This may come as a shocker to you, but nearly 90% of the faculties imparting business programs at Indian B-Schools are not aware of the basic facts about the national and the global economy such as GDP growth rate numbers.
If this is what is the intellectual plight of MBA teachers, think about the level of knowledge our MBA students will have. While Indian business institutes are increasingly getting popular internationally, this revelation by ASSOCHAM Business Barometer (ABB) Survey comes as a shocker ! The ASSOCHAM Study on “Faculty Awareness” surveyed 258 faculty members (except top 30 B-schools) of various institutes imparting Masters in Business Administration (MBA) across the country.
Here are some of the highlights of the survey carried out by ASSOCHAM Business Barometer:
- As many as 89 per cent of the teachers were unable to tell the GDP growth rate scaled by the Indian economy in the financial year 2006-07.
- Hardly 6 per cent of the lecturers surveyed read any business newspaper on regular basis. Moreover, persistent readers of business magazines were negligible.
- A little less than 5 per cent of the teachers could estimate the saving and investment rate recorded during the same fiscal.
- The proportion of teachers who knew the amount of exports and imports made during 2007-08 was almost nil.
- Almost 92 per cent of the lecturers were not conscious of the fact that the foreign exchange reserves of the country have surpassed the USD 300 billion-mark.
- Not even 10 per cent of the teachers were aware of the existence of financial turmoil in the USA.
- When asked about the central bank of the US, close to 79 per cent of the teachers went blank about it.
- While the approximate exchange rate of Rupee vis-Ã -vis USD was known to almost 67 per cent of the faculty members, just about 13 per cent and 17 per cent of them knew Pound and Euro rates respectively.
- A mere 11 per cent of the teachers did ever discuss the recent merger & acquisition deals in the class. (Tip to faculties: read trak.in’s coverage of mergers & acquisitions :)
- As many as 91 per cent of the lecturers teaching Business Environment did not know how to read budget papers. In fact, only 5 per cent of the respondents could tell the fiscal and revenue deficits of 2007-08.
- Only one-tenth of the lecturers were cognizant of the present key rates (Repo Rate, Reverse Repo Rate and Bank Rate)
Findings of Faculty Awareness Survey
|Parameter||Aware (in per cent)||Unaware (in per cent)|
|GDP Growth Rate of India in 2006-07Â||11||89|
|Saving rate and investment rate in 2006-07Â||05||95|
|Exports & Imports during 2007-08Â||01||99|
|Forex reserves crossing USD 300 billion-markÂ||08||92|
|Possible recession in the US economyÂ||10||90|
|Reading of Budget papersÂ||09||91|
Source: ASSOCHAM Business Barometer Survey
Yes, its unbelievable, but true !