This interview is part of PaGaLGuY’s Exclusive Dean Interview Series, curated for India’s MBA aspirant community. In this conversation with Priyank Pamkar, Vice President – PaGaLGuY, Prof. Lakshmi Kumar, Dean of IFMR Graduate School of Business, reflects on the realities of management education, the anxieties students carry into an MBA, and how IFMR GSB approaches the journey of shaping thinking-led managers.
Q&A with Prof. Lakshmi Kumar, Dean – IFMR Graduate School of Business
Q. You’ve often described your entry into academia as accidental. Looking back, what truly shaped you into the educator and leader you are today?
There was honestly no guiding light or long-term plan. At the age of 21, I moved from Chennai to Bombay after marriage. I was studying in Chennai at the time and had completed my MA in Mathematics, which, in those days, was quite an unusual programme.
I was very clear about one thing though: I wanted to do an MBA. Bombay had several well-known colleges, and my focus was on getting into places like JBIMS or NMIMS. I wanted to enter the corporate world, it seemed exciting, competitive, and full of opportunity.
While preparing for those entrance exams, I happened to meet someone who was a college principal in Bombay. They urgently needed an economics faculty member and asked if I could teach until I got into an MBA programme. I agreed, thinking it would be temporary.
I taught a demonstration class and was appointed the very next day. What surprised me was how much I enjoyed the classroom. The interaction with students, the discussions, the energy, it felt comfortable and fulfilling. What was meant to be a stopgap slowly became something I looked forward to every single day.
That’s when I realised this is what I wanted to do. Even today, teaching remains my first love. Everything else; administration, leadership, comes after that.
Q. Every year, lakhs of aspirants pursue an MBA driven by growth, money, or escape. From your experience, what is the wrong reason to do an MBA, and what is the quietly right one?
This is a complex question, because the landscape of management education has changed significantly over time.
When I began teaching MBAs in the early 2000s, the expectation was simple: students learned theories and concepts, and corporates would take care of the rest. That is no longer the case. Today, the pace of change is much faster, and learning doesn’t stop once you graduate.
I often compare an MBA to a driver’s license. It gives you the basic skills to start, but real learning happens only once you are on the road. Along the way, industries change, roles evolve, and skills become obsolete unless you continuously upgrade yourself.
The wrong reason to do an MBA is assuming it will automatically guarantee long-term success. The right reason is to come in with an open mind, to understand your strengths, build on them, and keep reskilling. If you enjoy what you do and stay relevant, your career will sustain itself over time.
Q. MBA forums are filled with anxiety around profiles, gap years, and grades. What matters more: where a student starts or how they evolve during the MBA?
This question made us reflect deeply as educators.
Initially, we believed strong academics would naturally translate into better placements. But when corporates started recruiting from our campus, we noticed something different. While they shortlisted candidates based on grades, many of the final selections came from students with average academic performance.
When we asked recruiters why, the answer was clear: attitude mattered more. Specifically, attitude towards problem-solving and working in teams.
Corporates prefer people who can collaborate, discuss ideas openly, and arrive at solutions together. Very few problems in the real world are solved individually.
At IFMR GSB, this understanding changed how we teach. Group work is integral to every course. Students may think they can coast along initially, but they quickly realise that learning happens only when they engage fully with peers.
Equally important is the ability to connect theory with practice, understanding how economic concepts, policy decisions, or market shifts actually play out in reality.
Q. What is the biggest shock students experience once they begin their MBA journey?
The intensity of the programme.
Many students come in with the mindset that attending lectures is enough. That approach doesn’t work. From the very first day, students are expected to come prepared. Case studies are shared in advance, and classroom discussions assume prior reading and thinking.
This comes as a shock because it requires sustained effort outside the classroom. But unless students prepare, reflect, and participate, meaningful learning simply doesn’t happen.
Q. Are there case studies that have deeply influenced how you teach and think?
There are many, but two stand out.
One is the global financial crisis. We use cases such as Greece’s economic collapse to help students understand how crises develop over time. Through data and indicators, students learn to identify early warning signs rather than viewing crises as sudden events.
Another set of cases challenges the belief that growth is the only marker of success. We study businesses, some over a hundred years old, that never scaled aggressively but remained profitable and sustainable. These examples help students see that longevity, stability, and disciplined decision-making are equally valid measures of success.
Q. Aspirants often choose colleges based on rankings and average CTCs. What are they not seeing?
Context.
The last few years have been challenging for the global job market, especially due to uncertainties in the US and other economies. Companies are hiring fewer people and are far more selective.
Students often chase the highest salary, assuming an MBA will place them directly into strategic roles. In reality, most careers begin with operational or execution-focused roles. Sales often precedes marketing. Field experience precedes strategy.
The first job should offer a meaningful role and learning opportunity. Salary matters, but job content matters more in the long run. Most IFMR alumni began with strong job roles rather than just high pay, and that foundation helped them grow steadily.
Q. Without marketing language; who typically thrives at IFMR GSB, and who struggles?
Students who prefer working entirely on their own tend to struggle.
An MBA marks a shift from individual performance to collective problem-solving. CAT and other competitive exams are an individual journey, but management education is not. Students who are open to collaboration, discussion, and feedback grow significantly during the programme. Being willing to change one’s viewpoint after discussion is an important part of that process.
Q. Before results, calls, and interviews, what mindset shift should aspirants make right now?
Ask yourself whether you are ready to work with people you don’t know, listen to perspectives different from your own, and remain open to being challenged.
That willingness to collaborate and adapt is far more important than any score or rank.
Q. Beyond careers and outcomes, what helps students become better human beings?
Compassion and empathy.
Simple actions, taking responsibility, understanding others’ situations, and stepping in when help is needed, shape both personal and professional growth.
Success without empathy feels incomplete. Fulfilment comes from being aware of others and acting with care.
Q. Is there something about IFMR GSB that aspirants often overlook?
Yes. While IFMR has a strong legacy in finance, today it offers much more. Since becoming part of Krea University, we have integrated liberal education, critical thinking, simulations, and interdisciplinary learning.
Students can major in one area and minor in another, finance with HR, marketing with public policy, or operations with data science. The aim is to develop well-rounded management graduates, not narrowly specialised ones.
An MBA is not just about where you start, but how you evolve. If that perspective matters to you, IFMR GSB is currently accepting applications. Apply Now.