Is it a good thing that students have so many options of colleges to choose from? Does it open horizons for students with regard to MBA specializations, now that so many courses are up on offer these days? Foreign institutes opening centres in India – should management aspirants in India feel eclectic about it?

What is it about management studies? Instead of it getting simple, it seems to get more and more confusing to students with every passing day. And that is why, Campuswalkin caught up with Dr. Dinesh Harsolekar, Director – IES Management College & Research Centre, Mumbai to get clarity on the prospect of management education in India, the high’s and the low’s and preventive measures that an MBA aspirant can take to minimize their risks.

The 2015 management entrance exams are round the corner and it is perhaps, the biggest insight that an MBA aspirant can get from a visionary and leader with more than a decade’s experience under his belt.

At present, Dr. Harsolekar is the Director of Indian Education Society’s Management College and Research Centre, Bandra (W), Mumbai. He has about 35 years of industrial, teaching, research and academic administrative experience. Dr. Harsolekar has held various academic positions in the capacity of Senate Member at SNDT Women’s University and Chairman at Adhoc Board of Studies in Finance, Management Faculty University of Mumbai. He has also been the Member of Academic Council, University of Mumbai, Board of University Teaching and Research Committee, University of Mumbai, Research and Recognition Committee - Management Faculty, SNDT Women’s University etc.

Dr. Harsolekar has also published 2  books  and  written  several  articles  and  papers  in  journals, periodicals  and  newspapers.

Excerpts from the interview:

Such a vast experience in the field of education; how has the education scenario in India changed, say over the last 10 years?

There has been an explosion in terms of number of educational institutions as well as variety of programs.  At the same time the complexity has increased because of different categories of educational institutions, viz. affiliated colleges, university departments, autonomous institutions, deemed universities, open universities and distance learning programs, private universities, so on and so forth. Students sometimes don’t understand all this and make wrong decisions.

Another important change has been the new avenues in education. Students do not have to confine themselves anymore to traditional programs in medical, engineering, computers, management, CA, ICWA, CS etc. and can explore other career options in fashion design and technology, digital and social media, entertainment industry, sector-specific management programs, hospitality industry, travel and tourism and many more. Some of these were available earlier also but students had more trust in traditional programs. The situation is changing and students have started opting for non-traditional programs. Competition has increased among educational institutions therefore students now have more options. Because of this many new institutions have to struggle a lot for their survival and growth. Earlier we would hear only about new institutions being started. Now we also hear institutions getting closed down because of no takers for their programs. Finally, the regulatory complexities have increased substantially which have forced educational institutions to spend a lot of time on non-academic activities. This is not good for the system.   

As an expert in Finance and Banking, what would you say are some of the key differences in studying Banking & Finance VS studying Finance in Management?

The difference is not significant. While studying finance in management programs students get general exposure in variety of fields in finance like corporate finance, international finance, financial markets and institutions, equity research, investment banking, mergers and acquisitions, mutual funds, banking and insurance, corporate valuation, wealth management etc. As against this by taking up specialized courses in banking and finance students get a detailed exposure and  inputs in the area of banking.  

If a student is interested in pursuing a field in Banking & Finance, what are the subjects he/ she can pursue besides aiming for a management or CA degree?

Even before going for CA or post-graduation in management the students can pursue an under-graduate degree in Banking and Finance which is offered by many universities. At the post graduate level, there are two options.

• MBA or PGDM from an institute which offers specialization in Banking and Finance
• Pursue a completely specialized post graduate program in Baking and Financial Services

Such a program is offered by National Institute of Bank Management, Pune. The very fact that banks recruit general MBAs with specialization in finance shows that enough students with hard core banking qualification are not available. Therefore, if students go for one of the two options indicated, they will have bright prospects in Indian banks.   

For banking and finance career the subjects students would study are commercial banking, financial services, banking law and practice, corporate finance, money landing process and practices, rural banking, money and capital markets, foreign trade and forex management, international finance, risk management, corporate valuation, wealth management, security analysis and portfolio management, investment banking and financial services, project financing, financial derivatives, banking operations and management etc. Besides these there would be some subjects in basic accounting and economics.

What are various careers in Banking & Finance, besides CA, CS?

Broadly speaking, the field of banking is divided into commercial banking and investment or merchant banking. Commercial banks are engaged in commercial banking activities in which corporate and retail banking has been their main activity. As part of this banks take deposits and give loans. This continues to be their main function. However, now banks are into many other activities. Some of these activities they carry out themselves and some other through their specialized subsidiaries. For example, forex dealing, fee based activities, mutual fund, facilitating stock market operations through DMAT accounts etc.

Investment banks are mainly involved in different types of financial services and consulting. These activities include managing share issue (IPOs) and all activities concerned with raising funds for corporate entities, corporate valuation, mergers and acquisition, wealth management etc.

What skill set is required to pursue a career in Banking & Finance?

The skill set required for banking and finance career can be developed by undergoing various courses listed earlier. Not all but some finance careers need a good proficiency in mathematical skills. One should be good at numbers. Students should focus on acquiring knowledge of basic finance concepts, and then move on to acquire knowledge in some specialized areas depending on their career interest like forex and international finance or banking operations or money and capital markets.

Because of competition to get business now-a-days many banks and finance companies also expect that students should have good selling skills. Generally, students interested in making career in banking and finance do not focus on selling skills. It is better if they develop these skills. Many banks and finance companies recruit people on the position of Relationship Manager or similar other positions. These positions have been created to increase business by developing new customers and retaining old customers.

What will be the USPs of IES? What is the flagship course of IES?

At IES we try to maintain academic rigour coupled with industry exposure, deep sense of discipline, significant emphasis on values and ethics, soft skills and finally inculcation of leadership and team skills.

We have two main programs – MMS of Mumbai University and PGDM .

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