Management education in India is predominately a derivative of western management thought and practice. It is only occasionally that management schools draw inferences from Indian epics, shastras, and practices. It may be worthwhile to notice that management itself as a discipline has evolved from the fundamental disciplines of philosophy, psychology, economics, accounting, computer science, mathematics, statistics, and industrial engineering.

RISING FORCE
In the 21st century, India has witnessed a sea change in its educational system. The process of liberalisation, privatisation, and globalisation has not only replaced traditional approaches with a more efficient professional approach, but has also encouraged new-age courses in accordance with industry demands. Initially Marketing, Finance, and Human Resource Management were considered the functional areas of management, but now, management education covers many more functional areas such as Operations, Information Technology, International Business, Supply Chain Management, Retail, and several more.

India has witnessed growth in this sphere of education because of the rising demand for trained management graduates. Management education has become one of the most sought after streams today as a result of this; the private sector has also entered the market and invested an immense amount of resources - which has resulted in a mushrooming of B-schools.

There was a time when such a professional programme was to be chosen after well-thought-out study and research, but today, one can find students enrolling without proper knowledge or the required awareness. These students need proper counselling and guidance which can give them good insight and tell them about the nuances of the field.

Management education in India is not very old; after the establishment of the IITs, there was a dire need for similar establishments in the field of management education. Starting with the establishment of the 4 original Indian Institutes of Management Calcutta (1961), Ahmedabad (1962), Bangalore (1973), and Lucknow (1984), management education is now being offered as by some leading universities in the country - as well as by Non-University Autonomous Institutions. Recently - and particularly during the last 5-7 years - the country has witnessed a tremendous growth in management institutions, most of them in private sector, offering management programmess in different functional areas of management. Concurrently, there is a mushrooming of B-schools in the country of which approximately about 2,000 are certified by the All India Council for Technical Education (AICTE), leading to issues of quality.

NEED TO KNOW
The structure of education as a whole in India is divided into two major divisions - the University System and Non-University System (Autonomous Institutions):

• University System: Central universities; State universities; Colleges affiliated to the universities; Private universities
• Non University Autonomous Institutions: Institutions of national; importance; AICTE-approved Autonomous Institutions

At the top are the reputed institutes of national importance institutes like the IIMs and some university departments such as FMS which have maintained a high quality in their teaching, research, and consultancy in management education. The second-rung institutes are those started by industrial houses, private institutes, and state-level educational institutes, which offer quality management education at par with these reputed institutes. These come under the category of ‘Non University Autonomous Institutions’. The third level management institutes in India are university departments and other Open Universities that offer management education through correspondence, distance, and part-time modes.

In India, institutes providing management education are certified by the AICTE. These courses come in a variety of packages - and price tags - matching the different needs and pockets of the students. The fee structure of management programmes in India varies: Ranging from approximately Rs 1.10 lakh to Rs 15 lakh for a two-year course. Usually, two-year management programmes can be taken up after the successful completion of graduate studies in any discipline. Graduates with minimum 45-50% marks are usually eligible to apply for admission to management programmes.

Aspirants have to go through a selection process which includes entrance/admission tests, followed by group discussion and the personal interview of candidates declared successful in the written tests. The aim of the test is to evaluate, under stress, a candidate’s general verbal, mathematical and analytical abilities. Management entrance testing in India calls for superior command over the English language, quantitative skills, and definitely, a sharp mind!

CHANGES
There are several reasons that can be credited for this rise in the demand for management education:

• India has undergone a paradigm shift - a complete change in the shopping behaviour and consumption patterns of consumers has been seen. Today, the consumer doesn’t go to the market just to purchase the product, but also to experience the delight of shopping.
  
• There have been fundamental and irreversible changes in the economy, government policies, outlook of business and industry, and moreover, in the mindset of Indians in general.
  
• Indian companies are no longer afraid of multinationals. They have become globally competitive and many of them have become MNCs themselves.
  
• The old fatalism and contentment seen in the Indian mindset has given way to optimism and ambition.
  
• An introverted and defensive approach has been replaced by an outward-looking and confident attitude.
  
• In place of denial and sacrifice, the Indian value system has started recognising the search of satisfaction and happiness.
  
• Indian culture, which earlier looked down upon wealth as a sin and has believed in simple living and high thinking, has started recognising prosperity and success as acceptable and necessary goals
  
• Indian management graduates no longer queue up for safe government jobs. They prefer - and enjoy - the challenges and risks of becoming entrepreneurs and global players in the emerging private sector.
  

Therefore, it can be said that a management programme is a rewarding and exciting path, but it's clear that it has to be entered cautiously and consciously!

— Prof (Dr) Ashish Chandra is a Professor of Marketing at the Asia-Pacific Institute of Management (AIM), New Delhi. He is a PhD in Marketing (Customer Relationship Management), and has also worked at IBM. Prof Chandra has published several research papers and also provides consultancy to industry and the government.
AIM: Established in 1996, AIM ranks among the top business schools in the Delhi region.