Career insights by GGI is a new series by GGI sharing hacks and tips around management consulting, MBA, product management and public policy.
In this GGI career insights, we will be sharing insights into: the relevance and cost effectiveness of an MBA degree in 2022.
Indra Nooyi, an Ex-BCG consultant and former CEO of PepsiCo, highlighted the increasingly obsolete curriculum in MBA. Indra has mentioned she finds them incompetent in fostering future business leaders due to program's lack in addressing technological advancements.
Now, any brilliant educational institute has 3 strong pillars of excellence. And we are going to be analyzing whether you can get a pay higher than IIMs through this framework.
1. Upskilling
Upskilling includes pure conceptual learning in contemporary business, finance, operations and other interdisciplinary subjects. Now while joining an MBA programme, you assume that you would be learning these contemporary and evergreen concepts.
The evergreen concepts are certainly an integral part of the curriculum. For example in finance, you would be learning valuations including direct cash flow method (DCF) or the multiple method.
However, contemporary relevant subjects in finance and technical disruptions are not getting adequate attention from skills and jobs standpoint. This inhibits your capability to analyze the businesses in contemporary space even after an MBA. These developments are important for you to ponder over from not from a consumer standpoint, but also from a business standpoint. And the most important point is these concepts can not be learned via formulas, but through case methods.
1.1 So, what is the Case Method?
So Harvard Business School was the 1st Business School that came up with the case method concept. It makes you the protagonist of the case where you must put on your thinking caps and learn by doing.
Most B-schools in India fail to integrate this method in their curriculum, rendering students inadequate in terms of learning. Today, you can learn the basic theory on youtube, free of cost. And hence the MBAs need to step up in terms of what they provide in classrooms. The classroom ecosystem are the place where you brainstorm with your peers and debate alternate views. This case method approach helps you become your best self.
ISB, which was founded by Rajat Gupta; alumni of Harvard Business School, has it’s entire course structure based on this case method style learning. On the other hand, from hat I know IIMs have limitations and conduct only 30-40% of their program in case method format.
To make things worse, most schools don't update their case studies. The rare opportunity for hands-on learning is hindered by the rudency of the cases. Learning about Facebook’s strategy from the 2000s is entirely irrelevant in 2022. You benefit and learn more contemporary cases.
And this is where Institutions like Harvard and Stanford write their own cases, by being in touch with top employers and companies and producing relevant business challenges for students.
2. Employment
Out of +5000 MBA students in India, only 7% are employable via their curriculum. The MBA Schools lack in generating relevant learning outcomes amongst their students. Moreover, the placement mindset in India is debilitating to the students.
In most top universities such as Harvard, Wharton you learn networking to solve not just your 1st job but long term needs as well.
3. Networking
This doesn’t just refer to people you meet on campus, but the vast channel of alumni.
They are your best link to the business and world outside. Your effort in connecting with these alumni can be a great opportunity to get future employment as well.
This facilitates breaking the short sighted race towards the “highest package”.
What is your best option?
I genuinely believe that today an MBA below Top 30 financial times MBA institutes is not worth your learning, time and frankly money. Though it isn’t necessarily possible for everyone due to various reasons like costs and aptitude tests. So what is next for you?
At Global Governance Initiative, we organize masterclasses by industry leaders to give you an accurate presentation of employable skills. These CXOs bring forth their own relevant case studies and teach from their experience. By partnering with 31+ companies which recognize GGI, we have a very extensive hiring pool. With 88% graduates working in consulting of some 5500+ alumni worldwide, GGIians are a network and web of well connected alumni.
By providing Alt and Pre MBA at 1% of the cost, we have made quality education truly accessible. At GGI we don't bestow paper degrees, but an ecosystem of curiosity, kindness and purpose.
Author: Shatakshi Sharma, Co-CEO Global Governance Initiative, Ex-BCG Management Consultant, Former Policy Advisor, Tony Blair Institute for Global Change
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