BusinessLine on Campus has published Dean, Dr Suresh Ramanathan's address at MAA on ‘Reimagining business education in a dynamic world’
The MBA is the Ambassador car of yore. Sturdy, reliable, yet any improvement to it has been mainly a case of tinkering at the margins. For decades, the MBA has been the go-to degree for students hoping to sit in the boardroom one day or to earn big money as consultants or investment bankers. There are plenty of MBAs even today who do exactly that. So why, then, is the business education industry sounding the alarm on the future?
I would like to highlight three major issues facing the world of business education. These issues are not new, for the most part. They are the result of a classic problem that we business school professors teach our students - change blindness. That is, we fail to recognise gradual changes in the environment. It's a pity that many among us have not taken those lessons to heart and thought about how they might apply to our own universe.
The first major issue is the relentless press towards commoditisation. Lack of innovation and a rush to capitalise on demand has led to the burgeoning of business schools across the country, most of which have nothing new to offer. In a crowded market, there is very little differentiation. The curriculum at most business schools is very similar, focusing primarily on providing exposure to a wide range of functional areas in the first year and then a set of specialisations in the second.
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