Credibility of Management Education

Lehman Brothers episode has generated a debate that was over-due. Most of the top level managers in this and other financial institutions belonged to the top business schools of the world. Were they taught right things? Business schools in the world are undergoing the worst credibility crisis today.

My take on this:

a) The graduates of top business schools are highly capable. They can analyse the situations well for organizations and themselves. 

b) We have always respected capability and rightly so. However, for organizations, capability is a double edged sword. Unless the energy of capable people is channelised through proper governance and systems, these people can easily compromise organizational interests for their personal gains.

c) The business schools have not paid adequate attention to these issues in their curriculum. Many courses are offered on mathematical modeling and language skills.

d) Unlike science, management education continues with undefined scope of learning. The courses are altered/changed with ease. 

e) I always wondered why do people spend huge sums of money on such management education? A fee of more than 10 Lakh for two years and Rs. 20 lakh for one year programmes make me sit and worry. Is it worth?

f) Today management schools {including almost all the Indian Institute of Management (IIMs) in India} are crying about crisis of funds despite such huge fee. Are they managed well and efficiently? 

g) I hope that slowdown of economy forces the business schools to reflect deep on these issues. Harvard Business School has already started such a process.