A

Seminar Report on
CHALLENGES FOR
MANGEMENT EDUCATION IN INDIA
(Subject Code: 536123)

Submitted in the partial fulfilment for the

award

Of degree of

MASTER OF BUSINESS ADMINISTRATION (MBA)

Of

Chhattisgarh Swami Vivekananda Technical

University

Bhilai (C.G.)

Session 2010-12

Guided by: -
Submitted by: - Name of Faculty: - Biblab Bishwas
Name of the student:-Chandani Singh
Designation :- Roll No: - 1001078

Sec – ‘c’
 DEPARTMENT OF
MANAGEMENT

DISHA INSTITUTE OF MANAGEMENT AND

TECHNOLOGY

(Disha Education Society)

Satya Vihar, Vidhansabha-Chandrakhuri Marg, Mandir

Hasaud,

Raipur (C.G.)492007

ACNOWLEDGEMENT
The project has been a big learning experience for me and I
would like to express my gratitude towards all the people who
have guided me throughout, and without whose guidance and
support this work would not have been completed successfully

First of all, I express my deep sense of gratitude to this

esteemed Instituted DISHA INSTITUTE OF MANAGEMENT AND TECHNOLOGY with
such a courage and knowledge to undertake this work.

With great happiness and gratitude, I would also like to extend my sincere
thanks to our principal Mr. R.K Mishra and my mentor Mr. Barik for all his
support and guidance.

In particular, I want to express my gratitude to Mr. Biplab Bishwas (Seminar

incharge) for providing me consistent guidance and valuable critical counsel for
the completion of this work and all the people in DISHA INSTITUTE OF
MANAGEMENT AND TECHNOLOGY (DIMAT), without whom this work won’t have
achieved its completion.

Thanking all for their support

CHANDANI SINGH
This report presents the findings on challenges for management education and
recommendations/ suggestions resulting from the study of the “CHALLENGES
FOR MANAGEMENT EDUCATION IN INDIA”.

The objective was to compile and synthesize information on the status of

management
education in india at present. The report consist of study regarding the need of
the
management education for future, principles for responsible management
education,
various trades offered in management education, their scope & competitive
advantage,
challeges for management education & suggestions to overcome these
challenges.
This reports help the readers to understand the scenario of management
education in india
and its role in post globalization era.
This report provide a wealth of information about the management education in
India and
the conclusion at end summarize the whole report and help to get the better
picture of
management education in India.

CONTENT:-
 s.n
o DESCRIPTION

1 INTRODUCTION TO MANAGEMENT
EDUCATION

2 INTRODUCTION IN INDIAN CONTEXT

3 NEED FOR THE FUTURE

4 LIST OF TOP TEN MANAGEMENT

COLLEGES IN
INDIA

5 PRINICIPLES FOR RESPONSIBLE

MANAGEMENT
EDUCATION

6
DIFFERENT TRADES IN MBA

7 MANAGEMENT EDUCATION IN THE WIDER

8 CONTEXT OF THE SOCIETY

9 ROLE OF MANAGEMENT EDUCATION IN
POST
GLOBALISATION ERA

10 CHALLENGES FOR MANAGEMENT

EDUCATION

11 HOW TO OVERCOME THE CHALLENGS

12 CONCLUSION
13 BIBLOGRAPHY (1) INTRODUCTION
TO MANAGEMENT
EDUCATION
MEANING

Management education involves teaching students the fundamentals, theories,

and processes of business. Education in this field occurs at several levels,
including secondary education and higher education or university education, with
the greatest activity in the
latter. Business education typically prepares students for an occupation in
business or a
business-related field, or a teaching career in academia.
UNDERGRADUATE EDUCATION

At the university level, students have the opportunity to take general business
courses, or
to seek a specific degree in business studies. Courses offered vary by school, but
typically
include basic selections such as Accounting, Marketing, Finance, and Operations
Management. Specific curricula and degree-granting procedures differ somewhat
by
region.

POSTGRADUATE EDUCATION

At the graduate school level, students can seek a variety of specific degrees (see
below),
most often an MBA. Students pursuing postgraduate degrees usually have some
prior
business experience.

DEFINITION FOR: MANAGEMENT EDUCATION

Formal instruction in the principles and techniques of management, and in

related

subjects, leading to a degree. Management education strives to develop

management

knowledge, understanding, and competence through classroom or distance-

based
methods. Management education is a main component of management
development, and
differs from management training in that the latter may exploit any one of a
variety of
formal or informal methods, tends to be focused on a specific skill, and does not
result
directly in a formal degree.

(2.) INTRODUCTION IN INDIAN CONTEXT

In recent years there has been an unprecedented number of technical and
management
institutions being set up, mostly through private capital. In the field of
management
education, India has around 1200 institutions providing undergraduate and
post-graduate level courses. Since the management graduates and post-
graduates
produced by these institutions are primarily absorbed by industry, there is a
growing need
to match the curriculum and structure of management education to better fit the
needs of
India and to the changes in the industrial and services sectors within the country.
Moreover, it is important to properly assess the quality of management
education
imparted to the students of various institutions.

CURRENT SCENARIO

As in 2006-07, there were over 1100 business schools in the country. Of these, 5
were
private aided institutions, 903 were private unaided and 149 were government
institutions. In the last decade, the country has witnessed a phenomenal growth
in
enrolment in management education. The current intake stands at roughly
92,000, with
the majority of the students enrolled in private management colleges. The
distribution of
management institutions shows a regional imbalance, with 86 per cent of the
colleges
concentrated in north and south India. There appears to be a correlation
between the
number of schools in a state and its economic and industrial development. The
regional
imbalances in development and the creation of capacity for management
education in the
state are probably related. A large proportion of the capacity is filled through all-
India
examinations conducted at a number of locations throughout the country.
Therefore, a
high per capita seat capacity for a state does not necessarily mean a higher level
of
opportunity for aspirants from that state. The per capita seats per lakh of
population may
be partly a reflection of the state’s capacity to absorb a higher percentage of
management
graduates.
Growth in the number of business schools has accelerated over the last two
decades. This
acceleration, propelled by the increase in the rate of growth of the Indian
economy,

speaks also for the entrepreneurial initiative of promoters to seize commercial

opportunities in education. The imbalance between demand and supply for
management
graduates has led to an overly commercial and exploitative environment in
management
education. It is not clear how many of the recently started institutions are merely
speculative and how many are seriously committed to the cause of management
education. It is not also clear how many actually meet the norms and standards
established by the All India Council for Technical Education. The regulatory
framework
and implementation has been unable to link the entrepreneurial initiative to
performance
in terms of educational quality. It has a control perspective focusing on inputs
such as
land, faculty, and other infrastructure rather than on the outcomes such as
quality of
education, research, access, cost effectiveness or relevance.

REGIONAL DISTRIBUTION OF MANAGEMENT COLLEGES

STATEWISE MBA/PGDBM SEATS PER LAKH POPULATION

3.) NEEDS OF THE FUTURE

Although India produces a large number of management graduates, perhaps
next only to
the U.S., scholarly debate on curriculum, pedagogy, and innovation is negligible.
There
are, as already noted, many reports prepared on behalf of, or addressed to, the
Government or the regulatory authorities but little generated by or addressed to
the
professional community, which has to deliver the results. Action by government
or
regulatory authorities on the various reports is slow and sometimes inconsistent.
Most
institutions depend on curricula and materials developed elsewhere and have
not
developed an intrinsic capacity to respond and evolve to the changing needs of
various
sectors of industry and services, student interests, Non-Government
Organisations, or the
economy and society. Many are unable to fulfil the mandatory changes imposed
on them,
such as upgrading of the curriculum by the Universities or the Board of
Management
Studies.
There is need for greater autonomy for management education entities as well
as a better
regulatory regime. The market has to be enabled to consistently discriminate
different
programmes/institutions based on their capacity to provide education of value. In
a well
functioning system, more and better resources have to flow to those MEEs that
have a
capacity to consistently deliver better value and respond well to professional
influence.
There would be in such a system serious and continuing debate among
management
scholars and educationists on the goals, objectives and content of management
education
as the context and needs keep changing. Capacity growth would be guided by
systematic
forecast of the educational needs of the economy/various sectors. Those MEEs
that have
a higher level of commitment and depth of resources should be the ones that
grow and
respond to needs. There are few systematic attempts at forecasting the demand
for
managerial manpower in India. There is general consensus among industry that
the needs
are increasing at an accelerating speed. Also, the emphasis is increasingly on
quality,
both at entry and middle levels. Management institutions in India are today
estimated to
be graduating approximately 95,000 students annually. HR managers in various
industries, especially in the “sunrise” industries, foresee a manifold increase in
their
requirements. However, what proportion of the total requirement will be for the

increasingly more expensive post graduates in management and what

proportion would
be for the less-expensive lower levels of managers is not clear. In the Group’s
judgment,
quite a large percentage of the huge additional requirement could be met more
speedily
and satisfactorily by adapting the Bachelors programmes in Management so as
to focus
on specialisation and practice. The retailing sector, which is expected to hire
large
numbers in future, has already initiated through several MEEs long-duration
educational
programmes and short-term sector-specific training of experienced managers. It
is
important to ensure that the students do acquire enduring knowledge, skills and
aptitudes
that are well recognized, as in a recognized professional degree, and upon which
they can
build later, if desired. Notwithstanding the above, there is no doubt there will be
a steep
increase in the demand for postgraduates in management. Based on the
assessments of
HR managers, as a best estimate, the Group foresees the need for a three-fold
increase
over the next 10-15 years. Thus, there will be a need to raise the output from the
current
level of 100,000 managers to about 300,000 a year over the next 10-15 years.
For these,
specialized management training/development programmes would be needed.
The
number of business schools has trebled in the last ten years, with many of
indifferent
quality. The market has already started discriminating the quality of institutions
and
graduates. This is expected to intensify in future. A good information system on
all the
schools can sharpen the working of this market process, which is currently based
on
incomplete, and sometimes inaccurate, data and exaggerated claims of various
educational organisations. An improved working of the market processes would
have its
consequences for those institutions not gearing up to meet minimum quality
standards
and expectations of the stakeholders. It is in this context that the Group
reiterates the need
to put in place an appropriate promotional and mentoring agency, and a
regulatory
architecture and supportive infrastructure.

(4) LIST OF TOP TEN MANAGEMENT COLLEGES IN INDIA

1.INDIAN INSTITUTE OF MANAGEMENT (AHMEDABAD)

Address : Vastrapur, Ahmadabad - 380 015, INDIA
Contact No : 91 79 2630 8357, dean@iimahd.ernet.in
Website : http://www.iimahd.ernet.in/

2.INDIAN INSTITUTE OF MANAGEMENT (LUCKNOW)

Address : Prabandh Nagar, Off Sitapur Road,Lucknow,Uttar Pradesh India
PIN :226013
Contact No : 00(91)(522)2761397, 00(91)(522)2761437,
Website : http://www.iiml.ac.in/

3 INDIAN INSTITUTE OF MANAGEMENT (KOLKATA)

Address : Diamond Harbour Road Jokai, Kolkata (Calcutta) - 700104, West
Bengal, INDIA
Contact No : +91-33-2282-4598, +91-33-2467-9178
Website :http://www.iimcal.ac.in/

4 INDIAN INSTITUTE OF MANAGEMENT (KOZHIKODE)

Address : IIMK Campus P. O., Kozhikode 673 570, Kerala, India
Contact No : +91-495-2803001
Website :http://www.iimk.ac.in/

5 INDIAN INSTITUTE OF MANAGEMENT (INDORE)

Address : Prabandh ShikharRau-Pithampur Road Indore 453 331,Madhya
Pradesh, NDIA
Contact No : + 91-731-4228400
Website : http://www.iimidr.ac.in/

6 INDIAN INSTITUTE OF MANAGEMENT (BANGALORE)

Address : Bannerghatta Road, Bangalore, India Pin Code : 560 076
Contact No : 91-80-26582450
Website : http://www.iimb.ernet.in/

(7) FACULTY OF MANAGEMENT STUDIES, DELHI UNIVERSITY (FMS) (NEW DELHI)

Address: Faculty of Management Studies University of Delhi - 110007

Contact No : +91 11 2766 6382 / 6387 / 6388
Website :http://www.fms.edu/

(8) JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES

(MUMBAI)

Address: Backbay Reclamation, Mumbai, India. Pin - 400020

Contact No: +91 - 022 - 22024133 / 22024118 / 22025153
Website: http://www.jbims.edu/

(9) XAVIER LABOUR RESEARCH INSTITUTE (XLRI) (JAMSHEDPUR)

Address : XLRI Circuit House Area (East)Jamshedpur 831 001JharkhandIndia
Contact No : +91 - 657 - 3983333
Website : http://www.xlri.ac.in/

(10) SP JAIN INSTITUTE OF MANAGEMENT & RESEARCH (MUMBAI)

Address : Mushy Nagar, Dadabhaias Road, Andrei West Mumbai - 400 058,
India.
Contact No : +91-22-2623 7454 / 0396 / 2401
Website :http://www.spjimr.org/

5.) THE PRINCIPLES FOR RESPONSIBLE MANAGEMENT

EDUCATION

As institutions of higher learning involved in the education of current and future

managers we are voluntarily committed to engaging in a continuous
process of improvement of
the following Principles and their application, reporting on progress to all our
stakeholders and exchanging effective practices with other academic
institutions:

PRINCIPLE 1

PURPOSE: We will develop the capabilities of students to be future generators of

sustainable value for business and society at large and to work for an inclusive
and sustainable global economy.

PRINCIPLE 2
VALUES: We will incorporate into our academic activities and curricula the values
of global social responsibility as portrayed in international initiatives such as the
United Nations Global Compact.

PRINCIPLE 3

METHOD: We will create educational frameworks, materials, processes and

environments that enable effective learning experiences for responsible
leadership.

PRINCIPLE 4

RESEARCH: We will engage in conceptual and empirical research that advances

our understanding about the role, dynamics, and impact of corporations in the
creation of sustainable social, environmental and economic value.

PRINCIPLE 5

PARTNERSHIP: We will interact with managers of business corporations to extend

our knowledge of their challenges in meeting social and environmental
responsibilities and to explore jointly effective approaches to meeting these
challenges.

PRINCIPLE 6

DIALOGUE: We will facilitate and support dialogue and debate among educators,
business, government, consumers, media, civil society organizations and other
interested
groups and stakeholders on critical issues related to global social responsibility
and
sustainability.
We understand that our own organizational practices should serve as example of
the
values and attitudes we convey to our students.

6.) DIFFERENT TRADES IN MBA

(1) MBA FINANCE

MBA Finance is becoming a very popular choice among the many specializations
offered
in the MBA course. Though most MBA programmes will provide the basic
knowledge of
business principles, an MBA in Finance better equips one to face the cut-throat
competition of a dynamic business environment.

A finance career is best started off with an MBA in Finance. The course can be
completed in one of the many ways that most universities offer. Either one can
do a
Regular two years Course, or opt for a part-time MBA course-which can be done
either
through Distance Learning or Online. Quite a number of Distance learning MBA’s
are
earned to enhance career prospects. The Institutions offering part-time MBA
courses
conduct classes either in the evenings after working-hours or during week-ends
over a 2
year period.

Many of the Universities and Colleges also offer an Executive MBA commonly
known
as the EMBA. It is specially designed to improve the career prospects of working
business professionals. It gives the working Managers and Executives a chance
to
upgrade their management skills. The employers these days are realizing the
many
benefits of sending their employees for an Executive MBA. The employees get a
chance
to improve their managerial and leadership skills and directly bring ideas from
the ‘class
room to the Board room’. It is a win-win situation both sides because the
employers get a
reinforced loyalty from the employee and the employee gets to earn a much
sought after
degree without taking a break from his or her job.The salaries of a qualified MBA
are among the best anywhere.

A MBA Finance degree offers many more job opportunities than other MBA
specializations, because the implementation of ideas in any company or NGO or
Government organizations is rooted in Finance.

Why MBA Finance:

MBA Finance increases the job opportunities, helps in changing careers or better
qualifies one for a chance at career advancement or helps one to start one’s own
business.
MBA Finance will teach a student accounting, economics, banking, market
structure etc.
which are all vital to any enterprise.

Finance for MBA can be easily garnered through a Student loan given by most
Banks or a personal loan which can be sought from any financial lending
institution. It has become a very common practice to get corporate finance for
the course. A number of Companies have started recruiting students who are still
doing the Course, as the demand for MBA Finance Graduates is quite high.
MBA MARKETING

MBA marketing courses are offered by a number of reputed institutions

worldwide. The
comprehensive courses offered are ideal for both students and working
executives, who
wish to add value to their educational background. In addition to the courses
offered
through traditional modules, one can also come across online MBA marketing
courses.
The remuneration offered to the individuals in this profession is quite decent and
there is
ample scope for career development.

ELIGIBILITY FOR MBA MARKETING

The minimum eligibility criteria required for students seeking admission to MBA
marketing programs is graduation. In some of the institutes at least 60% marks
is required
for taking admission. However, selection process may vary from one institution
to the
other. Candidates seeking admission to the reputed B-Schools for pursuing their
higher
education in marketing are expected to qualify the entrance examination
conducted for
the selection of the candidates. The entrance test held is generally based on
multiple
choice questions which include quantitative ability, verbal ability, logical
reasoning and
data interpretation. Candidates selected on the basis of their performance in the
entrance

Examination are then called for a personal interview round. A group discussion
session is also conducted for the short-listed candidates to take part. Scope of
MBA Marketing Courses Candidates with an MBA degree in marketing are sure to
enjoy excellent career growth in
this highly competitive world. Marketing manager, market research analyst,
brand
manager and new product manager are some of the job profiles available for
MBA
marketing professionals. Candidates with profound knowledge in finance can
also look
for the job opportunities available as strategic or market planning executives.
One can
also come across other specialized corporate positions like advertising manager,
marketing communications manager, sales manager and PR director. Most of the
advertising agencies also offer ample job scope for marketing professionals in
specialized
areas like direct marketing, advertisement and jobs related to communications.
MBA
Marketing programs are also ideal for those who wish to make a career as a
brand
manager. This profession generally attracts youngsters as the job involves lot of
responsibilities, glamour and lot of travelling.

2. MBA IN HUMAN RESOURCE

If PR (Public Relations) department of a business house is involved with the

external
clients, then the Human Resource (HR) are concerned with the internal clients
i.e. the
employees of the business house.
HR or Personnel Managers are involved in all aspects of people management. HR
managers need to interact with people of widely differing levels of intelligence,
education
and ability.
In the past, Human Resource professionals were just involved in the behind-the-
scenes
work such as handling issues of employee benefits or recruiting, interviewing,
and hiring
new personnel in accordance with policies and requirements laid down by top
management. Today HR managers are more actively involved in shaping
corporate policy
as well as juggle with the tasks mentioned earlier.

A MBA in HR enables an individual to pursue a career in Human

Resource/Personnel management.

What is the benefit of doing MBA in Human Resource?

MBA with a specialization in HR Management allows a student to develop a

general set
of management skills in other areas in the first year while learning about human
resource
practices in the second year. MBA in human resource management focuses on
the skills
that are required to be effective organizational managers.
These programs teach human resource development, the legal aspects of
management,
and strategic human resource management. Students become familiar with the
social,
cultural, and economic factors that influence employee relations. It also teaches
the
students how to assess and improve essential components of company
operations,
including compensation, benefits, salary negotiations and safety standards.
Eligibility for MBA in Human Resource (HR) :

A student needs to have completed his/her graduation from any stream in order
to pursue a MBA in HR.

Entrance tests for MBA in Human Resource (HR):

There are no different entrance tests for MBA in HR. The entrance test includes
testing of
proficiency in English, problem solving, data analysis and interpretations, critical
reasoning and general awareness of socio-economic environment.

Future aspects of MBA in HR:

As per the modern concepts of management, it is essential for any business

house to look
after the needs and demands of their employees. The employees need to be
kept satisfied,
as they are the heart of an organization. Realizing the growing need for keeping
the
employees happy, many organizations started having human Resource
department, which
would not only recruit the right candidates for the organization but also make it a
point to
keep them happy and motivated.

The HR department has now become an indispensable part of every

organization. An
MBA in HR can give a candidate an edge over others pursuing a similar course. A
HR
manages employees in private and public sectors. They can also work within a
company
or as consultants to advise corporations on anticipated organizational change.

3. INFORMATION TECHNOLOGY MBA DEGREE

An MBA in information technology covers the basics of emerging IT trends.

Elements of the master of business administration within this information
technology program enable you to conceive of and execute organizational
planning at the MBA level. This program provides solid information technology
fundamentals. Subsequent coursework educates future MBAs to master
information technology interfaces with business administration. An MBA degree
in information technology is highly specialized.

MBA Degree Specifics

This MBA program begins with information technology coursework in computer

science,
information database management and networking. Information technology
education
also includes information management theory and related technology
applications.
Information technology is then examined in light of modern business
administration
requirements. Alumni leave this program with the information technology and
business
administration competencies, in the form of an MBA title, to start or run their
own
businesses. Coursework includes accounting, finance and economics related to
the
information technologies industry.

Career Opportunities as a Master's of Information Technology

• Computer Information Specialist

• Information Systems Manager

• Management Information Systems Director

• Vice President of Information Technology

• Chief Technology Officer

Professional Outlook for the Information Technology MBA

According to the US Bureau of Labor Statistics,www.bls .gov, demand for those

with an
information technology MBA master's degree will grow at a faster pace than
average.
While earnings in the information technology field can be an average of $80,000
on the
management level, the information technology MBA master's program enables
you to
exceed this. Many positions attainable by those graduating with an information
technology MBA master's degree also come with additional compensation and
benefits
packages above that of average employees. This is due to the high demand in
the
information technology sector through rapidly changing administrative, security
and
business needs.

7.) MANAGEMENT EDUCATION IN THE WIDER CONTEXT

OF
SOCIETY
In the 1950s, when India sought to give an impetus to its management education
with
assistance from abroad, particularly the United States, rationality or positivism
was at its
peak in the West. Knowledge in each field was considered separate with its own
reasoning and technology. Science and technology was separated from history,
sociology,
or philosophy. Observation and fact was the guiding source for knowledge, a
position
that encouraged a compartmental view of management education.
Further, the establishment of management institutes in India outside the
University
system distanced management education from other fields. Management did
draw from a
number of other fields, including science, technology, psychology or sociology.
But since
its own knowledge, methodology and objectives in society were different,
management
education did not have to go deep into the bases of the other fields or the wider
context of
society itself. Since those days, however, scientific reasoning has come full circle
in the
West. There is increasing realization that subjective dimensions of the observer
are
inextricably embedded in observations and facts. There exists today an
environment for
accepting the validity of multiple approaches and societal assumptions, a notion
celebrated in Indian philosophy and society. With the impact of management on
society
greatly increased over the last several decades, management educationists in
the West are
debating on how to root management education more solidly in the basic fields it
draws
upon such as sociology, psychology or mathematics. With globalization, the need
for
management education to pursue greater scope and aim at a more wholesome
impact on
society has increased. Such thinking is particularly relevant to India, with its
diverse
socio-cultural contexts and disparities in different occupations. Management
education,
while strengthening its roots in various fields, should also understand and reflect
on
India’s diversity and preserve the age-old Vedantic wisdom that holds our
society. The
strengthening of the Universities and their pursuit of knowledge relevant to the
understanding of behaviour and values in society is extremely important.
Management
Departments in Universities, even while being independent and autonomous,
should draw
deeply from the knowledge sources in other departments and do research.

A majority of management education organizations in India is oriented primarily

to
teaching. The materials used for teaching are also not of relevance to the
student
background or living experiences in India. The focus on campus interviews,
careers and
jobs further detracts students from gaining a disciplinary understanding of the
specializations and society in which they have to innovate and be influential
leaders.
There is need to increase research support not only in management but also in
the many
of its supporting disciplines.

8.) ROLE OF MANAGEMENT EDUCATION IN THE POST

GLOBALIZATION ERA

Management Education in India is at cross roads. With the dawn of new

millennium,
while there was phenomenal growth in the number of B-Schools, the benchmarks
were
also on the rise. The Globalization doesn't seem to have happened just to the
Industry but
also to Indian B- Schools. The expansion of B- Schools (in Number) doesn't look
to be in
line with the challenges posed by the globalization of Indian Management
Education.

Of the 1500 B- Schools India currently has, there might be around 200-250
schools,
which might stand a standard test of quality. Should the globalization of
Management
education India become a reality in terms of free movement of faculty and
freedom of
operations across the globe, the Indian B-Schools might have to take many
initiatives to
stand up to the challenge. The solution seems to be,' While the affiliated colleges
are
needed to be more autonomy-both financial and academic, the autonomous
institutions
have to strengthen their curriculum'.

For the affiliated colleges to upgrade their competencies, the Financial Autonomy
will be the Key and academic Autonomy, the major Driver. The established
institutions have to strengthen their curriculum by improving the standards in
terms of Faculty & Research, Industry Interaction, Use of Technology and Case
Method.

The words 'global economy' are on everyone's lips today. From aggressively
successful
entrepreneurs and steel magnates to bio-techies and event management
experts,
everyone's talking about expanding their businesses across continents.

As more and more well-educated and well-equipped talent emerges, the task of
talent
selection becomes even more complex. Companies find it increasingly difficult to
identify and zero in on the right candidate for the right job. The onerous task of
hiring the
best will become more and more difficult; the situation will be exacerbated by
the
requirement of greater numbers of people 'on-the-job'.

Opportunities to students

Traditional, time-tested avenues of employment making way for newer

opportunities and
career paths, and today, most students are faced with a bewildering array of
choices—of
colleges, study subjects, fields of specialization and methodologies. Students are
faced
with the unenviable task of having to make choices based on popular opinions or
trends.
Very few, if any, make choices based on potential and real aptitude. This means
that
finally, most new entrants in the professional field are there because they hope
that they
are in the right place and not necessarily because that is what they like and are
good at
doing. Identifying one's own potential and true métier is, therefore, based on
experience
as well as trial and error.

Apart from this, we will find that with newer seats of higher education opening
up across
the world, the task of getting oneself noticed by potential employers becomes
more
difficult. Highlighting one's abilities and hidden or unique strengths becomes
even more
crucial in the race to stand out from the crowd. Graduates from institutes located
in
unusual geographies will be hit even harder, with a new class structure based on
one's
graduating institute rather than one's merit emerging. Both companies and job
seekers
lose in the ensuing chaos. As companies resort to greater eliminatory tactics,
they run the
risk of letting real talent slip through the employment net.

Finally, out of the chaos will emerge order? In a truly global economy, talent
seekers
from across the world will capture talent from across the world. In a truly global
economy, there will exist a single, definitive benchmark, providing a standard
methodology to recognize the quality of the human resource. In a truly global
economy,
external trappings will not matter, what will matter is potential and aptitude. In a
truly
global economy, the ability to contribute to a global business will be crucial as
geographical boundaries to hiring get blurred. In a truly global economy, the
playing field
will be flat and level, providing opportunity to all, based on true merit.

The new dimension

The emergence of such a new dimension has already begun. Companies are
feeling the
need for global standards to benchmark human resources, and academics are
encouraging
the use of merit-based candidate selection systems. India's position as a lead
contributor
to the global IT human resources pool will need to be supported by the adoption
of global
standards for talent selection.

It is out of this need that a council of companies, hiring experts, technology

experts,
psychologists, government agencies and test development experts came
together and set
up the Professional Aptitude Council. With a charter to develop and administer
global,
industry-standard examinations on behalf of the IT Industry, PAC helps test skills
and
aptitude to make a highly predictive assessment of a person's ability to perform
in an IT
job within a global business setting.
At the time of independence, Indian economy was developing and hence we
required
bureaucratic management skills. However 50 years after independence, the
Indian
economy has become more mature and hence we require entrepreneurial
management
skills. Our management schools have failed to meet this challenge. Therefore
there is a
need to revamp our management education.

Growth of management education

In 1950, the Department of Commerce of the Andhra University Started the first
M.B.A.
programme in India. In 1963, Indian Institute of Management, Ahmedabad was
set up in
collaboration with the Harvard Business School. The 1950s and 1960s witnessed
the
growth of commerce education and 1970 and 1980s witnessed the growth of
Management Education in India.

There has been a tremendous growth of management institutes in our society.

Every year about 14,000 students pass out of management schools. Keeping in
mind the demand, the supply is very meager.

Management courses have become 'Academic Courses' rather than 'Professional

one'.
Management Institutes, barring a few exceptions, have reduced to commerce
colleges.
There is an urgent need to restructure management education to meet new
challenges of
21 Century.

Glimpses of 21st century –thinks globally

Alvin Toffler in his famous book 'Future Shock' Says " To help avert future shock,
we must create a super industrial education system and to do this, we must
search for our objective methods in the future rather than the past... Education
must shift into future tense."

New Management Education- Act locally

Keeping in mind the future scenario, re-engineering of management education

must be

done.

1.) Our future global manger would require the following new skills.
* Information Management Skill
* Information Technology Management Skill
* Decision- making in very dynamic environment.
* H.R.D Skill
* Innovation/ Credibility
* Service Sector Management Skills
* Time Management Skills
* Stress Management Skills
* Environment Management Skills
* Entrepreneurship

* Customers Services Management Skills

* Entrepreneurship
Management schools will have to develop these skills among students.

2.) Management Institutes will have to introduce new Service Sector

Management
Courses, like Travel and Tourism Management, Hospital Management,
Construction
Management, Hotel Management, Consultancy Management, NGO Management,
Advertising Management, Banking and Insurance Services Management, Farm
Management etc.

3.) Needless to say, courses should be need based and syllabi should be changed
periodically

4.) Lack of specialization is one to the problems of our MBA programme. MBA
student must have specialization at least in one discipline.

5.) Management is a performing art. Thus efforts must be made to imbibe work
related values.

6.) Management education must be made 'Mass Education' rather than the 'Class
Education' and that too, without compromising on quality.

9 .) CHALLENGES FOR MANAGEMENT EDUCATION

The present economic meltdown has thrown several challenges to business
managers and
leaders across the world. Everyone started blaming business schools for the
present mess.
Is it justified to blame them? If not, then who is responsible for the current global
mess?
Is it the business schools or faculties or students or parents or all to be blamed?
In this
section, we assimilate and prioritize five pressing challenges for management
education
in schools of business worldwide. This list is not exhaustive, and the challenges
are not
mutually exclusive.

1. GROWTH

All the indicators point to continuing increases in the demand for management
education.
Driven by demographics, economic trends, business expectations, and initiatives
that
expand access to higher education, future demands will come not only from
traditional
college-age populations, but also from working professionals who need to retool
and
reinvigorate their careers. Growth is, of course, a better scenario than decline or
stagnation, but how do we maintain quality while continuing to grow?
This is not a new challenge. We have shown that most countries have expanded
their
number of business schools and programs in recent years. We now know that
these
expansions have led to diverging quality of management education providers.
Through
strategic investments and accreditation, many schools have achieved higher
levels of
quality. However, there are rising concerns about a growing number of
institutions that
make promises they cannot - or do not - intend to keep and offer programs
whose quality
is not assured by reputable accrediting organizations.
Aspiring business schools in many countries have found it increasingly difficult to
build
and maintain faculties with both academic qualifications and professional
experience who
are capable of conducting advanced research and teaching effectively. Similarly,
government financial support for business education hasn't kept pace with
growing
demands, leaving some business schools to seek higher tuitions and new
financial sources
to compete internationally. Limited decision-making autonomy at these schools
not only
makes tuition increases unlikely, but also constrains their ability to respond to
emerging

curricula needs with innovative programs. For all of these reasons, it appears
unlikely
that business schools throughout the world can support continuing demand
growth
without significant changes in the way they assure quality, organize faculties,
and finance
and govern their programs.
In some developing countries in Asia and Africa, for example, we expect huge
increases
in college-age populations. There is great potential in these countries if
management
education is able to expand while also working toward achieving higher levels of
quality.
But, doing so will be increasingly difficult in the absence of qualified faculty,
sufficient
infrastructures, relevant instructional resources, and supporting institutions. For
example,
management education is higher education, and without quality supporting
elementary
and secondary level education, it will not grow. Similarly, many developing
countries
lack research experience and the emphasis on research that is necessary to shift
from
vocational training to higher levels of management education. Transition
economies
across Europe and parts of Asia - though they don't always face the same
demographic
trends - require investments to build educational and economic institutions to
support
entrepreneurship and innovation.
Today's investment in infrastructure - and particularly doctoral education - will
impact
our future ability to meet demands for quality management education, especially
in
developing countries. Future access to management education by young people
will
determine whether developing nations will thrive or languish in the emerging
knowledge-
based, market-driven global economy.

2. BALANCING GLOBAL ASPIRATIONS AND LOCAL NEEDS

A recurring theme throughout this report has been tensions between global
aspirations -of
countries, schools, faculties, and students - and pressing local needs. These
tensions are
revealed on many dimensions: curricula, strategy, and collaboration, for
example. Further
economic integration calls for strengthening our curricula emphasis on global
perspectives, but we cannot ignore unique histories, politics, and cultures. At the
same
time, as many schools seek global recognition for world-class quality, and
accreditation
focuses on the best schools in the world, we cannot forget that wider access to
quality
management education can contribute to economic and social progress in
countries or

regions with fundamentally different goals. While supporting national initiatives

to
fortify international competitiveness, we must also capitalize on the advantages
offered
by multilateral alliances and increasing student and faculty mobility.
Although these tensions are quite natural and are to be expected in dynamic and
competitive environments, we should also be mindful that management
education can
enable both global and local success. The powerful forces of globalization,
advances in
information and communication technology, and further liberalization of services
trade
will not only demand more from management education, but also enable us to
achieve
local and regional goals and objectives. For example, international alliances and
exchanges of faculties and students create opportunities to build banks of
localized case
studies, which can be shared worldwide through electronic channels. Expanding
global
footprints of individual schools give rise not only to globally savvy graduates, but
also
represent an investment in local economies. The real and more important
question is,
"How will we capitalize on these opportunities to balance our global aspirations
against
the needs of our regions, nations, and local communities?"
The GFME is particularly concerned about efforts within some countries to
develop
international graduate management schools that, by design, are highly selective
and
expensive to support. Achieving, and consistently improving upon, the highest
level of
quality is certainly important. Doing so can assist countries to attract knowledge
enterprises, serve as a foundation for broader management education
objectives, and
attract talented faculty and students. However, the GFME believes that these
efforts
should be complemented by broader strategies to expand access to
management
education, including undergraduate education, while ensuring sufficient levels of
quality
across education providers with diverse missions and stakeholder groups. Not
every
school in every country need hire from the dwindling supply of doctoral faculty or
attain
the highest level of accreditation when, clearly, the most pressing regional
concerns are
low overall educational attainment and extreme poverty, for example. At the
same time,
well-intentioned investments in world-class business schools should not come at
the
expense of investments in other quality management education programs that
are
accessible to a broader portion of the population. Rather, they should be viewed
together
as complementary investments in the future of business and society.

3. QUALITY ASSURANCE

We have argued that expansion in management education has brought greater

diversity
among the programs and providers in management education. Schools have
different
missions and aspirations; vary in governance structures, faculty characteristics,
and
financial models; and are embedded in a wide array of cultures, histories, and
governing
systems. All of this diversity is to be nurtured and celebrated. Diversity means
that
students and employers have choices to meet their unique goals and
accommodate their
circumstances. It also fosters innovation among schools and programs.
However, as management education grows and students, graduates, and
faculties become
more mobile, we must be increasingly concerned about the maintenance and
assurance of
quality. AACSB International and EFMD s EQUIS have developed deep, yet
flexible,
standards to assess quality and support continuous improvement. These
standards cover
the full breadth of quality dimensions: mission, strategy, faculty, students, staff,
curricula,
educational outcomes, and research. The standards define quality and, because
they are
linked to the mission of the school, they are designed to ensure that quality
depends
implicitly on whether the promises of schools and expectations of students and
employers
are met. The standards allow for a wide range of promises, as long as they are
communicated accurately and delivered sufficiently.
Unfortunately, growing demand and competition can increase the incentive for
schools to
exaggerate promises, leaving their graduates with unmet expectations. In the
environment
we described above, with doctoral faculty becoming more scarce and with
shrinking
financial support from governments, there are tremendous pressures to cut
corners,
promise more, and deliver less. In short, there are incentives for schools to
compromise
the integrity of their missions.
Global accreditations, such as EQUIS and AACSB, are essential to ensure quality.
But,
we have shown that they cover only a small fraction of the institutions that
deliver
degree-based management education. Moreover, most of the globally accredited
institutions are in higher-income countries. In some countries, national
accreditations,
assessments, or regulations fill the void. Unfortunately, in others, including some
regions
where demand for management education is exploding, viable and effective
systems to
promote quality in management education do not exist or are severely
underdeveloped.

Transparency is important for our working definition of quality. If quality is about

delivering on the promise of the school's mission and meeting expectations, then
it is
important to ensure that accurate data and information about the institution are
available
to the public. Appropriately so, accreditations have tended to focus on
institutional
improvement, while national systems are often regulatory or administrative in
nature. It is
thus noteworthy that few global structures currently exist primarily to inform and
protect
students and employers against the hazard of implausible claims.
Business school rankings publish data and information about programs and claim
to play
a role in holding programs and schools accountable for meeting student and
employer
expectations. However, they, too, cover only a tiny fraction of the programs
offered
worldwide, and educators have questioned their methodology and accuracy.
There are
growing concerns that rankings actually mislead, rather than inform, the public.
Rankings
have also led to unfortunate outcomes such as promoting homogeneity among
programs
and creating incentives to invest in short-term gains over long-term
sustainability.

4. SUSTAINING SCHOLARSHIP

Throughout this report, we have highlighted the difficulties that schools have had
in
recruiting and retaining qualified faculty. For many schools, the challenge is to
recruit
faculty with doctorates to support missions that include research and scholarly
approaches to teaching. Clearly, the demand for doctoral faculty has been
outstripping
production, leading to concerns about the ability of some of these schools to
introduce or
sustain an emphasis on scholarship.
We have argued that the problem is complex. It is not a temporary issue that can
self-
correct without intervention; rather, it appears to be a structural problem. In
mature
environments with a tradition of research excellence, there are systemic
problems related
to funding models and perceptions about academic careers. In less mature
management
education environments, the lack of doctoral programs has rendered it
impossible to
bolster faculty supplies. Even when there are sufficient numbers of doctorates,
there are
quality concerns that range from depth of knowledge of theory, capabilities to
teach and
conduct research, and experience to provide relevant education in a dynamic
business
environment.

By itself, the challenge of recruiting and retaining qualified staff would already
be
alarming to business school leaders, for it will take many years of sustained
investment to
bring doctoral production to the levels required. However, a greater sense of
urgency
arises when we consider the challenge in light of the growing demand for
management
education, rising costs, lack of quality assurance, and the integral role that
management
education and talent play in fostering innovation. Together, these concerns send
a clear
message that the challenge of sustaining scholarship should be a top priority for
business
and government leaders.
Meeting this challenge will require efforts to bolster doctoral production around
the globe
through regionally targeted investments, cooperation and collaboration, and
innovation to
develop and expand doctoral programs. Or, it will require new models for
organizing
faculties, developing and delivering curricula, and conducting research. Most
likely, it
will require both. In the end, the goal is to maintain or increase the quality of
management education as demand continues to expand.

5. ALIGNING WITH THE FUTURE NEEDS OF ORGANIZATIONS

By examining global economic and business trends, we have attempted to

isolate the
emerging needs of organizations around the globe. For example, we argued that
the
integration of economies will require stronger emphasis on global perspectives,
fracturing
value chains will require graduates to master important skills rather than just
apply
knowledge, and emerging emphases on social responsibility and sustainability
will
require new ways of thinking about business strategy. We should caution that
these are
only examples and are rather subjective. The point here is not that the needs of
organizations have changed over time; they have and always will. What's new is
that the
pace of change has been accelerating. How can business schools structure
themselves and
build systems to learn about, predict, and react quickly enough to emerging
needs?
Recent criticisms have exacerbated this challenge. Targeting MBA programs, for
example, some critics claim that business schools have become overly academic
and, as a
result, less relevant to business. Others have claimed that the content of what
schools
teach does not currently match the requirements of business. For example, some
argue
that schools do not place enough emphasis on the development of interpersonal,

communication, and leadership skills in business programs, or that entrenched

functional
silos within curricula do not support the holistic requirements of business.
Two obstacles make this challenge particularly difficult to overcome. First, there
are few
substantial industry-level collaborations between businesses and business
schools to
discuss, debate, and jointly-define the future of management and management
education.
Many business schools have strong relationships with practicing managers and
leading
businesses and are constantly monitoring the business environment and making
projections to refine and revise curricula. But, these individual efforts cannot
capture and
share the benefits that would be created from higher-level interactions between
business
and education communities. Business leaders and management educators do
offer their
opinions to one another, but these opinions often seem disconnected and
idiosyncratic,
because they are informed mostly by personal experiences, rather than broader
discussion
and analyses.
Second, we have seen that decision-making autonomy has, in some cases
around the
globe, been only slowly delegated to the institutions that deliver management
education.
Moreover, funding formulas and other factors such as rankings have created
limited
incentives to change - much less change quickly - in response to emerging
needs. For
example, although demographers have shown that the students of the millennial
generation are more interested in social responsibility relative to money than the
previous
generation, some schools are reluctant to adapt their curricula and programs
accordingly
for fear that their reputation will suffer from the lower salaries their graduates
would
earn.
We have described five pressing challenges for management education. Each is
important
independent of the others, but they converge in ways that signal a sense of
urgency.
Management education is, by no means, facing a "perfect storm." The challenges
are not
insurmountable. But, management education leaders must be proactive. In the
next
section, we present five recommendations that, if implemented, hold great
potential for
helping business schools and the people, organizations, and societies they serve
to
navigate the difficult terrain ahead.
10.) HOW TO OVERCOME THE CHALLENGES?
There are some ways which help in overcoming the challenges faced. These are
the
following-:
1.) Provide decent salaries and professional ambience to faculties. Send the
faculties
regularly for training programs to update their skills and abilities. Develop right
mindset
and attitude. Focus on quality of education not quantity. There has to be
interactive
sessions for the students rather than mere preaching what is mentioned in the
books. You
cannot become a crack shot unless you lose some ammunition. The students
have to be
exposed to the industry through interface so that they understand the practical
problems
in corporate world. This boosts more confidence among the students.

2.) It is essential to have more visiting faculties with diversified and rich industry
experience. It is like having diversified menu on a platter. It should be made
mandatory
for every business school to have a fulltime faculty for each functional
specialization like
Human Resources, Marketing, Finance, Production, etc., Besides, they can have
visiting
faculties who are passionate towards teaching for every specialized functional
skill.

3.) Look for the professors who are passionate in teaching rather than who pass
their time
in classrooms. The passionate professors would love to share their knowledge,
experience, expertise with students to take on the real corporate battles. Take
the
professors with research, consultancy, and industry and also with teaching
experience as
it enriches the teaching process. Blending all these ingredients would make a
faculty as
outstanding.

4.) You cannot make a successful manager in classrooms. What is needed is the
industry
interface which builds confidence among the students. Whatever the doubts the
students
posses can be clarified and verified with their exposure to corporate world. The
theoretical background in the classrooms along with practical exposure in the
corporate
world can make successful professionals.

5.) The project work should be contextual, relevant and should focus on the
current scenarios. MBA is a professional degree and it should train and groom
the students to be true professionals to take on the challenges being faced in the
business environment.

6.) Make accreditation mandatory to ensure quality of education. Take stringent

action against the illegal and unauthorized MBA colleges.

(11) CONCLUSION:
"There is no need to reach high for the stars. They are already within you - just
reach deep into yourself!"

1.) There is failure in management education which is evident with the current
economic downturn. The educational system failed to forecast the recession and
failed to check the overheated economy.

2.) The four pillars for effective management education are industry experience,
consultancy experience, research experience and teaching experience. When
faculties
possess these four areas of experience and expertise, then it ensures qualitative
management education.

3.) The problem with us is to imitate the western management education blindly.
By the
time we take best out of them, the content and curriculum gets outdated thus
resulting
into obsolescence. Let us be creative and innovative in preparation of curriculum
and
methodology of teaching.

4.) Educational qualification is the brick and mortar of a specific career path. Let
us make Indian management education qualitative and affordable to all.

12.) BIBLOGRAPHY-:
BOOKS-:

(1) ROBBINS, STEPHEN P., MANAGEMENT EDUCATION, 7TH EDITION

 (2) RAMASWAMI, V.S., MARKETING MANAGEMENT, 3RD

WEBSITES-:

1) www.knowledgecommission.gov.in

2) www.wikipedia.org