Theoretical Knowledge Is Crucial, But It’s Not Everything

The future isn’t just what you’ll do tomorrow; it’s about what you do today, says Dr. Bigyan Verma, Director, Institute of Management Technology (IMT) Nagpur, in an exclusive interview with Education Post’s Prabhav Anand. Dr. Verma discusses interdisciplinary learning, the balance between theory and practice, and his vision for the future of education.

Q. How was your journey from being a faculty member at XLRI to becoming the Director of IMT Nagpur?

Well, I started my career teaching finance at XLRI Jamshedpur. During that time, the financial services industry was undergoing many changes. I realized that in order to remain relevant as a financial faculty member, I needed real-world experience. So, I made the decision to step out and gain practical insights.

That’s when I left XLRI and joined Morgan Stanley and started my career as an investment banker. For the next five years at Morgan Stanley, I worked there with many major clients like Dara Shaw, L&T, Usha International, and even Enron. It was really a valuable experience, but I felt it was time to return to my core competency. Subsequently, I joined the National Institute of Security Market as a consultant in the field of capital markets.

Following that, I became an adjunct professor for a Canadian University, Carleton University, helping establish their campus in India, where I served as the founder director for about 11 years in Khandala. I also taught at CalTech University’s business school in Canada, gaining insights from foreign education. Seeking a change, I moved to Mumbai and joined the South Indian Education Society (SIES) Business School in Navi Mumbai. After spending four years there, I took on the role of the Dean at IMT Nagpur last year.

So, my journey has been quite diverse— from a hardcore academician to an industry professional as an investment banker and consultant and then transitioning into an institution builder. I find myself playing a similar role even now at IMT Nagpur.

Q. In your extensive experience in the field of education, what do you perceive as the most significant challenges currently facing the sector? Can you suggest innovative teaching strategies to address current challenges?

One big challenge we’re grappling with is the gap between what’s happening in the real world and what’s being taught in many business schools. The world is changing fast, and a lot of schools are struggling to keep up with those changes. It’s a real challenge that’s been going on for a few years and looks set to continue.

Now, when it comes to solutions, we need to rethink how we teach in our classrooms. It can’t just be about theory and outdated case studies. We have to bring in more real-world experiences into our teaching methods. For instance, there’s a concept called “FIELD,” which stands for “field immersion experience of leadership and development.” It involves more hands-on, practical learning. We also need to explore innovative methods like flipped classrooms, where students engage with material before coming to class, and then use class time for discussions and activities.

Most importantly, faculty members need to stay updated with what’s happening in the real world. They should go out, see it for themselves, and bring those real-life experiences into the classroom discussions. Some faculty members are already doing this, and I personally try to do it as well. But there’s still a lot of work to be done in this area.

So, in order to better prepare students for the real world, we must bridge the gap between theory and reality in our classrooms. This requires us to shift our teaching methods and stay connected to the constantly evolving outside world.

Q. The digital divide in education has been a topic of concern for many years. In your opinion, how can we ensure equitable access to quality education in the digital age, particularly for students from underprivileged backgrounds or remote areas?

Coming from a business school background, I see the integration of the digital world as a way to enhance efficiency. In business courses, many schools are leveraging digital experiences like augmented reality (AR) and virtual reality (VR) to enrich learning. Students benefit from these tools.

However, when we look at students at the primary or secondary education level, the digital divide becomes more apparent. Bandwidth issues and the unavailability of the internet pose challenges, especially for those in underprivileged or remote areas. While I acknowledge that the Indian government is making strides in addressing these issues, it remains a significant concern at the lower levels of education.

Fortunately, in the context of business schools and higher education institutions, access to the digital world is not as prominent of an issue. We have progressed well, and I don’t see it hindering education at this level.

Q. Critical thinking and problem-solving skills are increasingly being recognized as essential competencies for the 21st century. What role do you think educational institutions should play in fostering these skills among students?

I recently shared one post on LinkedIn, emphasizing the need to move away from older theoretical models like those of Fayol or Taylor. In their time, they focused on scientific methods and time-motion studies for managing organizations. However, today’s world demands innovation and agility, especially given unforeseen events like the recent pandemic.

Educational institutions must adapt and discuss new ways of dealing with these challenges in the classroom. This requires fostering critical thinking abilities among students. Additionally, considering the rapid changes in the job market, skills learned today may become outdated in just a few years.

What stands the test of time, regardless of disruptions, is leadership skills. Whether it’s learning programming languages or other technical skills, they tend to have a short shelf life. On the other hand, leadership skills endure. A good leader continually updates their knowledge, collaborates with their team, and is ready to face any challenges. These are the discussions that should now take precedence over traditional models of managing businesses or organizations.

Q. The balance between theoretical knowledge and practical skills in the current educational curriculum has been a topic of debate. How do you view this balance and what changes, if any, do you believe should be made to the curriculum to better prepare students for the real world?

Theoretical knowledge is undoubtedly crucial; it forms the base or platform for learning. However, it’s not everything. The concept of business education, including MBA programs, was conceived over a century ago as an alternative to fields like medical or legal education. Unlike those, business education aims to provide practical exposure without the need for direct practice in real-world scenarios, like cadavers or courtroom arguments. The traditional case study model, while valuable, is now considered somewhat outdated. Practical exposure to the real world is increasingly essential. This includes initiatives like the FIELD concept I mentioned earlier. Moreover, faculty members need to bring a wealth of real-world examples and cases into the classroom. I often differentiate between a consultant and a teacher. A consultant discusses best practices, while academicians like us focus on the next best practices. To talk about the future, you must understand what lies ahead. “In my view, the future isn’t just what you’ll do tomorrow; it’s about what you do today.” Therefore, teachers should embody this forward-thinking approach.

Q. Interdisciplinary learning is becoming increasingly important in today’s complex world. Could you discuss the importance of this approach to learning and suggest ways in which educational institutions can promote such learning among their students?

The concept of interdisciplinary learning, as introduced in NEP 2020, is not entirely new. During my teaching days at Caltech University in Canada, students at the business school, known as the Sprott School of Business, had the flexibility to choose courses not only from their management school but also from other departments like psychology or history. This liberty allowed them to pursue a well-rounded education.

Holistic development is crucial for success in management. A successful manager needs to have a broader understanding of the world. This multi-disciplinary approach has long been embraced in North America and is now being integrated into the Indian education system through initiatives like NEP 2020. It’s a commendable move and the only way to produce students who are not only wellprepared for the demands of organizations but also capable contributors to society as a whole.

Q. There are critics who argue about the integration of different disciplines in education. They suggest that when one course is added to another course from a different category or genre, one of them may end up in a minor position. Is this really the case or is there something else at play?

I question the need for terms like “major” or “minor” in education. Why categorize when a management student may wish to explore courses in public policy or sociology, or a marketing student may have an interest elsewhere? Every course is important, and there’s no hierarchy in building our knowledge. When specializing in a particular area, it’s natural to focus on courses from that domain. However, students should have the option to explore other courses based on their interests.

In essence, there’s no need to label courses as major or minor. It’s about providing students with the freedom to shape their education according to their interests, fostering a more well-rounded and adaptable learning experience.

Q. Finally, looking ahead, how do you envision the future of education? What changes would you like to see in the next decade and how do you believe these changes will impact students and educators?

In economics, I often emphasize that our survival as human beings is rooted in our inherent curiosity to learn new things. Education has been and will remain an integral part of any society. Nelson Mandela aptly described it as the “most powerful weapon which you can use to change the world.” The more educated a society is, the more it can achieve globally. Education, like healthcare, is an evergreen area of research. The models will continue to evolve to meet the changing needs of society. Lack of education and awareness is often at the root of various problems worldwide. Therefore, ongoing developments and changes in education are essential, and we should always welcome them. Looking forward, I envision an education system that adapts to the evolving needs of society, fostering a culture of continuous learning and curiosity.