Future of Business Schools

When Parag Agarwal was named the Chief Executive Officer (CEO) of Twitter recently, it brought the spotlight on Indian-born CEOs who are helming at some of the biggest tech giants in the world. From Sundar Pichai to Satya Nadella and Indra Nooyi, the field of technology is not new to leaders with an Indian background. But one thing that is common in most of these leaders is their educational background – most of them have a strong educational background backed with a degree from some of the most prestigious B-Schools in the world – and that brings us to the question – What is it about B-Schools that makes them stand out from the rest? In this special feature, we will explore the future of B-Schools and how they prepare students to be leaders of tomorrow?

The ever evolving world of B-Schools

When it comes to management studies, there’s a lot more than meets the eye. From preparing students to shoulder responsibilities to equipping them with the right kind of skills, B-Schools are working harder than before. Business schools across the globe are constantly evolving to meet the demands of a changing market that’s driven by consumers. The future workforce is set to get more diverse in aspects that weren’t thought of before and that’s why B-Schools too are pacing to keep up with the changing norms. While the trend earlier was to focus on improving economy, profits and return on investment, management schools now teach students about responsible business – focusing more on environment and sustainability, and hence the term environmental, social and governance (ESG) issues are synonymous with B-Schools. The demand for a firm’s ethical practices from investors and consumers is making B-Schools rethink like never before.

What makes B-Schools stand out from the rest?

The sheer number of students wanting to get into a B-School is a testament to its success. What makes B-Schools a class apart is the fact how they teach students more than just textbook knowledge – they are not just taught to get a high-salaried job, but also taught many skills such as entrepreneurial skills, management and life skills. These skills later on help in employment generation, thereby contributing to the country’s employment rate and economy. Many B-School alumni swear that they learn not to run a business, but manage a business – the success, how to deal with failures, what to do when you are faced with both and so on. Students are taught to be leaders and bring in a change through their leadership, which is why so many Indian origin CEOs are taking over thetech industry across the globe.

“Entry into the top B-Schools in India is through a very rigorous process. Top Indian business schools are drawing lessons from the best institutions in the world. There is also a significant proportion of context specific inputs. We have also started focusing on research like our global peers and this will see the emergence of more original ideas emerging from India,” says Prof. Madhu Veeraraghavan, Director of T.A. Pai Management Institute (TAPMI).

How B-Schools prepare students to be leaders of tomorrow?

Management students are taught to think quickly on their feet making them problem solvers. However, one term that keeps popping is – VUCA (Volatile, Uncertain, Complex and Ambiguous) – which is something a lot of B-Schools now focus on. Prof. Madhu Veeraraghavan says, “A strong and well-rounded educational background will prepare students for leadership roles in a fast-changing world. The term used very often is a “VUCA world”, top B-Schools are focused on ensuring that programs are rigorous, adaptive and relevant to industry needs. Business schools, not just in India but globally, teach and train students to become better decision makers and leaders. B-School graduates rediscover themselves during the program, building their competence, character and perspectives. When these qualities come together we have leaders who will drive change in the present and the future.”

Similarly, students are also taught what brings the business, communities and environment together as a whole. ESG issues are gaining popularity and are included as part of the curriculum in several management schools across the country. What could also help students further add to their skillset and more are internships. Internships have always proved to be a window to the real world, outside of college life for students, which is why several companies now offer summer or regular internships for management students. This is a win-win situation for both – as companies benefit from the fresh ideas and skills that students possess, whereas students learn a lot when on the job through these internships.

Are management schools in India doing enough?

There is no doubt when it comes to some of the top B-Schools in India, who have produced several well-known leaders who are paving the way and have proved to be trailblazers in the country. But B-Schools too need to find a common ground where students can learn or pursue specializations in marketing, finance, HR and so on while at the same time focusing on analytical skills, including Massive Open Online Courses (MOOCs) – B-Schools need to shift from theoretical knowledge to skill based education. There needs to be a balance between what students seek and what is needed from them as future leaders of tomorrow. The main objective of a B-School is to prepare students to become entrepreneurs and efficient business professionals and in order to do so, they need to follow global practices such as focus on skill development of faculties, keeping up with the latest technology and more. What remains to be seen is if B-Schools can withstand the challenges that come their way and break the mold to prepare students for a better management and business world.

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