August 17: Education sector leaders have underlined the need to enhance the connection between business schools and domestic industries to retain students in the country.

Speaking at a panel discussion on “Future of Business Education” during 6th Newbiz B School Ratings, Ranking and Awards 2022, they said that retaining students produced by business schools of Nepal has become a major challenge faced by management education in Nepal.

“The question is not about quality, but it’s about retention. The domestic business sector is not able to offer the competitive compensation packages that attract the human capital produced in the country,” said Professor Dilli Raj Sharma, dean of the Faculty of Management at Tribhuvan University. 

“There is a need for a strong tie-up between educational institutions and business groups,” he said.

Rachana Thapa, co-founder of Silver Mountain School of Hotel Management, said that the emphasis should be on research-based and student-centric education system.

“The world is a global village. People see opportunities abroad. You cannot stop them from exploring the world,” she said.

“How to retain these people in the country? That answer is: invest in your quality and curriculum.  Go back and revisit them. The world is changing. What was good 20 or 5 years ago may not be relevant right now,” she said.

Prof Dr Mahendra Prasad Shrestha, a management educator, called for a paradigm shift in the education system to produce good managers.

“There is no interface between the business schools and the real businesses. What sort of skills do businesses need? It is a big challenge to identify their needs and produce students that they can absorb,” said Prof Dr Shrestha.

Sabin Joshi, managing director of RB Advisory and Ednopsis Holding, said that the focus should be on improving employability rather than the education system.

“Things are changing fast and we have to change accordingly,” he said.

During the discussion, all panelists agreed that the quality of Nepal’s business schools is up to the mark.

“Some people say that the quality of Nepal’s business schools is not good. I partly agree to that, not fully. We have produced successful managers like Kulman Ghising and many CEOs in the banking sector who are the products of Nepal’s business schools,” said Management Educator Prof Dr Shrestha.

TU’s Faculty of Management’s Dean Prof Sharma insisted that Nepal’s curriculum and educational programmes meet international standards.

“All programmes that we are running are sellable. We are developing courses including hotel management by consulting with respective business sectors,” he added.