AICTE Chairman Dr T G Sitharam releases IMC 2024 Theme Paper; Compliments IMC for publishing insightful papers on burning issues

The 14th Indian Management Conclave (IMC) began on a high note with the release of annual Theme Paper by AICTE Chairman Dr T G Sitharam on September 20 at XLRI Jamshedpur. Releasing the Paper, AICTE Chairman complimented Indian Management Conclave for relevance of theme papers and white papers it has published. He urged management education fraternity to refer to IMC 2024 theme paper, as well the previous whitepaper on New Education Policy, which he had released at IMC 2023.

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During his inaugural address at IMC 2024, Dr Sitharam said, “I compliment Indian Management Conclave Founder Amit Agnihotri for publishing very relevant papers on management education. Your document ‘NEP 2020: Pathways for Standalone B-schools’ is an insightful document, which is referred to by AICTE.” He further added, “I am sure IMC 2024 theme paper on MBA Jobs and Competencies will help B-schools move in right direction and I urge B-schools to pay close attention to your paper.”

AICTE Chairman addresses IMC 2024
Dr T G Sitharam delivered an insightful and elaborate Inaugural Address at 14th Indian Management Conclave (IMC) being held at XLRI Jamshedpur on September 20-21. During his address he said, “Management education institutions have to play a key role in the Vision 2047 of Viksit Bharat. There are so many opportunities in the area of competency building and skilling that management institutions can leverage.”

Commenting on the Policy Framework for MBA/PGDM institutions he said, “AICTE is a facilitator and enabler. We believe in providing a level playing field to foster management education and technical education in India.”

AICTE Chairman releases Theme Paper on Reshaping MBA for Contemporary Roles & Competencies

IMC 2024 Theme Paper was released by AICTE Chairman Dr T G Sitharam on September 20 at XLRI Jamshedpur. IMC 2024 Theme Paper highlights the significant changes in MBA Recruitment landscape in India.

A big insight from recent MBA recruitment data is that just three sectors hire more than 80% of all MBA graduates from Top 50 Indian B-schools. These sectors are: Global Capability Centers (GCC) & IT Services, Consulting and Banking & Financial Services.

Table 1: Top Sectors Recruiting MBAs from Top 50 B-schools in 2023 & 2024

Industry	Share of Total MBA Jobs Offered
IT Services	33.9 %
Consulting	25.5 %
Banking & Financial Services	24.8 %
Internet Businesses	3.7 %
IT Software	3.4 %
Diversified & Others	8.7 %
Total	100.0 %

Source: MBAUniverse.com Analysis of B-school Placement Reports 2024 & 2023

MBA Salaries Decline, even in Top B-schools
MBA Placement 2024 season was unlike any other in the last decade. MBAUniverse.com Analysis of B-school Placement Reports 2024 reveals that MBA salaries have fallen this year compared to last year. Refer table 2. Further, the percentage of MBA graduates who were left unemployed on the date of completion of their MBA program was at a record high.

Table 2: MBA Salaries Decline

B-school	Average Salary 2023 (Rs. in Lakhs)	Average Salary 2024 (Rs. in Lakhs)	Increase/ Decrease (%)
IIM Bangalore	35.31	35.92	+1.7%
IIM Calcutta	35.07	35.07	0%
IIM Ahmedabad	34.45	Audited report to be released in Oct 2024
XLRI Jamshedpur	32.70	29.89	-9% Drop
SPJIMR Mumbai	33.02	33.00	0%
MDI Gurgaon	27.67	25.50	-8% Drop
IIM Lucknow	32.20	30.00	-7% Drop
IIM Kozhikode	31.02	28.05	-10% Drop
IIM Indore	30.21	25.68	-15% Drop
SJMSoM IIT Bombay	28.88	28.01	-3% Drop

Source: MBAUniverse.com Analysis of B-school Placement Reports 2024

Changing Managerial Competencies Requirements of Industry
The paper highlights that the widespread usage of generative Artificial Intelligence (AI) and the impact of COVID-19 have changed the way business is done (Donthu & Gustafsson, 2020; McKinsey, 2023). Consequently, the required managerial competencies, which positively influence the performance of both individuals and their organisations, have also undergone a significant change.

A study on the impact of AI on managerial competencies revealed that most managerial skills, such as complex decision-making, innovation, and relationships, will be augmented by AI, while some skills like simple decision-making will be completely replaced by AI tools (Giraud et al., 2022).

A recent study identified key competencies required by US and Indian industry experts. The study highlighted execution, innovation, and technological competencies as the most important for managerial performance in the post COVID-19 world (Agnihotri and Misra, 2023; World Economic Forum, 2023).

Table 3: Key managerial competencies identified by the US & Indian Industry Experts

Competencies	Importance Scores (Mean) by Indian Experts (Ratings out of 5)	Importance Scores (Mean) by US Experts (Ratings out of 5)
Self-awareness	4.77	N/A
Execution	4.49	3.58
Social-awareness	4.35	3.66
Relationship Management	4.28	3.60
Self-Management	4.27	4.20
Cognitive Intelligence	4.22	3.63
Technology awareness, use, development	4.11	N/A
Technical knowledge	4.08	3.42
Innovation	3.80	3.39

Source: Agnihotri, A., & Misra, R. K. (2023). Managerial competencies: A comparative study of US‐India employer’s needs. Global Business and Organizational Excellence.

Dr T G Sitharam, Chairman, AICTE New Delhi Addressing IMC 2024

Recruiters seek MBAs for Specific Roles, not “Trainees”
Today, large MBA recruiters, particularly from the IT, Consulting and Banking & Financial Services, expect to hire MBA graduates directly for specific job roles. These job roles have defined responsibilities and expectations that measure how an employee contributes to corporate objectives. Hence, after a short company orientation that often lasts a week, these fresh MBAs are expected to start contributing in their designated roles.

MBAUniverse.com Analysis of B-school Placement 2024 data from a few large B-schools in North, West and South India corroborates this point. Read complete IMC 2024 Theme Paper.

IMC 2024 Program Designed to discuss the Theme Paper
To deliberate on above questions, IMC Conclave is hosting following sessions:

Session	Session Objective & Topic	Speakers/ Presenters
Inaugural & Valedictory	Understanding Contemporary MBA Roles, and the required Competencies & Skills by corporates	Business Leaders
Plenary Sessions	To learn from the Industry about Contemporary MBA Roles, and the required Competencies & Skills	CXOs from top MBA recruiting sectors such as IT & GCCs, Consulting, BFSI and other related sectors
Academic Leaders’ Roundtable	To discuss how B-schools can meet the changing industry requirements from their MBA graduates	Directors from Top B-schools
IMC Awards for Excellence in Management Education	Share initiatives taken by progressive B-schools to identify MBA Roles and develop the required Competencies	Academic Leaders representing B-schools where these initiatives have been taken

XLRI and MBAUniverse.com are organizing 14th Edition of INDIAN MANAGEMENT CONCLAVE (IMC) 2024 on September 20-21, 2024 at XLRI Jamshedpur campus. IMC 2024 witnessed a confluence of 25+ distinguished speakers including Chief of India’s MBA Regulator - AICTE, Asia Chief of World’s leading Accreditation body, Director General of Triple-Accredited Global B-schools and Directors from IIMs, IITs, XLRI, SPJIMR, MDI; CXOs from ITC, UBER, Axis Bank, Consultants from Deloitte, KPMG, PwC; Journal Editors, Researchers and other stakeholders, deliberating on the theme at IMC 2024.

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