I am not denying the importance of the basic management concepts and analytical skills that you learn in B-school. However, when you enter the real world, you face a new challenge everyday - there's a new learning every day.

B-schools need to play a catalytic role and should provide experience along with content and knowledge.

Businesses today are far more dynamic than they used to be. Management schools are trying to keep themselves abreast of the latest happenings in the corporate world and bring out better leaders and managers.

But management graduates need to understand that the I-know-management approach won't work in the real world. The only true knowledge lies in knowing that you know nothing. There is always room for more learning and improvement.

B-schools need to teach students to think out of the box and help them be more innovative rather than think along conventional lines.

For instance, every B-school teaches in-depth knowledge of crisis management. The real test, however, lies in dealing with such a situation.

Management education has long been perceived as a fast and tough track to success. Perhaps business schools need to focus more on leadership, ethics and social responsibility. B-schools need to teach their students that presence of mind and the ability to take quick decisions are an integral part of the corporate world.