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The Associated Chambers of Commerce and Industry of India (Assocham) constituted a committee called Assocham Education Committee (AEC) which studied the standard and level of management graduates passing out from B-schools.
And the results are pretty depressing.
As per the study, only 7% of management graduates in India are employable, while those who get employed, are receiving an average salary of Rs 10,000.
This study excluded top 20 MBA colleges, which include premier B-schools like IIM and those colleges which are categorized under A class.
The study pointed out that a student spends somewhere between Rs 2-4 lakh for studying MBA from B and C class business schools; but due to low quality of education and declining standard of school education, the pass outs are way below global average for getting a job.
7% employability rate is actually shocking as it signifies the falling standard of management education in India.
As per Assocham, there are 5500 business schools in India (which are registered); and out of them, 220 colleges have shut down in cities like Delhi-NCR, Mumbai, Kolkata, Bangalore, Ahmedabad, Lucknow, Hyderabad, Dehradun since last two years.
As per the report, around 120 more colleges are expected to shut down in the next year.
Besides, the number of seats in these registered MBA colleges have actually tripled to 5.2 lakh in 2016, up from 3.6 lakh in 2014.
The report also lashes out at IIT/IIM pass outs, as declining quality of school education is resulting in average graduates, which is directly hampering corporate sector in India.
Reasons for Low Quality Management Graduates?
As per Assocham, there are three main reasons for such
low quality management graduates: Poor infrastructure and lack of quality control; poor faculty and poor placements from campus.
ASSOCHAM Secretary General Mr D S Rawat said, “There are more seats than the takers in the B-schools. This is not surprising in the wake of poor placement records of the pass-outs,”, adding, “The need to update and re-train faculty in emerging global business perspectives is practically absent in many B-schools, often making the course content redundant.”
As teachers get low salaries, less qualified and experienced teachers enter colleges to teach, who in turn provide low quality education to students and the cycle continues.
Earlier this year, we had reported that only 8 out of 10 engineers are actually unfit for jobs; and last year, we had reported that 97% of engineers in India cannot speak English, and only 20% are eligible for software jobs.
These claims have been verified by Assocham, as the report said that over-inclination of students towards engineering and management courses maybe one of the reasons for too many sub-standard graduates, passing from sub-standard colleges.
As per the report, out of 15 lakh engineering graduates, only 20-30% are able to find a satisfying job, based on their talents and qualifications.
Besides, 97% of all engineers attempt for IT jobs; and only 50-60% of them are able to enter this niche. In fact, only 18% of all engineers are actually eligible to apply in a IT/Software job, and only 7.49% in core engineering jobs.