From the next academic year, recruiters at the Indian School of Business may hope to see a more polished and industry-ready set of management students.

The B-School has decided to revamp its curriculum in tandem with what the corporates want and align it with global management practices.

Despite the notion that management education has reached its highest levels in India, most corporates feel that students here are good at academics but lack something when it comes to ground knowledge. Keeping this in mind, to bridge this gap between education and the real world, the B-School will change its courses.

“We will introduce revised courses to develop leadership traits and emphasise on self-analysis and soft skills. Maybe going forward one could create a tailored MBA experience with flexibility to adopt programme structures. Moreover what is needed is teaching students to manage situations of economic, institutional, and cultural differences across the country,” says Professor Dishan Kamdar, Senior Associate Dean, Academic programmes, ISB.

In fact, ISB may also introduce a specialised and mandatory course in ethics and responsible leadership and focus on experimental learning.

The Wharton School of Business at the University of Pennsylvania, the Kellogg School of Management at the Northwestern University and the London School of Business have aided ISB by providing faculty support, designing curriculum and offering executive education programs as well.

The first major review at the B-School was done when it completed five years in 2006. This is ISB’s second such revamp, which began in June last year and it may be complete by 2012 and implemented from the academic year 2013-2014.

“While management students have basic skills, they need to be refined according to the industry they would like to join. For instance, it may help if they are allowed to have exposure during the course to refine their skills,” says Dr Hari Prasad, CEO, (Central region), Apollo Hospitals.

Few companies also hire laterals who meet expectations better. “We only hire laterals with relevant experience. Students with prior experience and a management degree are what we look for,” says G.V. Prasad, CEO, Dr Reddy’s Labs.

“As part of the review, the school seeks feedback from resident and international faculty, area leaders of each subject, deans of associate and other B-schools, alumni, thought leaders from the academia and the industry both in India and abroad, recruiters, Board members, current students and senior management staff of the school,” Kamdar adds.

Says Sridhar Marturi, Head of HR, Mahindra Satyam, “Management graduates being hired at entry level do not have any field level exposure and it takes some time for the company to put them in the corporate groove. However, those coming in at the middle level are fairly equipped to handle various situations.”

The company had earlier recruited graduates from ISB for their diverse backgrounds and exposure. However, there is a need for a research in management education and industry will be willing to partner in the initiative.

According to B.V.R. Mohan Reddy, chairman and managing director of global engineering services company Infotech Enterprises, “There is a lot of demand for management graduates — both for companies’ own needs or to aid in the back-end operations of their clients. The company recruits go to premium B-Schools for their prior experience.”