1. An International Conference on Management Education in Emerging Economics Organized by ALLIANCE University, Bangalore, India & International Assembly for collegiate Business Education(IACBE) Asia Region A Paper submitted on “Contribution of Management Education in Business and Society” Prepared by

2. Introduction The aspects of relationship of business and society are well evident and known to everyone and the fact that Society depends on business for creation of sustainable of wealth creation. It ultimately leads to an improved quality of life. Business depends on society for an environment where it can meet its obligation to create that wealth. Proper Management education undoubtedly prepares people for participating meaningfully in these organizations and provides them with the tools that use to enhance their effectiveness. Thus we can say that Management education facilitates access to opportunities and wealth creation to an increasingly diverse population to fill the rising needs of those people to produce a sustainable development for the country. One of the special facts about human beings is that they are able to develop complex organizations with a purpose that enhances their quality of life. Management education is the component that develops that characteristic and produces leaders that are capable of creating organizations that provide significant value to society in terms of more employability and creation of more high paying jobs.

3. Management Education – Is it Necessary to Succeed in Business? In the present day world of business, where every aspect of our life is ruled by management, it is very essential for an individual to understand the essence of management at least to the relative terms. It is because, the world has become so complex with times, that it would not function at all when ‘management’ is not there. ‘Management’ is the soul of every business. When we take up the topic of business, we can look into the past where business was carried out since primitive ages. Only the size, nature and complexity have changed. Doing business, possessing the qualities of a businessman is an inborn or inner trait of an individual. It was present even in our ancestor who had laid down the bases of business earlier though at a small scale. So, with the entire discussion and analysis, Business is required to be managed, and Management is the backbone of business. Hence, both “Management” and “Business” go hand in hand and that contributes to the growth of the business at a world wide scale.

5. Top Management Colleges in India

7. Apart from IIM, there are also some other Top Management Colleges in India which provides essential information about business skills & transform you into one of the best business leaders and quipped you with leadership skills. Some of them are• ISB, (Hyderabad)• Xavier Labor relations Institute (Jamshedpur)• Great Lakes Institute of Management(Chennai)• Indian Institute of foreign Trade (Delhi)• SP Jain Institute of Management & Research (Mumbai)• Faculty of Management Studies (Delhi)• Management Development Institute (Gurgaon)• Jamanlal Bajaj Institute of Management Studies (Mumbai)• Xavier Institute of Management (Bhubaneshwar)• Symbiosis Institute of Business Management (Pune)• International Management Institute, Delhi

9. Professionalism Creeping into Management Education

10. Globalization in Management education and its Impacts on Society

11. Impacts of Efficient Online Management Education System

12. Essence of Expansion of Internet

13. Impacts of Awareness of Internet on Management Education

14. Essence of Quality Based Management Education

15. Role of Management Education in Progress of India

16. Issues of Requirements of Qualified Faculty in Business Schools

17. Impacts of Diversifications among Management Education Providers

18. Need and Challenges of Finding Qualified Business Faculty

20. Professionalism Creeping into management Education Business has gone global in the recent times, especially due to uncontrolled and vast distribution of Internet. Business has entered almost all of the aspects of our society. Higher education is no exception and it has already turned into a good business. Higher education is already a good and expanding global business. The days are now gone when the higher education was a matter of national policy and government regulation used to make it a difficult task to attain higher specialized education at a reputed Institution. The Higher education field is now moving rapidly into private hands and the government restrictions that previously used to Barr many students from it are now fading rapidly. Higher Education is now provisioned to be globalize1 and in many ways, a highly commercialized affair and education is now turning to be a great source of revenue for many organizations engaged into business regarding the same. There are strong evidences regarding the same that will prove the higher education to be highly economic affair.

21. Globalization in Management education and its Impacts on Society While a traditional Western university still Pursues lectures on a face-to-face basis, most of them now also offers courses on-line especially during the break of summer holidays. Such courses have the obvious disadvantage of not having the benefits of the personal interaction between students and teachers. They allow for discussion through setting up the chat rooms that are like virtual classrooms where the students can put up their queries to the teachers and the teachers respond to their queries and doubts accordingly via the internet. Such on-line discussions and courses have been often proved to be more rewarding and fruitful than regular classroom interactions as they allow for students and teachers from different parts of the world to converge. Also, they facilitate saving of time for those that are bounded with familiar and professional obligations and can not account for a full time professional courses to acquire specialized knowledge in their field.

22. Impacts of Efficient Online Management Education System Management Education is at the apex now as there is ever increasing demand of highly skilled managers in every firm. As there are lots of complexities today in the highly competitive corporate world and the firms are seeking skilled managers that can handle those challenges and still are able to maintain a high performance level. Such people are not in number and the percentage is very low as compared to the over all population. Management education is available in many forms depending on the person's requirements and availability of resources. Fresh graduates prefer to take specialized education 1in management by joining a full time MBA course that they dedicate themselves to for 2-2.5 years. On the other hand there are people who don't have that much time to spend pursuing a full time management course there are options available for such people too.

23. Essence of Expansion of Internet This demonstrates the significance of internet in Education today as the Institutes, universities are using internet to reach their targeted audience in students and best of it all, and students are able to find the most suitable course at a desired university at click of a button. Students now can apply on-line for admission that eliminates the need of any sort of paperwork and increases administrative efficiency. They use to receive notifications via internet regarding admission, schedule of the course, and billing procedures, which they can pay on-line, as well as the results can be accessed and assessed online. Teachers now prefer to receive tutorials on-line, as it not only lends itself to faster transmission but also avoids the complexities and difficulty in reading a document.

24. Impacts of Awareness of Internet on Management Education Internet is spreading exponentially and also never before was the information so readily available as such easy as at the press of a button. The Internet has changed the way we behave in almost every a part of our lives. Everything including business, education, entertainment and social interaction is changed. Now we love to do everything Online that includes Entertainment, interaction, studying etc and even school children now prefer to search the web for study material to support their homework and they also love to search for their favorite games on the internet and also make social networking profiles on famous sites such as Facebook. These things keep them attached to the online world and they spend most of their time in front of the computer screen.

25. Essence of Quality Based Management Education Quality based Higher education is the pillar of development of a country as it is the very factor that shapes the future managers, architects of the country at all levels. Thus it becomes very important for a nation to create and sustain highly effective, efficiently and flexible infrastructure or the higher education in all fields and at all levels. Management education has had huge impacts on every aspect of our lives in the last decade or so. With increasing complexities in the corporate worlds and ongoing needs for efficient management system in the organization, management has affected everyone including individuals, society and organizations. The change has been good from all perspectives. Business, education and all other aspects of our society have gone global and the international audience reviews are the factors that form the very basic approach that needs to be followed by a nation in order to stand strong in the international arena in that field.

26. Role of Management Education in Progress of India It is noticeable that people in India are spending nearly $4 billion in a year to give their children abroad for higher studies and training so that they can attain technical excellence thus there is no reason for India for not emerging as a global preferable hub for higher education and technical training. The real challenge is therefore to expand capabilities in higher education to be able to keep up with the existing pace and advantage in the field and keep up with the rising domestic and global demand. However, this is supposed to be a well known dilemma. India comprises of huge population of uneducated children (or Undereducated Children) and according to the Constitution, Basic education is the fundamental right to every person and government provides for free and compulsory education up to the age of 14. The country also has the noticeable distinction of having one of the highest levels of illiteracy in the whole world.

27. Issues of Requirements of Qualified Faculty in Business Schools Management is a set of practices that are required to define objectives of an organization and planning, strategizing, allocating resources and measuring the results to achieve those objectives. Management is and abstract and wide term and is required in every aspect of our lives today. It is hard to precisely define the scope of management in one definition. Management is closely related to leadership in fundamentals behind both are the same that includes guiding others to achievement of particular objectives through inspired methods. Still, there are number of significant Differences in both terms relating to the ways of inspiration and amount of formal vs. Informal credibility accounted to the two(Management and leadership). The Fundamental imbalances in market have led to a continuous cycle of rapidly enhancing salaries especially among new faculty that has removed many schools from the market for qualified talent at doctoral level. Data on the supply of doctoral faculty are vital to be analyzed.

28. Impacts of Diversifications among Management Education Providers The Increasing diversifications and differentiation among providers of management of business education is a worldwide phenomenon today. There are generally three broad categories of providers that exist. These categories includes traditional university-based business schools, for-profit institutions and lastly a large group of other providers that includes executive development centers, consulting firms, independent consultants, and company based training centers and corporate universities. The employers today are well aware of the factors that form the managerial character of the person. Thus, students should keep it in mind and should try to attain their management degree from the top of the management institutions.

29. Need and Challenges of Finding Qualified Business Faculty Business schools can serve as a business knowledge creator steeped in the scientific method and may deliver effective business teaching like no other types of business education providers can do. This role of business schools is as critical for business school faculty as a professional differentiator that shapes and protects market value of future managers. Even more importantly, the scholarship role of business faculty is an essential and irreplaceable function because societies and markets always turn to business schools for knowledge advances that reflect excellence in academic traditions of theory and methods demonstrating new and innovative Ideas those can bring about effective and positive changes. Yet recurring shortages of new and well qualified Ph.D.s and the expectation that these shortages in academia will always be an ongoing condition for business schools, threaten the essence of business scholarship as schools tend to burden a shrinking number of research faculty in order to cope with the increasing growing demands in other professorial areas.

30. Need and Challenges for Business Schools The marketplace for business schools today is characterized by continuous and relentless change. Among the main reasons for this instability are Increasing competition from non accredited schools and globalization of the business education market. Management education is undoubtedly at risk and there is a great need for industry wide leadership that can position business schools to respond to emerging challenges to account for changing priorities in our lives at almost every level. Besides that, there are lots of diversifications among the participants in the business such as different countries, regions, cultures etc. These things needed to be accounted for while trying to establish a business in such diversified business arena. Some other challenges in front of management education in today’s time include shortage of resources with people. These resources include such As time, money and personal and professional obligations that one needs to pay attention to in order to live a balanced life. This is again a part of management and in fact a big one.

31. Conclusion The present management education survived for nearly five decades in India and struggling to expand beyond national and geographical boundaries. With the boon of rapid changing technology and communication, the educational system is undergoing drastic changes although the pace is slow. The inability to check the dropout rates among the marginalized sections of the population is another cause of worry. However, the renewed emphasis in the education sector in the 11th five year plan and increased expenditure in both primary and higher education can act as palliatives for the Indian education system.

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