The success of IIMs can be attributed to their ability to change their curriculum to suit the changing needs of the business and industry. We have seen several tectonic shifts in the PGDM course in the past. When Japan was reveling in its economic glory in the 80s, we introduced courses on Japanese management. Major revamping happened in the early 90’s when the forces of globalization swept the country. We added more courses on competition and globalization and included case studies from the West in order to produce graduates capable of managing global corporations. The changes initiated in the last 20 years have made our curriculum synonymous with that of the top US business schools.
Currently the Western schools are trying to retool as they were widely criticized for contributing to the current economic crisis by producing MBAs that are focused on creating shareholder value and high risk strategies instead of sustainable practices and stakeholder responsibility. It has become increasingly apparent that adding a few courses on sustainability or ethics will not solve the crisis of leadership, governance and trust. IIM Ranchi curriculum has been designed, taking into consideration the following aspects:
- While the hard elements (analytic tools) may be universally applicable, the soft elements (values, attitudes etc.) need to be culture specific.
- A manager should have a broader understanding of the context in which businesses operate.
- With the power-shift to the east, particularly India and China, we have a great opportunity to develop models that are likely to have Universal value.
- Align courses with the vision of holistic development and erudite fusion, as per the requirement of international accreditations.