Almost every second person today is chasing an MBA degree, which was not the case a decade ago. Currently, most of the B-schools in India are offering only traditional specialisations in Finance, Marketing and Human Resources. Very few institutes offer the young generation specialisations and areas of interests that they are keen to pursue — Entrepreneurship Management, Sports Management, Retail  Management, Logistics, Supply Chain, Data Analytics, Rural and Forest Management.

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As per the demographic analysis of the Indian population by the United Nations in July 2016, the population of India stood at 1,32,68,01,576; out of which more than 50 per cent of the population is below the age of 25 and more than 65 per cent below the age of 35. In 2020, it is expected that the average age of an Indian will be 29 years which will be far lesser as compared to China, which is 37 years, and Japan, which is 48 years. These numbers tell us that the future of management education in India will be bright and that the youth will be its torchbearers.

But, what kind of curriculum do we design train the youth keeping in mind the global scenario? How can we bridge the gap between what is required by the industry and what do the education facilitators currently offer?

The answer to these questions is to prepare the students as per industry requirements through a curriculum that not only offers traditional subjects such as Finance or Marketing, but also subjects that will train students in upcoming business areas mentioned above, which will enable them to take up leadership roles in diverse countries.

Every institute needs to have an advisory board in each discipline comprising of the faculty as well as industry practitioners. The Board should meet quarterly to discuss and review the changes in the industry as well as the current requirements, looking at the demand for personnel in every field, thus helping to align the syllabus with the pedagogy.

The institutes should invite industry speakers every week to conduct seminars/lectures on current topics and their impact on the Indian and global conditions. The students should be encouraged to conduct research on a topic of their interest by providing them with a mentor from the institute as well as the industry. This will create the culture of ‘Ongoing’ internship rather than a student spending just two months gaining industry experience as summer interns. Institutes should not forget to focus on development of soft skills. Today, only about 45% of the graduates are employable in the country whereas 55% have a degree but are not employable. The institute should develop skill enhancement and employability development programs which will groom students to get better jobs. The training should focus on communication, presentation skills, table manners, grooming and business etiquettes.

People have brilliant ideas but the knowledge required to start a business or convert a brilliant idea into a successful business venture is either minimal or zero. After the government announcing the ‘Start-Up India’ initiative to boost entrepreneurship among Indian youth, this as a specialisation is expected to gain humongous importance.

The future of management education can only be bright if the institutes nurture talent, give students a multinational business environment, allow them to spend more time in the industry, make them learn one foreign language and inculcate knowledge of humanities and appreciation of other cultures in them.

(The author has worked in the education sector for nine years and is now floating his own venture which will support start-ups in education.)