The facade of business studies is no longer unrevealed by anyone these days. The crisis through which MBA graduates are going through is no less than a catastrophe which needs to be restrained. The country which holds back this stream from more than six decades is losing its prestige in the current era. Today India has thousands of colleges barring top institutions are producing unemployable graduates whom companies are not willing to hire. If we compare the population rate and the requirement then it is the harsh veracity that when the supply outstrips the demand, the prices automatically fall. This seems so true in the case of MBA graduates as well. The demand is low and the supply is in ample amount. The plethora of students getting graduates every year with a failure shows the grim picture of our education system. This kind of mass-supply has affected both institutions as well as students since the market doesn’t have enough jobs to match the production. The reasons behind this are many, but most important one is the outdated curriculum. To run with the pace of the world in the age of automation, our education also needs to be updated with the demand and time.
None other than, it is our culture of competitiveness in education that is to blame. It is not enough for students to pass exams with high grades and take up professions of their choice. For building the India of our dreams, we need to focus on an environment where the youth can speak their minds and have the confidence to look for ground-breaking, creative solutions. The linkage between education and economic prosperity is so high that Indian students still make career choices largely on the basis of what will fetch them higher pay packets than what will bring about tangible societal change. From early age, children are taught to aspire to get admission in a handful of good colleges and for this, they are encouraged to keep their heads down and focus on their books. The bigger your blinkers are to what goes on around you, the greater your chances of personal success.
The other part of the failure of Indian management graduates is in the ethos of management education itself. The curriculum is so insular, so entirely focussed on achieving only one stated goal — maximizing shareholder returns — that not only does it not encourage an objective look at the real world. Moreover, the other reason for this decline is institutions providing the MBA education. The qualification handed out by the various institutes ranges from a degree to a diploma, from a full-time to an online programme, all claiming to be a valid MBA degree without a measurable scale for the employer with which to evaluate. Many employers over the years have learned the hard way that every degree-holding individual is not going to take the company to new heights, it varies from student to student. These kind of qualification are not filling the void between the demand and supply of the industry. The MBA should teach integrative thinking, and also equips the student with functional expertise and cross-functional knowledge. But, this is not the case in reality. The reason behind this might be that there is no regulatory body to standardize MBA education in India today. There must be a regulatory body to keep an eye on the quality of education, work for the revision of the curriculum, including more industry exposures and plan the course according to the need of the market.
Post globalization, the opportunity for the students has raised with the highest peak, in this management has a vital role to play in today's dynamic global arena, where the challenges to be met have increased at a faster pace. Most of the multinational companies need MBAs who are adaptable, flexible with an entrepreneurial attitude and who can act as change agents in the organization. All MBA graduates have to learn how to migrate from their comfort zone and go a long way towards impressing the boss of a new venture or a large multinational. But there is a huge gap between what industry needs and what is available in terms of skilled students. Enhancing employability skills in management education is considered an important task by all universities and colleges. We have o work on that immediately.
The plus point here is entrepreneurship with more and more start-ups on both the net and brick and mortar. And MBAs are better positioned for these new businesses. The current government is also coming up with ideas to start more new ventures, to help young entrepreneurs set up their own business and generate employment, this new step is directly producing more jobs. To bring industrial culture, the government has decided to set up incubators in rural areas as well and develop them as centers of excellence. An incubator is a place made available at low rent to start new small businesses. At these ‘centres of excellence’, the government is planning to promote several industry-related activities, including machine learning, data cloud computing, artificial intelligence and cybersecurity among others.
Technological advancement has sparked a change in the way labor is demanded across industries. Labor-intensive workloads are paving the way for automated technologies, so a need for new skills is emerging as the cornerstone for success. MBA graduates are lacking in getting this kind of qualifications. They need to be well equipped in all the sectors of the industry. Moreover, if we think keeping in mind the employers need then they instead of core MBA subjects, such as finance and marketing, seek for more loosely defined qualities, or so-called soft skills, such as the ability to work with a wide variety of people and the ability to prioritize. They want punctuality and disciplined employees and the currents generation does not have that.
In a nutshell, not only MBA but this fallacy is in most of the educational sector in the country. The measures are already there they need to be implemented on the field. Education is a race, a survival of the fittest is perhaps never better exemplified than what can be gleaned from the landscape of MBA.