Many management courses exist, but those of value are very less; here's what's happening

Management education is being commoditised at an unprecedented pace. A majority of those who seek admission to management programmes belong to Generation Z and they define career success differently. They look for more flexible, shorter courses that offer tangible skills and personal growth. Modern management education comes in many variations—MBA, PGDM, Executive MBA, Online MBA, Specialised MBA and anything that one can imagine and can be marketed. Until the past decade, universities and B-schools were the sole providers of management courses. Now with classroom infrastructure no longer essential, several edtech platforms have collaborated with Indian and global B-schools or universities to offer executive programmes or something distantly related to the traditional full-time programmes.

Out of this, it is important for aspirants to know the fine distinction among these programmes before they make a choice.

Traditional MBA (two-year, in class, full-time): This oldest form of postgraduate education offers an unparalleled immersive learning experience and deep engagement with faculty, peers and library resources, while facilitating strong networking and collaboration opportunities. On the flip side, the time investment and lack of flexibility has given way to newer kinds of MBAs. However, these are still preferred by most students and recruiters. All top courses provide campus placements—the average annual domestic salary of the Top 25 such courses was Rs 22.54 lakh and average total fees (including tuition and other fees) was Rs 17.70 lakh for the batch that passed out in 2023 (thus, average return on investment, or ROI, was about 1.27). Some work experience is an added advantage and admissions to the top colleges are extremely competitive.

One-year MBA (in classroom, full-time): This has emerged as a compelling alternative to the traditional programme. It offers intensive and time-efficient, but extremely rigorous, education for experienced professionals. Generally, admissions to the top programmes are competitive and course fees are high—the average fee among the Top 20 colleges being Rs 19.46 lakh. But they facilitate excellent placements with average annual domestic salary at Rs 24.03 lakh (RoI of about 1.24). They can be very demanding with an intense workload.

Executive MBA (EMBA): Generally, postgraduate programmes designed for mid- to senior-level executives. However, they are not well defined in India and often the one-year MBA is considered an EMBA. The other format is a part-time MBA, which has classroom programmes for about three years, but classes are held either in the evening or on weekends. However, the popularity of the three-year EMBA has been declining.

Distance Learning MBA: Generally of two–five years, this is a flexible programme for those who cannot attend classroom sessions. These are cost-effective and offer flexibility. But due to a lack of rigour, networking and easy admissions, their value is often not high. They generally do not provide placements or career support.

Online MBA: AICTE allowed online MBAs in March 2021 with certain caveats—the degree must state that it is an “online MBA”. Despite flexibility and low cost, these may be perceived differently by employers than regular full-time or EMBAs due to constraints similar to distance-learning MBAs. While some may promise placements or career support, they have limitations.

Executive Programmes: Short-term, part-time (usually one year or less) certificate programmes that do not award an MBA degree or equivalent and target working professionals with concise and practical, focussed curriculum. These programmes have gained popularity and include PG certificate programmes offered by several prestigious institutes. Admissions are easier and there is wide variation in fee structure, averaging at Rs 4.67 lakh for the Top 15 programmes. However, they do not provide job placements.

MBAs by Edtech Companies: These offer flexibility, are accessible and are similar to online MBAs in most respects, except that they are offered by edtech firms in partnership with institutes. The pros are that several such firms have collaborated with global universities and, thus, Indian students can get access to global curriculum at an affordable rate. However, since they are less immersive and experiential, these have to be chosen carefully. Since the collaborations vary from a low-rung B-school in India to a top-notch global university in the West, there is a wide variation in fee structure, ranging from Rs 1.7 lakh to Rs 42 lakh or above, and they generally do not provide placements. Some may facilitate career counselling, though.

Specialised MBAs: With the realisation that different sectors have specific needs, several specialised programmes are being offered, such as MBA/PGDM in human resource management, foreign trade, retail management, logistics management, healthcare management, family business management, entrepreneurship, etc. Over time, there have been several innovative programmes for very specific domains.

In addition to these, there are several specialised long-term and short-term programmes as well. Further, there are other options such as MBA from a foreign university (such as Harvard, Stanford or MIT Sloan, etc.), or hybrid programmes or dual degrees.

With so much to choose from, it is important to be careful in selecting the programme and institute, considering aspects like the aspirant’s specific needs, the reputation of the institute, sustainability of the programme, recognition of degree or diploma, cost, perception of employers, curriculum, course delivery mechanism, grant of alumni status, access to institute resources, and whether the institute is directly involved in running the course or has outsourced it. With the lucrative career counselling programmes, advertisements, outreach through social media, personalised e-mails and so on, it is probable that aspirants may get lured into a programme that is not the best fit. In reality, there is a wide range of choices, but the actual number of programmes worth their mettle is quite low. Therefore, research well, meet with alumni, see the faculty and curriculum, ask questions, evaluate carefully, and then choose wisely!

Views are personal. Abhishek Agrawal is Executive Director, MDRA (Marketing & Development Research Associates)