According to Dr. Srikant M. Datar Harvard Business School Faculty, Indian B-Schools can have a global impact, that focus on the problems and opportunities that Indian Society is facing, instead of blindly following the west. These are complex problems that need local answers. Indian B-Schools should think creatively and innovatively and find out the competencies required by MBA graduates – their leadership qualities, ethical behavior, adaptability and learning attitude and how these can solve the diverse and unique problems of our country.
Some of the challenges faced in MBA Programs are:-
Increase in the number of business schools:-
There are a dime dozen business schools coming up frequently, that it is very difficult to find out which school to go to, to get a degree/diploma that will help you to achieve your career goals. Many schools promise the sky, in terms of placements, recognition of the degree/diploma, faculty etc., but most times fail miserably while trying to fulfill all that they had promised.
The value that an MBA Degree offers is declining because the education that is got out of this program is seen as irrelevant. Employees are encouraged to stay on the job, rather than leave employment to study for an MBA Degree because the knowledge and skills that they learn on the job is far greater.
The number of MBA graduates that opt to study for an MBA Degree is increasing every year. How does one stand out from the rest of the crowd? How does one make oneself employable are relevant questions for today's times. There needs to be a stand-out factor in a graduate's record to attract employers. The marketplace becomes very tough and competitive because of the increase in the number of graduates. And in times of a global financial crisis, like the one that took place in 2008, when employment dries up and no hiring takes place, the situation becomes even tougher. And since an MBA Degree is a step further than a 3-year graduation degree, the expectations and returns in terms of a good job and salary are definitely higher.
Research has found out that the gaps that are found in MBA Programs are developing leadership skills, (leadership skills are not understood and how it will impact others in the workplace is also not recognized) working on improving integration skills, getting a global perspective (recruiters and firms feel that students do not develop a cultural awareness and a global outlook), understanding the roles, responsibilities and purpose of the business etc.
It is difficult to find trained, qualified and experienced faculty members in B-Schools that are not in the top 20. Education is far removed from reality, and there is no connection between the classroom and the boardroom.