We live in a world which is dynamic and change is the only constant. Markets move from one cycle to another, industry gets new technology, and the rate at which innovation is taking place, its remarkable. How much change may happen, knowledge does not get outdated rather it gets updated. While choosing out career, what many of us think is how much updated the chosen course will be? Sometimes this may sound vague, but this is one of the pertinent questions and a true introspection for a career oriented aspirant. The same question pricks when many of us chose MBA. Many of us think will the market need an MBA, is it justifiable course and will it keep pace with this dynamic, ever changing world. Well the answer is, MBA is never about imparting an ancient law, it is about progressive teaching aligned with the very DNA of the changing times.
A broad view of MBA will show that it is actually divided into two parts – the first part which is a profound conceptual background and the other is the practical application. So if you were to see the two, the former is in which MBA tries to impart a deep conceptual knowledge on various aspects of business management using various techniques such as providing them a study material, a full time professor and a classroom training. These all provide theoretical aspects of the curriculum. While the later one provides a drill down approach of application of the same theories in a more sophisticated manner which includes case studies, industry lecturers, internship program, and live projects, which are abreast with latest market trends.
The conceptual Background is provided initially from relevant materials provided during each semester. These books are written by expert writers in their own domain, and are always updated as an when there is a need in order to make it in sync with the market trends. Books written by Philip Kotler for Marketing and by Benjamin Graham & David Dodd for Finance are a classic example of the kind of exposure these books provide to the aspirants. Even though these books are as old as one can vouch yet they are always updated and represent the current changing scenario. The most interesting part is that the conceptual theory never gets outdated, rather, the new trend dwells on the old premise.
The knowledge and interpretation of the books are imparted by an experienced full time professor who has a seamless understanding of the domain and has in fact mastered himself. The regular on the class training provides not only a conceptual discussion on the current topics, but also helps in the impromptu discussion which are related to the most recent incidents, facts and trending topics. The lecturer at the same time provides an insightful view of the subject with latest analogy. Sometimes a group assignment or an individual assignment too is provided which could be associated with market trends.
MBA at the same time, is extremely instrumental in keeping the aspirants completely in touch with current activities, global knowledge and market trends through social clubs, student exchange program, and intra-college competition. Such events and activities help the aspirants to set his right foot forward in confidence. The primary days of teaching during each semester act in stimulator to the mind.
Practical Application is where the main crux of the MBA lies. For every semester, the most part of the time is spent on this particular aspect in several ways. The most important one is the case study methodology which certainly makes this course, most popular and in sync with the latest market requirements. The case methodology is a highly researched and thoughtfully designed by experts. It encompasses case studies from HBS (Harvard Business School) to the self designed cases by the lecturers. These case studies capture the relevant aspects in a nutshell featuring both classic cases and the most recent ones. This makes MBA set a new bar in the arena of professional course.
These case methodologies not only covers the latest market trends, companies, events, industry but also provides ample scope to the aspirants to apply the theoretical framework. These case studies are scientifically designed to represent each chapter of the syllabus and making an effective learning methodology. It helps the aspirants keep updated of what’s going around in the corporate world, irrespective of the geographical boundary. In short, the gap that is built between the books and the real life events are mostly filled by this methodology.
Further to this, during the MBA course, one definitely finds some of the leading industry speakers providing guest lecture to the aspirants. These industry leaders are one who has profound knowledge of the current market trends and who work day in and day out. Their sharing of experiences as well as suggestions provides a new dimension to the learning and knowledge. They not only help set the wheel into the motion for the aspirants of different domains, but also provides live examples of cases which would otherwise take a lot of time to get included in the paperback editions and sometimes may even miss out in the cases.
During the curriculum the aspirants mandatorily have to go through an internship program. This program provided under MBA curriculum is specially designed in which the aspirants have to go through a stipulated months of training in a company. He would have to work religiously on the topic chosen by him and approved by his mentor who belongs both from the school as well as the company. This on-the-job training helps the aspirant to get familiar about the current scenario, help infer about the industry, and act accordingly. The close knit of people in the organisation help further accentuate the learning.
During the course, various ongoing initiatives such as brainstorming sessions, panel discussions, social groups, innovation convention and live projects are introduced to the candidate. These are not only self-indulging but also helps get others response, ideas and exchange of information. The dynamic interaction and meeting of like minded aspirants help steer new things.
MBA, therefore, has its roots and genesis of the old days, but it is such that it evolves over time. This can be seen from numerous examples and success stories of aspirants who have completed it and has been setting an indelible mark in the history.
Contributed by Mitesh Agarwal ( Class of 2011, IBS HYDERABAD )