In an era where digitisation and generative AI are transforming industries, India’s top B-schools are facing the challenge of preparing graduates for a rapidly evolving corporate landscape. As the job market grows more competitive, these institutions are playing a crucial role in bridging the skills gap and ensuring students are equipped for the future.
B-Schools Facing New Realities
Headlines this year reveal a concerning trend: prestigious institutions like IIM Ahmedabad have seen their highest salary offers dip to the lowest in six years. With many graduates still struggling to secure their dream jobs, India’s leading B-schools are under pressure to adapt to changing market demands.
The 2024 rankings by Business Today and MDRA show IIM Calcutta maintaining its top spot in the two-year MBA programme for the fourth consecutive year, with ISB leading the Executive MBA space. However, despite their strong rankings, these institutions face increasing challenges. The rise of digitisation, generative AI, and industries like electric vehicles, renewable energy, and climate-focused sectors are reshaping the corporate world. As a result, B-schools must evolve to address these disruptions.
Bridging the Skills Gap in a Changing Job Market
The growing skills gap between what students are taught and what industries need is becoming more apparent. As companies across sectors, from IT to manufacturing, experience economic uncertainty, placement rates at B-schools have been affected. Puneet Arora, Managing Partner at Biz Staffing Comrade, notes that companies are increasingly cautious about hiring amid challenges in forecasting revenue growth and maintaining profit margins.
Generative AI is expected to significantly impact traditional management roles, with many becoming redundant and new ones emerging. According to Prabina Rajib, Director of BIMTECH, companies are rapidly exploring AI’s potential, creating new demands for skills in data analysis, machine learning, and automation.
What Employers are Looking for in Graduates
Hiring practices are evolving, with companies now focusing more on technical and cross-functional skills rather than traditional qualifications like an MBA. In sectors such as smart manufacturing, retail, logistics, and aviation, there is growing demand for engineers, IT specialists, data analysts, and supply chain experts.
The marketing landscape has also shifted, with companies expecting MBA graduates to have expertise in digital strategies, including SEO, SEM, and social media marketing. Rajesh Bharatiya, MD of Peoplefy, highlights that graduates must be adept at applying these new skills quickly, as businesses no longer have the luxury of time to teach them.
Financial services are also seeing a preference for engineers over MBAs due to the need for skills in data analysis, risk management, and cybersecurity. Deepak Malkani, Co-founder of IndusGuru, adds that companies are recruiting from undergraduate programs, seeking talent with strong foundations in economics, psychology, and commerce.
The Way Forward for B-Schools
As industries continue to digitise, B-schools are being called upon to rethink their curriculums to better align with market demands. Companies are creating new roles, such as Chief of Customer Experience at Kotak Mahindra Bank and Chief Growth Managers at Wipro and HCL, to address evolving customer and growth needs. Nitish Jain, Founder of S.P. Jain School of Global Management, stresses the importance of reverse-engineering the skills taught at B-schools to ensure students are prepared for these roles.
India’s B-schools are at a pivotal moment, where they must not only maintain their prestigious reputations but also adapt to the rapid technological advancements reshaping the global job market. By equipping graduates with the skills required in this digital and AI-driven world, they can ensure future success for their students and meet the demands of a transformed corporate landscape.
