Management education has emerged as one of the main focus of higher learning in India. According to a report ‘Management Education in India’ by management education experts B Bowonder and SL Rao, changing economic conditions and global competition has given management education in India an increasingly central role in the success of individuals and corporations.
Dr. Pankaj Chandra, Director of IIM Bangalore says, “The best part about the MBA schools is that the program is based on learning how to build and mould innovative organizations. The concepts of management are equally applicable to all kinds of organizations – hospital, NGO, museum or a public administration office.” Another key benefit about getting an MBA degree is honing networking skills, he adds.
The management experts opine that success in the 21st century is all about 'ideas', and management education helps in fine-tuning these ideas. Santosh Desai, CEO of Future Brands, says, “Nowadays, the notion of ‘money makes money’ has shifted to ‘ideas make money’. I think this is a substantial shift. Businesses are based more on ideas these days. Only those who apply unique ideas stand out in the business world. And this is what makes management education the top choice among students in India.”
Apart from learning all that MBA offers, good jobs and corporate placements is another key attraction for MBA aspirants. After obtaining the MBA degree, you will not only be able to pursue the career of your choice but would also be able to showcase your unique ideas. As Chander Mohan Sethi, Chairman and Managing Director, Reckitt Benckiser says,” Dress doesn’t matter, accent doesn’t matter, area from where you come doesn’t matter, religion doesn’t matter, but passion and involvement are what matters to get onboard Reckitt Benckiser. You need to present out of the box ideas to be a unique member of your organization.”
Recently, MDI Gurgaon has announced 100 per cent lateral placements for its final year students with work experience. “The lateral placement was a success with participation by the top regular recruiters like Cognizant Business consulting, IBM consulting, Mercer, Yes Bank, GE and others,” said a spokesperson from MDI Gurgaon.
MBAs are hired by all sorts of organizations like banks, media houses, retail stores, consultancy firms, FMCG companies to name a few in the roles of marketing, Human Resources, Operations etc.
MBA Placements 2008, 2009, 2010
If one compares the MBAUniverse.com MBA Placement Report of 2008 with 2009, one can see that even the IIMs witnessed a slide in the average salary package during the placements in 2009 as compared to 2008. At IIM Ahmedabad for instance, the average domestic salary came down to Rs 12.17 lakh from 2008’s Rs 18.75 lakh. Highlighting the brighter side, Placement Chairperson of IIM Ahmedabad Saral Mukherjee said, “All students of IIM Ahmedabad were recruited by big companies in spite of the recession.”
According to Director of IMT Ghaziabad Dr. Anwar Ali, although year 2009 placement process were lackluster, the scenario in 2010 is different. “The economy is already on its way to recovery, so an MBA degree will become an asset in the future. The future of MBA is very positive, very bright,” Dr. Ali said. He added that IMT Ghaziabad, which is one of the top MBA schools in India, has devoted one of the senior level employees at IMT entirely for the placement process to bring more focus and discipline to the MBA school placement processes.
The Final Placements 2010 that began in February 2010 started on an optimistic note. IIM Ahmedabad, IIM Bangalore, IIM Calcutta have reported very good response to their placements process. Similar good news is coming from MDI Gurgaon, SOIL, and many other top MBA schools.
Talking about the future of management education, the academia of the top MBA schools in India stick to the fact that the situation has improved and will further improve. The Director of MDI Gurgaon Dr. B S Sahay says, “India and China are economically very stable right now. We have a strong regulatory system and a stable government, so I see no reason to worry or assume that the economic situation has hampered the management education domain.” CS Venkata Ratnam, Director of IMI, too, said, “The best thing for the students who are entering MBA this year is that by the time they will be graduating, the economy will be fully recovered.”
Also, nowadays, MBA schools in India are encouraging their students for entrepreneurship since it enables them to think of their own unique business ideas. Management education can prepare you to do everything from writing a business plan to acquiring venture capital to launching an IPO. In other words, your MBA degree will develop your entrepreneurial potential by focusing on value-based solutions, developing creative problem, solving basic skills and perceiving the change as an opportunity, and so it becomes an asset.
Many students plan their own entrepreneurial venture right after coming out of MBA schools. This has led leading B-schools to increase their focus on entrepreneurship. The Director of MDI Gurgaon says, "Over 20 MDI Gurgaon students from the batch of 2009, either went for higher studies or started their own ventures. It should be noted that this was not due to lack of jobs, but because of their own zeal to do something of their own or pursue further studies.”
MBA Primer is a series of exclusive articles prepared by MBAUniverse.com keeping in mind the needs of MBA aspirants. Based on comprehensive updated inputs from experts and credible sources, these articles by MBAUniverse.com cover topics like: Basics of MBA, How to crack written tests like CAT and How to select the right MBA institute.
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