Only 7% of the MBA students are qualified enough to get a decent job. This statistic may sound dismal and may force the education ministry to take some drastic steps (like shutting down engineering colleges) but we need to take a step back and try to figure out what went wrong. It is not that the euphoria around MBA has suddenly died down because of the slowdown in the global economy or the best and brightest students of India are no longer interested in pursuing an MBA degree. Nope, nothing can be further from the truth.
A great many number of students are still showing their interest in MBA degree. Don’t believe me? Try getting into any of India’s top 20 MBA colleges and you will get the idea. So, why a good number of MBA students from non-premier MBA institutes are struggling to get a decent job? Well, look closely at the number of MBA colleges that have formed in the past few years and you will get the answer. It is a problem of plenty. The fact of the matter is too many MBA colleges are churning out too many MBA students that the industry can absorb.
But there is another side of the story that we should not ignore too. In the past few years, the quality of the MBA education has deteriorated a lot. People have started treating MBA degree as a staircase to success. Rather than acquiring new skills and knowledge, students start memorizing notes to get the MBA degree so that they can land a good job or get a good promotion in their offices. But there are only so many number of good jobs available and therefore, the arrival of the fresh crop of students is just making the situation worse.
However, there are some other factors that are adding to this woe. Most of the new MBA colleges lack proper infrastructure and sometimes, the faculty members lacks industry exposure. Obsolete curriculum is another major contributing factor that is making MBA degree less attractive.
So, does this mean MBA degree is no longer valuable? Of course not. MBA degree has always been and will always be the most favorite course to gain business management skills. But there are some steps that need to be taken to make students equipped with proper knowledge and skills to deal with the challenges of an ever evolving industry.
Students also need to make up their mind before they decide to join an MBA course. Just because they are told to do an MBA, they should not follow the advice blindly. If you want to hone your business management skills, there is no need to go for a four-year degree at the first place. So, that means if you are an engineering student, probably it is not a good idea to do an MBA. Government also needs to wake up and smell the coffee. We need to acknowledge first that there is something wrong with the education system and then try to fix the problem. MBA degrees should not be sold like groceries; mechanism should be put in place to regulate colleges and universities that are offering MBA degrees.
Industry leaders also need to play positive roles here. They need to join hands with MBA colleges and share their industry experience with the students.
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