With a Whopping Number of Students Pursuing MBA, it is Time B-Schools Recheck their MBA Courses
Apr 29, 2020
MBA has always been a privilege for Indians. The MBA is one of the prestigious degrees in India, which elevates your stature among friends and family. India is developing steadily, and it has bought in some radical changes in our education system as well. With this, not only did the course of MBA went under some change, but other courses did too.
As per the Economics Time Report, more than 200,000 lakh students graduate from about 5,000 colleges in India. As per Statista Reports, the average number of MBA students from Top B-Schools globally is about 31,91,000 lakhs students. And, MBA or Masters in Business Management Studies is the 3rd most popular subject as per QS Rankings.
But, with such good numbers in applications and enrollments, the competition is also ever-increasing. This affects the employability of a student directly. To be employable besides numbers, the course structure and subjects matters too. So, the question arises, are the MBA degrees too changing with time? The answer is yes! But still, more modification is required. This can be done with the help of the B-Schools.
Where the issues lay with MBA courses these days?
Well, even being one of the most popular subjects in the World, there is always room for improvement to take something to the next level. There is a little issue with the course structure of many schools that have not yet been upgraded as per the current scenario. Some of the topics that any given MBA syllabus includes are - Legal Aspects of Business, Organizational Behavior, Managerial Economics, and Accounting, along with Quantitative Techniques and Principles of Marketing, to name a few.
But few more specializations must include Business Analytics, Information Technology, HR Analytics, Supply Chain Management, etc. The quality of education is fine, but the problem arises when the traditional curriculum and limited specializations. The courses should focus on technical skills along with theory to make students more employable in this competitive world. The structure of an MBA program can be made better with strategic thinking.
MBA courses are rapidly changing to enable more employability
Not every B-School is at fault, and there is no need to point fingers at any of them because the business environment is understandably unpredictable. There are many B-Schools providing their students with the necessary education on Data Visualization and Business Analytics, etc. The entire point of this article is how MBA courses can be made better to yield better results for students. This will help students better prepared while taking up challenging roles with their employers. Hence, no student will feel incompetent because of their less knowledge.
1. The need of the hour is a modern course structure rather than a ‘traditionalistic' program. Many MBA Courses these days have become STEM subjects. This helps students to be more analytical and strategic in their thinking. There is also ample encouragement for branches like Entrepreneurship and Technology. This has led to the formation of a Startup culture in India and many other countries. The possible solution, for now, is a So, a little change in the course structure can breathe new life in the MBA program and the related courses.
2. More contemporary outlook should be adopted by the B-Schools, in order to provide their students with quality and valuable lessons for their career. Most B-Schools have included a Student Exchange Program. This helps to learn Business Culture and Ethics of foreign countries. Thus the outlook of a student broadens towards Business processes with such innovative changes.
3. B-Schools should also look forward to inducting practical knowledge so that the students can better understand their future prospects. There should be scope for practice along with theories. Live industry projects, collaborative assignments, opportunities to showcase leadership qualities, and industry mentorship provides practical exposure. Many B-Schools has already started incorporating such ideas to improve the quality of graduating students further.
4. The concept of Global Virtual Teams should be introduced, where students will seem to be working with people of different cultures, languages, and ideals. This will change the students to become more culturally understanding.
What companies are looking for in an MBA graduate?
Technology should be made an essential part of the curriculum because it has already become a necessary part of the job sector. The companies employing MBA students expect the latter to be comfortable and understanding about the unfamiliar and cross-functional business process.
Also, keeping in mind the global side of the business, steps should be taken to study the global industry perspective in the curriculum, so as to better understand the big picture.
The students would have to bring something out of the box in their work, and that's where this article will come handy.
B-Schools are seen to revamp not only their courses but the teaching methods they adopted to impart the knowledge, which will help justify these topics given above. A bit more focus is given to the human qualities, which can't be imitated - even if it is desired -by the technology, such as leadership, creativity, and impactful and effective communication. All these are now incorporated in the MBA curriculum too.
The above approach is not a stark opposite of the former style of the MBA program; instead, it is a beautiful blend of both the approaches - modern mixed with the traditional. It produces students acquainted with both the human qualities and the technological aspect of the business world. Thus, the students will be developed properly, instead of just taught and left at just that. This changed curriculum of MBA will help students to face the professional world and succeed with flying colours.