Private business schools have been steadily gaining clout in the Indian education sector, thereby becoming the preferred choice of many students with aspirations of acquiring the best business knowledge, skill-set and competence to carve out a successful career.
Before the economic liberalization of India in 1991, it was the government-run B-Schools of IIMs in Ahmedabad, Bangalore, Calcutta and Lucknow that spearheaded the business education in the country. But the opening up of the Indian market for global corporations drove up the demand for competent managers and created the perfect ground for the spawning of private business schools.
Starting from the latter half of the 1990s, a large number of private management institutes came up in different parts of India. Not all of them managed to live up to the standards to match the industry expectations and eventually shut down after a few years of operations. However, the overall trend has been towards the dominance of the private sector in the field of business education, particularly in the 21st century.
Several factors have made private B-schools a preferred choice for students:
Greater Reach
Government institutions such as IIMs may be the reference point for business education in India, but they are not enough in number to cater to the great demand among the aspiring young generation of today. The profusion of private schools has not just added more options, it has provided avenues for these aspirants to pursue their dream of becoming an active change-maker in the corporate world.
Flexibility and Adaptability
Private Institutions create the conditions for the evolution of business education in terms of quality and dynamism. They have been able to make a fixed presence in the education sector owing to their ability to quickly adapt to changes. Private institutions embrace innovation more vigorously and are less constrained by the hardbound traditions and the bureaucratic system often seen in government institutions. This was made apparent recently in the alacrity and swiftness with which private business schools shifted to online education during the pandemic and incorporated several state-of-the-art digital tools and technologies to enhance student learning outcomes.
Favourable Student Perception
Student perceptions have changed over time. A study titled ‘Students’ Perception Towards Private B-Schools’ conducted a few years ago by a professor of Jaipuria School of Business and a professor of Sharda University found out that 72.4% of the total 134 students questioned chose private B-schools for the purpose of better career opportunities. As many as 81% of respondents said they would recommend private B-Schools to other aspirants. This reflects the favourable student perception towards management education in the private sector.
Better Quality of Business Education
Several private B-Schools have risen to prominence in the last few years and have even secured top position in the Education World rankings. This is the direct result of the high-quality education that many private B-Schools offer to students today. These institutes incorporate latest pedagogical practices, active interface with industry, value-added certifications, and excellent placement support to meet the expectations of students and the corporate world.
Changing Attitudes in the Industry
Most importantly, the attitudes in the industry are changing fast. The recruiters now consider the merit, performance and competence potential of the fresh graduates more than the tag of the B-schools they come from. Good private management institutes keep abreast of the latest developments in the corporate world and groom students to meet the ever-changing demands of the industry. Many notable business leaders of today have come from private B-schools and they are the ideal testimony to the standards of management education in these private institutes.
Also read: India’s Top 100 Private B-Schools 2021-22