In a meaningful discussion about the lasting value of an MBA for diverse careers, we spoke with Dr. KS Venu Gopal Rao, Director of ICFAI Business School in Hyderabad. Dr. Gopal, an eminent figure in education and business administration, shared invaluable insights into the enduring relevance of pursuing an MBA today.
In an enlightening discussion focused on the pivotal role of an MBA in shaping career trajectories, we engaged in a conversation with Dr. KS Venu Gopal Rao, the Director of ICFAI Business School (IBS) in Hyderabad. Dr. Gopal, a distinguished luminary in higher education and business administration, shared invaluable insights into the enduring relevance of pursuing an MBA in recent times and its potential impact on diverse career options.
As the guiding force behind IBS-Hyderabad’s academic journey, Dr. KS Venu Gopal Rao plays a central role in equipping students for success in the ever-evolving business landscape. With a stellar academic background marked by excellence, he stands as a mentor and beacon for those aspiring to join dynamic careers within the sphere of business and management. Dr. Gopal’s steadfast dedication to fostering an environment of innovation, learning, and growth is palpable in the institution’s commendable achievements under his astute leadership.
Our in-depth discussion with Dr. KS Venu Gopal Rao delved into intriguing insights of the dynamic landscape of business education, shedding light on the profound significance of pursuing an MBA in the current year and its potential career avenues. His expert perspectives and visionary outlook provide invaluable guidance to individuals navigating the path towards becoming influential business leaders of tomorrow.
Let’s explore some of the compelling highlights from our enriching conversation with Dr. Gopal. This interview is a part of the #EducationThoughtSeries, featuring discussions with heads and deans from various institutions about the relevance of an MBA in today’s educational landscape and its potential impact on diverse career options.
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Q1: Having accumulated more than 20 years of extensive experience in the academic domain, could you elaborate on the motivations that drove your decision to embark on a career in academia? What inspired your entry into the academic sphere, specifically in the field of management education?
Ans: I believe that my background played a significant role in shaping my career choices. Coming from a family with an army background, I underwent my early education in a military school—one of the five institutions across India, with one located in Belgaum. Initially, my inclination was towards a career in the army, but certain circumstances prevented that path from materialising. Early experiences, like participating in debates and public speaking contests, played a pivotal role in building my confidence, leading me to envision myself as someone more attuned to training and guiding others.
However, my journey took an unexpected turn, steering me into a formal role in the industry. In 2002, driven by personal and family circumstances, I consciously decided to transition to academia from the corporate sector. This shift proved beneficial in multiple ways, offering exposure to industry sensibilities while maintaining an academic inclination. Armed with readiness for the intricate world of academics, the amalgamation of industry and academic experiences facilitated my entry into the academic fraternity. Today, I am gratified to have spent nearly two decades in academia, marking my 22nd year. Over this period, I’ve had the privilege of guiding approximately 10,000 students both as a teacher and an academic leader. .
Q2: With two decades of experience in the academic realm, you’ve likely witnessed diverse trends, particularly in the correlation between MBA programmes and the industry. From your perspective, what skills do you believe MBA students should cultivate for success in the current landscape?
Ans: I would approach this question by breaking it down into two or three parts. Two decades is a significant period, especially when we examine the broad changes in social, political, and economic parameters for a nation as vast as India. In 2000, there was a surge in information technology, the manufacturing sector slowed down, and the government’s role in industry started declining. The financial sector witnessed numerous reforms, leading to rapid changes in the financial market.
The batches I interacted with in 2003 or 2005 faced distinct circumstances and challenges due to financial crises, differing from the experiences of students in 2007, 2011, and again in 2014. Summarising this timeframe, I’ve observed at least four distinct generations of students each tackling unique challenges. As an institution, we collaborated with industry, alumni, and faculty, working together to understand the specific skills each generation of students must possess. For example, the 2024 batch requires very different skills compared to those in 2011 or 2012.
In the earlier years (1970 to 1997), the focus was more on acquiring knowledge and less on skills, but today, it’s more skill-oriented and less knowledge and theory-oriented. This is not to diminish the importance of theoretical knowledge, but we face a challenge where the industry demands that students possess a set of skills that keeps them employable in the future as well. . Automation has pervaded major sectors of industry be it health and entertainment, sports, airlines, logistics, and supply chains. Digital transformation is the order of the day. Graduates from reputed schools now need a combination of sound knowledge and skills not typically taught in regular MBA classes. Through our interventions, we aim to instil these skills.
To conclude, the skills required by students as they progress and graduate from business schools encompass cognitive skills, analytical ability, critical thinking, the ability to work in diverse national and international teams, and emotional intelligence. Additionally, there’s a need for skills in areas like programming (e.g. knowledge of Python), analytical skills using Tableau, and the ability to make complex decisions using a set of soft and hard skills. When recruiters approach us with feedback, we understand that they are seeking a combination of fundamental knowledge and, increasingly, the ability to deal with cognitive complexities and technical skills.
Q3. How has IBS employed its multi-dimensional approach to enhance case-based learning and business modeling, aiming to impart practical knowledge among your students?
Ans: ICFAI has been in the education sector for more than 25+ years and is an early mover. With our longstanding presence and reputation, we have consistently adhered to the philosophy of quality in every aspect of student learning. Our founder, Prof. N.J. Yasaswy (1950-2011), espoused the principle that the initial software for students should be knowledge capital, emphasising the cultivation of competencies and soft skills. A pivotal aspect and manifestation of this philosophy was the establishment of the world-class Case Research Centre at IBS Hyderabad, which was designed to encourage faculty to write and adopt cases as the primary pedagogy.
Upon integration into the university, the ICFAI Foundation for Higher Education, in 2008, we made a conscious decision to ensure that students learn management not solely through theory or lectures. Here, we recognised the significance of academic freedom, providing the liberty to explore creative solutions for classroom delivery. At IBS, concepts are conveyed through a judicious mix of case studies and alternative pedagogies, with lectures being limited to debriefings or conveying some portions of theory
Our comprehensive approach prioritises case studies as the primary method, supplemented by simulation and the use of software and technology tools where applicable. Specialised courses like Business Process Integration employ active stimulation throughout the course In elective domains such as marketing, finance, operations, and HR, we have been using simulations for nearly a decade. Moreover, we advocate active and experiential learning, exposing students to workshops, exhibitions, alumni interactions, and guest lectures from industry experts.
Through this amalgamation of approaches, we ensure that students are exposed to a multitude of teaching and learning pedagogies. The result is that they emerge as more versatile, knowledgeable, and confident individuals, ready to tackle challenges as future business leaders. I trust that this adequately addresses your question.
Q4. If we view an MBA traditionally, it’s heavily focused on leadership. However, in the past 5 to 6 years, recruiters have increasingly valued students with specific job skills and expertise. What is your view on the belief that the MBA is shifting from a leadership-focused degree to one that emphasizes expertise? If yes, what do you think is driving this change?
Ans: I’d like to provide some context if you allow me. Considering the evolving landscape of the business world, potentially by 2028 or even sooner, rapid technological advancements such as artificial intelligence, machine learning, and blockchain will take centre stage. The profound impact of technology on our lives and business practices is disruptive. Reflecting back to 2014, quoting Mr Satya Nadella, the head of Microsoft, predicted a five trillion dollar business opportunity built around digital transformation.
To illustrate this shift, let’s take the Indian agriculture sector as an example. Between 2018 and 2021, over 300 companies invested in tech-enabled agricultural ventures in India. These investments are poised to transform the key elements of the agricultural landscape and supply chains, presenting significant opportunities for technology utilisation and productivity enhancements.
Consider education, a field we are all engaged in. It has opened up numerous possibilities for learners, not only in traditional education but also in seeking certifications at their convenience. Today, skilling is accessible to all through massive online platforms known as MOOCs thereby democratising education
In India, platforms like SWAYAM and Coursera in addition to universities in the private sector will witness substantial gains in learner enrollment. . This, I believe, will enhance the gross enrollment ratio in higher education in India. These developments are not isolated events; they are occurring simultaneously.
As we progress, I foresee skills becoming an integral part of any programme, whether it’s arts, science, commerce, or any other field. The rise of STEM degrees or STEM-focused areas in business management, particularly in the efforts of premium US colleges attracting students from China and India with the promise of the three-year OPT, indicates that business degrees at both undergraduate and postgraduate levels will eventually be divided 50% into STEM-related knowledge and skills.
Traditionally termed a social science, today, business management cannot be solely classified as such due to the substantial tech component embedded in it. At IBS Hyderabad, we’ve ensured that in all major areas at the postgraduate (MBA) and undergraduate (UG) levels, courses are introduced to equip students with sufficient tech skills. In finance, for instance, we introduced a course on FinTech; AI modules/courses will be introduced in the BBA programme. Besides we are launching UG program in Cloud computing and cybersecurity. . With the integration of skills into each course, whether elective or theoretical, throughout the three-year undergraduate programme, we believe students will be well-prepared for roles in technology or pure management leadership roles in the future.
Q5: What essential attributes should students consider when selecting a B-school for their MBA degree?
Ans: So, first and foremost, I would say the longevity of your organisation or business school, how long it has been in the sector now, and what its track record is over the years. For example, we have been there for three decades. The 1995-1997 batch was the first batch. The track record will give you an impression of consistency; it also sends a powerful signal as to whether the institute has grown from strength to strength. ICFAI is known for its strong core finance concentration and over the years, finance has been a major focus for students. Students who sought to excel in the area of finance chose ICFAI. So the first thing, according to me, is to see the track record.
Following that, the emphasis should shift to the portfolio of courses offered, as, in my view an MBA is not restrictive into hard core specializations. such as MBA in marketing or MBA in finance. Instead, we are shaping leaders poised to navigate future business landscapes. Our approach involves a blend of management discipline and the training of of leaders for the future. These individuals may or may not remain tied to a specific industry but could potentially become the entrepreneurs of tomorrow.
In my view, entrepreneurship is the cornerstone upon which our nation will be built. Meaningful job creation occurs when individuals are willing to take risks, typically in entrepreneurial ventures where students can initiate and establish their ventures as they progress. As an institution, we take pride in the fact that many of our MBA and undergraduate BBA programme students have successfully ventured into their own businesses, subsequently employing others in their enterprises.
The third aspect to consider is the faculty composition, specifically the number of full-time faculty members. Given the nature of our full-time programme, maintaining a high level of seriousness necessitates a dedicated faculty presence. As an institution, we take pride in the fact that we currently have close to 200 faculty members, with approximately 90% holding doctorate degrees. These individuals bring a wealth of industry experience and strong academic credentials and are committed full-time to serve our students’ needs. This robust faculty composition significantly boosts morale and instills confidence in prospective students, ensuring that guidance, mentoring, or counselling is readily accessible whenever needed.
The fourth criterion that a student should consider is the value added by the programme. Is it solely about acquiring knowledge, or does it go beyond that by contributing to their overall development? Enrolling in a postgraduate course is not just about joining any programme; it’s about entering a course that will propel you to reach heights you never envisioned. When I visit places like NCR, Gurgaon, or Delhi and observe institutions in the finance or services domain, it’s quite evident that a significant number are graduates from ICFAI or IBS. Why is this the case? It’s because we have laid a strong foundation. What matters is that we have delivered substantial value in the two-year programme, and that confidence has propelled them to higher levels. Our graduates have progressed to become vice presidents, general managers, heads of verticalsand business units.
A good example that i can quickly recall is the Chief Financial Officer of the L&T Metro of Hyderabad, who happens to be a 2006 student of ICFAI. So, it is an IBS Hyderabad student who is there taking care of the finances of a big company L&T Metro. Hyderabad metro is a dream infrstructure project that has rapidly transformed an urban landscape of Hyderabad. So, the main thing that a college brings to students is value.
The fifth and final point will be the network. Sixty-five thousand students are in our network of alumni. IBS Hyderabad alone has 22,000 strong alumni who are our ambassadors. Our main goal is to focus on quality. We are also a Category 1 institution, NAAC A++ University, which means that we are in the top universities in India that have shown a high degree of focus on processes and quality. These things should be considered by prospective students before choosing a college for an MBA.
I am confident that ICFAI can proclaim to the world that the students emerging from this institution have undergone a meticulously structured process. Our academic frameworks are well-established. Additionally, we hold the prestigious accreditation from AACSB, an international recognition that only around 900 business schools worldwide possess, with a mere 25 in India. In fact, we were the 14th institution in India to attain this accreditation in February 2020. This achievement serves as a testament to our commitment to programme consistency, a steadfast focus on learner success, and a positive impact on our stakeholders.
Q6: How would you define an ICFAI MBA in just ten words?
Ans: It’s slightly tricky to respond, but let me try. Education at IBS is an enjoyable journey where you engage and interact with individuals from various states and union territories. ICFAI prides itself on being genuinely diverse, with an impressive 50% representation of female students—a notable achievement. Additionally, we boast top-notch faculty, excellent infrastructure, comprehensive digital facilities, a high quality of life, and, last but not least, outstanding placement opportunities. We truly are a diverse institution.
Q7: As the leader of a prestigious institution, how do you define success, and what criteria do you consider for measuring it?
Ans: While the current generation says it is ROI, I will be slightly different on this thing because I will say it as ROK instead of ROI because it is the return of knowledge. When I did my MBA, we had barely anything to talk about the college as an infrastructure; you never had a PC in the college; it was a blackboard-based education. I wish I had 10% of the resources available to the current generation in those days, and we would have been slightly better off than we were at that point.Today, good institutions have very good academic infrastructure and faculty resources. I would sincerely urge them to look at the knowledge takeaway and skills and not merely look at the money they have invested because it is a lifelong journey, and this is an investment that they will not regret. So, my word is ROK, not ROI.
Q8: Is there any specific question you believe should have covered in this interview? Feel free to share insights or advice on those questions, especially for current MBA aspirants.
Ans: I would recommend approaching the college selection process with a progressive mindset. I am confident that parents and students nowadays are well-prepared and have conducted thorough research. However, when committing to a two-year PG programme, it’s crucial to invest dedicated effort. There’s no such thing as a free lunch, and recruiters understand this as well. Hiring is a substantial investment for companies, and they expect hires to remain focused on learning and skill development.
When starting one’s career, students should join their initial jobs with a clear purpose and commit to spending at least 2 to 3 years in the first job /role—an investment that pays off in the long run. It’s important to be open to extensive travel, cross-cultural interactions, and the uncertainties that may arise. The world is undergoing rapid changes due to technology and other factors, leading to unstable cycles. Therefore, mental and emotional strength, flexibility, and a tolerance for ambiguity are crucial attributes. Even if students don’t have the opportunity to attend IBS, there are still alternative avenues for learning and achieving success in life.
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