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Employability of Economics Graduates – Bridging the gap! G. S. Panikar, Satheesh Menon, Jose Augustine, Rajam Rajagopalan The Economics Club, Mumbai DEE.

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Presentation on theme: "Employability of Economics Graduates – Bridging the gap! G. S. Panikar, Satheesh Menon, Jose Augustine, Rajam Rajagopalan The Economics Club, Mumbai DEE."— Presentation transcript:

1 Employability of Economics Graduates – Bridging the gap! G. S. Panikar, Satheesh Menon, Jose Augustine, Rajam Rajagopalan The Economics Club, Mumbai DEE Conference 2011

2 THE ECONOMICS CLUB, MUMBAI The Road Ahead… Background Research objectives Research Methodology Survey of Employers Academicians perspective Survey of Recent Economics Graduates Bridging the gap

3 THE ECONOMICS CLUB, MUMBAI Background… Indian economy high growth rates managed to survive the global slowdown increasingly favourable investment climate Huge domestic demand fuelled by a growing middle class Need for economists who can: analyse both the domestic market as well as global trends and predict opportunities

4 THE ECONOMICS CLUB, MUMBAI Background… India has one of the worlds youngest population Unprecedented opportunity to accelerate growth Equipping the youth with the right set of skills critical to acquire a competitive edge and maintain its engine of growth [The World Development Report 2007] Increasing employment opportunities available Yet organisations are facing a shortage of skilled and competent manpower!

5 THE ECONOMICS CLUB, MUMBAI Employability – a key concern Do employers feel that economics graduates have the requisite skills and competencies? If there is a skill gap, how can it be filled? What steps should institutes teaching economics take to develop inadequate skills? How can students be taught to apply their skills in the real world? How do we make economics graduates employable in the true sense of the word?

6 THE ECONOMICS CLUB, MUMBAI OBJECTIVES OF THE STUDY

7 THE ECONOMICS CLUB, MUMBAI Objectives To elicit responses with respect to the skills and attributes that enhances employability for economics graduates To understand the attitude of potential employers towards economics graduates To identify skill gaps vis-a-vis the needs of employers To come up with measures to fill these gaps by – Elaborating the role of educational institutions and academics – Identifying areas of industry-academia partnership

8 THE ECONOMICS CLUB, MUMBAI RESEARCH METHODOLOGY

9 THE ECONOMICS CLUB, MUMBAI METHODOLOGY: Mix of Qualitative & Quantitative Research RESEARCH TOOLS: Interviews and Focus group discussion MARKET: Mumbai RESPONDENTS: Employers Academicians Recent economics graduates who are employed

10 THE ECONOMICS CLUB, MUMBAI SAMPLE SPREAD – Interviews: 14 interviews with Employers 6 interviews with Academicians 20 interviews with recent economics graduates – One Focus Group Discussion with Employers

11 THE ECONOMICS CLUB, MUMBAI OBSERVATIONS FROM THE EMPLOYER SURVEY

12 THE ECONOMICS CLUB, MUMBAI SECTORS COVERED UNDER THE STUDYSECTORS COVERED UNDER THE STUDY % Consultancy14.28 Banking21.42 Fin. Services14.28 Govt. Services7.14 Think Tank14.28 NGO7.14 Manufacturing7.14 Others14.28

13 THE ECONOMICS CLUB, MUMBAI Key tasks performed by economics graduates ACTIVITIES OF ECONOMICS GRADUATES IN THE ORGANISATION (%)ACTIVITIES OF ECONOMICS GRADUATES IN THE ORGANISATION (%) Data Collection57.14 Research100 Policy Making35.71 Statistical / Mathematical Analysis71.42 Analytics50 Corporate finance14.28 Training21.42

14 THE ECONOMICS CLUB, MUMBAI REQUIRED COMPETENCIES

15 THE ECONOMICS CLUB, MUMBAI OBSERVED COMPETENCIES

16 THE ECONOMICS CLUB, MUMBAI The GAP… COMPETENCIES REQUIRED (MOST IMPORTANT) % OBSERVATION (EXCELLENT) % Logical Reasoning and Problem Solving Analysis of data & Logical Reasoning92.8542.85 Attention to details85.7157.14 Personal Abilities Communication Skills92.8557.14 Initiative/Enthusiasm10042.85 Technical Ability Applying eco. Concepts and theories effectively64.2842.85 Knowledge and General Awareness Economy, Business, Industry Sectors10071.42 Subject/Domain Knowledge57.1428.57 Level of Education78.5757.14 Institutes of learning57.1428.57 Social, Cultural, Political Awareness5028.57 Commitment to learning85.7142.85 Practical Aspects Work Experience78.5735.71

17 THE ECONOMICS CLUB, MUMBAI The GAP

18 THE ECONOMICS CLUB, MUMBAI Employer Speak… Syllabus is too theoretical with no practical relevance. Quantitative techniques are essential; the faculty too needs training in quantitative skills. - Dr. Patil, Joint Director, Securities & Exchange Board of India There is a scarcity in human resource. There is a need for market orientation as against the traditional production orientation when it comes to education. - Mr. Minoo Shroff, President, Forum of Free Enterprise

19 THE ECONOMICS CLUB, MUMBAI Employer Speak… There are inadequacies in the system, curriculum and assessment. There are rigidities or inflexibilities in going beyond the syllabus. The need is to translate knowledge to practical relevance. - Mr. S.S. Bhandare, Former Chief Economist, Tata Group Academic institutions do not provide problem solving assignments. Without quantitative skills students are at a disadvantage. Students do not read original texts. Many a times teachers are not motivated enough. - Dr. Rupa Rege Nitsure, Chief Economist, Bank of Baroda

20 THE ECONOMICS CLUB, MUMBAI Attitude towards economics graduates

21 THE ECONOMICS CLUB, MUMBAI Attitude towards economics graduates

22 THE ECONOMICS CLUB, MUMBAI Attitude towards economics graduates

23 THE ECONOMICS CLUB, MUMBAI Attitude towards economics graduates

24 THE ECONOMICS CLUB, MUMBAI ACADEMICIANS PERSPECTIVE

25 THE ECONOMICS CLUB, MUMBAI Teacher Speak… Statistics with computer orientation should be compulsory. Add on courses on current affairs should be introduced (can be organised by the Economics Club of Mumbai or/and a cluster of colleges). There is lack of problem solving mode or tutorials for core courses... problem solving internalises the knowledge. There is a need for English language training, you cannot write well unless you read well. Presentations should be a part of evaluation.

26 THE ECONOMICS CLUB, MUMBAI Teacher Speak… The system in itself is defective. You cannot have the current system and still talk about employability. The existing outdated reference books must be replaced with good international reference books used by leading institutions across the world at the earliest... Economics education should not be tailored to market demand; value of the programme should be social scientific.

27 THE ECONOMICS CLUB, MUMBAI OBSERVATIONS FROM SURVEY OF RECENT ECONOMICS GRADUATES

28 THE ECONOMICS CLUB, MUMBAI RELEVANCE OF ECONOMICS LEARNING TO REQUIRED COMPETENCIES

29 THE ECONOMICS CLUB, MUMBAI Relevance of economics learning to required competencies

30 THE ECONOMICS CLUB, MUMBAI BRIDGING THE GAP

31 THE ECONOMICS CLUB, MUMBAI MEASURES TO INCREASE EMPLOYABILITYMEASURES TO INCREASE EMPLOYABILITY% Updating Curriculum92.85 Use of better reference books50 Adopt case study methodology100 Adopt simulation based learning approach42.85 Assignments and projects100 Mandatory dissertation7.14 Visiting faculty from industry92.85 Encourage guest lectures57.14 Improve communication skills of students85.71 Use of technology and social media35.71 Encourage students to keep themselves updated78.57 Introduce group projects21.42 Encourage discussions on economic issues85.71 Introduce compulsory internships50 Tie-up with industry71.42

32 THE ECONOMICS CLUB, MUMBAI INDUSTRY-ACADEMIA COLLABORATIONS TO INCREASE EMPLOYABILITY % Creating internship opportunities85.71 Facilitating exchange programmes among universities/colleges42.85 Taking guest lectures at colleges92.85 Facilitating Industrial visits50 Working together on curriculum development71.42 Introduction to short term courses/summer school42.85 Carrying out teacher training64.28 Creating entrepreneurship cells in colleges14.28 Developing college infrastructure78.57 Creating innovation hubs in colleges21.42 Conducting joint research57.14 Regular Industry-academic interaction platform50

33 THE ECONOMICS CLUB, MUMBAI Bridging the Gap There exists a significant competency / skill gap Could very well be applicable to the rest of the country Investment in higher education to improve the overall quality of education delivery is critical. Educational institutions have to train students to think like economists! Industry-academia partnership needs to be forged.

34 THE ECONOMICS CLUB, MUMBAI THE ECONOMICS CLUB, MUMBAI Creating leaders in economics! www.economicsclubmumbai.org www.economicsclubmumbai.org


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