Posted on 03/11/2013 7:33:48 PM PDT by Fzob
India’s estimated 3,300 business schools churn out tens of thousands of management graduates each year. But only a small fraction of them are “employable,” or possess basic skills necessary to work in sectors ranging from marketing to finance, according to an unpublished study. B-School graduates are finding out the hard way. Hitesh Kumar, who completed his MBA from a business school in Allahabad, in the state of Uttar Pradesh, earlier this year, has been unable to find a job as an investment banker. ............... Aspiring Minds based its conclusions on a so-called “employability test” it conducted on 32,000 MBA graduates from 220 business schools across India. The test, which quizzed graduates on topics ranging from grammar to quantitative analysis, found that only 10% of those tested had skills that recruiters typically look for while hiring management graduates. The study found that less than half of the students tested had some knowledge of key industry terms and concepts in their areas of specialty. For instance, a third of the surveyed students who had majored in finance, did not know what IPO – short for initial public offering – stood for.
(Excerpt) Read more at blogs.wsj.com ...
Agreed
I read that 70% of them voted for Obama...what a disapointment to me.
I worked for a major Fortune 50 company that fell in love with the idea of hiring Indians to do all kinds of work otherwise done in “high cost countries”, i.e. the US. Their reasoning was that IIT has been turning out gazillions of these brilliant people for decades but there were not jobs, the speak English (not necessarily GOOD English) and work for peanuts.
Unfortunately they didn’t know crap. The lack of life experience, western socialization, and overabundance of theory and “book larnin’” made the vast majority of them worse than useless. By that I mean they would consume time and resources composing reports and research to tell you things you already knew and much of which was plagarized from internet sources (like we don’t get the internet here?). That’s the worthless part. But then they’d engage in lengthy dialog and argument to convince you it was true and accurate and “why are you not accepting and worshiping my opinion on this matter?”
If anything, the US citizen is more likely to be competent, just that the freedom that they have makes them appear to be too expensive.
The study found that less than half of the students tested had some knowledge of key industry terms and concepts in their areas of specialty. For instance, a third of the surveyed students who had majored in finance, did not know what IPO – short for initial public offering – stood for.
Then we have:
Some industry experts say that these findings are evidence that India’s MBA curriculum is flawed because of its emphasis on rote learning rather than on hands-on experience.
Now I ask you, how do you find out what IPO stands for?
... from doing crossword puzzles, that's how! I guess that's "hands on experience," eh?
I guess little facts of life for financing business like EBITDA or DSCR or LTV were not for mere MBAs but maybe they were gonna cover that in Phd program?
Lol...banks would laugh at me if i didn’t know this stuff
And I’m a mere poli sci major from sometime last mid century
I constantly hear businesses complaining about the quality of graduates, but never hear business saying what they want from them. Do they want lower expectations in terms of salary? For them to speak a second language? Perhaps we could get a better match if business laid down their requirements.
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Agree! I sometimes had to interview new Harvard grads (and others from Stanford and various Ivy League schools) because our HR idiots required that we do so.
The positions available were for entry level professional slots and EVERY one of such applicants had indicated on their applications that they expected a salary that was greater than our Supervisors who had many years of experience in our field.
One of the major problems in US businesses (particularly in the Defense Industry) is the Human Resources dept., where they try to force hiring certain “types of people” to drive the demographics data.
I’m surrounded by them. Can’t stand them. Nobody can stand them. Seriously it takes 2 of them to equal one of us.
The Indian system is very interesting. Everybody who wants to go to school goes. Everybody graduates, even if they don’t study and do poorly in class.
However, the education, for those who are capable, is superior. No dilution.
The result is that grades and class rank, especially, are accurate and very important in assessing a candidate. A doctor from an Indian medical school could be terrible, but the valedictorian from Lady Hardinge is probably better than any Harvard graduate.
“That’s a result of distorted labor markets - where no reward is seen for completing such a degree - courtesy of various guest worker programs (e.g. H1-b/L-1).”
There’s still plenty of reward in most of engineering and in medical (at least until Obamacare takes over) - believe me, at least here in Texas the jobs are available for Americans. The people my kids graduated with had offers waiting.
But still, most American males in their early 20s (at least the kids of the people that I work with) are either wallowing away at home, trying to decide what to do for a living, or off to college to pursue a USELESS liberal arts degree. And with those degrees, outsourcing is not a problem, because there aren’t any jobs to outsource. And one of my coworkers, believe it or not, has a kid in a lower tier law school. Once the $120,000 of debt is fully realized, she’ll see that would have had a better shot in life by buying lottery tickets (look up Law School Scam on Google, and you’ll see what I mean).
In other words (American) people are seeing rewards where there aren’t any, and not seeing rewards where they do exist. ...and I guess the elimination of teaching math properly to Americans has also done its job.
My guess is that this is a case of readjusting one's worldview. In practice, most people elevate career and schooling above religion.
There, I said it. < /Mark Levin voice>
Belief in schooling is religious dogma that is not easily changed.
Woooowwww... I'm as big a critic of schooling as you'll find, and I'm shocked.
My homeschooled daughter just finished up an introductory course in accounting, and she could have answered that question. AAMOF, we were just talking about profit margin ratios the other night.
Yes, and the major at the time for many of those PhD’s was economics.
I wouldn’t consider “umm, profit ratio is about the ratio to make a profit” to be a very good answer either.
We get Indian students into our MS program in Computer Science. Only a small fraction of them are competent too.
This is why I never quake in my boots when I hear about how many STEM graduates country XXX produces vs. us. Whatever the failings of our educational system, our graduates are much better than the Third World competition.
Your company probably reflects why most Ivy grads going into business head towards finance or consulting.
That’s very interesting. But I’ve seen transcripts of Indian students. Some do actually fail classes—not everyone passes. So not sure I totally buy into your thesis.
But...... as clerks, they keep the wheels of commerce turning across the water at banks and trading companies in Dubai and Dammam
I see, Max, that you work in Hollywood. I’d actually imagine for the vast number of people interviewing them there, a good liberal non sequitur is the right response for hiring.
Ivy Leaguers are good at playing the game!
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