Rethinking of Management Education: The Need to Evolve Equilibrium Between Supply and Demand

Abstract

This paper critically examines the major inputs that are vital to evolve equilibrium between supply and demand of management graduates. The selected major inputs are physical and mental requirements, admission and induction standards, teaching and learning processes, quality of human resources, institute and industry interfaces, and examination patterns. The paper reveals that there needs to be a complete re-thinking of management education, as most of management institutes fail to deliver quality education and training to the admitted students, and lack preparing them to meet the global business needs. The reasons are multitudes, as there are in-built problems manifested in many ways confronted by various stakeholders involved in management education. The paper also finds that the major inputs suffer from a lack of systematic approach in their use and unclear vision on the part of those who deploy them. It may be suggested that the government and largely private players rethink and rejuvenate the present management education system that supplies highly employable and dynamic human resources matching the demands of the most complex and fastest growing businesses.

Keywords: management education, globalization, management institutes

JEL Classification: I21, J44