Dr Arya Kumar, Director of Lal Bahadur Shastri Institute of Management, New Delhi believes in innovation and experimentation in imparting management education. In this special interview with Careers360, Dr Kumar speaks on broad challenges and opportunities for management education in India. He also talks on the Unique Selling Proposition (USP) of LBSIM which differentiates it from other B-schools in India, and shares details on the admission process, fee structure and campus placements.
Read below the full interview with the LBSIM Director:
Careers360: Many B-schools have closed in last 2-3 years in India. What are the key challenges facing B-schools in India?
Dr Arya Kumar: Majority of B-Schools in India are passing through challenges of survival, mainly because of lack of quality education, faculty incompetence, inadequate regulatory mechanism, governance and lack of relevance to corporate needs.Selected few institutions which are keeping pace with developments in the business environment are by innovative programmes, curriculum and pedagogy coupled with entrepreneurial faculty which is up-to-date with industry linkages and research.
Careers360: How has the value of management education in India changed in the last 3-5 years? How do you foresee the MBA programme scenario in the coming 1-3 years?
Dr Arya Kumar: In general the value for money or time through management education in relation to enhancing career prospects is losing its charm. The effectiveness of management education much depends upon its foresight and alertness to adapt to the changing needs. PGDM/MBA programme, in general, leaving apart top 2%-3% of the institutions have hardly come out with innovations in teaching-learning process to deliver quality education. Thus, over a period of time, the majority of B-Schools has started losing their relevance. In the coming years, a large number of institutions might have to shut down, in case they do not create a distinctive advantage to deliver value to students.
Careers360: What is was the total intake in the flagship PG programme in Management in your institute for the admission year 2015-16? Please also mention annual fee (excluding hostel charges) for the same?
Dr Arya Kumar: Lal Bahadur Shastri Institute of Management (LBSIM)has an intake of 180 students in PGDM (General) and 60 students in PGDM (Finance). Our fee is Rs 7.95 lakh for two years programme. The Fee is likely to increase while extending additional value proposition by way of inputs on business analytics through collaborating with IBM and other value propositions related to academics – be it journals, books, software, database, cases etc.
Careers360: How have been the placements at your institute for the class of 2013-15?
Dr Arya Kumar: LBSIM had 100 per cent placement for the batch of 2013-15. A total of 115 companies participated in the placement process for 212 students. However, few passing out students have opted-out of the process to start their own ventures. Many new recruiters were added to the diverse portfolio of recruiters including a few international offers also. We consciously plan to have 10-15% new recruiters of choice to students every year on campus.
Reputed MNCs like D.E. Shaw & Co., Deloitte, BMR Advisors, Marsh India, Ernst & Young and KPMG etc. offered coveted job profiles at the campus placement. The IT & Consultancy domain was well represented by companies like HCL Infosystems, Infosys, NewGen Software, TCS, Tech Mahindra, Wipro, Thoughtworks Technologies, Libsys.
A number of sought-after and varied profiles were offered this year by some of the first time recruiters like Varun Beverages Ltd (PepsiCo), BMR Advisors, Career360, Thoughtworks Technologies, UTStarcom, Firstsource Solutions Ltd., SRF Ltd., Sansui, Spark Minda, Viom Networks, Vedanta Resources Plc., Premium Transmission Ltd., DEE Pipings Ltd., Hackett Group(India) Pvt. Ltd., PaGalGuy.com, Sambodhi Research and Communication, Janalakshmi Financial Services Pvt. Ltd., DBS Bank, Mid-com Group, BASF etc.
The average annual package of the batch was Rs 8.20 lakh with the highest domestic package being Rs 21 lakh. The fundamental change was by the way, the manufacturing companies and start-ups are coming out with distinct profile and better packages that did lure students to opt for jobs wherein profile became more important than the packages.
Careers360: What will be your selection criteria for MBA/PGDM programme for academic session 2016-18?
Dr Arya Kumar: Our selection criteria are very rigorous and robust involving cut-offs based on CAT score followed by group discussion, personal interview academic & extra-curricular achievements and work experience.
Careers360: What is the USP of your 2-year management programme which differentiates it from the others?
Dr Arya Kumar: We keep experimenting and innovating in the field of imparting management education. A distinct emphasis is also laid in the inculcating spirit of entrepreneurial leadership in them, so as to prepare them for taking entrepreneurship as a career option. Thus, the basic focus lies in values in management coupled with continuous improvements by way of introduction new courses relevant to changing business environment and innovations in pedagogy.
Careers360: How do you plan to enrich your 2-year management programme in next 1-2 year?
Dr Arya Kumar: We would like to make greater use of technology wherever feasible, introduce new areas of specialization, provide hands-on experience through business analytics and Bloomberg lab as also introducing more guided and monitored summer internships in the coming years.
Careers360: Any message to B-school aspirants?
Dr Arya Kumar: Do take full responsibility for your success or failure. It is you and only you who can control your fate, and the more you work and enjoy educational experience, the higher the probability for your overall success in life. Keep working for achieving greater heights by having an intense urge to reach your full potential, this is the key to unlock the door to personal excellence.
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