In an era where digitisation and generative AI are transforming industries, Indian B-schools play a crucial role in bridging the skills gap and empowering graduates. The landscape is shifting, and it’s vital for these institutions to adapt swiftly to prepare students for the future job market.
The Current Landscape: A Shift in B-School Dynamics
This year’s headlines have painted a challenging picture for management graduates.
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“Highest salary offer at IIM Ahmedabad drops to Rs 54.8 lakh”—the lowest in six years.
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Many graduates are left seeking their dream jobs as placement season winds down.
Despite these challenges, B-schools like IIM Calcutta and ISB continue to rank high in various categories, emphasising their resilience. But the question remains: how are these institutions preparing for the seismic shifts brought about by digitisation and AI?
Bridging the Skills Gap
The current job market is experiencing a fundamental transformation. With the rise of generative AI, companies are reassessing their hiring strategies and shifting their focus towards technical and cross-functional skills.
What Do Companies Want?
Hiring trends have changed significantly. Industries are moving away from traditional qualifications like an MBA towards specific skill sets that align more closely with technological advancements.
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Tech Skills Over Traditional Degrees: Firms are now prioritising candidates with backgrounds in data analysis, cybersecurity, and risk management.
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Marketing Evolution: Graduates specialising in marketing need a robust understanding of SEO, social media, and digital strategies.
As Puneet Arora from Biz Staffing Comrade notes, “Campus placements have become a concern as companies become cautious about forecasting revenue growth.”
The Placement Challenge
The hiring slowdown reported by Bank of Baroda reflects a broader trend affecting both engineering and B-schools. With a headcount growth rate of just 1.5% in FY24, the pressure is mounting.
- Skills Mismatch: There’s a growing disconnect between what students learn and what employers seek. This has led to higher unplacement rates, even at prestigious institutions.
Prabina Rajib, Director at BIMTECH, emphasises the importance of data analytics: “Every company is capturing vast amounts of data. Analytics is central to all initiatives.” This indicates a pressing need for B-schools to evolve their curricula to address the industry’s requirements.
Reimagining Business Education
B-schools are increasingly aware that traditional curricula may not align with the rapid pace of change in industry requirements. Here’s how they are addressing this:
Curriculum Updates
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Frequent Revision: Experts recommend revising curricula every two to three years to stay relevant.
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Industry Collaboration: Engaging business practitioners in curriculum design helps ensure that what is taught is applicable in the real world.
For instance, BIMTECH has overhauled its curriculum to include subjects like Python and ESG, ensuring that students are well-equipped for future roles.
Experiential Learning
Institutions like K J Somaiya have created roles such as “Experiential Learning Manager” to connect students with industry challenges. This hands-on approach helps students apply theoretical knowledge in practical scenarios.
Mita Brahma from NIIT highlights the importance of embedding generative AI into all courses, stating, “We are constantly updating our curriculum to prepare students for the future.”
Funding and Sustainability Challenges
Funding remains a significant challenge for many B-schools.
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Increased Operational Costs: With many IIMs relying on student fees and executive education for revenue, balancing high tuition with quality education is a tightrope walk.
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EdTech’s Role: While edtech courses are proliferating, concerns linger about their impact on the prestige of traditional B-schools.
Nitish Jain from S.P. Jain School of Global Management points out, “These courses may dilute the brand image of B-schools, even if they provide a revenue boost.”
Adapting to Student Preferences
Today’s students consume information differently.
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Video Learning: Platforms like Coursera and edX provide high-quality video content, making them attractive to the current generation.
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Class Structure Adjustments: At IIM Kashipur, the class duration was reduced from 90 to 75 minutes to better align with student attention spans.
Continuous Learning and Skills Development
Students must recognise that an MBA isn’t a guaranteed ticket to success.
- Lifelong Learning: Staying updated on industry trends and pursuing additional certifications are essential to enhancing employability.
K.S. Viswanathan, a Strategic Advisor, stresses, “The responsibility for professional development should not rest solely on educational institutions.”
Conclusion: Preparing for a Transformative Future
India’s B-schools are at a pivotal moment, facing the dual challenges of digitisation and generative AI transformation.
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Adapting curricula, embracing experiential learning, and understanding industry needs are crucial for success.
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As the demand for technical expertise rises, institutions must evolve to prepare graduates for the jobs of tomorrow.
In this rapidly changing landscape, are you ready to ride the wave of transformation? The future of business education hinges on our ability to adapt and innovate.
