Management Education: A Key to Success

One of the most popular degrees in the world throughout is MBA. India now trains largest number of MBAs with more than 75,000 degrees annually. The Indian government has liberalized the business education market over the 1990s, resulting in a rapid growth of business schools offering programs at both undergraduate as well as graduate levels. Business education has its origins in the late 19th century in the United States. Currently, 250,000 plus undergraduate degrees, and 100,000 plus graduate degrees in business are awarded in the US every year by more than 1,200 accredited colleges and universities.

One of the most popular degrees in the world throughout is MBA. India now trains largest number of MBAs with more than 75,000 degrees annually. The Indian government has liberalized the business education market over the 1990s, resulting in a rapid growth of business schools offering programs at both undergraduate as well as graduate levels. Business education has its origins in the late 19th century in the United States. Currently, 250,000 plus undergraduate degrees, and 100,000 plus graduate degrees in business are awarded in the US every year by more than 1,200 accredited colleges and universities. In recent years, the US has seen a 10% annual growth in the non-degree executive education programs, with revenues exceeding $3 billion (Pfeffer and Fong, 2002: 78). Similar trends are seen worldwide - business education has spread rapidly in Europe, Asia, and Latin America. Many of these schools are at least partially based on the US model. Whatever be the type of education is being provided the main aim of Education system should be Pursuit of knowledge Commitment to economic, social and cultural upliftment of masses  cultivation of taste for literature, fine arts etc.

Transformation Process of Business Education in India

Perception of the Indian society towards the business graduates has gone through the drastic changes since its inception. As we can see from the following presentation: Clerical (“babu”) rank for facilitating Britishers office 18th Century  Secretarial practice/business communication and accounting 19th Century Business decision Makers became an integral part of all the Business houses 20th Century

The demand in Business education is increasing day by day in India. The revenue and the professionalism in business education providers have been increasing. It all started with doing business studies to support family business, but today business education has become the passport to enter into corporate world. As we can see the transformation of profession of business graduate in India from the following model-

Emergence of Management Focused Business Education in India

As the revenue and professionalism is increasing in business education of India, various
institutions with various new ideas and theme are coming up and imparting the education focused on nurturing future leaders who could lead the private and public sector organizations with the sense of social mission. With the change in time, as we can see from the emergence of various leading business education providers in India, the theme and the motto of the service providers have been changing to cater the gap between the demand and the supply of business human resource. The following sculpt represents the same. Most of the Commerce graduates joined family business Shift in business education began in 1980s Competition for college level education became cutthroat Companies began hiring commerce graduates Commerce education considered as passport to enter the corporate world
In the light of globalization of Indian economy and defeat of Indian brands, it is crucial for tomorrow’s leaders to be aware of the above mentioned facts, so that they can face with confidence the emerging global challenges of international markets, while remaining committed to remove massive poverty of Indian masses within a generation... While some wealthy nations enjoy the luxury of material aplenty, the fact remains that more than twice the number of people killed in the 2nd World War die every year of hunger and curable diseases; and yet, despite such miserable figures, we fail to realize that unrestricted satisfaction of all desires is not conducive to human wellbeing nor is it the way to happiness, or even maximum pleasure. When these wealthy nations today talk of being one with the rest of the world and of concepts of global village, their talks simply pong of insincerity. The time has come for India to lead the way in showing that this carnage can be stopped with the help of determined leadership and long term committed vision.

The Indian managers need to develop a strong vision for their companies; and most importantly 53 Labor relations approaches Organizational development , Project formulation, Case method of teaching, Research & training approach, Decentralizing and developing management resources


Changes in Approach of Various Leading Management Institutes of India

XLRI Jamshedpur, IISWBM Calcutta, IIM, Calcutta & Ahmedabad, IIM, Bangalore & Lucknow, IIM Calicut & Indore for the people who work for them apart from having a terrific sense of commitment for the country, great motivational skills and leadership qualities. A growth rate of 12% per capita per annum would imply that India can beat USA in terms of purchasing power parity within the next 25 to 30 years and become economically the strongest country in the world, and this could be achieved only through the type of approach if we could have contending management education system which could produce finest cream of the crop managers in the world.

Quality of Business Education in India

There is a great miscellany of business education in India and it may not be momentous to consider all types of schools in an analysis of eminence. It has been observed that the top business schools have functioned as role models for the rest like in any other business organizations; still there are number of business schools which are ruthless to create their own regional or sectoral innovation niches. These quality initiatives have been partly supported by a recognition at the national policy level of a need to balance a resource allocation strategy focused on creating islands of excellence in a mass of mediocrity with a strategy that aids “small improvements in large number of institutions” (Natarajan, 2003). A broader policy concern relates to the apparent paradox between Excellence and Equity. To identify the best academic institution, one needs to consider several criteria. No institution may have an absolute advantage in everything; therefore it is important to encourage the development of comparative advantage of each business school by recognizing the value of their self-defining, entrepreneurial initiatives. Internationally, the quality of business education and business education providing institutions is being judged by some very important criteria. They can be shown from the following fig. The Indian education can also be judged by the above criteria. The Future trend of the Indian Management Education can be judged by looking onto the following replica.
Of
The Indian Management Education have seen lots of leaps and bounds but after overall
analysis of Indian management education and system we have tried to find certain weakness and threats which can be overcome after the following remedies can be applied.

1. Standards of authorization
It is essential that there should be reliable and widely accepted standards of authorization of business schools in India. Either the AICTE needs to work on improving implementation (as in other facets of India, the goals and guidelines are usually in place, it is the implementation that is the problem) and building up credibility or some other body that is more acceptable needs to provide accreditation standards. Obviously such accreditation will go well beyond ranking based on reputation or salaries of graduates, and find measures that focus on the essence of business education. Such reliable and valued accreditation will go a long way in improving the quality of less well known institutions. Further, institutions that currently focus on their reputation and rank, will need to become more action oriented by focusing on what it is that makes business education valuable. This will help curb their tendency to elitism and allow them to retain their current high quality education.

2. Knowledge Sharing

Top tier business schools have a responsibility to share their knowledge and skills with
schools that might not have the same standards. This will not only raise standards, but
will also allow their own graduates to be more effective in the workplace. Further, they
need to change their culture from one that rests on its reputation and is elitist to one that
is achievement oriented. This change in attitude is essential if their graduates are to compete in a world which values results and employees who are team players.

3. Targeted Placement of Human Resources

Executives need to be more concerned about the actual quality of business graduates they hire rather than be carried away by reputations.

4. Students

It should be up to the students to decide whether they are in the business schools just for
passive learning, or if they are also ready to take the action challenge of forcing change in the mental attitudes of the administrators in matters that are critical for sustaining the
reputation of their institutions, and preserving the life-long premiums to their learning.
There are reasons to be hopeful that business education in India will improve and be considered excellent globally. Significant improvements in the quality of business programs have occurred since liberalization in India. For faculties in any educational Institute must build a community of purpose. Change can only happen if everyone is committed to it and believes it is the only way to achieve sustained advantage in this new era of Management Education. As well said in Bhagvat Geeta about getting the happiness, prosperity and victory of the nation lies when someone like Lord Krishna, the master of Yoga & embodiment of knowledge, and a sincere devotee like Arjuna, come together, there shall be all kind of prosperity, victory, happiness & steady resolve


CONCLUSION

MBA has become one of the most popular degrees in the world and in Indian alone more than 75000 students get the honor of becoming management professional. Still the demand  in business education is increasing everyday. The seekers and providers of the education are on an increase tremendously. It has become necessary that there should be reliable and widely accepted authorized standards of B_Schools in India. AICTE has also to play a greater role in this behalf. Knowledge sharing should be the major concern. It should be up to the students to decide whether they are in the business schools just for
passive learning, or if they are also ready to take the action challenge .


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