Changing Paradigm of Management Education – Need for Introspection
Management education in India has undergone major transformation during last one decade. There has been unprecedented growth in number of institutions imparting management education which has increased from 2614 in 2006-07 to 3556 in 2014-15, resulting in an average growth rate of 3.92%. In the corresponding period student strength increased from 2.47 lakhs to 3.85 lakhs, resulting in 5.70% growth. However numbers of CAT aspirants have come down from a peak of 2.76 lakh in 2008 to 2.18 lakhs in 2015. Actual number of students who took exam stood at 1.79 lakhs in 2015. It is a matter of deep concernthat largenumber of institutions imparting management education has been closed during last 2-3 years and employability of graduates coming from majority of the institutions has come to a big question mark.
During the last two decades, in the league of IIMs and few other long standing management institutions, outsized number of AICTE approved autonomous institutions imparting PGDM have emerged as a major player by coming into the list of top 100 institutions in the country. As such more than 80 per cent leading institutions imparting management education falls in the category of self-financed private institutions. These institutions because of their ability to innovate coupled with having entrepreneurial faculty and strong linkages with industry have developed a distinct niche and competitive advantage in the league of premier government owned institutions. These institutions have come out with proven models for imparting management education by developing distinctive advantages worth emulating and translating into policy framework at national level. On the other hand numbers of B-Schools in India arefacing a challenge to survive mainly because of lack of quality education, faculty competence, inadequate regulatory mechanism and governance.
Pending IIM Bill with Parliament would entail degree awarding powers to IIMs. However this would discriminate the leading self-financed institutions imparting management education that have made major contribution in management education in India to meet the ever changing demands of the corporate world. Keeping in view the distinct contributions made by leading self-financed institutions, Government need to take a holistic view in totality at this critical juncture rather than take a piece meal approach. Of course government need to have a proper governance mechanism that should put in place proper checks and balances with appropriate regulatory mechanism, so that students and parents as stakeholders do not adversely get affected because of certain institutions that play with the career of students by diluting the standards of education without ensuring delivery of quality education. In a hearing held on 4th December 2015, once again in view of the stalemate prevailing, Hon’ble Supreme Court has granted extension to its Interim Stay (March 17, 2011) against AICTE’s Notification dated December 28, 2010 on the Autonomy of PGDM Institutions for Admissions for the year 2016- 17. Althoughthis has temporarily given a relief to the issue at hand, but wider aspect of the problem concerning management education in general and the one imparted by PGDM institutions in particular needto be deeply examined to ensurethat their contribution to corporate world and society at large is recognized by providing them with autonomy as well as level playing field.
Amongst theleading PGDM institutions, LalBahadurShastri Institute of management (LBSIM), New Delhi,has carved its own niche and standing. It is an innovative institution with a distinct philosophy of education that prepares young minds to become future value based leaders in different walks of life. It has been continuously making efforts towards excellence in management education through promoting creativity, inventiveness and innovation. Educational experience at LBSIM prepares students with entrepreneurial mind set. It is one amongst the top 11 private institutes imparting management education in terms of student quality, teaching quality, learning experience and networking with the alumni. Some of the salient aspects of educational process at LBSIM are -relevant course curriculum, proactiveresponse to corporate needs, emphasis on learning by doing, intellectual capitalof faculty, strengthening learningresources, and bonding with alumni. LBSIM has been nurturing and strengthening relationships with the corporate world to extend best of placement opportunities to its graduates. The campus placements for the ongoing season by Deloitte, E&Y, PWC, Asian Paints, Axis Consulting, ZS Associates, WIPRO, KPMG etc. have given a wonderful kick start in terms of enhanced pay packages and job profiles compared to earlier years.
LBSIM, keep aspiring to prepare future leaders having vision, dedication, commitment, integrity and urge to continuously learn, so as to build and nurture distinct organisations with deep routed culture and passion for excellence.