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Some years back the popularity of Masters in Business Administration (MBA) degree was at its peak with students deciding on the MBA course right from school age regardless of which Bachelor degree to select, and working professionals returning to student life to obtain the coveted management degree.
Fast forward a few years later, the popularity of the MBA degree remains a subdued version of its former self yet still large numbers of students opt for the course. However, over a period of time, the job opportunities for MBA graduates has fallen. According to recent data, in India, almost one of every two MBA graduates is not placed at the completion of their course.
While the elite Indian Institutes of Management (IIMs) continue to witness 100 percent placements, graduates from other B-Schools are not as lucky. Due to the lesser job opportunities, less students are applying for management degrees in second-tier colleges and as a result, around 233 business schools have closed.
According to an ASSOCHAM study, only 7 percent of MBA graduates from Indian business schools other than the top 20 colleges, get a job straight after completing their masters course.
"You see some students who do not get placed take up small jobs; some others get placed in some company one or two years after graduating. Now, with mandatory internships, we feel the situation will improve as the students will get some kind of training while studying," said Anil Sahasrabudhe, chairman of the All India Council of Technical Education (AICTE).
"Lack of quality control and infrastructure, low-paying jobs through campus placement and poor faculty are the major reasons for India's unfolding B-school disaster. The need to update and re-train faculty in emerging global business perspectives is practically absent in many B-schools, often making the course content redundant," the ASSOCHAM study noted.
As a result, AICTE has recommended that the curricula be revised every year, courses in technical and soft skills be made mandatory, teachers be trained regularly and 3 internships to be made compulsory.