Management Education in India is predominately a derivative of western management thought and practice. Occasionally, management schools draw some inferences from Indian epics, shastras and practices. It may be worthwhile to notice that management itself as a discipline has evolved from fundamental disciplines of philosophy, psychology, economics, accounting, computer science, mathematics, statistics and industrial engineering.
In 21st Century India has witnessed a sea change in its educational system. Process of liberalisation, privatization, and globalization has not only replaced traditional approach with a more efficient professional approach; but also introduced new age courses in accordance with industry demand which have more economic value in today’s time. Management education is one among those which got a new dimension with this changing time. Initially Marketing, Finance and Human Resource Management were considered as functional area of management, but now management education covers much more functional area like Operations, Information Technology, International Business, Supply Chain Management, Retail, B2B Marketing, Corporate Governance and much more to add to the list.
India has witnessed a continuing growth in this sphere of education because of the rising demand of trained management graduates. Management education has become one of the most sought after education today as a result of this; private sector has entered in Indian management scenario and invested an immense amount for this which ultimately resulted in the mushrooming of the B-Schools. Management programme seems to be so attractive and fascinating to the youth that there is a flood of institutions and colleges offering it with their distinctive features, thus adding an icing to the cake. However, every institution in the country is not providing the quality education which is a very big concern for the future to come. There was a time when such a professional programme was to be chosen after a well mediated study and research, but today at times one can find students enrolling without a proper knowledge or required awareness. These students need a proper counselling and guidance which can give them some real good insights and tell them about the nuances of the field.
Management Education in India is not very old, after the establishment of the IITs, there was dire need for similar establishments in the field of management education. Thus came into existence Indian Institute of Management Ahmedabad (IIMA), followed soon after by one in Kolkata (IIMC). Starting with the establishment of 4 Indian Institutes of Management Calcutta (1961), Ahmedabad (1962),Bangalore(1973),Lucknow(1984), now management education is being offered as full time/part time MBA programmes by some leading universities in the country as well as Non-University Autonomous Institutions. Recently and particularly during the last 7-12 years the country has witnessed a tremendous growth in the founding of management institutions most of them in private sector offering management programs in different functional areas of management. Concurrently, there is a mushrooming of B-schools in the country of which approximately about 2000 are certified by the All India Council for Technical Education (AICTE), leading to issues of quality.
The Structure of education as a whole in Indiais divided into two major divisions which is University System and Non-University System (Autonomous Institution) which are further divided as under:
- Central Universities
- State Universities
- Colleges affiliated to the universities
- Private Universities
Non University Autonomous Institutions
- Institutions of national importance
- AICTED Approved Autonomous Institutions
At the top are the reputed Institutes of national importance institutes like IIMs and some university departments such as FMS which have maintained the high quality in their teaching, research and consultancy in management education. The second rung institutes are those started by industrial houses, private institutes and state level educational institutes, which offer quality management education at par with these reputed institutes. These come under the category of “Non University Autonomous Institutions”. The third level management Institutes inIndia are the University departments and other Open Universities which are providing management education through correspondence, distance and part-time modes.
In India all educational institutes, those providing management education are certified by the All India Council of Technical Education (AICTE). These courses come in variety of packages and price tags, suiting to the different needs and pockets of the aspiring individuals. The fee structure of the management programs inIndia varies from programs-to-programs and institute-to-institute ranging from approximately Rs. 1.10 lakhs to Rs. 15 lakhs for two years. Full time two year courses from the most reputed institutions are usually expensive and ranges from Rs. 6 lakhs to Rs. 15 lakhs for two years, approximately. Usually, the 2 year management programs can be taken up after successful completion of graduate studies in any discipline. Graduates with a minimum of 45 percent to 50 percent marks are eligible to apply for admission to management programs in different B-Schools in country. Aspirants have to go through a selection process which includes entrance / admission tests, followed by group discussion and the personal interview of candidates, declared successful in the written test. The aim of the test is to evaluate, under stress, a candidate’s general verbal, mathematical and analytical abilities. The management entrance test inIndia calls for superior command over the English language, quantitative skills and definitely a sharp mind.
The reason for such an escalating demand for management education is because of the numerous reasons whereas some major reasons are as follows:
- India and the Indians have undergone a paradigm shift like, a complete change in the shopping behaviour and consumption patterns of the consumers. Today the consumer is not going in the market just to purchase the product rather to experience the delight of shopping.
- There have been fundamental and irreversible changes in the economy, government policies, outlook of business & industry, and moreover in the mindset of the Indians in general.
- Indian companies are no longer afraid of Multinational Companies. They have become globally competitive and many of them have become MNCs themselves.
- Fatalism and contentment of the Indian mindset have given way to optimism and ambition.
- Introvert and defensive approach have been replaced by outward-looking and confident attitude.
- In place of denial and sacrifice, the Indian value system has started recognizing seeking of satisfaction and happiness.
- The Indian culture, which looked down upon wealth as a sin and believed in simple living and high thinking, has started recognizing prosperity and success as acceptable and necessary goals.
- Indian management graduates no longer queue up for safe government jobs. They prefer and enjoy the challenges and risks of becoming entrepreneurs and global players in the emerging private sectors.