The aim of the Indian Institute of Management (IIM) Indore is to nurture socially conscious and responsible leaders who possess the acumen to address tangible, real-world challenges. And they leave no stone unturned to make this happen.
Prof Himanshu Rai, Director, IIM Indore tells us more in great detail.
What does obtaining an MBA from the IIMs entail?
Obtaining an MBA from the Indian Institutes of Management (IIMs), exemplified by institutions like IIM Indore, is a multifaceted journey. It entails a rigorous curriculum spanning various dimensions of business and management, equipping students with up-to-date industry knowledge. Moreover, IIMs boast strong industry connections, fostering internships, live projects, and expert guest lectures, ensuring graduates are sought-after by employers. This educational experience also emphasises a global perspective through international exchange programmes, preparing students for the interconnected global business landscape.
I feel that beyond academics, IIMs also prioritise holistic development, encouraging participation in extracurricular activities for enhanced leadership and interpersonal skills. For example, we at IIM Indore offer a unique Himalayan Outbound Programme where the students go to the Himalayas and learn decision-making in challenging situations; and the Rural Engagement Programme, which enables students to stay in the villages of Madhya Pradesh state and identify and offer solutions to resolve the challenges.
Apart from this, graduates benefit from a robust alumni network, offering lifelong connections and mentorship opportunities. Since the admission process through CAT is highly competitive, IIMs attract the brightest minds, which fosters a culture of excellence and continuous growth. MBA from an IIM shapes individuals into skilled, knowledgeable, and adaptable professionals, making them valuable assets for industries worldwide.
How has the role of IIMs in India's business landscape evolved over the years?
While IIMs were once known primarily for nurturing graduates with robust theoretical knowledge and analytical prowess, today's they have adapted to the evolving needs of industries. They now prioritise holistic development, emphasising people skills like communication, leadership, and adaptability. This also includes tech-management courses. This shift is especially pronounced post-COVID-19, as remote work and virtual collaboration underscore the significance of these skills.
At IIM Indore, our core philosophy centres on nurturing socially conscious and responsible leaders who possess the acumen to address tangible, real-world challenges. This ethos permeates every aspect of our institution, evident in the diverse array of courses and initiatives embedded within our flagship programmes, executive education certificate programmes, and the impactful consultancy projects we undertake. Our commitment to producing leaders who drive positive change underscores our dedication to societal and global betterment.
In light of this, we at IIM Indore have offered various elective courses as well, that go in line with the current industry requirements, including Cryptos, Media and Gender, Central Bank and Inflation, Labour Economics, Cybersecurity and so on. IIM Indore believes in working with the community, and through this, we also contribute to nation-building.
What are the key challenges that IIMs face in maintaining their reputation and quality of education?
Maintaining the reputation and quality of education at IIMs is an ongoing endeavour that comes with its set of challenges. The rise of generative Artificial Intelligence (AI) and technology has transformed the educational landscape, for while technology offers immense opportunities, it has also diluted the sources of information, making it essential for IIMs to continuously adapt their courses to remain relevant. This includes not only imparting knowledge but also teaching students how to discern and effectively implement the vast amount of information available on the internet.
Our elective courses on Cybersecurity and Cryptos help students understand the nitty-gritty of the field thereby becoming adept at the skills required as per the industry needs as they graduate.
I also feel that attracting and retaining top-notch faculty remains a challenge. IIMs need faculty members who are not only experts in their respective fields but also skilled educators capable of delivering high-quality teaching and engaging students effectively.
We at IIM Indore have faculty who are expert in their fields and we also ensure their development through various faculty exchange programmes in collaboration with foreign universities. Additionally, the need to balance traditional pedagogical methods with innovative teaching approaches is crucial. Incorporating experiential learning, case studies, and real-world projects into the curriculum ensures that students are not just theoretical experts but also practical problem-solvers.
Furthermore, fostering diversity and inclusion is vital. IIMs must ensure that their student bodies reflect a broad spectrum of backgrounds and perspectives, enriching the learning experience and preparing graduates for a globalised business environment.
We at IIM Indore bring diversity to all our programmes with students from different educational and cultural backgrounds. One of our programmes, the Post Graduate Programme in Human Resource Management, has a majority of female participants, which reflects our commitment to gender diversity as well.
Apart from our regular programmes, we also offer executive education programmes in UAE and GCC, which bring a diverse set of individuals to the classroom and boost knowledge sharing. I also believe that regular interactions with industry leaders, updating course content to address emerging trends, and facilitating internships and industry projects are vital for keeping education aligned with the dynamic needs of the business world.
What role does research play in the academic environment of IIMs, and how does it benefit students and industries?
Research, I believe, serves as a cornerstone for both faculty and students, offering numerous benefits to both academia and industries, contributing to the advancement of knowledge in various domains of management, and related fields.
Our faculty members publish papers in esteemed journals including FT50 and ABDC, and present their findings at national and international conferences. This not only enhances the reputation of the institution but also keeps faculty members updated with the latest industry trends and challenges.
For students, research involvement offers a unique learning experience. At IIM Indore, apart from the Fellow Programme in Management students working on their doctoral research, there is a strong emphasis on engaging undergraduate (Five-year Integrated Programme in Management – IPM) and postgraduate (Post Graduate Programme and Post Graduate Programme in Human Resource Management) students in research projects. This helps our students to apply theoretical knowledge to practical scenarios, enhancing their critical thinking, problem-solving, and analytical skills. Collaboration with faculty on research projects exposes students to the rigours of academic inquiry.
Winning prizes and recognition for their research endeavours further motivates students to excel in their academic pursuits. This not only boosts their confidence but also prepares them for the demands of the business world, where the ability to analyse data, conduct research, and make informed decisions is highly valued.
From an industry perspective, research conducted at IIMs often addresses real-world business challenges. The findings and recommendations from these research projects can be directly applied by industries to improve their operations, strategies, and decision-making processes.
Our research endeavours have evolved to emphasise not only the quality of our publications but also their real-world impact. For instance, we conducted research on the socio-economic cost of lung cancer and engaged in a collaborative effort with GIZ during the COVID-19 pandemic.
Subsequently, our research on the needs of school principals during COVID led to the development of video modules, benefiting over three lakh school principals in Madhya Pradesh by enhancing their time management, self-management, and stress management skills. This shift towards impactful research reflects our commitment to addressing real-world problems through our work.
IIMs are working towards diversifying its crowd. What steps did your IIM take to enhance that?
We have embraced a holistic approach to diversity, which has greatly enriched our academic environment. IIM Indore has introduced a unique ‘diversity factor’, that is, including extra six marks in its admission criteria while calculating the total score. This additional scoring system goes beyond traditional measures such as the Common Admission Test (CAT) score and takes into account factors like gender and educational background.
By providing extra points to female applicants (4 marks – Gender Diversity) and those with non-engineering backgrounds (2 marks – Academic Diversity), IIM Indore is taking proactive steps to enhance diversity within its student body. This initiative reflects the institution's commitment to creating a more inclusive and representative learning environment.
Apart from this, our diverse student body comprises individuals from various educational backgrounds and nationalities, including Non-Resident Indians (NRIs). This diversity ensures a vibrant exchange of ideas and experiences within our classrooms, contributing to a more well-rounded education.
Gender diversity is another aspect that we actively maintain. By striving for gender parity in our programmes, we create an inclusive environment where different perspectives are valued, and students can learn from each other's unique viewpoints.
Our programmes include students from engineering, medical, non-medical, non-engineering, arts, humanities, social sciences, and other backgrounds. Additionally, our PGPHRM course, with a majority of female students, is a testament to our dedication to fostering diversity.
Our global outreach includes courses offered in the UAE and GCC nations, which not only diversify our student base but also cater to the international demand for quality management education.
On the same note, regarding potential candidates, what qualities is the institute seeking?
IIM Indore looks for a track record of academic excellence, as evidenced by standardised tests such as CAT. However, the admission process goes beyond grades and scores. IIMs seek individuals who display a natural curiosity and a thirst for learning, as this quality is essential for success in a dynamic business environment.
Moreover, candidates who exhibit adaptability, leadership potential, problem-solving skills, and a collaborative spirit are highly valued. The aim is to admit students who can not only excel academically but also contribute to the diverse and stimulating learning environment that IIMs offer.
The selection process, which may include personal interviews, is designed to identify these qualities and ensure that those admitted are well-rounded individuals poised for success in their academic journey and future careers.
Do you concur with the assertion that "IIM graduates are all homogenized in their thoughts”?
This would have been true of all IIMs over 20 years ago. However, over the past couple of decades, IIMs have made concerted efforts to cultivate diversity within their classrooms. This deliberate drive for diversity has been instrumental in fostering a broader spectrum of thoughts, decision-making approaches, and perspectives among students.
At IIM Indore, we are especially fortunate to have the Integrated Programme in Management (IPM) serving as a primary feeder to our postgraduate programmes. IPM’s unique curriculum exposes undergraduate students to a wide range of subjects, including philosophy, political science, economics, computer science, statistics, fundamentals of management, theatre, music, languages, and dance.
As a result, our IPM graduates emerge with a holistic outlook and well-rounded personalities, bringing a rich diversity of knowledge and skills when they join the Post Graduate Programme (PGP). This diversity of backgrounds and experiences enriches our educational environment, contributing to a more dynamic and inclusive learning atmosphere.
What advice do you have for individuals aspiring to join your institute?
When it comes to academic excellence, it's important to prepare thoroughly for standardised tests like CAT. But it's not just about scores. It's also about demonstrating your genuine passion for learning and your knack for critical thinking. Therefore, it's essential to build a well-rounded profile. Get involved in extracurricular activities, step up into leadership roles, and seize opportunities for community engagement or internships. Not only will this make your application shine, but it'll also be a massive boost to your personal growth.
Preparing for interviews is also a must. They're not just hurdles to cross; they're chances to enhance your communication and presentation skills.
An important piece of advice I would offer to prospective students considering admission to any Indian Institute of Management (IIM) is to pursue this path because it aligns with their personal aspirations, not simply because it appears to be a popular choice. It's crucial to ensure that your journey toward joining an IIM is a deliberate part of your envisioned path.
When you have a clear and well-defined vision for your academic and professional future, your decisions and efforts naturally fall into place.
