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Overview of Management Education in India

Overview of Management Education in India

The Beginning of Management Education in India

Management education in India has undergone considerable modification over the years. The launch of the first two IIMs, in Calcutta and Ahmedabad, in 1961 marked the beginning of a revolution in Management education. In the 1970s and 80s the demand for Management education grew at a fair rate. The dawn of economic liberalization in India in the mid-80s gave a new direction to Management education. Several Post Graduate Diploma in Management (PGDM) offering institutions sprang up in the private sector by imparting two-year Post Graduate Diploma in Management and almost all universities have been offering two year Masters in Business Administration (MBA) by establishing departments of Management studies.

During 1990s and 2000s the explosion of universities in Management studies continued persistently, powered by an exceptional growth of the Indian economy. Enrolments in PGDM/MBA programs have increased over the years in regular mode of education from 2011-12 to 2016-17. Simultaneously, there is desperate requirement to improve their quality and raise the bar to meet the international criterion.

Present Measures Taken by AICTE

To meet the global and industry standards of the current times, AICTE had set up an Executive Committee for a quick revision of the curriculum of management programs. The committee reviewed the current MBA/PGDM curriculum of variousinstitutions of higher education and concluded the survey with few points, as mentioned below, which they well-thought-out necessary either for application or removal:

  •      More focus on Soft Skills, Personality Development and Communication
  •      Promotion of Entrepreneurial Thinking
  •      Steps to reduce the industry-academia gap through frequent collaborations
  •      Diversity in course curriculum through more electives
  •      Absence of Managerial Requirements of SMEs
  •      Exposure to Social Sector is needed, along with, public policy issues
  •      Little emphasis on Analytical Skills
  •      Lack of Exposure to case study, practical approach and encouragement towards out of box thinking
  •      Absence of suitable address to local needs of the business containing Indian ethos and value system
  •      Revision of the current admission process, which is non-inclusive lacking diversity

Dr Shailender Swaminathan, Associate Dean, School of Liberal Arts and Basic Sciences, and Professor of Economics at SRM AP, Amaravati said, “Loving to learn, challenging and questioning the purpose of education with an open mind and heart is the key. So far in school, we have been taught in a way so that we excel in a test– but there are probably some teachers in a university who are not going to “teach to the test”. These teachers will make you question a lot, both about the specifics about a subject but also (hopefully) about the meaning and purpose of education. The true purpose of a university is to learn both the relevance and irrelevance of education. If you want to thrive, you want to seize this opportunity immediately rather than lament that this pedagogical style is something that you are not used to.”

Difference between MBA and PGDM

 

PGDM

MBA

Stands For Post Graduate Diploma in Management, sometimes also known as Post Graduate Programme in Management Master in Business Administration
Affiliation Institutes that are recognised by the All India Council for Technical Education (AICTE) and which are autonomous and not affiliated to any university Offered by the colleges affiliated to any recognized university and directly by the university
Eligibility for Teaching and PhD PGDM with a minimum of 55 percent marks are eligible to enrol for PhD and also PGDMs eligible to teach PG students. MBA with a minimum of 55 percent marks are eligible to enrol for PhD, as well as, MBAs eligible to teach PG students.
Entrance Process Through  CAT/ MAT/XAT/ATMA and some state level examinations like TSICET, MAH-CET etc. Through State level Entrance Examinations like TSICET, MAH-CET etc.
Examinations PGDM institutions are authorised by approving body,  AICTE, to conduct the  examinations Examinations are conducted by the university
Equivalence Equivalent to MBA from any Indian University.  For PhD, Teaching (UGC NET) and all other purposes MBA a post graduate degree.
Duration Two years Two years

New Avenues

As years passed by, according to the demands of the time, the craze for MBA has somewhat degraded. Students and experienced professionals are considering newer paths to enhance their career. Few of the top recurrently opted courses, from the data collected by sources, other than MBA can be read below:

Program Structure for PGDM

Core Courses

Subjects Course Details
Foundations of Management
  • Managerial (Micro) Economics
  • Indian Economy & Policy
  • Business Communication
  • Legal and Business Environment (Micro & Macro)
  • Indian Ethos and Business Ethics
Finance
  • Financial Reporting, Statements and Analysis Corporate Finance
  • Indian Financial System & Financial markets
Human Resources Management
  • Human Resources Management
  • Managerial Skills for Effectiveness
Business Analytics Business Statistics and Analytics
Operations Management
  • Operations Management
  • Project Management

Popular Elective Courses

Finance

  • International Finance
  • Behavioral Finance
  • Investment Analysis and Portfolio Management
  • Managing Banks and Financial Institutions
Marketing Management

  • Consumer Behaviour
  • B2B Marketing
  • Retail
  • Sales and Distribution Management Marketing
Operations Management

  • Supply Chain and Logistics
  • Management Quality Toolkit for Managers
  • Pricing and Revenue Management
  • Supply Chain Analytics
Human Resources Management

  • Manpower Planning, Recruitment, and Selection
  • Employee Relations
  • Human Resource Metrics and Analytics
  • Strategic and International HRM
Business Analytics

  • Data Visualization for Managers
  • Business Forecasting Data Science using R
  • Data Mining
  • Marketing Analytics

Other Likely Specializations in Evolving Areas

The application of business management skills and competencies are found to be relevant in various emerging business areas, providing wide spread employment and entrepreneurship opportunities. Few outlined courses can be:

Specializations in Evolving Areas

Job Scope for Each of the Courses

Human Resources Jobs Training and development Manager
Non-profit HR professional
HR IT recruiting specialist
Global HR Specialist
Executive Recruiter

As a beginner in the field, one can make about INR 3 to 6 lakh, if the candidate have the desired skills. However, with superior training, one stand the chance of making as much as INR 9 lakh per year.

Business Analytics

 

Quantitative Analyst/Modeler
Data Business Analyst, Management Analysts
Operations Research Analysts, Fraud Analyst
Data Scientist

The median annual salary for Business Analyst in India in 587,501

The median annual salary for Business Analyst in India in 587,501

The U.S. Bureau of Labor Statistics’ current Occupational Outlook Handbook states that employment of financial analysts should grow by 11 percent through 2026, faster than average for all occupations.

Financial Analyst

 

Investment Banking
Asset Management
Commercial Banking, Equity Research
Corporate Finance, Risk Management

Average Annual salaries of financial industry in india

Marketing Management

 

Marketing Research Analyst, Sales Manager
Advertising or Promotions Manager
Product/Brand Manager
Media Planner, Public Relations Specialist

Packages in a Marketing Management

 

Marketing Management

 

Business Operations Manager
Materials Manager
Industrial Production Manager
Purchasing Management

Pay Scale ad per Experience of Operations Management

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