So, we must introspect what exactly has gone wrong with the coveted course. The greatest contributor to this situation is the mushrooming of MBA colleges. You can find an MBA institute in every 20 km radius of even small cities. There were 5,20,000 MBA seats in 2015-16 as compared to 3,60,000 in 2011-12 and consequently it has added to the pressure of an already saturated job industry. Secondly, lack of infrastructure, unqualified faculty, obsolete curriculum and poor industry exposure has exacerbated the situation.
The industry prefers to hire a 20-year-old simple graduate at a lower salary than a 25-year-old MBA because there is hardly any difference in skills between the two. Moreover, a majority of MBAs are engineers, and we know about the sorry state of affairs in the field of engineering. So, this has shifted the unemployment from Engineering to the field of Management.
Now, the question arises that what can be done about this issue. Firstly, students need to take a very informed decision at 10+2 level on what they exactly want to do with their lives. If they really want to do an MBA, it makes no sense to go for a four-year degree. And if they want to go for engineering they must stick to it. Secondly, parents should not fall prey to the herd mentality by following what their neighbors are doing. They must understand that every child is different and he/she must be dealt differently. Thirdly, the government must step up to the game and check these institutions offering MBA degrees like groceries.
Stringent measures must be taken by the government in terms of infrastructure, student quality, faculty experience and industry exposure. Like, the AICTE has made it compulsory for all the engineering graduates to do at least 3 internships in their degree.
The industry leaders must communicate their needs coherently to colleges and guide these students through seminars & guest lectures. They should offer more internships and live projects to groom the students according to their needs. Efforts from the recruiters will go a long way in planning the future course of action for MBA programs. And lastly, the students must take responsibility for their lives in their own hands. No one can understand the strengths of a student than the student himself. Students should have a clear vision for their future and work towards it. Today, many reputed institutes offer online courses in fields such as digital marketing, data analytics, supply chain management etc. Students can gain some extra exposure from them.
About the Author:
Still trying to understand myself. Love to share philosophy. Accidental writer. Believe in winning hearts. If I call you my friend, I mean it. Can play the guitar after a few drinks!