social responsibility relative to money than the previous

generation, 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.

We have described five pressing challenges for management education. Each is important

independent of the others, but they converge in ways that signal a sense of urgency.

Management education is, by no means, facing a "perfect storm." The challenges are not

insurmountable. But, management education leaders must be proactive. In the next

section, we present five recommendations that, if implemented, hold great potential for

helping business schools and the people, organizations, and societies they serve to

navigate the difficult terrain ahead.


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10.) HOW TO OVERCOME THE CHALLENGES?

There are some ways which help in overcoming the challenges faced. These are the

following-:

1.) Provide decent salaries and professional ambience to faculties. Send the faculties

regularly for training programs to update their skills and abilities. Develop right mindset

and attitude. Focus on quality of education not quantity. There has to be interactive

sessions for the students rather than mere preaching what is mentioned in the books. You

cannot become a crack shot unless you lose some ammunition. The students have to be

exposed to the industry through interface so that they understand the practical problems

in corporate world. This boosts more confidence among the students.

2.) It is essential to have more visiting faculties with diversified and rich industry

experience. It is like having diversified menu on a platter. It should be made mandatory

for every business school to have a fulltime faculty for each functional specialization like

Human Resources, Marketing, Finance, Production, etc., Besides, they can have visiting

faculties who are passionate towards teaching for every specialized functional skill.

3.) Look for the professors who are passionate in teaching rather than who pass their time

in classrooms. The passionate professors would love to share their knowledge,experience, expertise with students to take on the real corporate battles. Take the

professors with research, consultancy, and industry and also with teaching experience as

it enriches the teaching process. Blending all these ingredients would make a faculty as

outstanding.

4.) You cannot make a successful manager in classrooms. What is needed is the industry

interface which builds confidence among the students. Whatever the doubts the students

posses can be clarified and verified with their exposure to corporate world. The

theoretical background in the classrooms along with practical exposure in the corporate

world can make successful professionals.

5.) The project work should be contextual, relevant and should focus on the current


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scenarios. 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.

6.) Make accreditation mandatory to ensure quality of education. Take stringent action

against the illegal and unauthorized MBA colleges.


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11 .) CONCLUSION:

"There is no need to reach high for the stars. They are already within you - just

reach deep into yourself!"

1.) There is failure in management education which is evident with the current economic

downturn. The educational system failed to forecast the recession and failed to check the

overheated economy.

2.) The four pillars for effective management education are industry experience,

consultancy experience, research experience and teaching experience. When faculties

possess these four areas of experience and expertise, then it ensures qualitative

management education.

3.) The problem with us is to imitate the western management education blindly. By the

time we take best out of them, the content and curriculum gets outdated thus resulting

into obsolescence. Let us be creative and innovative in preparation of curriculum and

methodology of teaching.

4.) Educational qualification is the brick and mortar of a specific career path. Let us make

Indian management education qualitative and affordable to all.


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12.) BIBLOGRAPHY-:

BOOKS-:

1) ROBBINS, STEPHEN P., MANAGEMENT EDUCATION, 7TH

EDITION2) RAMASWAMI, V.S., MARKETING MANAGEMENT, 3RD

EDITION

WEBSITES-:

1) www.knowledgecommission.gov.in2) www.wikipedia.org

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Seminar Report on Challenges for Mgmt Edu

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