One of the key strengths of B-schools is also its biggest limitation -- the stringent selection process that results in a small pool of intellectual excellence. The students, therefore, have unrealistic expectations from their colleagues when they start their jobs.

This results in their early frustration, poor team work and unpopularity. Most MBA programmes also encourage high competitiveness and a winner-takes-all approach, which clashes with the current emphasis on team work at the workplace.

A recent survey compared MBA students and general students on 12 skill parameters. It showed MBA students were significantly better in action-orientation, goal-setting, analysing information, management theory and technology.

On the other hand, there were no differences between the two groups in factors like helping others, taking initiative, leadership, relationship-building and making sense. Further, B-schools produce more generalists while most employers need specialisation.

My MBA course did add to my self-confidence, assertiveness and focus. However, real-time experience has taught me much more:

• Dealing with ambiguity: In most situations, decisions have to be made with inadequate data and should yet be analytical.
• Ready-fire-aim instead of ready-aim-fire: Focus on small-scale execution with feedback and course-correction, instead of searching for perfect solutions.
• Globalisation: The impact of difficult cultures on team-work, aligning objectives and tasks and so on.
• Organisations and hierarchies: How to motivate without direct control.
• A win-win rather than a zero-sum approach: Ensuring that business transactions benefit all the participants.

Thankfully, close partnerships between industry and B-schools are increasing. This is the best way to ensure that the MBA car is driven by looking through the windscreen instead of the rear view mirror.

R Lakshminarayanan is CEO of Mudra Marketing Services. He graduated from IIM Bangalore in 1979.