Management education in India is about 75 years old and can be traced back to 1949 when XLRI started a few courses in management. In 1953, the first full time management course was offered by All India Institute of Social Welfare and Business Management. The decades up to the 1990s witnessed starting of management courses by reputed Institutions such as Indian Institute of Science, University of Delhi, University of Madras, the IIMs, University of Bombay, the IITs, MDI, SIBM, IRMA, LIBA, TAPMI, IBS, etc. It was not until the 2000s that the country witnessed the mushrooming of Management Institutes.
As per the latest data from the All India Council for Technical Education (AICTE), the regulator for technical and management education in India, there are 3280 Institutes that are approved by the AICTE to deliver management education with a total approved intake of 4,46,635.
If we compare the curriculum that was the taught in the early days of management education in India to what is being taught today, we can see a complete metamorphosis in the way students are learning the ropes of management. Disruptive technologies like Artificial Intelligence, Machine Learning, Robotics, Design Thinking, Business Analytics are influencing the design and delivery of teaching pedagogy across Management Institutes and B-Schools. From traditional specialisations such as Marketing, HR, Finance and Operations, Management Institutes and B-Schools are now offering new age specialisations such as Business Analytics, IT, International Business, Aviation Management, Retail Management, Sustainable Development Management, Fashion and Luxury Brand Management, Sports Management, Healthcare Management, Supply Chain Management, Real Estate Management, Agri Business Management, Communication and Public Relations, Digital Marketing, etc.
Management Institutes and B-Schools are shifting focus from being mere providers of information to helping the student become industry-ready by offering Value Added Courses in the areas of Communication Skills, Aptitude Skills, Leadership Skills, etc. In addition, students are being exposed to as much exposure to the industry as possible via internships, live projects, research projects and the like.
Management Institutes and B-Schools are laying emphasis on the important aspect of skilling, re-skilling and up-skilling so that students remain relevant at all times in an industry which is changing rapidly. As a case in point, according the latest “The Future of Jobs” report by the World Economic Forum, 44% of the worker’s core skills are expected to change in the next 5 years. Further, the report also says that businesses’ top 10 skill priorities for 2027 are analytical thinking, creative thinking, AI and big data, leadership and social influence, resilience/flexibility/agility, curiosity and life long learning, technological literacy, design and user experience, motivation and self-awareness and empathy/active listening. The report puts forth the important role that technologies like Big Data and AI will play in driving job growth worldwide across jobs such as AI and machine learning specialists, data analysts and scientists, and big data specialists.
For students pursuing management education, the need of the hour is to embrace the changes happening in the industry and to be prepared to becoming industry-ready by initially skilling themselves with what is required by the industry and subsequently re-skilling and up-skilling themselves so as to build their careers. Students should realise that the demands on the managers of tomorrow are going to be very different from what they are today. While the Management Institutes and B-Schools, at least the good ones, are doing what they can to guide and prepare the students for an exciting and uncertain journey into the future, students should also be aware that their survival depends on being prepared for the future.