2019 Predictions for Business Education

Positively Business Education is likely to change in India in near future and it might have a complete overhaul within a couple of years. If the current dispensation comes to power they have already declared that more seats will be enhanced in IIMs and Top fit institutes.

The future is for specialised MBA and no way vanilla MBA will be in the fray but yes and for the time being PGDM is top of the talk and industry continues to accept MBA pass outs with PGDM. But with the rider that present day MBA pass outs are being given training for first six months to one year so that they can be accustomed with the Industry specifics to perform with the industrial norms. The future is slightly murky for vanilla MBA and Industry does not have time and training infrastructure. That is the reason all are expected to perform with the word “GO”. There are many more specialized areas which have emerged like hospitality, tourism, Logistics and Supply Chain Management and even understanding the analytic behaviour of different brands so that with these understandings the future MBA pass out will be a complete product himself or herself and to whom industry will love to accept.

Business Education will have to adopt and adapt creative pedagogy for Artificial Intelligence, Big Data and Business Analytics which are in demand by the Industry. Future of MBA Education will churn out MBA pass outs who will be able to perform in the industry with the usage of IT enabled tools.

Business Education will be changing drastically and might shift to one year MBA because of the sheer factor of time i.e. instead of two years, one year MBA will have to be scrambled in such a way that MBA pass outs is ready and industry fit in VUCA World. The future of MBA will further change in the context of usability of management education to enhance productivity in services and consumer satisfaction.Business Analytics will have to be dependent on consumer analytics, hence, pedagogy of MBA will have to have a teaching methodology with which MBA student not only understands the consumer psyche but physiographic factors equally well. The time is right for the future MBA pass outs to remain in market place more often than in classroom teaching. Chances are high that whatever they will read and absorb through the lecture in the classrooms will have to ensure that all management fundas are executable.

It is an irony that till date most of the MBA Pass outs continue to search for jobs and continue to remain in comfort zone to be placed in one company or the otherwhereas the biggest funda of management education is to become an entrepreneur and in this regard the predictions are on that for business education most of the students will be motivated with the kind of training both classroom and practical to emerge as an entrepreneur. Keeping in mind the fundamentals of management education one MBA pass out generates seven to ten jobs and adds to the GDP numbers, this is where the crux of the matter is and in near future we will see and observe new phenomenon will emerge in business education.

Although India is a land of entrepreneurs but with the help of management education you become an entrepreneur who behaves and reacts professionally. It will be very crucial for the young entrepreneurs to not only adapt newer IT backed up executionable practises but run the businesses in the most ethical manner. The factual fact is that it is an entrepreneur who contributes back to the society in a most holistic way.

Employability is one of the crucial factor with MBA pass outs. Leave aside MBA pass outs from top IIMs and countable MBA Institutes rest all are facing herculean task of getting the students placed. Besides, the point the Industry finds them non employable but on the other hand the teams at industry have become short and flat. Hence, there is lesser scope for those who cannot perform in an entrepreneurial way. The predictions are on that the futuristic business education will be crisp and clear to generate employability of the students who will be good enough and fit enough to come up at industry’s expectation.

Without doubt that all 20 IIMs and top 50 Institutes are already at the cusp of revolutionizing MBA Education but it is industry which is ever demanding to force MBA Institutes to keep on changing and updating pedagogy in management education.

The future of Business Education will be totally dependent on industrial requirements because nobody is ready to carry on the bookish knowledge but on the other hand a smart MBA pass out whose having clarity on Management fundas but willing to achieve which has not been achieved till date, will be acceptable to any company in the industry.

It is evident that business education of the future will have more practicability and will be skewed on performance based theories which will enhance MBA pass outs for their personal branding to evolve further as a brand custodian.