Commerce Education in India – Bridging theoretical knowledge with Industry-ready skills
Business and Commerce play an important part in the development of an economy. India’s development trajectory is a unique journey where we have moved from a highly planned economy to a market based economy.
With increased role of private sector and deepened globalisation, commerce education became a go to choice for students in past few decades. In current global context, there are concerns about USA-led increase in protectionist trends, but some analyst argue that in the global tussle for supremacy between USA and China, India might be able to gain important economic advantages by attracting investments into India.
Opportunities abound
This bodes well for students of Business and Commerce, as increased economic activity will increase employment opportunities. Business and Commerce education may continue to retain its attractiveness amongst student community in contemporary tumultuous times as well.
There are no doubts about attractiveness of Business and Commerce as an option amongst students. However, student community has been concerned with quality of education provided by most of the colleges. A plain vanilla BBA and BCOM do not register on student’s radar any more.
They want a more industry ready curriculum delivered in a professional manner leading to skill, knowledge and personality development along with acquisition of critical thinking skills.
Course selection
There are excellent programmes on offer that are striking a cord with student community.
A BCom with a minor in Data Analytics, a BBA with opportunity to specialise in Finance and Marketing or a BBA Fintech, a more specific BSC in Finance are some of the well-received programs in current times.
Aspirations of students are changing at a fast pace along with the way work is being done in the corporate setting. Data analytics, AI & Machine Learning, Fintech, Regtech, ESG compliance, Corporate Governance advisory, Investment analyses, Personal Finance, Sustainable Finance are some of the current upcoming segments.
It makes sense for higher education institutions to incorporate these trends in their curriculum to stay relevant. If flexibility is not available in the short run to respond to these changes, relevant co-curricular activities may be designed to incorporate these requirements in the teaching and learning goals.
These efforts at the level of design of educational programmes will go a long way in steeling student’s interest in Commerce and Business programmes.
Another set of concerns that students have related with commerce and management education is the method of delivery of these courses.
A unidimensional, instructor-led, theoretical exposition on matters related with bustling commerce, business and economic activities is a dampener for student interest. Students, especially undergraduate students, in current times are having high expectation from the classroom interaction.
They expect activity-based learning where the instructor works as an enabler of learning.
Undergraduate students are well-connected with the global world. They are much more aware about global standards. It bodes well for professors and academic leaders to think and act on ways to improve student experience and engagement for overall betterment of the teaching-learning process.
There are excellent institutions with a record of accomplishment of delivering consistent assurance of learning with superior student engagement and overall personality development.
A good classroom based teaching-learning process incorporates, experiential learning, simulations, computer-based classroom teaching and exams, and project-based learning.
There are reputed institutions offering degrees in Commerce and Management where courses like Investment Analysis, Financial Planning, Information Technology, Business Analytics, are delivered in a computer-based classroom setting.
Examinations are also held in a computer-based setting. These kind of innovations generate student interest and result in relevant skill development for students.
Stress on student projects
Seasoned institutions, take student projects very seriously as well. Any student project is an opportunity to learn the applied part of the concerned subject. Well-crafted, earnestly communicated and guided student project can make even a theoretical subject very engaging. Students engage with theory in a better way when they see its application and utility in everyday life.
Good institutions are investing in training their faculty members in developing engaging and learner centric project based learning that also creates collaborations between faculty and students out of the classroom and further streamlines the attitude and behaviour of students.
Exposure to faculty guided field studies, observations, analysis, application of qualitative & quantitative research techniques, and critical inquiry at a young age has the potential to create well-rounded personalities rearing to become leaders in whichever field they chose.
Project-based learning has the potential to deliver learning goals in a flexible and practical format. Projects also provide students with opportunity to create a portfolio of presentations, articles, research papers, useful to demonstrate to the wider world their learning outcomes. Institutions taking projects seriously are doing better on all counts of student expectations. Students exposed to rigorous project based learning are also well suited to avail and make best use of internship opportunities.
Early exposure to application of concepts and output generation creates necessary mental muscles to deal with workplace related expectations and pressures. To prepare students for internships, projects are the key ingredient.
In current times, another challenge or opportunity in front of higher education institutions is the fast-paced development in the field of generative AI and the disruption it potentially brings to the education sector. Gen AI is changing learning habits.
Using Gen AI tools to read an article, for examples, deprives students of the opportunity to develop their reading and analysis skills. As students for even fundamental activities like reading, analysis and writing are increasingly deploying Gen AI, it is necessary to develop strategies to make classroom activities more rigorous. Institutions desirous of providing assurance of learning are investing in training faculty members in Gen AI tools with the aim of creating an enabling environment for ethical adoption of these tools. These leading institutions are also offering Gen AI training as part of their degree programs to prepare students for the future workplace.
A student centric approach can go a long way in designing better curriculum and deliver it in an appropriate fashion. Faculty and academic leaders, focussed on the goal of delivering excellent Commerce and Business education, are constantly working towards developing appropriate mechanisms to generate the optimum structure, curriculum and pedagogy to engage, inspire and guide students towards excellence.
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