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Financial industry says traditional MBA courses outdated
By SiliconIndia | Tuesday, 12 July, 2011
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Bangalore:The Business education is booming in India, but do the Universities focus on these changing trends? Most of the colleges still have outdated textbooks, the professors lack in terms of keeping in pace with the industrial changes and restrict themselves to the program designed by the university.In many private colleges, the faculty itself lacks any industry experience. This has created a huge gap in demand and supply in many industries especially in the financial industry.
The Finance industry in India is growing at a fast pace with new age opportunities and the demand for specialized people is correspondingly increasing. However, the industry is facing a shortfall of right talent with the right skill set. Industry leaders from the BFSI sector in India delved upon this aspect at the session on 'Careers in Finance' organized today by the International College of Financial Planning at the PHDCCI House in New Delhi.
The sector of finance is passing through a rapid phase of alteration giving rise for a new opportunities and demand for specialized people. With over 1600 MBA collegesâ existing in India, the industry is facing a dearth of right talent with the right skill.The core reason being /many full-time MBA programs limit their effectiveness by clinging to functionalism that fail meet the demands of the /new financial domains.
At a seminar organized by International College of Financial Planning (ICoFP) Vani Bajaj, Director at international College of financial planning said,"Career in the field of finance is very different from what it used to be earlier. The tremendous growth in the economy is opening up new opportunities as new businesses get set up. Traditional MBAs are not being able to fulfill the skills required to succeed in this sector. It is increasingly becoming pertinent to be abreast with new financial domains and techniques through specialized courses when considering a career in finance.
Rajan Mehta, Executive Director at Benchmark Mutual Fund emphasized, "Financial services holds tremendous potential. India in the next three to four years will require 5 lakh Financial Planners to cater to the increasing demand. This becomes critical as India's savings rate is amongst the highest in the world, and surpluses available with investors will rise rapidly with growth in GDP. New financial instruments and investment streams are increasingly being demanded by the market that requires educational institutes to train fresh talent and retrain existing talent. It is imperative that the industry wakens to this looming crisis and jointly takes action."
Paul Parampreet, Fund Manager at Edelweiss said, "There is great demand for qualified investment analysts who can evaluate the opportunities in equity and debt markets. The performance of mutual funds depends on the skill level of the fund manager. The right talent can make all the difference."
The Finance industry in India is growing at a fast pace with new age opportunities and the demand for specialized people is correspondingly increasing. However, the industry is facing a shortfall of right talent with the right skill set. Industry leaders from the BFSI sector in India delved upon this aspect at the session on 'Careers in Finance' organized today by the International College of Financial Planning at the PHDCCI House in New Delhi.
The sector of finance is passing through a rapid phase of alteration giving rise for a new opportunities and demand for specialized people. With over 1600 MBA collegesâ existing in India, the industry is facing a dearth of right talent with the right skill.The core reason being /many full-time MBA programs limit their effectiveness by clinging to functionalism that fail meet the demands of the /new financial domains.
At a seminar organized by International College of Financial Planning (ICoFP) Vani Bajaj, Director at international College of financial planning said,"Career in the field of finance is very different from what it used to be earlier. The tremendous growth in the economy is opening up new opportunities as new businesses get set up. Traditional MBAs are not being able to fulfill the skills required to succeed in this sector. It is increasingly becoming pertinent to be abreast with new financial domains and techniques through specialized courses when considering a career in finance.
Rajan Mehta, Executive Director at Benchmark Mutual Fund emphasized, "Financial services holds tremendous potential. India in the next three to four years will require 5 lakh Financial Planners to cater to the increasing demand. This becomes critical as India's savings rate is amongst the highest in the world, and surpluses available with investors will rise rapidly with growth in GDP. New financial instruments and investment streams are increasingly being demanded by the market that requires educational institutes to train fresh talent and retrain existing talent. It is imperative that the industry wakens to this looming crisis and jointly takes action."
Paul Parampreet, Fund Manager at Edelweiss said, "There is great demand for qualified investment analysts who can evaluate the opportunities in equity and debt markets. The performance of mutual funds depends on the skill level of the fund manager. The right talent can make all the difference."
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