In today’s academic scenario, it is no secret
that the popularity of an MBA is soaring by the year. Gone are the days where students
settled for substandard programs to improve their academic profile. Thanks to
various educational portals and the influence of social media, students are now
more informed in their decision-making. As a result, B-schools need to stand
out amongst their competition over multiple factors. A strong industrial tie-up
is one of them. Here’s how it is beneficial to a B-school.
Specialized
program by a top firm
Businesses and B-schools have a mutual
relationship where the latter provides a steady stream of management students
to the former. While this informal relationship benefits both parties, many
firms usually raise concerns about the lack of domain knowledge and requisite
skill-set from the new crop of students. As a result, top firms offer to provide
tuition in these areas through a specialized program. The firm’s top brass
prepares a curriculum that extensively covers the particular domain while
providing an extensive range of education in relevant professional skills,
which will allow students to acclimatize to the company’s work culture. By
creating such a holistic program, businesses will recruit students who qualify
as ‘finished products’ and don’t need any further investment in training.
By collaborating with such firms and implementing
their specialized programs, B-schools will stay ahead of the curve, and blur
the lines between theoretical and practical know-how.
Student
Networking
One of the primary reasons why students invest
their time and money in an MBA degree is placements. It assures them of
reaching an elevated position within an organization after two years of
extensive education in a B-school. Therefore, by tying up with organizations
from different domains, B-schools can provide quality industry exposure to its
students. For instance, students undertake an internship at the end of their
first year, wherein they have to deliver innovative solutions for their
allotted projects in real-time. By working on several projects, they gain
profound practical knowledge about the industry. When they integrate this
practical experience with their theoretical knowledge, they gain the upper hand
during placements.
Moreover, an internship helps students build
contacts and build a professional network. They can positively use this
relationship by applying for a role in the same organization or requesting
their seniors to put in a positive word-of-mouth review about their work to a
different organization. It will help them acquire their favored job role and
progress in their profession excellently.
Gives
credibility to B-schools
An impressive placement record allows B-schools
to demonstrate the strength of their industrial tie-ups. These B-schools can
confidently proclaim the fact that the best amongst the industry recruit
students from their campus, and they end up having stellar professional careers
in terms of job role and salary. As a result, these B-schools can position
themselves as one of the best in the country. It gives their resources a lot of
credibility in terms of the faculty, teaching methods & pedagogy, infrastructure,
and student culture. Naturally, students will find the encouragement and
interest to apply to these B-schools to lead successful professional careers in
their respective domains. Hence, the admissions of B-schools link heavily to
their industrial tie-ups.
By collaborating with the industry’s big firms,
B-schools can provide their students with a learning experience that will give
them a much-needed impetus to excel in this professional world of management.
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