Though B-Schools have been quite successful, they have not achieved the real objective of management education: that is, the creation of competent leaders in an ever-changing complex world, preparing young men and women to face those changes, which continue to occur due to an open economy, and become self-reliant. If this has to be achieved then they need to undergo radical changes, face challenges and evolve strategic approaches.

The way the business schools are run is not well-suited to handle the changes and the chaotic situation which the corporate world is in today. Usually, MBA programs aim at developing analytical and rational decision-making skills and students who take up such courses tend to focus more on career growth, become self-centered and even mercenaries. An MBA graduate usually connotes a dynamic, go-getter with a killer instinct. There is very little focus and limited recognition, that management is as much art as science. The new challenges and scenario which the organizations and managers face, call for a rethink on what is taught and learnt as students of management. Aspects like soft skills, role of intuition as to how to navigate uncertainty (in contrast to risk), holistic approach and balancing environmental and sustainability issues need to be understood – though these issues are not covered at all in B-Schools or are covered superficially.

Liberalization and globalization – the most famous words of the 21^st century has created not only a highly competitive environment for global businesses but it has also placed great all-round emphasis on technology, quality and cost, greater concern in society for environmental issues, unprecedented development and use of information technology.

Dr. Steve O Michael, Kent State University's Vice Provost opines, the whole world has become one unitary education market, separated only by instructional languages and costs of attendance. Globalization is the greatest impetus for entrepreneurialism in management education. To survive in this environment, B-Schools do not have the luxury of eschewing promising management strategies but need to develop and deal with the strategic challenges ahead.

It would be appropriate to discuss the challenges ahead in respect of management education with people whose goal in life is development of people through education. Experts believe that three aspects are necessary for achieving excellence in management education. Excellence is seen here, as high level of performance over a sustained period of time.

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