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The traditional MBA programme
Most MBA programmes are structured over a period of two years.
The 1st year comprises of a generic curriculum aiming to expose the student to as many functional areas as possible, similar to the first year in engineering studies.
The 2nd year gives the student the opportunity to select an area of specialisation, drawing upon their exposure gained in the first year.
The prime objective of a two year MBA is to equip students with all the skills that they would possibly need to sustain in a unpredictable and dynamic corporate world. Also, unlike in Tier I institutes where the students dictate terms, in Tier II&III institutes, students tend to take any job that comes their way.
But one of the biggest drawbacks in this approach is the fact that there is a lot of wastage, because the desired outcome or end result of the generic skills imparted cannot be measured. A industry specific program, tailored to meet specific requirements on the other hand is a better alternative.
One-year management programmes
The UK is one of the most preferred destinations for Indians wanting to acquire an international MBA with as many as 12 per cent of all enrollments in UK MBA programs being Indians. This rush is primarily because:
It gives them a global exposure
An MBA in most UK universities is of a one year duration, as compared to about two years in the US and Canada and 15–18 months in Australia and New Zealand.
Institutes in India have now started to offer one year management courses too. The ISB, IIMA and IIMC are some of the leading institutions that offer a one year MBA/PGPX / PGPEX (Post Graduate Programme for Executives) – tailored for people with prior work experience.
Partnership with corporates
Corporates have started working closely with the academia, trying to come up with industry specific curricula that increases the students chances of procuring a corporate job upon completion of the course. Global best practices are being incorporated and new benchmarks are being set. These corporates go on to participate in the campus recruitment of these institutions too. In recent times, corporates in the banking, insurance, finance and retail have been tying up with educational institutes and designing courses with the intention of penetrating all market segments in metros, mini metros, towns and now villages.
Going one step further to working together on the content of an educational stream, corporates have started offering guaranteed jobs to students upon successful completion of the course. As a result, financial institutions have begun tying up with such institutes, providing the students with educational loans as there is a job guarantee at the end of the course.