Rejuvenating management education

Abstract

Management education in India is facing a lot of problems of relevance in the current scenario. Thousands of MBA institutes have mushroomed in the last decade and many of MBA students and professionals are undergoing MBA education to be better equipped for the growing economy. All the sides of management education such as quality of curriculum, MBA aspirants, faculty in management education business research, quality of research, industry-institute interaction, MDP, faculty development programmes, placements, compensation packages of MBA, career development path of alumni, diversity among faculty as well as students, governance and accountability, etc. are under critical scanner. This paper is an effort to examine the current issues in management education system in India and to find out ways for quality improvements in the present management education system so that business schools respond to current situation. All the sides of management education such as quality of curriculum, MBA aspirants, faculty in management education business research, quality of research, industry-institute interaction, MDP, faculty development programmes, placements, compensation packages of MBA, career development path of alumni, diversity among faculty as well as students, governance and accountability, etc. are under critical scanner. However, a very important question arises i.e. what special or extra needs to be done in order to make the Management education more effective and Industry Oriented. One of the very crucial elements that need to be incorporated is the involvement of corporate sector in the management education, to make it effective and industry oriented, since only the corporate Sector is the direct beneficiary of the higher and management education. There are around 4000 management institutes in India.