Future of MBA in India: Dr. Kashi Balachandran, Glocal School of Business
The future of the management education story in India may look undecided with varying reports. A paper by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) released in 2013, "B-schools and Engineering colleges shut down - Big Business Struggles" revealed that since 2009, recruitment at management schools had decreased by 40% in 2012; more than 180 B-schools have already closed down in 2012 in major cities such as Delhi-NCR, Mumbai, Bangalore, Ahmedabad, Kolkata, Lucknow and Dehradun. Another 160 MBA colleges were on the verge of shut-down.
On the contrary, the QS TopMBA.com Jobs & Salary Trends Report 2012 - 2013 reveals that MBA demand is continuing to grow rapidly in Asia (especially China & India) as the MBA degree is being increasingly accepted by employers especially in consulting and professional services, manufacturing, IT/computer services and micro-finance. In fact, India is now ahead of USA in terms of the volume of reported MBA jobs for fresh graduates in 2012.
For MBA aspirants in India, the question remains: What is the future of MBA and Management Education in India?
Management expert, Dr. Kashi Balachandran, who is currently the Executive Director of the Glocal School of Business, clarifies these doubts and talks with us about what lies ahead for management education in India. Dr. Balachandran is professor emeritus of accounting and operations management at New York University Stern School of Business, he is also the Editor-in-Chief of Journal of Accounting Auditing and Finance. He earned his Ph.D in Philosophy and Master of Science in Industrial Engineering from the University of California and a Certificate in Management Accounting from the Institute of Management Accountants.
Q. There is a certain extent of fatigue being experienced by providers of management education across the world. Is the situation similar in India?
Dr. Balachandran: On the contrary, I do not see any slowdown with management education. The education should not be narrow and based on traditional functional subjects such as accounting, finance, marketing etc. The education providers are trying to prepare the students to take up leadership roles where they have to understand and operate with specialists in several subject areas and numerous diverse countries. This is an immense challenge to the educators that requires innovative management education thinkers. The fatigue you mention is failure on the part of management school in not recognizing the need of the modern day. Those who recognize are going ahead with vigour.
Q. What is the future of management education in India? Is the demand as strong as it was a few years ago? Or is it waning?
Dr. Balachandran: The demand will decline for traditional mundane management education. On the other hand, education that prepares students to work in numerous business areas such as manufacturing, financial services, hospitality, public enterprises, entertainment and sport areas, media and so on are very much in demand. It is also important that management schools devote considerable attention to improving the students' communication abilities, particularly in English. The demand is strong in India and worldwide for graduates who develop the potential to take on leadership roles in the international business arena.
Q. The 2012-13 QS TopMBA.com Jobs and Salary Trends Report reveals that India offers more MBA jobs to its management graduates as compared to the USA yet the new Indian business schools - especially those outside the metropolitan cities are finding it difficult to fill their seats. Why do you think this contradiction exists?
Dr. Balachandran: Several business schools in India do not think in broader terms. They do not have skilled teachers who can teach solid courses and bring to the classrooms vast real world experience. They also fail to bring in qualified high level practitioners from well operated companies to impart their knowledge to students. This is particularly true of schools located outside major metropolitan areas. Consequently, the job order statistics is not applicable to all areas equally.
Q. How can Indian business schools reinvent management education in a way that India is brought to the forefront of management training globally?
Dr. Balachandran: Management education becoming is global in this increasingly multinational business environment. Students should come in contact with business practices in several countries by spending time in them, learning at least one foreign language and learning to feel comfortable in several cultures. Management education should include inculcating in a knowledge of humanities and appreciation of other cultures.
Q. How are things being done differently at Glocal University's School of Business?
Dr. Balachandran: We have given considerable thought to business education drawing on our wide experiences from people who have served at the highest levels in India and abroad. There are several key facets we concentrate on. We make sure that students are well versed in English. Students are required to attend English classes, labs, give presentation in front of live audience. Small groups of students are formed where they practice their language skills in addition to working on their specified subject areas. The students are encouraged to organize the monthly speaker series where the students invite qualified speakers from industry, and organize the entire program. This will train them to operate in the real world at a leadership position. They are encouraged to learn a foreign language.
We offer numerous specializations that are pertinent to today's business world. It will not be the traditional functional areas of business but concentrate on learning how the business world sees the areas and how managers can comprehend them to work effectively and most efficiently. We provide ample opportunities to students to specialize in multiple areas outside the traditional such as law, media, journalism, sports administration, management of health care, public enterprises, technological firms etc. Our program is innovative and gives ample time to develop their personality in a wholesome manner to become true global leaders. Exposure to industry is provided by inviting practitioners to our campus for interacting with the students and by placing them in useful internships. We will provide them opportunities in visit companies abroad and intern there. Towards achieving this end, we have an excellent and dedicated faculty and continue to develop them to be professionally competent.
About Glocal University
Glocal University, 'Shaping Global Minds,' is an Indian university with international standards, situated right here in India. Set amidst the serene surrounding of Shivalik foothills, it is a university which strives to transform its students into world class citizens. Recognized by University Grants Commission (UGC,) Glocal University's vision focuses on the holistic development of its students. Glocal ensures that its students have a positive impact on society-both globally and locally. Known for its schools in the fields of technology, business, computer science, commerce, education, research, legal studies, media, and more than 35 post graduate and graduate courses, Glocal University is the answer to your quest for knowledge. With an infrastructure which is comparable with the best in the world, spread across a vast campus of approximately 300 acres, Glocal University is at an advantage as it is very well connected to nearby industrial cities of Delhi, Saharanpur and Dehradun.
Please note: Unless explicitly stated otherwise, any job outlook predictions, career/educational advice and salary information found on this advertorial page are based solely on the opinion of the interviewee and not that of IndiaEducation.net or any other organization.