MBAs having difficulty in finding jobs: An overview
MBA is one of the most diversified and sought after courses across the globe and provides a clear-cut understanding of how a business is supposed to be run. The courses are often designed to make you unravel the motive behind decisions taken by top-notch business gurus and learn from them to do so when your turn arrives. It’s a convenient course and gives a ready to go approach with tremendous applicability in any industry. But, all this said why MBAs are not finding jobs. Let’s get through some factors contributing to this-
- Higher supply of MBA graduates- While MBA is the sought after degree, India produces on an average of more than 75,000 MBA graduates every year, and the industry does not need so many of them. This forces many of them to work in other industries or start with lower jobs. The number of MBAs produced every year must be mapped as per the demand from the market.
- Poor quality intake in lower colleges- While the top tier colleges have a very stringent admission policy, the policy for lower tier colleges is almost non-existent. The students of this course are often not mature enough to handle it to be job ready.
- Poor Infrastructure and Faculty- As per a survey, only 7% of Indian MBAs are employable. This shocking survey can be traced back to poor infrastructure and faculty standards. The large chunk of Indian MBAs comes from Tier-3 and below colleges which have poor infrastructure and faculty and thus give a sub-standard quality.
- Lack of Practical aspects- Indian MBA degrees like many other courses are strong theoretically but lack the practical orientation and industry interaction. This missing feedback loop can make the MBA students more job ready. Comparison with European and US-based business schools reveal the weakness of Indian MBAs on this front.
MBA is all about understanding the whys and building on it to solve the issues by use of skills, tools and street smartness. Along with the concepts, a student needs to understand the applicability on the field, which has been the missing link failing to make Indian MBAs ready for jobs. While MBA may be a great course to decode any industry, the education system needs to tighten the noose across these 4 points to make a better educational experience and create better professionals to match the Ivey league colleges in the long run.
There is a requirement for education board, AICTE, and all Universities to sit together and give a serious thought to match or even improve the present education system that has not been updated since decades. This is an essential part of this ever-growing process. Even the education systems need Kaizen.