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CHANDIGARH: The Punjab Cabinet on Tuesday approved in principle to establish the Indian School of Business (ISB) at SAS Nagar Mohali.
The cabinet which met under the chairmanship of Chief Minister Parkash Singh Badal also granted clearance for leasing out 70 acres of land in knowledge city sector 81, Mohali to ISB and four founder supporter institutions viz. Bharti Institute of Public Policy & Administration, Hero Institute of manufacturing Science, Max India Institute of Healthcare management and Punj Lloyd Institute of Physical Infrastructure Management for a period of 99 years at Rs.1 per acre per annum for establishing the second campus of ISB Mohali along with above mentioned four institutions.
The Cabinet also reviewed the arrangements for the procurement of paddy during Kharif season 2008-09 and expressed satisfaction over the smooth lifting of paddy so far. As many as 1622 purchase centers had been notified by the Punjab Mandi Board for the procurement. A credit cash limit of Rs.12623.62 crore sanctioned by the Reserve Bank of India for the procurement of paddy for the ensuing kharif season by all the state agencies had been received by the state Finance Department.
The cabinet also approved to grant exemption from VAT to the tune of Rs. 2.87 crore on purchase of material being used for construction of Kuka Martyrs Memorial at Malerkotla.
The Cabinet also approved to transfer of 1.25 acre of land belonging of the department of Animal Husbandry in Tripari Patiala to the Pepsu Township Development Board, Rajpura for the construction of marriage palace in the public interest at the collector rate of Rs.4050 per sq. yard and the total price of the land involved was approximately Rs.2,45,02,500/-.
The Cabinet also gave nod to the conversion of the existing ‘The Punjab Preservation of Sub-Soil Water Ordinance, 2008, into the ‘Punjab Preservation of Sub-Soil Water Act, 2008 with the carrying out relevant amendments.
The Cabinet also gave approval for amending the Punjab Package Deal Properties (Disposal) Rules, 1976 and Section 3(11) and Sector 20(4) of the Punjab Agricultural produce Markets Act, 1961 for issuing an ordinance for conversion into an Act.
The Cabinet also approved the sale of the site No.3 and 6 measuring 3.40 acres and 1.87 acres of Dr. Vidya Sagar Mental Hospital at Amritsar under OUVGL Scheme for the Hotel site through Private Public Partnership mode on Revenue sharing Scheme basis instead of Open auction system.
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Lucknow: The Indian Institute of Management, Lucknow (IIM-L) today announced its fifth six-month Programme (GMP) for Defence Officers.
The 24-week programme would provide the officers with varied managerial inputs across all functional domains, preparing them for a career in the corporate world.
The objective of the GMP is to provide the participants with a basic understanding of the managerial systems and processes.
The programme has been designed to provide the Defence Officers with basic functional inputs in subjects such as accounting and finance, decision sciences, organizational behavior, human resources management, communication skills, marketing, strategy, information technology and business environment.
Rajeev Karsolia, Principal Director of Employment was the Chief Guest for the inaugural session.
The first four programmes conducted by IIM Lucknow received an overwhelming response with the 49 officers of the first programme, 60 of the second and 59 of the third getting good job offers.
The fourth General management Programme is running at IIM Lucknow‘s Noida Campus with 59 Defence Officers out of which 7 candidates are lady officers.
In the 5th programme, after meeting the selection criteria, 65 officers (44 Army, 11 Air Force and 10 Navy) including 21 lady officers have been selected for the programme.
“We at IIM Lucknow will provide our participants with the latest management skills and techniques, which are the primary requirement of the corporate sector. The idea is to familiarize the officers with the requisite analytical tools and techniques; and develop a holistic perspective and global mindset to understand issues of an enterprise and provide the defence officers with a second career choice after retirement”, said Prof. Prakash Singh and Prof. Arunabha Mukhopadhyay, programme coordinators.
The Indian Armed Forces carefully selects officers and continuously trains them in the art, science and craft of WINNING. Every year, hundreds of these officers retire, with rich experience in learning, critical reasoning, objective decision making, creative thinking, leading and motivating people, running organisations and managing projects.
The aim of the programme is to capitalize on these skills of the officers and optimize them to suit the corporate world’s requirements.
“The fifth programme is expected to generate an enthusiastic response from the corporate world and given the intense nature of the programme, it is sure to equip the participants with the necessary skill set so very essential to conquer the corporate world”, the coordinators added.
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Of late, we have been hearing a lot about government’s vote-bank politics entering into the education domain as well… an area which was hitherto left to the scholarly and the academia to sort out.
First came the shocker about the IIT cut-offs which are bound to ensure that an applicant with absolutely no sense of physics would still get into IITs with some remarkable performance in Math and Chemistry… while his classmate who was in the top rung of the class with a balanced and excellent performance in all 3 subjects will still not make it to IIT.
This news was only a precursor of things to come… everyone knew that the other schools of repute would not remain untouched… and so here came the R C Bhargava Committee Report on the IIMs… I understand that there are some very pertinent issues that have been addressed in this report which is always a good thing but then… the mediocre polity also has reared its ugly head in there. The vote bank politics again in play… increasing the number of IIMs and increasing the student intake @ IIMs.
However, being an IIM graduate myself and having experienced the educational system prevalent in the IIMs, I have serious reservations against the recommendation of expanding IIMs… personally, I’ve myself seen the value eroding through the years with increase in intake. One must understand that IIMs draw their credibility partly from the exclusivity… an eliteness that they bring to the corporate world.
And this “value” that the global economy sees in IIM graduates can erode very easily through this expansion for the following reasons:
1. Skewing up of the faculty-student ratio… we have to accept the fact that we cannot find additional faculty (qualified and experienced) to manage the increase in student intake… so even if we end up with more participants in the program, there wouldn’t be any good faculty to teach
2. The lower you go in the merit list to pick candidates for admission, the lower goes the quality of the program participants. And I have seen this happening with the recent batches… the same as what is happening to IITs right now
3. One bad fish can dirty the entire pond… so is the risk that IIM graduates carry. One IIM graduate not being able to deliver adequate value to the industry would tantamount to IIM graduates in general losing their credibility… and that is what happens when lower caliber applicants also make it to the business school… this will be the death-knell… the value eroded would never be reclaimable.
I think a better alternative would be to create new management institutions (non-IIMs) on the lines of NITs in the under-grad domain but keep the IIMs distinctive and untouched. Plus the second issue of governance… should again be kept autonomous for the IIMs… I think that is one of the key factors that have kept the IIMs to maintain the leadership in the industry.
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MUMBAI: The global economic slump has affected the summer placement at IIM, Indore.
Some students from the institute, which was the first business school to organise summer placements, failed to secure internships during the placement that ended on Monday. And those who have managed to get one have not got lucrative packages.
The highest package was bagged for a two-month international internship with Vega Foods for Rs 1.15 lakh. The highest domestic offer stood at Rs 50,000 for a similar internship with Coca-Cola. The highest package last year was the double of this.
Other FMCG companies, such as Procter and Gamble, HUL and Marico, also offered placements. The list of other companies include a couple of private fund management firms and Sony Entertainment Television (SET).
Although the institute did not disclose the exact number of placements, it said that the process would continue over the next month.
Anindya Biswas, secretary of media and public relations committee of IIM Indore, said, “Given the current scenario, it would be expected that placements, especially summer placements, would be affected. The effect that we have observed has been more in terms of variety of companies visiting the campus for summer placements rather than quality and quantity of companies. The situation, in a way, has helped open up new avenues and areas of interest. Participants have shown a keen interest in niche sectors that did not get as much importance previously.”
Predictably, investment banks affected by the financial meltdown, like Lehman Brothers, AIG, Morgan Stanley and Merril Lynch stayed away this time. JP Morgan Chase and Edelweiss were exceptions.
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(PressZoom) – According to Mr. Ramesh Venkateswaran, Director, SDM-IMD, “The institute has always aimed to offer the best education to its students. Our associations with such globally recognized institutes will give our students a wider perspective to the world of business management which is very important for their growth.”
According to the agreement, up to four students from SDM-IMD would get an opportunity to spend a semester and attend courses at Mays Business School. An equal number of MBA students from Mays would be invited to study a semester in SDM-IMD’s award-winning campus in Mysore.
As an alternative, the agreement also envisions undergraduate students from Mays attending a five-week summer programme focused on conducting business in India, at SDM-IMD, during May-June. The exchange will also encourage institutions to promote the exchange of faculty for teaching and collaborative research programmes. Earlier this year, the institute had signed a similar agreement with the Global Management Education Institute of Shanghai University.
While Texas A&M was considered the ‘1st overall national university’ in the US ( Washington Monthly 2007 ), the Mays Business School’s MBA programme was considered the 8th best-administered program, with the 8th best campus facilities ( The Princeton Review, 2007 ). Forbes ( 2007 ) considered it the eighth best public programme, 22nd overall.
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Introduction:
The Master of Business Administration (MBA) Degree encompasses a wide variety of disciplines within the business field. It is generally persuaded by someone who is looking to expand their knowledge and career. An MBA Degree with Finance focuses on the financial and accounting aspects of the business world. The coursework for this degree includes: statistical analysis, Principles of Finance, Capital Markets, Financial Institutions Management, Managerial Finance, Investment Finance, International Economics & Finance, corporate financing, portfolio analysis, and financial planning.
Overview of MBA Degree in Finance:
The Finance specialty within the MBA program specializes in the financial aspects of business. Students who earn an MBA in Finance will receive advanced training within company finances that will allow the student to move into a management or supervisory role. The MBA in Finance Degree provides the knowledge a student would need to become a company financial officer, manager, and accountant or work with investment portfolios and manage money for individuals.
Career Possibilities for an MBA in Finance Degree:
Some of the careers a student with an MBA in Finance Degree may pursue include:
• Financial Manager
• Financial Analyst
• Personal or Corporate Accountant
• Corporate Financial Advisor
• Portfolio Manager
• Financial Auditor
• International or Domestic Banker
The location and the size of the company, along with responsibility level, can affect the salary of a student with an MBA in Finance. According to the U.S. Department of Labor, a student who manages to climb the corporate ladder high enough to become a CFO can earn a yearly salary of $130,000!
A student who decides to become a personal or corporate accountant can earn a yearly salary of $50,770!
An auditor can earn a salary that is similar to that of an accountant.
In the corporate world, financial managers usually earn a yearly salary of approximately $81,880!
The growth outlook for a student who earns an MBA Degree is very good, especially if that student has a desire to move into management. An MBA in Finance Degree is also in high demand as there is a need for qualified financial advisors, accountants and managers. Accurate bookkeeping has become more important in recent years, and qualified employees who can manage a corporate financial department are in high demand that seems to be increasing. Those employees who have the advanced training of an MBA in Finance are more likely to move into management or supervisory roles that those without them.
Financing a Business:
The financing of a business is a relatively straightforward process, if you are aware of what lenders are looking for and generally what they will and will not do. The will be looking at your credit, your experience and the sort of down payment you have and information about what sort of note the seller is willing to take back when selling you the business.
Once you decide on the business you want, a business plan on the business is essential before approaching a lender. They will want to see that you have some familiarity with the industry of the business and that you have some sort of management experience. Information on the availability of management and executives in the business that is going to stay after you buy it and so on should be included in this business plan. Also information on the training that the seller is committing to pass on with the sales of the business should be in this business plan.
If you handle these basics really well, it should be a relatively easy process to getting qualified for the funds to finance a business.
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AakaankshaT
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The Prime Minister’s first visit to the ISB campus coincided with the school’s ongoing Fifth Anniversary Celebrations. “This is my first visit to this magnificent campus, and clearly, such a wonderful effort is due to team work – a fine example of public private partnership,” said the Prime Minister.” The PM went on to say, “It is easier to build facilities than to run an institution. People make institutions, and not the other way round. India has created many top class institutions, but we have not been able to sustain it. I hope ISB grows and continues to renew the institution by investing in people.”
The Prime minister expressed delight that his visit “coincided with the end of five productive years of ISB”, and also because regeneration of rural India was a topic close to his heart. “Management education has come of age in India,” noted the Prime Minister. He, however, urged for institutes like the ISB to define an ‘Indian approach’ to management. “As we learn from the west and the east, we must evolve our own paradigm of management education based on our own social and cultural attributes. We must retain the relevant wisdom of the past, incorporating it into new methodologies of change. We need to develop a new idiom in management,” he advised. “Think global, act local” this was the mantra which the Prime Minister had for every student at the ISB.
Speaking about the GLS Summit, the Prime Minister said, “Rural India requires new and innovative approaches, new tools of analysis and new solutions. This is the challenge for business schools and researchers.” He said that logistics played a key role in integrating rural and urban India, and logistics, above all, was about managing people. “Beyond improving rural logistics, infrastructure and connectivity, the greater challenge is to improve rural life, said the Prime Minister. He cautioned young managers against the “helicopter model” in taking management practices into the rural areas. “Grassroots experience should inform management concepts,” he said. The Prime Minister concluded his inspiring speech by saying, “To invest in the capabilities of people living in rural India, to enable an agrarian transformation which will uplift millions of our citizens from subsistence living into the 21st century – that is a heroic challenge.” It is to meet this challenge that the Prime Minister urged “future leaders, managers, researchers and stakeholders at the ISB” to work in cohesion.
Also present on the occasion were the Governor of Andhra Pradesh, His Excellency Rameshwar Thakur, and the Chief Minister of Andhra Pradesh, Dr Y S Rajasekhara Reddy. “The ISB has been a trend setter right from the onset, and within five years, has scaled to being one of the top Business Schools in India,” said the Chief Minister. He was appreciative of the “giant strides” that the school had taken in every facet from the performance quality of its students to its Executive Education Programmes and acceptability among the academia globally. The Chief Minister said that the Rural Business Transformation Strategies, which the GLS summit would deal with, would be of “immense use to the state.”
The Governor congratulated the ISB for completing a commendable five year landmark. “ISB has achieved a milestone which is laudable,” he said, adding that a management institute should promote life-long learning and strategies to improve overall quality of life. He asked all young managers at the ISB to take the onus of building an upwardly moving India.
The inaugural session of the Global Logistics Summit also saw leading industrialists, academicians, and senior government officials come together to share their perspectives. Associate Partner to GLS – Hero Mindmine Institute – was represented by SK Munjal, MD Hero Corporate Service Limited. “Logistics can change the future of a nation. Countries and corporates without effective logistic support for products, people, services etc run out of steam,” said Munjal. He said that we needed more contemporary and experimental tools to be able to connect with rural India.
Rajat Gupta, Senior Partner, McKinsey & Company and Chairman of the ISB traced the ISB journey. “Ten years ago, we took a great leap of faith to pursue a dream. But the dream was rooted in reality. It was our innate confidence that today we are one of the top ranked, research driven business schools, globally. In hindsight, I would say that we were wise pioneers,” he said. Gupta promised to the Prime Minister, on behalf of the ISB, that the institute would “walk with you to create modern India.”
The proceedings included the unveiling of a plaque to mark the occasion, and the release of the ISB Commemorative Book to mark the completion of five glorious years. Also released were the research paper on Rural & Global Supply Chain Excellence, and a research study by the Hero Mindmine Institute.
The commemorative plaque, a work of art by renowned artist Sishir Sahana, was unveiled by the PM. The art piece, made of glass, represents a deep rooted tree with five predominant roots, symbolising the five years of the ISB. The art piece also shows five birds to symbolize the five batches of students, with one bird perched right at the top, ready to take flight. This is the artist’s impression of the current batch, which is ready to scale new heights in global skies. The bird’s position on the top allows it a ‘bird’s eye view’ of the global scenario. Sahana, a former student from Kala Bhavan, Shantiniketan, specialises in stained glass painting, and has held solo exhibitions all over the world. “I have not used any frame in this piece as I wanted to bring in the feeling of freedom, and the impression of a flow,” he said. The artist has used porcelain fired colour, which impart a rare vibrancy to his work. The ISB’s eco-friendly environment, which hosts several species of flora and fauna, led to the idea of using a tree as a symbol to portray the school’s well rooted growth.
The inaugural session concluded with the Dean of the ISB, M Rammohan Rao delivering the Vote of Thanks, and assuring everyone that the ISB’s belief in excellence was “a continuous journey, and not a destination.”
The Indian School of Business is an internationally top-ranked institution that provides an MBA level post graduate programme in management, executive education for senior management and business research programmes.
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Source: http://www.prlog.org/10131093-isb-great-saga-of-adventure-forward-thinking-and-enterprise.html
Manmohan Singh
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Bangalore: The global meltdown of the financial institutions are proving advantageous for the IT firms as India’s elite class of B-schools, the Indian Institute of Management (IIM) are fervently exploring employment opportunities in this field. Infact, the companies shall be given the Day 1 slot for recruitment, once the placement scene kicks off.
One of the HR of a reputed IT firm said, “The last couple of years we have hardly recruited anybody from the senior IIMs because by the time we got to them, there were hardly any good candidates left. On day zero and one itself the cream of the crop would have been picked by i-bankers and consultants.” However, with the continuous crash downs in the banking sector, the institutes are depending on the IT firms which till date have given the secondary preference to the sector. The rates of contacting the companies have also increased, for instance IIM Calcutta (IIM-C) contacting 22 firms for the upcoming placements in November as compared to 12 firms participating last year. The list of those contacted includes Google, Amazon, Infosys, Wipro, Cognizant, Tech Mahindra, TCS and IBM. Even IIM-Bangalore (IIM-B) has contacted around 15 firms while last year it was between 5 and 10.
However, the management institutes deny any such reason for their new choice of employments. “The endeavor of IIM-C has always been to offer the widest possible choice to the students and help them to make an informed choice of careers,” says Krishnan Sekar, External Relations Secretary, IIM-C. Moreover, the institutes also claims that the IT firms have always been welcomed in the campuses during placements. Even IIM-Bangalore (IIM-B) said that the increase in the approaches is the result of increase in the batch size. They maintained that the investment banking and consulting firms have confirmed their visit though the pay package, which usually turns to be in eight figures, may see a decline.
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