Redefining Management Education on Account of Globalization

Globalization has shrunk the world into a global village and there is a need that the management education has to become more meaningful to meet the new challenges. It represents a significant threat as well as a substantial opportunity to the economies and educational systems. The future of countries would be largely determined by their abilities to compete in a global market where industrial based economies are giving way to knowledge based industries. Management education is vitally important to all nations, given the critical role of education in economic, cultural and social development.Countries need to develop a new learning culture, a culture of lifelong learning for all as search for quality is indispensable for a policy based on merit especially with the emergence of the Virtual University.Education is a dialogue between the past, present and the future and Management education is a critical factor and part of any development strategy. It is an important investment in human capital essential to economic growth as it lays emphasis on the training of skilled manpower, market forces requiring “marketable products” and consequently on, “specialization” contributing to a knowledge-based society in many ways.New curricula reflecting novel content, learning objectives, teaching methodology, certification and relevant learning process need to be designed. New standards based on a student-centered curriculum, increased interactive learning, integration of technology into the educational system, and collaborative study activities has to be evolved.Radical changes in the system of examination are to be done to make it reality-oriented and learner-centered. The role of both instructor and student needs to be redefined