How MBA Projects with Workplace Exposure Can Earn Highest Grade & Make Students Employable?

Project Based Learning is the application of the comprehensive methodology to inculcate the spirit of strategizing industry operations in a real-time environment. The project work aims to foster students with an opportunity to develop conceptual, analytical, communication and interpersonal skills. As part of the curriculum during the last Semester, students are required to take up MBA project work in their area of specialization for the successful completion of the MBA Program.

The Present Job Scenario of MBAs

The situation described here is for those who are MBAs from non-premier institutes in India. Someone did MBA two years ago, but still can’t land his dream job, someone obtained master’s degree in Business Management, but is still underpaid, someone with an MBA lost his job during the pandemic, and since then unemployed. Over the past few years, most of us have known people going through phases of underemployment and sometimes, even, unemployment, despite owning professional degrees like MBA, PGDIM etc. What makes their MBA degrees rendered helpless? And more importantly, what can be done to navigate away from this storm? There are some micro as well as macro issues responsible for the present scenario. The education sector of our country has witnessed enormous growth over the last many years. However, the overall employability rate can be seen declining. It raises several questions on the job-readiness of MBA graduates. Therefore, it is essential to address the crucial role of universities in bridging the industry-academia gap and preparing the post graduates in Management for a market that has been, and will continue to be reshaped by AI & automation.

Huge Gap between Knowledge and Practicality

Despite every University /Management Institution’s effort to train the students with strong foundational knowledge in business and discipline-specific skills, corporates continue to express dissatisfaction. There is clearly a huge disconnect between the knowledge MBA students acquire and the requirements of industries. While there are several causes for unemployment, foremost among them is the misalignment between the academic curriculum and the dynamic demands of industries. And this further limits students’ chances to secure the job of their dreams. Knowledge, if failed to put to practical use, has no recognition in the market. Thus a practical MBA course having MBA Project work focussed on real life problems of industries is a requirement today.

The recent health crisis that further accelerated the scene

The pandemic and health crisis became an accelerator for the widespread adoption of technology in almost every field. Although the rapid digital transformation helped unlock high economic value, it also resulted in increased unemployment and underemployment. Between 2020 and 2021, many individuals lost their jobs due to their inability to quickly adapt to fast-paced, technology-driven environments. Additionally, those who entered the markets with their specialised MBA degrees failed to secure a job, as they were moulded for roles that no longer existed. The post-pandemic digital landscape has visibly altered the human-machine-technology relationship and generated a need for a workforce, both executives and non-executives, equipped with a different set of skills. This is exactly where the role of universities or MBA institutes comes into play for an industry oriented MBA Project work.

The Present need

Nowadays students are doing their post graduate in management into a market that has undergone huge transformation. It has become necessary for the universities and management institutes to build on the digital competencies, keep their curricula up to date, and introduce multi-disciplinary skills in order to equip their students with ample job opportunities. Few suggestions in this regard are:

1. Aligning the curricula with the job market requirements: In the continuously changing nature of the job markets, it has become very important for the universities and management institutes to find out how the academic curriculum can meet the demands of the industry. So far, the institutions have heavily relied on the theoretical approach to impart academic knowledge. However, they must switch to a more practical, skill-based teaching method to truly become the mentor of the MBA students. While foundational knowledge helps facilitate critical thinking, skills empower students to apply their learnings to real-world challenges and industry oriented MBA project work that clarifies the students on real day to day industry issues.
2. Imparting multi-disciplinary skills: Management Institutions or Universities must understand the importance of multidisciplinary skills. Such skills apply to multiple career paths. For instance, finance is a discipline-specific skill for a student of business management, whereas, data analysis falls under the category of multi-disciplinary. By equipping students with many such skills, they can remain employable throughout their life. Further, students also get to secure a job in case of an unpredictable or uncertain future. Management institutes and universities can commence this multidisciplinary skills related approach right at the MBA project work stage itself.
3. Students should get workplace exposure: The universities and management institutes must make the students aware of the workplace expectations, which can be done through internship programs like MBA Project work in some industry. Many Indian institutions have made it mandatory for the students to take up internships during the last semester. This way, they learn several things about the job and behavioral expectations of an organization. By communicating with colleagues and seniors, performing real-time tasks, and taking full responsibility for their actions, students can understand how an organization operates. Also, the institutions can invite industry experts as guest lecturers to help the students get clarity on how they should prepare themselves for the future.
4. Students should be exposed to cutting-edge digital skills: The digital infrastructure of the country has improved significantly, and more and more students can be seen developing an interest in high-tech job roles such as data scientist, data analyst, software engineer, manager systems, auto cad design engineer. So, for the students to excel in the fast-growing digital economy, the universities must revise their MBA curricula from time to time following the local as well as global trends including exposure to some organization for in-depth study during their MBA project work.
5. The MBA students to be encouraged on building a diverse portfolio: Higher education is that point of time in every individual’s life when a piece of advice from a mentor, industry veteran or a subject expert can prove to be of immense help. The universities must take the initiative to inform the students about those job roles that can align perfectly with their respective courses. Also, they should be guided on how to develop a diverse portfolio to present themselves as a strong candidate for a job opportunity that can fully utilise their skills. Thus MBA project is a must for students to get exposed and building a diverse portfolio.

Read Also: A to Z of Doing your Final Year MBA Project Work