Growth of management education in india

Management education in India has been on rise, both in demand and supply levels. India has a wealthy history when it comes to education. The colleges of Nalanda and Takshila were acclaimed world over. We still have IIM's (Indian Institute of Management) and IIT's (Indian Institute of Technology) to feel proud. These stalwarts were the consequence of management education transmitting from America. However, over the time, institutions attended up in every nook and spot of the country, which promise to provide quality education. As a result, quantity has superseded quality. This means, that quality of education shipped has depleted. That is a matter of matter, especially because, education pertains to development of specific as a whole and if it's faulty then, India cannot feature being truly a strong country with low skilled individuals capital. Moreover, it should go against our country's image of a centre for quality education on national and international entrance.

The objective of this newspaper is to chalk out an agenda for reformation of the existing management education platform. For this, first we have to assess the strengths and weaknesses of the current construction, which this paper illustrates through SWOT (Durability, Weakness, Opportunity, and Threat) analysis. Pillars of the Indian Management Education framework are singularly scrutinized to unveil the loopholes. Key conclusions include narrow thinking about our population, superiority of profit over cultural welfare and the attitude of taking things for granted. Predicated on this, reforms are recommended, which need to be initialized on the politics, social, cost-effective and scientific (Infestation) entrance. Why considering the view from each one of these aspects? The explanation being that management education pertains to everyone and it consists of inputs out of every societal aspect. Therefore, positive development in this field will lead to the fulfillment of the ultimate aim of the united states i. e. inclusive growth. Achieving this target means transforming the country from a growing to developed current economic climate with everyone's support and contribution.

Introduction

"Education is the transmitting of civilization"

-Ariel & Will Durant

Indeed, Education is and responsible for the transmission of civilizations and thereby the change of the countries at the getting end. Different countries have different curriculums which impart knowledge on different topics like record, geography, books, mathematics, economics in framework of the particular country and also generally. Over the time, a new subject matter has been added to the cadre, called "Management" which recently has been getting a lot worth focusing on. Exactly why is it a new subject matter? Because lately the realization has dawned on us that handling our resources has become very essential for a growing rate of progress in today's and sustainable living in the near future. Thus, this management education is supposed to be the carrier of the country's expansion to its maximum.

Management education was the progeny of the industrialization and the requirement of human capital in 19th century in United States of America (USA). The Degree that was first made available from the Graduate School of Business (GSBA) at Harvard School in 1908 was christened as MBA i. e. Professional of Business Administration, the name by which it continues to be in vogue today. Before this, Wharton university of Management was established with training offered in Money and Economy, which was highly influenced by the Frederick Taylor's ideas on labor relations and industrial Anatomist. Nevertheless, the real and a formal discovery came in the form of MBA at Harvard, with a faculty of 15 and 80 students.

Harvard Business College motivated Pandit Jawahar Lal Nehru to envision the establishment of centers of higher education in India, post freedom. This resulted in everything we see as today IIM's (Indian Institute of Management), the pillars of Indian Management education construction. Such as this, MBA was sent from America to India and has aided in changing the country's civilization for the higher good!

Management Education in India

Management education in India is significantly less than 50 years old. However, from starting as a part-time education for professionals, to establishment of IIM Calcutta and Ahemdabad in collaboration with Sloan university of Management and Harvard Business College in 1962, to now, when we have significantly more than nine hundred corporations offering Master's program, a spectacular growth sometimes appears to meet the rising demands of ever-increasing inhabitants.

In the past decade, expansion in MBA programs has been 800%, BBA 19% and Ph. D in management 4%. Management education has seen quick growth round the world, specifically in European countries and Asia. USA too has currently 1600 B-Schools, producing 100, 000 MBA's every year. Management education industry is meant to worthy of, 800 billion dollar in USA. However, this progress in India has been recent. At the time of inception of presenting MBA program, it had not been accepted as a good idea, as corporate and business thought that business cannot be taught within four surfaces, same opposition as the idea of coaching entrepreneurship is facing now. Due to this, funding from corporate and business and support was not considerable, thus B-schools were usually influenced by academicians, and knowledge was imparted only through literature rather than through the experiences of the veterans.

Relentless efforts continuing and a period came when MBA became a ticket to among the finest careers of the century and their demand increased in the professional circles. Opening of the Indian economy in 1991 and the adoption of LPG (Liberalization, Privatization & Globalization) model brought us in person with the international expectations and thus electives in conditions of Finance, Marketing, Human Source, International Business etc. were created. The All India Council for Technical Education was set up by an work in 1987 as the main accreditation body for management programs. It identifies programs predicated on multiple factor like "resource supply, course structure, and infrastructure". Therefore, management education evolved in India.

Education as Input-Output model

Transformation Process

Output

Input

Fig. 1

Input-Process-Output

The education process resembles to the famous "Input/ End result" model. The source in the training process being the learner, the process is going through high, extra, graduation and post graduation and acquiring knowledge while going right through these phases and the result is the very best quality of the real human capital produced after 20-22 years of learning. Therefore, we can say, education is similar to a surgical procedure, but an extended one.

Indian Management Education framework

Components of Indian Management Education system

Teachers/ lecturers

Centers of Learning

Students

Accreditation Bodies

Graduates-BBA, BA, BCom, Bsc. , B. Tech

All India Council of Technical Education

Teaching Institutes- B-schools

National Assessment and Accreditation Council

Training institutes- Finshiksha

University Affiliations

Fig. 2

SWOT Analysis

Strengths

Management education seeds are sown very early on with the advantages of subject matter like commerce and economics in high school, thus strengthening the fundamentals.

Private education market is expected to reach $68 billion by 2012. These private establishments have made education accessible to the masses.

Common Aptitude Test i. e. Kitty, eliminates the potential clients of discrimination based on caste, creed and intimacy, thus promoting equality.

Weaknesses

Dearth of qualitative faculty members

Cost of Management education. Private schools charge exorbitant fees.

Benchmarking- Only 15 academic institutions are internationally benchmarked

Low research initiatives and entrepreneurial activities

Opportunities

Globalization- It can be used to forge ties with an increase of international B-schools and so raise the specifications of the students and companies.

Improving quality lifestyle of the Indian populace has willing them marginally toward preferring quality to number. Therefore, for good education, they don't mind paying a bit more.

Threats

Prevalence of the state of mind that engineering or a medication degree is best as graduation. Such students when enter MBA, it becomes difficult to allow them to understand the ideas as fast as the students with a graduation in commercial studies do.

Youth in rural India is unable to access advanced schooling in good companies due to lack of funds. This results in destruction of ability, that could have been implemented.

Thus, a vicious circle appears to be forming, which signifies us that management education development is not an exclusive process but an all-inclusive one.

Fig. 3

Thus, one good consequence of reforms in education is the fact it will established the wheel of economy working thus replenishing almost all the industries of the overall economy i. e. inclusive progress.

Some key issues related to the platform, are starker, than others are

B-schools- Are they creating education?

The scope for creating education is lost amidst, the profit making motive of the B-schools. They may have literally stopped contributing to the education as a field. Harvard, Wharton aren't famous only for providing world-class education also for creating education, making new inputs to the field through "Research". For e. g. John Nash helped bring a new perspective to Adam Smith's 150-year-old theory of Regulating dynamics, through his research at Princeton University or college. Therefore, research is unavoidable. It continues the river of education flowing and helps prevent it from turning into a fish pond with stale water.

Infrastructure of any B-school plays an important part in development of the human capital. Many B-schools nowadays are working without adequate scientific, public, literary facilities like computer support and a well-equipped catalogue. Resource insufficiency can be considered a roadblock in the training process.

Teachers- In regards to to professors we face two problems:

Dearth of faculty- It isn't only a problem in India but across the world. Why is it a graver problem in India? Because interacting with the needs of increasing MBA aspirants is now difficult. People in India aren't very thinking about taking on a teaching profession as it is regarded as least lucrative. The explanation being, pay offer is low and respect for a commercial czar is greater than a professor.

Quality assurance at B-schools is also guaranteed by the profile of faculty teaching there. Faculty, which is at a higher point on the training curve, brings to the table an entire new technique of imparting knowledge. Moreover, a proper mixture of academicians, browsing faculty and corporate and business interfaces in right proportion is also essential to broaden the horizon of the students, hone their problem handling, and decision-making skills.

Teachers should perform four assignments: Teacher, Advisor, Researcher and Trainer

Students: Students inducted in an MBA program, result from different backgrounds, which bring new ideas and fresh perspectives to the desk. Assessment conditions at B-schools tends to pay more concentrate on memory and grasping electric power of the students and still targets "rote learning", which restricts the reasoning potential of students.

Institutional Governance-Internally an Organization is governed by Chairman and provosts (Deans, Heads of the departments etc. ). Externally accreditation systems are dependable to oversee their functioning and lately, they have got not been doing their work properly. This is evident from the actual fact that just lately Ministry of HRD was required to cancel the accreditation of near to 44 deemed universities. Among the reasons is the fact that too many companies officer the management development as seen in fig. 3. As "too many cooks spoil the broth", likewise, multiplicity of organizations in charge of management education results in

Wastage of resources in form of human being capital, time and money

Delay in decision making

Benchmarking and Best routines- A review conducted by COSMODE- Business Today, list the very best 50 B-schools in India revealed the shortcoming of the companies and their features. Only five of all the institutions were benchmark with the global benchmarks, further 10 could just meet the requirements and slumber scored below 40 percentile. "Benchmarking is analogous to the individual learning process, and it has been described as a method of teaching an organization how to boost". Among the better practices that establishments could take up is

Total Quality Management

Continuous Quality Improvement

Business Process Re-engineering

Customer or Product-oriented strategy- B-schools usually take students as customers. They lure students by offering free laptops, foreign vacations and reducing the program costs. For this reason strategy, education becomes a business. Instead, students should be products for the companies. The necessity of the hour is of a transfer in focus from a person centric to a product-oriented procedure and meticulous work to get this to product best in quality.

Reforms

So what's the solution? Reforms on paper carried forwards with execution in real. Reforms recommended are grouped on

Political Reforms:

Establishment of 1 and only 1 body to take fee of the management education is very necessary.

The proceed to slash fees in B-schools by 80% in 2004 by Mr. Murli Manohar Joshi confronted whole lot of criticism. Authorities should track out a journey mid way, to slash the fees also rather than to put too much burden on the treasury too.

Promoting OBC's and OBT's through booking may be beneficial but still, a vigil should be stored as to if someone is taking unscrupulous advantage of the reservation coverage.

Roadmap for implementation: This is done by making use of the UID(Unique Id) authority, that will have everything of an individual when it is functional. (Although in Maharashtra it will be functional in a few days time) So anytime, students from backward school applies, database can be monitored to see, whether he's poor enough to are entitled to the benefits or not.

Social reforms

The Alumni of the schools should be inspired to share their experience with students currently studying through guest lectures. This will likely enhance industry-student interaction and coaching needs can be satisfied with the option of experienced faculty.

Roadmap: To assist in same opportunities to students from not privileged colleges, a major alumni event could be placed once in a yr by every IIM and other schools in the very best 10 list, where they invite additional 20 institutions to participate. At least top 10 or 20 B-schools could maintain such occurrences.

Pros: This will arranged the demand-supply balance of the opportunity and users right, unlike in past where, for 300 IIM students an enormous alumni bottom would come to serve them the opportunities on plate.

Cons: Implementation will be difficult, because leading education institutes seek to keep up their autonomy, nor want to share the crЁme personally with other people.

Improvement in the grade of education is very necessary which will come with improved upon faculty. Shouldn't there be some professionalism and reliability in the development of professors, too?

Roadmap: Keeping a B. ed and then an MBA or a master's degree should be produced compulsory for being a educator for a Master's program. Why emphasizing on a B. ed degree? Since it is a simple degree in education and the majority of the days, faulty technique of the professors is the consequence of being unacquainted with the psyche of the students and just how of these learning. After all, students going after Master's are still "students".

A educator induction program should be designed, which imparts knowledge to them about the curriculum, strategy and other aspects of teaching. This will help him/her break his pre-conceived notions about the B-school and familiarize him/her with the culture.

Cons: One glitch is usually that the social reform recommended above is not simply a reform; this can be a vision, which will take a long time to materialize. Furthermore, it requires changes in the thinking of the individuals who teachers aren't injuries of life and so teaching as a profession should be cured with equal respect.

MBA has all of the sudden end up being the best degree therefore everyone wishes to follow it, disregard of whether students are truly interested in it or not.

Roadmap: To avoid this, guidance centers should be produced accessible to the students fainting of each college and university in the country and for each and every learner in his/her final calendar year of graduation level, to acquire at least one seating with the counselor should be made mandatory.

Pros: This will have two benefits, first, we will know where our junior is certainly going, and we can trail the craze of penchant toward a particular job account in its nascent stages and thus can promote the development of that industry. Second, counseling is not really a very popular profession. Establishment of profession counseling centers around such a big scale, would demand human capital i. e. counselors and will open up job opportunities for many individuals.

Economical reforms:

There are several programs, which students choose to follow to increase their competitive benefits and increase their knowledge platform like NCFM by National Stock Exchange, India and Central Financial planner (CFP). Given that federal government has removed its subsidy on IIM students, it could lower down the price associated with appearing for these qualifications.

Many companies voluntarily offer scholarship to students like Aditya Birla Scholarship. The idea is that why not federal government, to channelize the wages of the business bigwigs as investment back to the modern culture, announces a norm, that each company with a turnover of above a specific limit should operate a scholarship giving Design.

Pros: First, for companies it will be a corporate interpersonal responsibility effort. Second, Government will be preserved from another subsidy burden

Cons: Convincing the business houses to invest their earnings for the welfare of people is a hardcore job.

According to a report in business Lines, country's leading business magazine, Government has relaxed the FDI limit in higher education, thus we can anticipate international collaborations.

Technological Reforms

Computers are attaining ground but still major chunk of the united states is untouched by the best breakthrough of the millennium. Federal government should continue the attempts. In the end India has established a concentrate on of wiring its rural society of 750 million with personal computers and internet by 2010.

Roadmap:

Computers employed by the urban people and are 5 yrs. old could be moved to the towns and villages, limited to learning.

Most of the B-schools should have a full-fledged computer laboratory and usage of at least one global catalogue portal. This will be a compulsory norm, while providing accreditation.

Pros: This way, better infrastructure can be assured

Cons: It really is difficult to enhance the accreditation body and their criteria for recognition instantaneously. Thus, this will need time.

Many universities run international Programs where a area of the curriculum is trained by the foreign lecturers. Instead of calling all of them the way to India, Tele conferencing can assist in keeping costs.

Pros: Cost saved in importing professors and cost incurred on setting up a Tele Conferencing system is onetime investment.

Cons: Some Institutes cannot even incur onetime cost due to lack of funds.

Concisely, these reforms come with benefits and drawbacks. They might take a lot of energy to be approved and integrated, but once it is done, the revised construction would be far better.

Conclusion:

Indian Education System is stated to be one of the best on the globe because it churns out the best heads. However, in areas of education regarding management, it needs to be more careful because MBA's will be the ones who'll hold our country in future. Plus management education doesn't help basically business students but everyone generally. Therefore development of management education will lead to an all Inclusive growth, the ultimate aim of the united states.

Word count number: 3274

Note: Word count number is expressed here excluding recommendations.

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