MBAUniverse.com Year-end Review 2012 1

MBAUniverse.com Year-end Review 2012 1

Contents Welcome 2013: Are we ready for a turnaround 3 2012: A year of shake-out & consolidation 4 MBA not aligned to industry needs: R C Bhargava 14 Globalization, tech re-shaping MBA education: Chicago B-school dean 15 MBA entrances registrations show mixed trend 17 Important appointments @ top B-schools 19 More B schools vie for global accreditation 22 B schools expand via campuses, satellite campuses 24 10 management books that receive rave review 26 2 MBAUniverse.com Year-end Review 2012

Welcome 2013: Are we ready for a turnaround? By: Amit Agnihotri, Chairman, MBAUniverse.com As we bid adieu to 2012 and welcome the New Year, it is imperative that we take stock of the year gone by. Reflections enable us to rectify our mistakes and help chart a correct road map for future. To help us review the key events of 2012, the MBAUniverse.com editorial team has developed a compendium of key developments of 2012. In the pages to follow, you will get a snapshot of key trends such as the state of MBA admissions, exams, placements, director appointments, accreditation, and many more.but before you dive into this compendium, let me give you a very brief overview, and my own sense of things to come. As is well known, the Indian MBA sector witnessed a massive transition in 2012, experiencing shake-out and consolidation. While the year started on a somber note, towards the end of 2012, things are beginning to change for the better. New regime at the MHRD is also signaling a more participative and dialogue-based approach for making key policy decisions. According to AICTE estimates, close to 100 B-schools closed down in last 12-15 months. Most of the tier 2 and tier 3 B schools faced significant challenges with admissions and placements. Not more than 50 per cent seats were occupied in average tier 3 B schools, which are generally ranked at 75-150 in any survey. This was a sad state of affairs. However, it appears that after a period of shake-out (2009-2012), we are entering into an era of consolidation and growth. Why do I say so? The number of test takers at almost all the top MBA exams like CAT, XAT, NMAT has increased. (Read the feature on MBA exams 2012/13 trends for more details). And while it is early days yet, most of top 10 private B schools are reporting higher numbers of applications for admissions in 2013. Indeed, the scenario looks brighter for top 50 B-schools. For the rest, it continues to be a fight for survival. Those that invest in delivering quality and relevant management education will survive, and thrive when the boom times return. Of course, there is a lot that can and must be done at the policy level to foster our MBA education. MBAUniverse.com believes that lasting solutions will only come as a result of closer cooperation between the three major stakeholders policy makers, management education associations and individual B schools. Trading of charges and passing the buck won t do any good. India is and will be an attractive education market for at least a few more decades. It is necessary to identify opportunities and invest funds and energy to create new centres of excellence and upgrade the existing ones. This is the need of the hour. So let us usher in 2013 with a hope for a brighter future and a resolve to excel. Welcome 2013! MBAUniverse.com Year-end Review 2012 3

2012: A year of shake-out & consolidation The year 2012 witnessed a transition period for Indian MBA education. On one hand, there has been a continuous process of shake-out, while on the other hand, visible signs of consolidation are being witnessed. However, it can be said that positives overweigh negatives with a number of encouraging developments, such as the increase in the number of applicants, taking place. With top-tier B schools maintaining their high standards and middle-level institutes trying hard to come to terms with the prevalent situation, the ones in tier 3 and tier 4 cities are still posing serious questions. Tier 1 B-schools see revival in applications The year 2012 can be described as the one of turnaround so far as application trends in top B schools are concerned. After three years of continuous contraction, the numbers started looking up in most of the top 25 B-schools. The table below captures a snapshot of the previous four academic sessions at some of the top B-schools: Table 1: Applications grow B-school 2009-2011 2010-2012 2011-2013 2012-2014 MDI, Gurgaon 25,052 18,662 14,954 17,120 SPJIMR, Mumbai 18,200 19,550 14,009 16,354 XIMB 18,132 18,132 11,030 17,007 IMT, Ghaziabad 21,800 21,798 16,079 16,000 IMI, New Delhi NA NA 7,523 9,998 TAPMI NA NA 4565 5,600 EXAM trends CAT: In comparison to the past five years, 2008 received the maximum number of application at 2,46,000. In 2012, the number of applications was 2,14,000. Entrance exam 2009 (Applications received) 2010 (Applications received) 2011 (Applications received) 2012 (Applications received) CAT 2,41,000 2,04,000 2,05,000 2,14,000 4 MBAUniverse.com Year-end Review 2012

XAT: The highest number of XAT application in the past four years was in 2009, which was 1,02,329. Since then, the number saw a decrease in the next couple of years. However, there is a stark rise in the number of applications for XAT 2013 at 92,045. Table 3: XAT applications Name of the Exam 2012 2011 2010 2009 XAT 92, 045 60,316 84,979 1,02,329 NMAT: NMAT applications have seen a gradual rise over the past three years. For NMAT 2013, the number grew 20 per cent over the previous year at 67,000 Table 4: NMAT stats Name of the Exam 2012 NMAT NMAT 2013-67,000 2011 NMAT 2012-56,000 2010 NMAT 2011-40,000 plus IIFT: Though the registration number for IIFT 2012 is not available, the past few years have witnessed a mixed trend (both rise as well as fall) in the number of applications. Table 5: IIFT figures Name of the Exam 2012 2011 2010 2009 IIFT NA 56, 000 54, 000 57,000 Tier 2 B-schools focus on admission management to survive The managements of tier 2 B-schools that are typically ranked among top 25-75 B-schools are focusing on effective admission management to ensure that their seats don t remain vacant. Almost all B-schools in this bracket have employed dedicated admission marketing teams. Around 80-85 per cent of seats get filled up in these B schools. B-schools in this bracket are also focusing on enhancing the employability of their students since a poor placement record turns away admission seekers. Focus on better communication skills, and industry orientation is the order of the day. Finally, the management of many of these B-schools are also sensing the opportunity that this current period of shake-out is providing. Seeing the closure of many bottom-end B-schools in their region, they are willing to invest in improving quality of their academic content & delivery. MBAUniverse.com Year-end Review 2012 5

Survival struggle for tier 3 & 4 B-schools Oversupply of seats and a drop in demand have led to a decline in occupancy rates in B-schools. According to a Crisil report released in February 2012, a shake-out in the business education in India seems evident as B-schools struggle to fill in their seats with 35 per cent of the total seats available remaining vacant. As per the Crisil research, the average occupancy rate in 2011-12 declined to about 65 per cent. The research analysis also indicates a wide variation in occupancy rates across various states and grades. Tier-4 B-schools, estimated to account for around 36 per cent of the total seats, had an average occupancy of around 50 per cent, according to the research. The situation is worse when one looks at public university B-schools, which form the bulk of MBA education. According to an article in the Times of India dated July 29, 2012, 89 per cent MBA seats remain vacant in B-schools in Uttar Pradesh. Be it the supply outstripping demand or the lack of basic infrastructure or few placements, students who participated in the state entrance examination (SEE) counselling did not opt for B-schools. According to the report, out of 28,000 seats offered by 421 colleges, around 3,300 have been filled. As far as the scenario of admission in Lucknow is concerned, the figures are shocking. The state capital has nearly 55 management colleges. Of that, 29 failed to get a single admission from SEE counselling. Single admission has taken place in another 13 colleges, while in two colleges, two students each have taken admission. The figures show that there are nearly 45 colleges where the total number admission has not exceeded merely five, the report said. A similar report dated July 5, 2012, in the same publication suggests that a large number of seats in the Nagpur division in Maharashtra is going to remain vacant this year as well, continuing the trend of the last couple of years. According to the report, while a total of 5,490 seats were up for grabs in 60 colleges across the division last year, a total of 2,677 seats remained vacant, leading to some institutes going bankrupt. Crisil also anticipates a scenario where the low level of occupancy may impact the ability of several lower-rung colleges to sustain operations. Ajay Srinivasan, head industry research, Crisil Research, said, Low occupancy rates are making it difficult for many lower-rung colleges to sustain operations. As a result, we expect a number of colleges to face closure or change in ownership over the next few years. Reasons behind sorry state Following reasons can be attributed for this deplorable state of affairs in tier 3 & 4 B schools. Increase in supply Even as the demand witnessed a mixed trend, there has been a steady increase in supply of MBA/ PGDM seats. According to the AICTE, over past six years, the number of seats in management education increased almost four fold. The Y-o-Y growth has been over 20 per cent with the academic year 2010-11 witnessing the highest growth in intake of about 55 per cent. While the exact number of approved intake was 94,704 for the academic year 2006-07, the number went up to 3,52,571 for 2011-12. According to Dr SS Mantha, chaiman, AICTE, Quality and governance are the two main factors driving this consolidation in B-schools. When we speak of quality and governance, it includes the 6 MBAUniverse.com Year-end Review 2012

curriculum, faculty and the quality of students; lack of transparency in the admission process (lack of a defined merit list, etc) and fees, which are fixed arbitrarily. The ultimate test of a B-School is in its placements. As a result of the irregularities, many such schools faced a lack of industry participation, resulting in poor placements. Thus, B-schools without focus on quality and industry interface as well as many of the fly-by-night operators have to shut shop. Table 6: Supply scene Quality gap in input-process-output matrix- While the quality of any B-school is determined by three major components -- input, process and output -- most of the B-schools lack competitiveness in these areas. Input: No quality benchmarking 2010-11 2,77,811 54.7 The quality of student intake is often cited as 2011-12 3,52,571 27 one of the main reasons for success of IIMs and (Source: AICTE Approval Process Hand Book: 2012-13) IITs, and for that matter any institution of higher learning. One of the matrixes of measuring the quality of intake is CAT scores. Of course, IIMs and other leading B-schools use a variety of matrixes beyond CAT scores for final selections, but CAT is certainly the key filter. Table 7: CAT calling shots The table below captures how top B-schools perform on CAT scores for admissions in 2012-14: However, this is not the real cause of worry. The bigger concern is that, according to MBAUniverse.com research, except for the top 50 management institutes, there are walk-in admissions at virtually every B-school. B-schools in tier-2 and tier-3 are forced to accept whatever they get! As a result, the quality of class discussions suffers. The admission challenges faced by tier-2 and tier-3 B-schools are also forcing them to accept admissions through agents. These admission agents charge B-schools anywhere between Rs 25,000 and Rs 75,000 to get a student admitted. A few years back, while only tier-3 and tier-4 B- schools were using this route for filling their seats, this menace is now spreading. B-school managements justify the practice arguing that unless they have a minimum number of students, they can t operate. Absence of qualified faculty results in weak learning processes: Year Seats % increase 2006-07 94,704 2007-08 1,21,867 28.6 2008-09 1,49,555 22.7 2009-10 1,79,561 20 B-School IIM Ahmedabad 99+ XLRI Jamshedpur 95+ IIM Indore 90+ IIM Rohtak 85+ IIM Kashipur 75+ MDI Gurgaon 95+ FORE School 85+ IFIM Bangalore 75+ Indus Business Academy 50+ Accurate Institute 50+ Expected cut-off percentile (Source: MBAUniverse.com Research) The actual crisis begins after students enter a B-school. The process which they go through in institutes leaves them half baked. They severely lack skills that the industry expects. The process that we are talking is a combination of many important academic components like curriculum, pedagogy, MBAUniverse.com Year-end Review 2012 7

quality of faculty members, industry linkages, exchange programmes, etc. One of the stark realities of B-schools in India is the acute shortage of doctoral and academicallyqualified faculty in various specialisations. Efforts to hire and retain quality faculty have become tough due to the highly-competitive environment. Other uncertainties include enrolment numbers, pending faculty retirements and availability of funds for hiring new faculty Dr Madhukar G Angur, chancellor, Alliance University. While the number of B-schools is increasing, they are not keen on developing faculty members. Even top B-schools are expanding their respective capacity in all possible terms but research output. While tier-2 and tier-3 B-schools have hardly any research scholars enrolled with them, the number of scholars even in top institutions is hardly in double digit. So, the availability of good faculty members is precariously lower against the increasing requirement. The major reason for this is a lack of qualified management teachers in the country, says Dr V Raghunathan, CEO, GMR Varalakshmi Foundation, Hyderabad, & former professor of finance at IIM Ahmedabad. Due to the lower salary structure compared to the corporate sector, industry professionals also hesitate to join academics. They believe that academia does not allow them to enjoy the quality of life they deserve as corporate professionals. If a good professional from the corporate world joins academia, he should be rewarded also and academia as a profession should be able to give him back the quality of life he deserves. This will encourage people from the industry to join academics, said Dr Anadi S Pande, vice-president HR, corporate planning & strategy, Hero MotoCorp. Poor industry linkage: B-schools have largely failed to maintain the pace of change for their curriculum with that of the industry. Many of the schools teach MBA education in India is largely sub-optimal, barring the top 20-25 institutions. Most institutions add little value to their graduates, either in the class room or through internship. students the business cases which are irrelevant to their context. Very few B-schools are actively engaged in Industry-academia interaction, tie-ups and collaboration. For students, this results in a low exposure to the industry and hampers their complete learning process. In India, the industry and academia are still working mostly in isolation. There is a phenomenal gap between the two worlds institutes offer qualification and certify students while the industry expects the application of that knowledge. This is something that may be ailing MBA education in India, said Dr Pande. Some of the streams within the general management education such as finance and economics have tools and techniques that can be applied in practice. But for subjects of operation management or IT management, experiential learning is necessary for understanding the application of theories. Here comes the gap, he said. Also, the industry s exposure to academia remains low and there is lack of research in the institutes as well. Most of the faculty members across business schools are academicians with limited or no industry exposure. This makes it difficult to build a bridge between industry and academia. 8 MBAUniverse.com Year-end Review 2012

Poor output and low employability : The twin challenges of deterioration in quality of output and process have led to a drop in employability of the MBAs being churned out by vast majority of B-schools. According to the MeritTrac MBAUniverse.com-Employability report 2012, only 21 per cent of MBAs are employable in the country. This means that 79 per cent of our management graduates are unemployable! The report says 24 per cent of MBA graduates were employable in 2008. While B-schools are concerned about the challenges they face on the placements front, the industry, on the other hand, claims B-schools are not geared up to the industry demand. The industry opines that an overhaul of curriculum is needed at most of the B-schools to make it relevant to the industry. Today, we have an open market. There is huge requirement of good managers in the industry. But management graduates from most of the B-schools in our country are not skilled enough to meet the current industry requirement, said R C Bhargava, chairman, Maruti Suzuki India, and chairman, BoG, IIM Ranchi. T K Srirang, senior general manager, HR management group, ICICI Bank, said: The current curriculum of various MBA programmes is too generic and is not aligned to the needs of the industry, leading to students passing out with low job readiness, thereby impacting placements. Where is the gap: MBA vs PGDM: Number vs Quality According to the AICTE Approval Process Hand Book: 2012-13, the number of PGDM institutes in the country is just 308 compared with 3,644 MBA institutes. So, the number of MBA institutes is almost 12 times the number of PGDM institutes. Table 8: Regional updates Region No of PGDM Institute No of MBA Institutes Central India (Chhattisgarh, MP, Gujarat) 30 367 Eastern India (Arunachal, Assam, Jharkhand, Orissa, Sikkim, W Bengal) 31 155 North-West India (Delhi, Haryana, Himachal, J&K, Punjab, Rajasthan) 40 513 Northern India (Bihar, UP, Uttarakhand) 90 538 South-Central India (Andhra Pradesh) 31 978 South-West India (Karnataka, Kerala) 22 272 Southern India (Puducherry, TN) 7 406 Western India (Maharashtra) 57 414 Grand Total 308 3644 MBAUniverse.com Year-end Review 2012 9

If we keep IIMs & IIT B-schools aside, in spite of low numbers, PGDM institutes capture almost all the 50 top slots in any reliable B-school ranking. FMS and JBIMS are the only exceptions. Alternatives to MBA emerging: Apart from pursuing management as a career, fresh graduates now-a-days look for other lucrative professional options. Given the low-quality of average management graduates, some of the major recruiters prefer to recruit fresh graduates directly from campuses and train them for specific roles. With the government focussing on socio-economic integration and expansion of rural banking, both private and public sector banks have been recruiting in large numbers during the last fiveseven years. Fresh graduates see this as a good alternative to the MBA programmes as they are expected to get similar jobs after studying for two years. The Institute of Banking Personnel Selection (IBPS), the agency which conducts written examinations for different positions in public sector banks, recorded a total of 1.4 crore candidates registering to appear for various selection processes. As it appears in the figure below, a massive growth was witnessed between 2008 and 2012. Table 9: Bankable stats No. of candidates registered over the last decade (Fig. in Lakhs) 132 141 104 71 17 22 20 14 18 30 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 (Source: Institute of Banking Personnel Selection) 10 MBAUniverse.com Year-end Review 2012

Positive trends: Of course, not all the trends are negative. Experts argue that this phase of shake-out and consolidation is good for long term, where quality B-schools will survive and grow. Let us examine the key positive trends of recent years, particularly 2012: New IIMs gain ground Key MBA entrance exams grow Top tier private B-schools consolidate and grow Growing focus on quality & accreditation Placement unaffected at top B schools More female candidates opt for MBA Serious players launch new institutes and campuses New IIMs gaining ground While setting up a new B-school may not sound an encouraging idea in the present circumstances, the placement records of the new IIMs have proven otherwise. According to placement reports shared by the new IIMs with MBAUniverse.com, while there has been a marginal increase of about 7 to 10 per cent in the average salary package at top B- Table 10: New IIMs score high schools, including established IIMs, this year, the new IIMs have come banging in their very first B-school Package (Rs lakh) placement season despite a slow economy. The average annual package at the new IIMs stood very close to the compensation offered at the top B-schools. Students at IIM Ranchi and IIM Rohtak received annual packages of Rs 13.60 lakh and Rs 12.22 lakh on an average, respectively, compared with Rs 13.04 lakh and Rs 14.90 lakh at NMIMS and JBIMS, respectively. The average annual package at IIM Raipur stood at Rs 12.94 lakh. IIM, Ranchi IIM, Raipur IIM, Rohtak IIM, Shillong 13.23 12.94 12.22 12.1 (Source: MBAUniverse B-school survey) Though the new IIMs aim to establish their own credential and quality process, the tag of an IIM and the guidance from mentor IIMs have given them an established identity among major recruiters. Demand for top B-schools up: The number of candidates seeking MBA grew significantly in 2012, and the trend is visible from the registration numbers in top entrance exams. For CAT 2012, the number of applications stood at 2,14,000, compared with 2,05,000 in CAT 2011. For XAT, the number almost rose 50 per cent at 92,045 against 60,316 in the previous year. For NMAT, the number stood at 67,000, compared with 56,000. Quest for quality & accreditation: India is also witnessing a growing interest among leading B-schools from the West. These institutes are either setting up campuses in India or are getting into long-term strategic partnerships. Many B-schools have also earned prestigious international accreditations in the last few years. MBAUniverse.com Year-end Review 2012 11

Association to Advance Collegiate Schools of Business (AACSB) Table 11: Accreditation status Indian School of Business (ISB), Hyderabad TA Pai Management Institute (TAPMI), Manipal European Quality Improvement System (EQUIS) IIM, Bangalore IIM, Ahmedabad Association of MBAs (AMBA) IIM, Lucknow IIM, Kozhikode PJIMR MDI, Gurgaon SAQS MDI Gurgaon ICFAI Hyderabad Prin. L. N. Welingkar Institute of Management XIMB XLRI Jamshedpur XLRI Jamshedpur IMI Delhi MT Ghaziabad ACBSP PSG Coimbatore Regional College of Mgmt, Bhubaneswar SCMS Cochin Jansons School of Business ICBM-SBE, Hyderabad Amity Business School Ramaiah Institute of Management Studies, Bangalore Placements unaffected at top B-schools Despite a slowdown in the economy and major firms going slow in recruiting, top 25 B-schools have remain largely unaffected as far as placement for 2012 is concerned. MBAUniverse.com placement report 2012 shows how top B-schools have sustained the shake-out. More women enter management programmes: The management education has started attracting female candidates in large numbers. Female aspirants in B-schools are on the rise. The percentage of female test takers in CAT 2011 increased 1.3 per cent or more than 2,000. About 27.3 per cent of the total candidates in CAT 2011 were women, which in 2010 stood at 26 Table 12: Money matters Average Annual Management Institutes Package 2012 (in Rs lakh) XLRI, Jamshedpur 16.28 SPJIMR, Mumbai 15.46 JBIMS, Mumbai 14.9 MDI, Gurgaon 14.28 NMIMS, Mumbai 13.04 IIFT, New Delhi 12.1 SIMSREE, Mumbai 10.12 IRMA, Gujarat 8.07 Source: MBAUniverse.com Placement Reports 2012 & MBAUniverse. com B-school Annual Ranking 2011-2012 (As on 10-05-2012) 12 MBAUniverse.com Year-end Review 2012

per cent. In 2012, the number of female candidates Table 13: Women power taking CAT was 60,876 out of a total Total num- Total number of 2,14,000. ber of CAT of CAT New B-schools and new campuses by Year registrations registrations existing players: Overall, the management education in India is in a state of upheaval. A number of B- schools are applying for closure, seats are not 2012 2011 2,14,000 2,05,000 (female) 60,876 56,050 getting filled in, and the pie is believed to be 2010 2,04,000 53,732 shrinking. But according to AICTE chairman (Source: Prometric Services) Dr S S Mantha, The closure of B-schools is a process of consolidation, not shrinkage. B- schools that do not focus on quality and industry interface will have to shut shops. So will be the case with fly-by-night operators. In cumulative terms, the number is increasing, said Mantha. While about 65 B-schools have applied to the council for closure; over 100 new B-schools have applied for approvals. Till date, more than 70 new B-schools (out of 100) and about 35 B-schools (out of 65) that had applied for closure have been given approval. Thus, about 35 B-schools have been actually added in the system. Notable new B-schools launched in 2012 are MISB Bocconi s Mumbai campus and MYRA School s Mysore Campus. Not only new B schools are coming up, the existing ones are setting up new campuses with an eye on expansion. Some of the new campuses added in 2012 are: ISB campus in Mohali, XIME Bangalore s Kochi campus, and SCMS Kochin s London campus. Besides, three new IIMS Kochi, Trichi and Kashipur have launched satellite campuses. Conclusion: There is no denying the fact that the MBA education scenario in India is passing through an unprecedented phase of shakeout and consolidation. MBAUniverse.com believes lasting solution will come from closer cooperation between the three major stakeholders: policy makers, management education associations like EPSI, AIMS & AIMS and individual B-schools. Policy makers and B-school bodies like EPSI, AIMS and AIMA will serve the larger national cause by coming together and developing a joint agenda and action plan for the growth of MBA education sector. Such initiatives by the government and IT industry body NASSCOM have delivered successful results. B-schools and universities will have to realize that the era of sub-standard academic delivery is over. Unless they invest in building competencies for trainings and delivery of a good management education, they will go out of business. For those who see through the current fog, make right investments in building capabilities, and improve their process, the future looks bright. It is a well-accepted dictum that the best institutions and businesses get built in slowdown or recession. We are hopeful and confident that thanks to all-round efforts on the part of all the stakeholders, management education in India will flourish and new institutes with desired quality and competence will come up. This is the need of the hour as our great country prepares to march steadily on the growth path. Let us usher in 2013 with a hope for a brighter future and a resolve to excel. MBAUniverse.com Year-end Review 2012 13

MBA not aligned to industry needs: R C Bhargava Management institutes, Bhargava said, should rejig and re-orient themselves with changing time. Appointing good faculty is a pre-condition for imparting quality education. Business schools in India must produce MBAs who can effectively cater to the changing needs of the economy at a time when management education is facing some serious challenges, RC Bhargava, chairman of Maruti India, & chairman of the board of governors, IIM Ranchi, said at the special address of the Indian Management Conclave, organized by MBAUniverse.com, in New Delhi on August 9-10. Bhargava said business education must relates itself to the economy, align it to the needs of the day and lay stress on domestic issues rather than replicating US B-schools curricula. Despite attrition in various sectors, several seats in B- schools lie vacant. This means the supply those institutes does not fit the bill. The government currently is actively pursuing foreign direct investment (FDI). Even in certain sectors, 100% FDI is welcome. The economy has witnessed a 360-degree change in terms of size, volume and orientation. Bhargava said to keep pace with the changes, B-schools also need to change them. When management education began in India during early 60, the first two IIMs got direction from US B-schools. At present, there are 13 IIMs and around 3,500 management institutions. However, Bhargava was not sure if such a big number of schools are needed. India produces around 1/4th of the total number of MBAs in the world and the size of the domestic economy is around 5-6% of the world. So, I am not sure about the logic. Pitching for the manufacturing sector to play a greater role in the growth story, Bhargava said countries like Japan, China, Korea, Singapore and Thailand grew on the back of robust manufacturing which contributes around 40% to the economy. However, in the case of India, even when it was growing at 9%, services sector led the growth. Manufacturing used to contribute 15% and the contribution of agriculture that employs around half of the workforce was mere 14% of the GDP. Bhargava emphasized that manufacturing will have to play the main role in driving growth. Because, it is the only sector that provides scopes for employment. He pinned hope on the new manufacturing policy to uplift the share of manufacturing to 25% of the GDP in the next 10 years. The most challenging need before the country, as Maruti chairman puts it, is to mobilize human resources properly. A number of companies are finding it difficult to recruit people with desired skills. The industry is in search of hard working, committed and target-driven individuals who deliver in various challenging and time-specific environment. Management education has a constructive role to play in developing quality human resources. Management education institutes, Bhargava said should rejig and re-orient them with changing time. Appointing good faculty is a pre-requisite for imparting quality education. This, he said, is not a big deal in the era of technological innovation. The curricula must also witness changes. Student must be equipped with hands-on experiences; mere exposure to age-old US case studies will no longer serve the purpose. 14 MBAUniverse.com Year-end Review 2012

Globalization, tech re-shaping MBA education: Chicago B-school dean Globalization and the rise of the education technology are the two big forces that are re-shaping the world of management education, Chicago Booth School dean Dr Sunil Kumar said First thing that strikes you when you meet Dr Sunil Kumar, dean of Chicago Booth School of Business, is his monk-like calmness. For a relatively young man (he is just 44) who is under global spotlight for leading arguably the world s best B- school, this is striking. Around two years back, in January 2011, Dr Kumar s appointment as the dean created ripples in the global academic community and earned him a few detractors too. Dr Kumar is perhaps the youngest dean at a top US B-school, an Indian who did his masters degree from IISc Bangalore and didn t perhaps have substantive administrative experience required for running a B-school. After 23 months, Dr Kumar has indeed justified his knighthood. If media rankings are anything to go by, Booth is doing very well. Both the rankings carried out by Businessweek and The Economist for 2012 put Booth at the No 1 spot. Booth is one of the outstanding global business schools with great legacy. Set up in 1898, it is the second-oldest business school in the world. MBAUniverse.com chairman Amit Agnihotri met Dr Kumar in New Delhi recently and interviewed him on a variety of issues that management education is facing. Edited excerpts of the interview: Q: How has been your two years as the dean of Booth School? I will be completing an exhilarating two years as the dean in December. I consider myself extraordinarily lucky to work with such talented individuals in an institution with a long history and a set of deeply-held values. It has a great track record in creating and sharing knowledge in business and management. I find it fantastic to be part of a community where ideas and the constant questioning of them matter the most. I am indeed proud to be part of Chicago Booth. Q: What are the forces that are re-shaping MBA education? Globalization and the rise of the education technology are the two big forces that are re-shaping the world of management education. Two other important factors are emergence of specialized degree program and rising cost of MBA education. Let me first talk about globalization. B-schools that don t have a purpose-driven globalization strategy will be left behind the curve. Business management is a global function today. The demand for top-quality MBA education and training is emerging from all parts of the world. As a result, management education has to increasingly become global. B-schools that have the right strategy will become more relevant, and will have a vital edge over peers. In fact, a purpose-driven globalization strategy is vital for 21st century B-schools. Of course, as we all know, the ubiquitous presence of technology and digital devices that can be leveraged for learning and education is another big force. MBAUniverse.com Year-end Review 2012 15

Q: On globalization, what kind of strategy do you recommend for B-schools? Well, obviously, there can t be a one-size-fits-all strategy. Each B-school has a context, vision, and resources, which it must evaluate to decide the way forward. We, at Chicago Booth, strongly believe in having a strong independent presence in major economic centres of the world. We are the first and only US business school with permanent campuses in three continents Asia (Singapore), Europe (London), and North America (Chicago). So we are walking the talk! But to your question, is having physical campuses the only way forward, my answer is no. Having physical campuses is not the only strategy. Each school can have a different approach that suits it the best. Harvard Business School, for example, has a different approach of having research centres in key markets. Some other schools have chosen to partner regional B-schools. Q: What role do you see technology playing in MBA education? Leveraging technology in management education is important. Technology facilitates the delivery of information and content when, where, how much a student or executive needs it. We are getting into an era of Flip Universities. However, I don t think technology-enabled learning is a substitute for classroom learning. A physical classroom is a great place to debate, question, clarify and reinforce learning. No amount of technology can replace that learning experience. Q: Chicago Booth has recently been ranked as the best B-school by both Businessweek and Economist? What is your USP? Our greatest advantage is our faculty. It is a world-class collection of scholars whose fundamental researches and discipline-oriented method of imparting education produce ideas and leaders that shape the world of business. Our students learn directly from the source. Our emphasis on academic rigor has allowed us to attract the most talented students. Intellectual debate and in-depth analysis are hallmarks of not only the business school but also the broader university. Question everything is our basic tenet that is practised by both students and the faculty. Our mission is twofold to create enduring knowledge through research and to educate future leaders. Q: What is your take on Indian MBA education? India has some very good B-schools like the IIMs, ISB and XLRI. There are others that are trying to find their niches. So it s an exciting place to be. From our point of view, India is a very important market for attracting top quality student talent. Q: What is your message to Indian B-school leadership? I will simply say two things to the leadership at top Indian B-schools. First, they must globalize their institutions. It pays to have a global academic and student body. Secondly, since India is one of the hubs of technology revolution of the past two decades, Indian B-schools must leverage technology fully. Q: Say something about your future plans? As I look to the future, I become excited about the opportunities to explore bold, new directions. We are expanding what we do while staying true to our values and culture, which is to provide a rigorous, discipline-based approach to business education. I look forward to helping the school to continue to produce outstanding, confident business leaders and shape the future of management on the world stage. 16 MBAUniverse.com Year-end Review 2012

MBA entrances registrations show mixed trend This article shares with you the trends of the top five MBA entrance exams over the years in comparison to 2012. One of the most important features of the Indian management education sector is that while the number of applicants grew in most of the MBA entrance examinations, a decline was witnessed in one or two cases. This article, part of the year-end review series, is a comparative study of the trends of the top five MBA entrance tests over the years with reference to 2012. While CAT 2012, XAT 2013 and NMAT 2013 have seen an increase, GMAT has witnessed a dip in the number of applications. Let us have a look at the exam-wise trends. CAT The following table gives the number of applications during the last five years: Let us have a look at the exam-wise trends. In comparison to the past five years, 2008 received the maximum number of application at 2,46,000. The number dropped gradually in the next year and the dip was much sharper in 2010. The number rose marginally in 2011, which was 2,05,000. This year, the number of applications was 2,14,000. Name of the Exam 2012 2011 2010 2009 2008 CAT 2,14,000 2,05,000 2,04,000 2,41,000 2,46,000 XAT The highest number of XAT application in the past four years was in 2009, which was 1,02,329. Since then, the number saw a decrease in the next couple of years. However, there is a stark rise in the number of applications for XAT 2013 at 92,045. The application process concluded on December 5, 2012. Name of the Exam 2012 2011 2010 2009 XAT 92, 045 60,316 84,979 1,02,329 MBAUniverse.com Year-end Review 2012 17

NMAT NMAT, the computer based exam for the admission of NMIMS, has seen a gradual rise over the past three years. While NMAT 2011 received 40,000 applications, it went up to 56,000 for NMAT 2012. For NMAT 2013, the number grew 20 per cent over the previous year at 67,000. Name of the Exam 2012 2011 NMAT NMAT 2013-67,000 NMAT 2012-56,000 2010 NMAT 2011-40,000 plus IIFT Though the registration number for IIFT 2012 is not available, the past few years have witnessed a mixed trend (both rise as well as fall) in the number of applications. In the year 2009, the number of applications was 57, 000. Next year, the registration number was reduced to 54,000. The year 2011 had 2,000 more registrations, which was 56,000. The number of registrations in IIFT 2012 has not been declared by the institute. Name of the Exam GMAT 2012 2011 2010 2009 IIFT NA 56, 000 54, 000 57, 000 GMAT applications were 30,600 in 2008-2009, but it came down to 25,400 in 2011 and the number was even lower in the year 2012, which is 22,803. Name of the Exam 2012 2011 2010 2009 GMAT 22,803 25,400 Not Available Not Available 2008 GMAT 2008-2009: 30,600 CMAT CMAT or the MBA entrance exam conducted by AICTE, was first held in January 2012 for the academic year 2012-14. The next CMAT was held in September-October. According to various media reports that had quotes of Dr S S Mantha, AICTE chairperson, the number of registrations for CMAT January 2012 was 70,000 and that of CMAT September 2012 was 60,000. Stay tuned to MBAUniverse.com for more on year 2012 review. Name of the Exam January 2012 September 2012 AICTE CMAT 70, 000 60, 000 18 MBAUniverse.com Year-end Review 2012

Important appointments @ top B-schools It is said that leadership makes all the difference. In this article, we re-look at the appointments at leading B-schools As we are preparing to bid adieu to 2012, it is the right moment to look back and reflect on key developments of the year the policy announcements by the MHRD & AICTE, new initiatives & innovations at leading B-schools, new B-school and campus launches, appointments, and other important developments. It is said that leadership makes all the difference. Prof Mukul P Gupta appointed director of MDI Gurgaon Prof Mukul P Gupta has been appointed director of MDI Gurgaon and MDI Murshidabad. Prof Gupta has been dean -- continuing education & international linkages and chairman PGPM and international linkages. Prof Gupta also had a stint with the advertising industry. He also worked as a consultant for AICTE and AIMA. Dr Kavita Laghate becomes JBIMS director Dr Kavita Laghate, who was associated as professor with the Jamnalal Bajaj Institute of Management Studies for the last seven years, has been appointed director of the institute. A bachelor and master degree holder in both in science, Dr Laghate also holds a PhD. Her areas of specialization include statistics, operations research, quantitative models, and research methods. Dr Surajit Mitra appointed IIFT director Dr Surajit Mitra, an IAS officer with long experience in top positions in different ministries, has been appointed director of the Indian Institute of Foreign Trade (IIFT), New Delhi. He took over the reins from K T Chacko on September 5. Dr Mitra received a doctorate in economics from the University of Cambridge, UK. An IAS officer of 1977 batch, he has long work experience in rural development, commerce & industry, tourism & culture, defence, home, communication & IT, and heavy industries and public enterprises ministries. MBAUniverse.com Year-end Review 2012 19

Fr. Paul Fernandes appointed XIMB director Fr. Paul Fernandes has been appointed the new director at Xavier Institute of Management Bhubaneswar (XIMB) on December 4. Fr. Fernandes succeeds Fr. P T Joseph. Fr. Fernandes has done his MA in Economics and Ethics from Belgium. He has done his MBA from XLRI Jamshedpur. After obtaining his PGDM from XLRI Jamshedpur, he worked with XIMB as an administrator and financial controller. He is also the chairperson of the Ethics Committee at XIMB. Dr Janakiraman Moorthy becomes dean, IMT Dubai campus IMT has appointed Dr Janakiraman Moorthy as the dean of IMT Dubai campus. Prior to joining IMT, Dr Moorthy was professor of Marketing at IIM Calcutta as well as IIM Lucknow. The institute has appointed Dr Subhash Datta as director of its Nagpur campus. Dr R C Natarajan appointed director, TAPMI Manipal Dr R C Natarajan, associate dean of academics and professor of marketing management at TAPMI, has been appointed director of TAPMI, Manipal. Dr Natarajan has over 25 years of work experience including 15 years in sales and marketing in the FMCG sector. Dr Natrajan holds a Post Graduate Diploma in Rural Management (PGDRM) from IRMA and MA in economics from Jawaharlal Nehru University. Dr S Peter appointed director at LIBA Loyola Institute of Business Administration (LIBA) has appointed seasoned academician Dr S Peter S J as the new director. With over two-and-a-half decades of academic and administrative experience, Dr Peter succeeds Fr Christie as the fifth director in LIBA. Dr. Gautam Sinha takes over as director, IIM Kashipur Dr Gautam Sinha, who was director of Lal Bahadur Shastri Institute of Management, New Delhi, has taken over as director of Indian Institute of Management (IIM), Kashipur. Dr Sinha is the first director of this new IIM which had been running without a director since its inception last year. He has over three decades of experience in industry and academia including 25 years in the steel and engineering industry. 20 MBAUniverse.com Year-end Review 2012

IIM Shillong appoints Dr Keya Sengupta director in-charge Dr Keya Sengupta, professor of economics & dean, research, IIM Shillong, has been appointed director in-charge. She has become first woman to be the director of an IIM. A former dean of the School of Social Sciences and head of the department of economics at Assam Central University, Assam, Dr Sengupta has over 30 years of teaching experience and twenty five years of research experience. Dr Kanika T Bhal appointed HoD of DMS Department of Management Studies (DMS) under IIT Delhi has got a new head. Kanika T Bhal, a professor at DMS, has taken over as the head of the department. She succeeds Dr Sudhir Kumar Jain. A PhD from IIT Kanpur, Dr Bhal has been a visiting fellow at Solan School of Management, MIT, Cambridge, USA. She specializes in organizational leadership. Kamal Singh appointed National HRD Network director general National HRD Network (NHRDN), the country s leading HR professional body, has appointed Mr Kamal Singh as its director general. His earlier stint was with the All India Management Association (AIMA) as director centre for management development. Mr Singh will be heading the national secretariat and managing the affairs of the network at the national level. MBAUniverse.com Year-end Review 2012 21

More B schools vie for global accreditation In the face of fierce competition, more and more B-schools in India are applying for international accreditation from global agencies In the face of fierce competition, B-schools in India are increasingly applying for international accreditation from agencies including Association to Advance Collegiate Schools of Business (AACSB), European Quality Improvement System (EQUIS)/EFMD, Association of MBAs (AMBA), SAQS, ACBSP and IACBE. This trend is becoming more visible with every passing day, as Indian B schools hope to do better by opting for international benchmarks of quality through accreditation by renowned global bodies. Receiving accreditation from international agencies is a lengthy and complicated process involving multi-level scrutiny. So, it often takes years for a B school to get accredited. This article takes a holistic look at the domestic accreditation scenario till date as the year comes to an end. AACSB: AACSB accreditation is considered to be the best on many accounts. In India, only two B schools Indian School of Business and TAPMI have received it till date. Hyderabad-based ISB is the first among business schools in South Asia to receive this accreditation. Various parameters, including the quality of curriculum, faculty and global content in the program are evaluated before granting the accreditation. AACSB provides internationally recognized, specialized accreditation for business and accounting programs at the bachelor, master and doctoral levels. AACSB accreditation is known, worldwide, as the longest standing, most recognized form of specialized/professional accreditation an institution and its business programs can earn. Accreditation agency AACSB EQUIS/EFMD: In terms of importance and recognition, EQUIS/EFMD accreditation comes next to AACSB. IIM Ahmedabad and IIM Bangalore are the only Indian B schools to obtain the European Quality Improvement System (EQUIS) accreditation, run by the European Foundation for Management Development (EFMD). This quality assessment system builds on existing national accreditation associations working in the field of management education and provides an accreditation framework at an international level, based on a set of criteria. Institutions that are accredited by EQUIS must demonstrate not only high general quality in all dimensions of their activities, but also a high degree of internationalization. The accreditation process involves a self-assessment procedure carried out by the institution, followed by a peer review visit by an international team of auditors. Accreditation agency Accredited B-schools Indian School of Business Accredited B-schools TAPMI EFMD/EQUIS IIM Bangalore IIM Ahmedabad 22 MBAUniverse.com Year-end Review 2012

AMBA: IIM Lucknow, IIM Kozhikode, SPJIMR, MDI and IMI are accredited by the Association of MBAs (AMBA). This accreditation represents a high standard of achievement in post graduate business education. According to its website, students, faculty and employers recognize the accreditation is an assurance of quality. Unlike other business education accreditation bodies, AMBA focuses on individual programs rather than the whole institutions. This unique, Accreditation agency AMBA IIM Lucknow Accredited B-schools IIM Kozhikode SPJIMR MDI IMI in-depth and detailed approach means that the highest standards of teaching, faculty and student interaction are guaranteed by the accreditation. SAQS: MDI Gurgaon, XLRI, XIMB, ICFAI, Welingkar Institute of Management, IMI New Delhi and IMT Ghaziabad have received the South Asian Quality Accreditation System (SAQS) accreditation. To achieve the SAQS accreditation, a business school has to undertake self-assessment based on quality criteria developed by the Association of Management Development Institutions in South Asia (AMDISA) and vetted by a team of peer review experts. Based on their recommendations, the AMDSIA accreditation committee takes a final call. Accreditation agency Accredited B-schools SAQS MDI Gurgaon ICFAI Hyderabad Welingkar Institute of Management XIMB XLRI Jamshedpur IMI Delhi IMT Ghaziabad ACBSP: ACBSP is a specialized accrediting organization that reviews the quality and integrity of business degree programs. In India, PSG Coimbatore, Regional College of Management Bhubaneswar, SCMS Cochin, Jansons School of Business, ICBM-SBE, Amity Business School and Ramaiah Institute of Management have ACBSP accreditation. Accreditation by ACBSP is based on an independent evaluation of an institution s business school or program by a group of professionals, which include faculty and academic administrators in the field of business. Accreditation agency Accredited B-schools ACBSP PSG Coimbatore Regional College of Mgmt, Bhubaneswar SCMS Cochin Jansons School of Business ICBM- SBE, Hyderabad Amity Business School Ramaiah Institute of Mgmt Studies, B lore MBAUniverse.com Year-end Review 2012 23

B schools expand via campuses, satellite campuses In this article we are focusing on new full-fledged and satellite campuses launched by Indian B schools As we are preparing to bid adieu to 2012, it is the right moment to look back and reflect on key developments of the year. In this article, as part of the special year-end series, we are focusing on new full-fledged and satellite campuses launched by Indian B schools. ISB launches new campus in Mohali Union finance minister Mr P Chidambaram and Punjab chief minister Prakash Singh Badal inaugurated ISB s new campus in Mohali on December 2. The event was attended by ISB chairman Adi Godrej and founding board members of the Mohali campus Analjit Singh, Rakesh Bharti Mittal, Sunil Kant Munjal and Atul Punj. XIME Bangalore unveils Kochi campus In a bid to expand, Xavier Institute of Management & Entrepreneurship (XIME), Bangalore, has opened a new campus in Kochi in December. Prof J Philip, president of XIME, said: Having established XIME as a leading business school, we are expanding our base to reach out to more people and offer quality management programs to them. As the first major step, we are opening our new campus in Kochi, which is emerging as a hub of management education over the last few years. MISB Bacconi launches Mumbai campus Italy s SDA Bocconi School of Management, University of Bocconi at Milan, has joined hands with Mumbai International School of Business (MISB) to offer a post graduate programme in business in India. MISB Bocconi is the first full-fledged campus of a major, top-ranked international business school in the country. The campus, with every modern facility, has been inaugurated in Mumbai. MISB Bocconi has started providing full-time post graduate program in business from June 2012. MYRA School of Business opens campus in Mysore HDFC chairman Dr Deepak Parekh inaugurated a new research-focused B-school, MYRA School of Business, in Mysore on November 4. Located on a 10-acre campus, the new B-school aims to develop global competence in business education in India. MYRA is set up by a group of eminent academicians led by Prof Shalini Urs, an internationally recognized information scientist, a Fulbright scholar, and founder and executive director, International School of Information Management, and Prof Shrijay Devaraj Urs, veteran academician, UNDP consultant, and educational administrator and professor at Institute of Development Studies, University of Mysore, with over three and a half decades of experience. SCMS Cochin opens London campus Expanding its base to the international market, SCMS Cochin has inaugurated a new campus in London. The new campus, according to the institution, is part of the SCMS Group s effort to have a footprint in the global business management education sector. The institute aims to start post 24 MBAUniverse.com Year-end Review 2012

graduate programmes in management is association with top UK universities. Satellite campuses Besides full-fledged campuses, three new IIMs have launched satellite campuses. All the IIMs became operational in relatively small cities of respective states. In order to stay close to the corridors of power, the satellite campuses have been launches either in state capitals or in a big city. In most of the cases, state governments have provided land and assured of all sorts of helps regarding infrastructure. IIM Trichy opens satellite campus in Chennai Indian Institute of Management Tiruchirappalli (IIM-T) inaugurated its satellite campus in Chennai on November 21 to offer a three-year post graduate executive program for working professionals. The new campus will also undertake other institutional activities including placements and admissions. IIM Kozhikode launches satellite campus in Kochi IIM Kozhikode launched its first satellite campus in Kochi on June 9. The satellite campus was launched by Kerala chief minister Oommen Chandy. Mr Chandy extended his full support for the campus and declared 5 acres of land for the IIM-K initiative. The satellite campus will initially offer one-year residential executive MBA program as well as two-year part-time programs in addition to other short- and long-term MDPs. IIM Kashipur to open satellite campus in Dehradun With a view to tap the executive education market, the Indian Institute of Management (IIM) Kashipur is set to open a satellite campus in Dehradun, where the institute will organize its MDPs and an executive fellowship program (EFP) for senior executives. MBAUniverse.com Year-end Review 2012 25

Notable management books released in 2012 A s we are preparing to bid adieu to 2012, it is the right moment to look back and reflect on key developments of the year. In this article, we throw light on the famous books on management, published in 2012, that have helped entrepreneurs and CEOs of leading companies re-visit their thinking and the way they work. We have selected ten books -- five written by Indian authors and five by international authors. Let us discuss a bit on each of the books. Do not hire the best An Essential Guide to Picking the Right Team By Abhijit Bhaduri Publisher: HarperCollins Publishers India Abhijit Bhaduri, the author of Mediocre But Arrogant and Married But Available, in this book has provided a comprehensive guide on how to balance the person, the role and the company culture the only way to appoint people who will be successful. Breakout Nations: In Pursuit of the Next Economic Miracles by Ruchir Sharma Publisher: W. W. Norton & Company April 2012 After two decades travelling across developing countries, Ruchir Sharma has produced this interesting book, trying to answer questions to things like why the overpriced cocktails in Rio are a sign of revival in Detroit; how the threat of the population bomb came to be seen as a competitive advantage; how an industrial revolution in Asia is redefining what manufacturing can do for a modern economy; and how the coming shakeout in the big emerging markets could shift the spotlight back to the West, especially American technology and German manufacturing. 26 MBAUniverse.com Year-end Review 2012

MBA at 16 A Teenager s Guide to Business By Subroto Bagchi Publisher: Penguin Young Adult March 2012 This book by Subroto Bagchi can be called a guide to business for teenagers. The book shares stories of successful business giants. Steve Jobs was 16 when he met Stephen Wozniak. The result: Apple. When Sergey Brin and Larry Page met at Stanford, they were in their early twenties. Soon, they started Google. Today s teenagers are tomorrow s entrepreneurs, investors, managers, policymakers. But young people need to familiarize themselves with the reality of the corporate and business worlds. In his book, Bagchi tries to depict how do businesses touch everyone s lives? What really goes on inside the mind of an entrepreneur? How does the engine of a company run? Who is a social entrepreneur? It is interesting reading for teenagers who want to know about the basics of MBA. Poor Little Rich Slum By Rashmi Bansal and Deepak Gandhi Publisher: Westland June 2012 In this book, Rashmi Bansal and Deepak Gandhi provide a collection of stories from Dharavi, intended to engage ordinary middle-class citizens who might otherwise be repulsed by the mere mention of a slum. The authors try to capture the spirit of enterprise in Mumbai s Dharavi slum. A Bank for the Buck: The Story of HDFC Bank by Tamal Bandyopadhyay Jaico Publishing House November 2012 This is a story of the birth and growth of HDFC Bank against the backdrop of the new bank movement in the domestic market that started in 1994 when the RBI opened up the sector. This is Tamal Bandyopadhyay s first book. He is one of the most respected business journalists in India and is popular for his weekly column, Banker s Trust in the financial daily, Ann, where he works as the Deputy Managing Editor. MBAUniverse.com Year-end Review 2012 27

How Will You Measure Your Life? By Clayton M. Christensen, James Allworth & Karen Dillon Publisher: HarperBusiness May 2012 As the author of the disruption-defining Innovator s Dilemma, Clay Christensen is one of the most esteemed minds in business. In his new book, How Will You Measure Your Life? Christensen uses his own life experiences and a personal health crisis to deliver a narrative packed with emotion and practical takeaways. He tries to answer a series of questions such as how can I be sure that I ll find satisfaction in my career? How can I be sure that my personal relationships become enduring sources of happiness? Using lessons from some of the world s greatest businesses, he provides incredible insights into these challenging questions. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future by Chris Guillebeau Publisher: Crown Business May 2012 In this book, Chris Guillebeau describes how to lead a life of adventure, meaning and purpose and earn a good living. In order to write this book, Chris identified 1,500 individuals who have built businesses earning $50,000 or more from a modest investment (in many cases, $100 or less), and from that group he s chosen to focus on the 50 most intriguing case studies and finally brought out an easy-to-use guide for aspiring entrepreneurs. STEVE JOBS by Walter Isaacson Publisher: Simon and Schuster October 2011 Authored by Walter Isaacson, who has written best selling biographies of Benjamin Franklin and Albert Einstein, Steve Jobs was written after having 40 face-to-face interviews with Jobs over two years. This apart, the author also interviewed more than a hundred family members, friends, adversaries, competitors, and colleagues of Jobs to be able to get the right picture of his life and career of this creative entrepreneur. 28 MBAUniverse.com Year-end Review 2012

The Power of Habit: Why We Do What We Do in Life and Business by Charles Duhigg Publisher: Random House February 2012 Every day, we try to improve our lives and work by imbibing good habits and most of us complain of not being able to continue. In The Power of Habit, award-winning New York Times business reporter Charles Duhigg delves into scientific discoveries that explain why habits exist and how they can be changed. The author brings to life a whole new understanding of human nature and its potential for transformation. According to him, habits aren t destined and if we try and follow the science, we can transform our lives for better.provides incredible insights into these challenging questions. Private Empire: ExxonMobil and American Power By Steve Coll Publisher: The Penguin Press May 2012 In this book, Steve Coll investigates United States, revealing the true extent of its power. ExxonMobil s annual revenues are larger than the economic activity in many countries. The account is driven by larger than life characters, including corporate legend Lee Iron Ass Raymond, ExxonMobil s chief executive until 2005. The book is a defining portrait of ExxonMobil and the place of Big Oil in American politics and foreign policy. MBAUniverse.com Year-end Review 2012 29

Indian Management Conclave 2012 Highlights: Dr SS Mantha, Chairman All India Council for Technical Education (AICTE) Mr RC Bhargava, Chairman Maruti Suzuki India Ltd & Chairman, Board of Governors, IIM Ranchi Dr Eileen Peacock Senior VP & Chief Officer - Asia, AACSB International Mr Atul Dhawan Regional Managing Partner - North & National Leader Clients & Markets, Deloitte Haskins and Sells Dr Soumitra Dutta, Dean, SCJ Graduate School, Cornell University, USA Mr Vijay K. Thadani CEO, NIIT Limited & Co-Founder, NIIT University 30 MBAUniverse.com Year-end Review 2012

Indian Management Conclave 2012 Highlights: Dr Pritam Singh Director General, International Management Institute (IMI) Dr Nagesh Rao Director, Mudra Institute of Communications Ahmedabad (MICA) Dr RC Natarajan Director, TAPMI, Manipal MBAUniverse.com Year-end Review 2012 31

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