Established in 2006, Jaipuria Institute of Management, Jaipur (JIMJ) has come a long way in a short span of time to be a well-known management school in north India. Last year, a mainstream news magazine conducted a survey of India?s B-schools, and JIMJ figured in the list at rank number 35. ?From day one, we operated with the realisation that the only way to stay relevant as an institution, from a student and faculty point of view, is to evolve constantly in every respect of management education,? says Subhash Datta, director of JIMJ. In an interview with Rajiv Jayaram of The Financial Express, he also spoke about some prevalent myths about success after B-schooling and the need forrevising syllabus. Excerpts from the interview:
The JIMJ outlines in the mission statement that the institute aspires to be ranked among the top 25 B-schools in India by 2012. How do you chart the way into the top league table?
All best ingredients that separate the top B-schools from the rest are incorporated at JIMJ. First, it has a robust, industry-oriented curriculum with periodic updating. It?s an innovative pedagogy with real life problem solving set in an experiential environment and software-based learning. The institute offers assistance and support to business organisations through training and consultancy services, addressing specific issues as per needs of every organisation. JIMJ is in active negotiations with a number of organisations to cater to their training needs.
Currently, it has five international partners for student and faculty exchange and conducting joint research programmes. They include the Finnish Academy, Finland, Kainan University, Taiwan, and University of Illinois at Urbana-Champaign, the US.
So, the institute is actively pursuing the goal of reaching the top league table. It?s a continuing process and I?m sure we will achieve the result.
Last year, a reputed magazine had done a survey of B-schools in India and rated JIMJ at rank no. 35. Considering that JIMJ was opened in 2006, or just three years into the survey, how was the journey that set the institute apart under your tutelage?
I would characterise it as a matter of clear vision and implementing it. If you look at the trend in the past two decades, the demand for management education has leapt forward many other fields of learning. So, from day one, we realised that the only way to stay relevant as an institution, from a student and faculty point of view, is to evolve constantly in every respect of management education.
There is a widespread belief that the MBA degree is the final frontier before a career. What, in your view, are the myths about management education?
Of course, there are some prevalent myths about management education. I can list at least three.
One, an MBA guarantees career progression.
My view: Having attained an MBA from a reputed B-school certainly assists in communicating that a certain level of competence and knowledge is possible from the degree-holder. There are no guarantees, however, about career progression having attained an MBA degree. Progress in life, in every department of life, relies on hard work and being great at your role.
Two, an MBA guarantees a high salary.
My view: Attaining a good MBA makes receiving a high salary more attainable. Yet, that?s not always be the case. Those who attain MBAs from good B-schools have had to toil very hard and make the correct business decisions in order to attain their MBAs. The same skills are necessary to attain a high salary as well.
Three, an MBA programme teaches everything needed to succeed in business.
My view: Natural ability is essential and MBA studies don?t teach one absolutely everything. MBA courses focus on the abilities and competencies which may be taught and which are specific to the programmes. If, for example, you are an able, efficient communicator, then completing an MBA won?t necessarily make you any better at this essential business competency.
So, it?s the duty of B-schools to prepare students to face the corporate world and ensure a conducive environment to enhance his/her skills through an emphasis on industry orientation and interaction, and through activities like simulation?client-focused dynamic problem-solving, context-specific role-playing, etc.
In the wake of the Great Recession the world still struggling to shake off, which are, or should be, the emerging areas in global business studies? Where are a basic rethink on syllabus required, in your view?
Although I do not believe that the MBA curriculum will be substantially impacted by the ongoing crisis, a review of the importance given to ethics and corporate governance is absolutely required. Also, there is a need to re-examine the interfaces between accounting and finance and to re-evaluate what is taught in risk management. I am sure these changes are certainly going to take place. In fact, this is taking place right now. Many schools have already introduced new courses on financial crises, with some considering reintroducing a bit of economic history to give future managers better perspectives in dealing with investment, risk-taking and financial innovations.
So, I think that the structure and curriculum of MBA will be marginally impacted. After all, there is not so much you can do in one or two years in a general management study programme. There will always be a need to cover the fundamentals of accounting, marketing, finance, strategy, and so on. There is room to stress integrative thinking and the importance of gaining a global perspective to nurture responsible corporate leaders. Students, on their part, should never stop learning about global realities once they are out of college. They have to invest in themselves. Life is, all said, a learning process everyday.