Business and Commerce have been the bedrock of human societies and their economic development since ages. This mere fact makes business schools that much more important and are, thus, among the most sought after destinations of choice.
Notwithstanding, whether someone is interested in pursuing an undergraduate or port-graduate program like BBA, MBA or an Integrated Program in Management (BBA + MBA), it is pivotal to do so at the right business school. The moot question then is what is a good business school? In my personal opinion, the following make a business school good:
It’s not for no reason it is said that competition brings the best out of us. It does. While choosing a business school, it is pivotal that we pay utmost importance to this aspect. The better our co-learner the better the competition, which ultimately brings the best out of us. Peer learning is an essential part of business education and is reflected in team and group projects in all business programs making the presence of a diverse and right mix of co-learners critical while choosing a business school. Business schools that provide a set of good co-learners invariably produce business leaders of the future.
A business school that has faculty who bring in global best practices or have experience of being at top business schools are another key area of interest. They translate their experience into practice to provide the best learning possibilities for future business leaders. They engage in research and consulting activities which allows them to practice what they teach and in turn also enables translating practice into in-class learning. Good business schools balance theoretical and applicative learning through their faculty.
Business schools that are at the top of the ranks are another indicator of the schools lineage. In the international context, rankings like that of the Economist, Financial Times etc. are key and in the Indian context, Times of India rankings are a good place to start. That said, today, in India, the NIRF and NAAC ratings and rankings are also important to take note of. These ratings are prepared taking into account faculty, research, student outreach, career support and also perception about the school.
· Career Support Services
Placements have always been a key indicator in evaluating business schools. And, rightly so. Business schools primarily engage in imparting skills and have been a pit stop for organizations in finding the right talent. It is important that applicants pay attention to the history of the school’s corporate connects and where it’s graduates are currently employed. The importance of this aspect is even more important as alumni help current students in finding internships and final placements. A facilitative career support department in a business school, thus, gains importance and should be looked at deeply prior to choosing any business school.
· Updated curriculum
Business schools can be of broadly two kinds; specialized or functional. A knowledge of this is extremely important prior to choosing the schools. For example, there are business schools that focus only on entrepreneurship. Also, there are schools that offer specializations in functional areas like marketing, finance, human resource management, operations etc. In this, another important assessment is of whether the curriculum is updated and focussed on the latest developments in the industry or not. Whether courses on AI & ML, data analytics, deep tech etc. are included in the curriculum or not are key indicators of a school’s pedigree and its vision.