Leading experts and educationists across the country and the globe agree that management education is witnessing some sea changes in every part of the world. This blog sheds light on the major factors behind these changes and also examines trends in greater detail that will emerge in the times to come in the top management colleges in UP and other parts of the country as well.
For employers, who choose candidates from the top MBA colleges in Uttar Pradesh, the major concern is that the students pursuing an MBA lay more stress on theory than the implementation of solutions to solve the problems in the real world.
On the other hand, the rising cost of management education is a serious concern for students. Even the cost of opportunity for those who are already working is beyond their capacity in many cases. How the changes and trends in contemporary management education will affect the scenario is discussed below-
Looking at a global perspective
In a well-connected world today, those having a management degree in hand will have to develop the capacity and skills to operate businesses well in any country and continent across the globe. They will also need to understand the cultural as well as the social fabric existing in those countries. Inspired by the same global perspective, various institutions in India are coming up with their overseas campuses. Currently, the Top MBA colleges in Uttar Pradesh are focusing on this aspect in their pedagogy.
More Specialized MBA Courses
Top management colleges in UP have already started offering an enhanced number of specializations, and some of them are very offbeat. The list includes the following-
- MBA in Family Business Management
- MBA Luxury Management
- MBA in Tourism and Hospitality
- MBA in Clinical Research Management
- MBA in Criminal Justice
- MBA in Knowledge Management
- MBA in Health Management
- MBA in Oil & Gas
- MBA in Power and Energy
- MBA in Infrastructure
- MBA in Transport & Logistics
- MBA in Aviation
- MBA in Real Estate
- MBA in Legal Studies
- MBA in Event Management
- Media & Communications
This trend of offering offbeat specializations in MBA will not only accelerate with time but also open new horizons of jobs for the MBA graduates across the country. These specializations offered by the top MBA colleges in Uttar-Pradesh will address the industry needs at the micro level while preparing a workforce that will prove to be an unfailing weapon for their employers to solve various business problems left unaddressed so far.
A Paradigm Shift from the 2-year Full-Time MBA
A significant decline in traditional 2-year full-time MBA has been observed, particularly in the past 5-7 years. What is gaining popularity includes-
- One year MBA
- Part-time MBA
- Executive MBA
- Specialized Master’s degrees
- Online MBA
- MBA through distance education
- Corporate training and development.
All of the above have already become immensely popular and various top MBA colleges in Uttar-Pradesh have already taken the lead in the field of management education by starting such programs. If we take an example from developed countries like the United States, only 40% of the total management aspirants go for the traditional 2-year MBA program. And as for Europe, a 1-year MBA program has already become immensely popular there.
Move towards interdisciplinary offerings
Removing the disconnect between what is needed and what is taught, various top management colleges in U.P. have already started reforming their management programs to desegregate content belonging to diverse industrial functionalities. The basic idea behind introducing these more interdisciplinary offerings is that most issues in the real world have so many dimensions, and they need a different approach to be solved.
Making things even clearer, just take the example of the most conventional course called Financial Risk Management and a situation in which a gas pipeline is under consideration from Iran to India. In such a scenario, do you think that only an analysis of the financial risks alone would be more than enough as part of preparations? The answer is a big no! It will also include-
- Country and the territory risk
- Systemic risk &
- Engineering risk.
Enterprise Risk Management is one such course taught in various top management colleges in U.P. by multiple faculties belonging to both engineering and management disciplines.
Ethics and Corporate Accountability
There was a time when Enron was a big company, and it was completely ruined during the global financial crisis in the year 2008. The collapse raised various serious questions while bringing ethics and corporate accountability into a sharp focus. In that very period, the notorious Satyam scam took place in India too. There was an unprecedented outrage in the United States because those responsible for the 2008 global financial crisis were being rewarded with heavy perks.
The globally renowned Harvard Business School has been laying stress upon ethics and corporate accountability in all its management programs right from the very beginning. And now, almost all good business institutions across the globe are including it in their pedagogy. Even after the 2008 meltdown, scams across the globe keep taking place in various forms and keeping in view their gravity, all the top management colleges in U.P. have now included this aspect in their MBA curriculum.
With the fast-changing world, things are never constant and top management colleges in U.P have also started restructuring not only their teaching methodology but also their curriculums. Apart from subject knowledge, they are focusing on-
- Soft skills like good writing, listening skills, presentation, and interpersonal skills
- Leadership crisis management skills
- Real-world problem-solving temperament
- The arrangement of more industrial visits during the course
- The arrangement of guest lectures delivered by globally renowned faculties and industry experts
- Redesigning of course materials
- The introduction of innovative teaching methodology into management
- Workshops, seminars, mock interviews, field surveys, and case studies
- The development of multi-disciplinary curricula
- The encouragement of faculty and student exchanges.
All this indicates a complete and positive deviation from the conventional teaching methodology in management education in almost all the top MBA colleges in Uttar-Pradesh.