"The demand for management education is poised to increase in near future. Collectively, all business schools must strive to attain excellence in educating students to be effective in their professions"
The MBA word is getting smaller. The graduate business degree started in the US at the Tuck School of Business at Dartmouth in 1900 and in Europe at INSEAD in 1957, can now be found in every part of the world. Management education has witnessed tremendous growth in the current scenario. This is primarily due to the global economic integration and advances in information and communication technology. The demand for this form of education is currently not only at a high level but is poised to increase much more in near future. Prospective demand not only comes from the college level students but also from working professionals who want to progress in their careers. Collectively, all business schools must strive to attain excellence in educating students to be most effective in their chosen professions, while advancing business theories and practices that support the ability of business enterprises to successfully achieve their strategies and goals.
There is a need, therefore, to understand the dynamics and challenges in this area. The foremost and the most significant challenge relates to the quality and delivery of academics. Curriculum, industry relevance of the curricula, the intellectual capital and the academic delivery are the key issues that need to be examined. Academic collaborations, faculty development and industry-academic interface can prove to be of great assistance in strengthening the quality of academics. Quality standards need to be defined and they need to be designed in such a way that the expectations of the students and the industry are met. Students need to be made proficient not only in their respective domains but also in fields such as corporate ethics, social awareness and foreign languages.
Another challenge is the recruitment and retention of qualified staff. An effective human resource department can take care of the same. Recruitment procedures, faculty training programmes, faculty exchange programmes and research-based activities need to be designed and implemented so as to ensure the development of these change agents.
Third major area that needs to be examined is the increasing diversity of management education across the world. Varied cultures and business practices have given rise to this diversity. The manager today is not a local manager, but a global manager and therefore the future business leaders need to be exposed to this diversity.
Last but not the least is the challenge posed by physical infrastructure. The colleges and universities would have to provide adequate infrastructure in terms of classrooms, library, laboratory facilities and multimedia. Management education today needs to incorporate information technology.
The 21st century is, and will continue to be, an entirely different world for management education. Students must understand that joining the best business school cannot guarantee a fat salary placement if they are not prepared to work hard, exhibit negative attitudes and attributes, although the brand of the institute may attract great companies to the campus placement. The students aspiring to become manager / leader must be equipped with competitive skills, analytical ability, research attitude, and ready to learn from the surrounding situations.