Future of MBA education in India | Lovely professional universityby LPU University Lovely Professional University
If we look at the present scenario in India, majority of the youth are aspiring to become successful entrepreneurs and most importantly the honourable Prime Minister of India Mr. Narendra Modi also wants our youth to be an employer rather than being an employee. Thus this young India dreams to be one of the most successful business countries in near future. However, in order to run a business of your own these days, a basic knowledge of business administration is a prerequisite solely because of the amount of competition a business venture faces with its rivalry, some of them can be well established in their field. Here comes the importance of MBA (Masters in Business Administration) which offers an individual all the necessary knowledge about successfully handling various aspects of business and management related issue. Over the past two decades or so, the demands of MBA institute and well trained MBA faculties have increased many a times due to the realisation of importance of MBA education in India. As a result we have seen that over the past few years some extraordinary performances have been made by MBA students in academic life and later in their professional life, resulting in further demand of good MBA colleges and faculties. Today the situation in India regarding management studies is so good that there is no need to go abroad for an MBA degree as India has developed into a country where there are thousands of excellent MBA colleges with well specialized and fully trained faculties where an individual can get top-notch training for his/her professional life. But with all the blooming advantages the management course is having in India, there has been few questions asked about the credibility of the institutes that provide this course and also the future of MBA in our country.
Well according to some educational experts, the large number of MBA institutes, which has been the advantage for India in recent years, can well turn out to be harmful in future. There are nearly four thousands five hundred MBA colleges in India at present. This may sound good in terms of education, but when it comes in terms of employment, campus recruitment and job security; only 25 out of the whopping amount of 4500 colleges provide best employment opportunities via campus recruitment with great salary package and job security. A college which comes under a rank of 25 to 100 also provide good opportunity of work with average-to-good salary package, but job security remains a concern. And the worst scenario is that colleges which rank beyond 100 till 4500(which constitute approximately 98% of the total MBA College in India) does not even provide job opportunities, thus the question of security and good package salary does not even arise. This situation is tense and alarming because one of the main problems in India is unemployment and every year over 90% of the MBA graduates are either being unemployed or under employed thus increasing the worries of employment.
According to the recent survey of AIMA (All India Management Association), the quality of education offered in Indian Business and Management Schools apart from few is of substandard quality and this is the sole reason that many business graduate are struggling to survive in the professional world even after getting a degree with good marks and knowledge in this field of management. Further, All-India Management Association, have heavily criticized the B-Schools where the strength of the students are below 60. According to the recent study conducted by ASSOCHAM (The Associated Chambers of Commerce and Industry of India) out of nearly 15000 students who graduate from nearly 4500 MBA schools in our country, only 7% are employed every year. If this situation prevails then in future leaving aside few IIM’s, remaining Business Schools will find it hard to place their students in the good multinational firms or some good companies in the domestic companies which are making their names at the Global Level, a place where every management student will want to work.
Another problem with MBA is that its fees structure. This is not only a concern of future but present it. A MBA graduates on an average in India spends about 6 to 7 lakh of rupees for his/her course which is indeed big amount of money. The problem is that after spending a huge amount of money for the education, the expectation of students is to get a package of at least 50,000 a month. But when they land a job which provides a package of 20,000 to 30,000 rupees a month is the time when majority of the students fall into depression and which is really a worry of concern. This concern has to be taken seriously because many students who do not get admission in Top 100 Colleges leaves their ambition of joining a management school as they know the present scenario of placement these schools. This in turn will prove to be fatal in the future as more and more colleges will shut down due to unavailability of students and funds and India which presently produces very efficient management professional due to fierce competition will start to produce degrading professionals.
The bright prospect for the future of MBA in India is that it is still in its growing state and the way it is rapidly emerging, in near future India can become the hub of all management courses. In fact, according to AIMA, by 2025 the Indian management education system will clearly emerge as the second best in the world, second only to that of USA. So even there are few hiccups when it comes to MBA and management courses and schools in India, it can easily blossom itself in the globalized corporate world if few problems are tackled like increasing of Faculty student ratio, Improvement of Infrastructure, mentioning perfect benchmark for rankings and most importantly improving the placement cell by nurturing talents for Regional and Local Markets.
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Created on Apr 14th 2018 03:36. Viewed 180 times.