Top 6 Highest Paying Jobs in Commerce Without Maths [For Freshers & Experienced]

Updated on 19 February, 2024

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Highest Paying Jobs in Commerce Without Maths

This article will tell you about the highest paying jobs in commerce without maths.

Life is unimaginable without maths. But several careers pay decent salaries to commerce graduates without maths. Many 12th-standard graduates are uncertain about how to advance their careers, and they may end up choosing the commerce stream. This stream offers exciting job opportunities both in the public and private sectors. It unlocks many high-paying job roles for skilled candidates. However, the point is can you get a job if you have dropped maths in your studies? Well, commerce graduates can get one of the jobs without maths in India.

The rising number of job opportunities in this field has led to a rise in the demand for various job positions. One of the most significant factors commerce graduates consider is salary. The following sections discuss commerce graduates’ 6 highest-paying jobs without maths in India. These jobs guarantee admirable salary packages for commerce graduates with the required skills and experience.

We’ll discuss each career in detail to ensure you don’t have any confusion regarding the same. Let’s get started:

Highest Paid Jobs in Commerce Without Maths

Finding a decent salary package is one of the major factors that undergraduates take into account when making a professional decision. If you wish to pursue career options in commerce without maths that will satisfy you on a social and professional level. You can achieve this by working at a well-paying job that supports your standard of living. 

Here is a list of some of the highest salary jobs for commerce students without Maths:-

1. Chartered Accountancy

Chartered Accountancy is one of the most popular career choices among commerce students. A great thing about this career choice is that it doesn’t require you to have maths as a subject. Maths is not a compulsory subject for CA, so students who didn’t pick mathematics are eligible to pursue this career option.

Learners receive an average Salary hike of 58% with the highest being up to 400%.

To pass the CA exam, you’d only require a basic understanding of mathematics. Chartered Accountancy is one of the highest-paying jobs for commerce professionals.

You can enrol in the CA course right after high school, making it quite an attractive choice. The CA course has three stages: The Foundation Course, The Intermediate Course, and CA Final. Before 2017, these stages had these names: The Common Proficiency Test (CPT), the Integrated Professional Competence Course (IPCC), and the CA Final, respectively. 

After you complete the three stages, you’ll have to do an internship of 2.5 years after which, you’ll get certified as a Chartered Accountant. The CA course lasts for three years and allows you to get roles in large corporations such as Deloitte, McKinsey & Company, Tata Consultancy Services, and EY. The average salary of a Chartered Accountant in India is INR 7.89 Lakh per annum.

Beginners in this field earn a median pay of INR 4.11 Lakh per annum. Experience matters a lot in this sector as CAs with 10+ years of industry experience earn a median salary of INR 17 Lakh per annum. So, CA is easily one of the highest paying jobs in commerce without maths. 

Source

It is one of the highest searched jobs in India. Chartered Accountants are expected to work in different fields. They help with taxation, audits, and other financial management. It is a stable job role with a very low attrition rate. You can expect 4-7 years to become a Chartered Accountant. It is one of those that demand jobs without maths in India with excellent academic performance.

Read: Highest Paying Jobs in India

2. Company Secretary

Another prominent career choice for commerce without maths students is Company Secretary. Company secretaries are responsible for handling the regulatory issues of a company.

They help the board of directors understand and meet the various regulatory issues and ensure that the organization operates appropriately. Company secretaries provide that their organization completes all the necessary legal filings such as disclosures of annual earnings, quarterly earnings, tax obligations, etc.

Apart from doing these duties, company secretaries have meetings, perform reviews, and perform many tasks related to their company’s regulatory compliance. It is an excellent career choice for commerce without maths students because it focuses on corporate law. To become a successful company secretary, you should be an expert in corporate law. Students of any stream can enrol in the company secretary course. 

After you complete the 12th, you’ll have to enrol in the ICSI Foundation course. After completing the ICSI Foundation course, you can join the ICSI Intermediate course. However, you should note that graduates and postgraduates can join the Intermediate course directly without taking the Foundation course.

After completing the Intermediate course, you would have to clear the ICSI Final exam and undergo the necessary training. After completing the necessary training, you’ll be certified as an Associate Company Secretary. 

Thus, if you’re a student looking for courses after 12th commerce without maths with high salary, the position of Company Secretary offers a freeing escape from traditional expectations, demonstrating that successful jobs can exist without a strict commitment to mathematical frameworks.

The median salary of a company secretary in India is INR 6.50 Lakh per annum. With experience, your pay can go get very good salary as a company secretary. Such a high salary range shows how Company Secretary is one of the highest-paid jobs in commerce without maths.

Company Secretaries are responsible for ensuring the company’s efficient operation. They look after the company’s general administration and shareholder communication. Therefore, these professionals are the leading pillars of the company.

They are in-house legal experts or regulatory officers that ensure flawless management of the company. In other words, corporate and securities law professionals are tasked with supervising legal and regulatory compliance and implementing the authority’s decisions. Furthermore, they work as chief consultants to the board of directors. They recommend ways to manage a business effectively, generate financial results, tackle the clash of interest issues, etc.

You must study for 3 years and appear for the CS executive exam at the end of the course. Many of the duties of these professionals are identical to that of the Corporate Compliance Officers. This is because CS ensures an organization’s administration operates efficiently, especially when it comes to guaranteeing compliance with statutory and regulatory requirements.

Looking to leverage your commerce background? Dive into the wide range of career options for commerce students and unlock the door to numerous opportunities that await you in the business world.

They act as mediators between the stakeholders and the board. Moreover, they are responsible for the corporation’s legal filings, like disclosures to shareholders, tax obligations, and quarterly or annual earnings and account information. Being a company secretary, a career in commerce without maths is bright if you hold strong academic performance and exceptional skills. They must be able to handle visual and written correspondence. An in-depth understanding of business rules is a must-have skill.

3. Certified Public Accountant (CPA)

A Certified Public Accountant (popular as CPA) is responsible for the accounting, reporting, and auditing companies, clients, and government agencies. Their job responsibilities vary according to their employer and specializations.

When it comes to highest salary jobs for commerce students without Math, the CPA position is a particularly attractive one because it emphasises both financial expertise and a talent for strategically conveying stories. For students studying commerce who aren’t very good with numbers, becoming a CPA involves learning about financial storytelling and strategic advice.

Usually, CPAs review their company’s financial info, report taxes, finance, and audits, prepare the necessary documentation, and stay updated on any regulation changes. They might perform audits for their company and improve the recordkeeping and bookkeeping processes for the same.

CPAs work with companies, accounting firms, NGOs, or run their own firms. It is a globally-recognized profession, so with a CPA certification, you can find jobs in overseas markets too. It would be best if you were adept at accounting to become a CPA.

The AICPA (American Institute of Certified Public Accountants) offers the CPA course. It requires you to enroll in the CPA certification program and pass the CPA exam. The course lasts for two years, and to earn the CPA license, you must complete 150 hours of the course semester.

The subjects for the CPA certification exam are Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). 

As it’s a globally recognized certification, you can go abroad and work for foreign firms as a CPA. The average salary of a CPA in India is INR 7 Lakh per annum. Experience is critical to your career in this field.

For example, CPAs with around 1-4 years of experience earn around INR 6.7 Lakh per annum, whereas CPAs with more than ten years of experience make around INR 15 Lakh per year. It is undoubtedly an excellent career for commerce without maths students. 

A CPA may be tasked with various activities ranging from assessing and inspecting an institution’s financial position (state agency/private corporation) to organizing audits for them.  Being a CPA, you can fulfill your goal to embark on an excellent career in commerce without maths by cultivating the following skills.

Important skills required to become a CPA:

  • Knowledge of accounting and reporting procedures.
  • Knowledge of how to use new tools related to accounting systems.
  • Profound knowledge of tax laws
  • Leadership skills, profound organizational knowledge

You must know the course options that help you to become a CPA. The two popular courses are Bachelor in Commerce and BSc in Finance. You need to appear for corresponding CPA exams after the course completion. Your chances for well-paying jobs without maths in India increase if your exam score is good.

Source

Check out: Highest Paying Jobs in Commerce Field

4. Certified Management Accountant (CMA)

Commerce students have plenty of options when it comes to courses that offer career opportunities abroad. As commerce without maths student, you are eligible to pursue a career as a Certified Management Accountant (CMA).

The median salary of a CMA in India is INR 7.97 Lakh per annum. With more experience and expertise, your salary in this field can go up to INR 40 Lakh per annum too. So it’s undoubtedly a lucrative field with lots of opportunities. It also shows how CMA is among the highest paying jobs in commerce without maths. 

Source

You’ll have to become a member of the Institute of Cost Accountants of India to become a CMA.  

After you complete the Intermediate course, you’ll have to enroll in the Final Course after which, you’ll have to undergo Industry Oriented training and Practical Training. Finally, you’ll have to pass the Final exam to get the certification. You would only have to study some basic concepts of mathematics and statistics during CMA courses and training. Apart from that requirement, maths isn’t required anywhere in the course. 

There are three levels of CMA –foundation, intermediate and final. You need to develop relevant skills if you aim to work on without maths jobs. The key skills you will learn in a CMA course are:

  • Financial Accounting
  • Management Accounting
  • Cost Management
  • Risk Management
  • Planning and Budgeting
  • Strategic Management
  • Performance Management
  • External Financial Reporting

5. Digital Marketer

Who says you should choose a commerce-specific career? There are tons of career opportunities for commerce without students beyond commerce-related fields. One of the highest paid jobs in commerce without maths is a digital marketer. As companies are becoming more and more digitized, the demand for online marketing professionals is rising accordingly.

As a digital marketer, you’ll be responsible for handling the online presence of your company. Digital marketers manage their clients’ social media profiles, run ad campaigns, oversee content creation, and focus on increasing the reach of their clients. As a digital marketer, you can find jobs in marketing agencies, advertising companies, large corporations, or start your digital marketing firm. You can choose to become a freelancer and be your own boss. 

The median pay of a digital marketing manager in India is INR 5.41 Lakh per annum. It would be best to have a bachelor’s degree in any stream of your choice and a digital marketing certification to pursue a career in this field. 

Digital marketers lead a team of marketing professionals who assist him or her in performing search engine optimization, social media marketing, online reputation management, content marketing, and many other things. Experienced digital marketers earn an average compensation of INR 11 Lakh per annum. So you can see how digital marketing is among the highest paying jobs in commerce without maths. 

If you wish to explore and become an expert in Digital Marketing, check out MICA and upGrad’s Digital Marketing Certificate Program. Become an expert in social media marketing, content marketing, branding, marketing analysis and PR.

Almost all companies require digital marketing professionals. These professionals assist the organizations in developing awareness and an online community. Moreover, they also assist in boosting sales via various channels. They fulfill their client’s requirements by creating, conceptualizing, and marketing content. This job role demands a high level of management skills, creativity, and problem-solving skills. It is one of the topmost without maths jobs that offers handsome salary packages to deserving candidates.

6. Product Manager

Commerce students will learn about the exciting and fulfilling job of a product manager—a career path that defies the rigid constraints of conventional expectations—by navigating the world of high-paying jobs that don’t require math or science. 

If you’re interested in entering the tech sector or want a unique career path, you can become a product manager. The demand for product managers is significantly high in India because of their exceptional skills and qualifications. Product managers are responsible for the success of a specific product in a company.

They oversee the entire lifecycle of a product. This means they handle the ideation, conception, development, production, promotion, release, and performance of the product. As the industry has become more suitable for the agile methodology, companies have started releasing more products. That’s why the demand for product managers has increased exponentially in the past few years.

The average pay of a product manager in India is INR 16 Lakh per annum. They are responsible for determining their products’ demand, monitoring the industry trends, and overseeing the development process. Like all the careers we discussed in this article, the pay of a product manager in India depends heavily on their experience.

Product managers with 1-4 years of industry experience earn a median salary of INR 13 Lakh per annum, whereas product managers with more than ten years of experience make INR 20 Lakh per annum. As commerce without maths student, you can quickly pursue a career in this field. Although most jobs for this field require a graduate degree, having specialized certification in product management will substantially enhance your chances of bagging this role. 

For instance, aspirants can opt for upGrad’s Product Management Certification course. This course provides in-depth knowledge on various topics like user design, market research & analytics, product planning and development.

All businesses are constantly working on creating innovative services and products to reach an international audience. Product managers are important parts of the product development process, ranging from its early conceptualization to final manufacturing. Plenty of companies are on the hunt for expert product managers who are innovative and creative. The commerce without maths scope is ample for this job role.

Important skills required to become a product manager:

  • Fundamental knowledge of data interpretation and analysis
  • Knowledge of KPIs and the specific industry
  • Strategic Management
  • Business Skills
  • Familiarity with user design and user experience
  • Research skills
  • Analytical skills
  • Attention to detail

Courses you can pursue to become a product manager:

  • Bachelor in Business Administration
  • Bachelor in Management Studies
  • Bachelors in Marketing
  • Bachelor in Finance/ Economics
  • MBA in Product Management
  • MSc in Marketing

Also Read: Career Options For Commerce Students

7. Financial Analyst

For workers lacking a traditional foundation in commerce, the dynamic field of financial analysis offers lucrative prospects that prioritise strategic thinking, analytical proficiency, and business savvy. Strategic financial planning, budgeting, and forecasting are just a few of how experts like Financial Planning and Analysis (FP&A) analysts greatly contribute to the success of their organisations. 

Their focus is on understanding intricate business operations, utilising analytical skills, and providing valuable insights for informed decision-making, with less emphasis on complex mathematical modeling. Corporate Finance Analysts, pivotal in financial strategy and capital budgeting, require numerical proficiency but place greater emphasis on strategic financial decision-making and holistic business understanding. When navigating the wide range of career options after 12th commerce without maths, the position of Financial Analyst becomes apparent as a tempting avenue that easily breaks through the rigidity of conventional expectations.

8. Investment Banker 

An investment banker is a highly compensated job option in the competitive world of finance that does not always require a maths background in commerce field. Investment bankers play a crucial role in coordinating intricate financial operations, such as capital raising for clients and mergers and acquisitions. Although a strong analytical mindset is necessary, this position places more of an emphasis on good communication, strategic thinking, and market knowledge than it does on a strict reliance on highly developed mathematical skills. 

People with a variety of educational backgrounds, from the sciences to the liberal arts, can succeed in this area, demonstrating that success is predicated on having a thorough understanding of finance and being able to navigate around complex financial environments. Investment bankers assess risks, develop intricate financial models, and offer strategic recommendations to enhance their clients’ investments. 

For this role, collaboration across various stakeholders and a thorough approach to financial issues are necessary. To flourish in this esteemed area and effectively negotiate all facets of financial transactions, ambitious investment bankers must cultivate their analytical skills, stay informed of market trends, and improve their communication ability. The salary range for an investment banker in India is INR 2.0 Lakhs per annum to INR 55.0 Lakhs per annum, with a median salary of INR 17.7 Lakhs per annum. 

So, if you’re seeking jobs for commerce without maths that promise high salaries, the Investment Banker role offers a liberating escape from conventional expectations, proving that lucrative careers can thrive without a rigid adherence to mathematical frameworks.  

9. Chief Financial Officer

The position of Chief Financial Officer (CFO) represents a pinnacle in the corporate hierarchy and stands as one of the highest-paying roles in business, without necessitating a specific background in commerce. Therefore, commerce without maths jobs offers a dynamic and wide range of opportunities for people to carve out a satisfying and effective career, whether understanding the complex world of banking or leading creative marketing initiatives. As a strategic leader, the CFO is responsible for managing an organisation’s finances and setting its course. 

CFOs often come from diverse educational backgrounds, including engineering, law, or even the sciences, showcasing that a deep understanding of finance, coupled with strategic insight, is key to excelling in this position. In addition to leading the organisation’s financial strategy, the CFO is in charge of risk management and financial planning. To maximise the company’s financial situation entails working with multiple divisions, evaluating financial performance, and providing crucial recommendations.  

Success in the CFO role relies on a comprehensive understanding of business operations, regulatory compliance, and the ability to communicate financial insights effectively to stakeholders.  According to AmbitionBox salary trends, the average yearly compensation for a CFO in India is INR 53.6 Lakhs per annum, with salary ranges from INR 12.0 Lakhs per annum to INR 101.0 Lakhs per annum.

Therefore, the CFO position highlights the changing environment that values a broad skill set of highest paid jobs in commerce without maths. Aspiring business professionals can strive to reach the top of financial leadership, earning high salaries while making important contributions to the long-term prosperity and viability of the organisations they serve.

10. Entrepreneur

Among the highest-salary jobs for commerce students without maths expertise, becoming an entrepreneur is an exciting career path that defies assumptions. Imagine yourself as the creative architect who creates novel projects and navigates the commercial environment without being constrained by the strict parameters of intricate formulas or accepted scientific ideas. The entrepreneurial path is specially designed for those who are passionate about business and want to break free from the financial limitations that are frequently connected to attractive professions.

In India, an Entrepreneur typically makes INR 10.0 lakh per annum. Commerce students embracing the path of an Entrepreneur discover a fulfilling avenue where their innovative thinking and business acumen take precedence over mathematical intricacies or scientific formulas.

So, if you’re a commerce student seeking highest salary jobs for commerce students without Maths that promise fulfilling careers, the Entrepreneurial role offers a liberating escape from conventional expectations, proving that success can thrive without rigid adherence to mathematical or scientific frameworks. Embrace the journey, break free from the hardshell, and step into a world where commerce and entrepreneurial innovation converge for a dynamic, fulfilling, and well-compensated career.

Final Thoughts

The commerce without maths scope is ample for deserving candidates. The discussed jobs not only come with good earning opportunities but also help candidates boost the efficiency of the organization they are working with. The combination of decent academic performance, relevant skills, and experience can significantly increase the chances of obtaining a well-paying job in commerce without maths.

We hope you like this article on the highest paid jobs in commerce without maths. Please let us know what you thought of this article. We’d love to hear from you. We hope we made choosing your career easier through this article. Money is a great reason to select a field, but you should also keep your interests in mind during the selection.

Frequently Asked Questions (FAQs)

1. What are the benefits of pursuing an MBA for a Chartered Accountant (CA)?

The field of Finance and Management is continuously evolving and growing. This is why people from different backgrounds opt for an MBA to enhance their career trajectory further. Many CAs also decide to go for an MBA for the same reason. Your knowledge in accounting and related fields as a CA and the business acumen developed in business schools can open up many opportunities. There are companies explicitly looking for CA-plus-MBA graduates. You get excellent monetary compensation for your acute understanding of various aspects of business and your valuable contribution to the organisation.

2. What do you mean by Actuarial Science?

The field of Commerce offers many exciting career paths. Actuarial science is one such area which has seen a rise in recent years. It is expected to grow at the compounded rate of 26% in the next 8 years. The main job of an actuary is to assess the risks of risky financial ventures like insurance policies, financial investments, etc. The employment prospects of actuaries are vast. They are offered jobs in actuarial firms, investment banks, etc. The average salary of an Actuary in India with less than a year’s experience is INR 6.6 LPA. The world is brimming with possibilities. You should decide where your interest lies and do proper research before deciding upon a particular career path.

3. What is the average salary of an M.Com graduate?

Having a specialisation in any field opens up many possible career scopes. There is a high demand for skilled individuals in every area. They are offered excellent monetary compensation as the companies want to hire and retain these individuals. An M.Com graduate is a specialised degree in the field of Commerce. There are many job openings for M.Com graduates. They can work as an Assistant Accountant, Cashiers, Business Consultant, and Tax Consultant. The average salary of an M.Com graduate varies between INR 5-10 LPA. The number varies according to specialisation, company, job experience, and location.

4. What are the benefits of pursuing an MBA for a Chartered Accountant (CA)?

The field of Finance and Management is continuously evolving and growing. This is why people from different backgrounds opt for an MBA to enhance their career trajectory further. Many CAs also decide to go for an MBA for the same reason. Your knowledge in accounting and related fields as a CA and the business acumen developed in business schools can open up many opportunities. There are companies explicitly looking for CA-plus-MBA graduates. You get excellent monetary compensation for your acute understanding of various aspects of business and your valuable contribution to the organisation.

5. What do you mean by Actuarial Science?

The field of Commerce offers many exciting career paths. Actuarial science is one such area which has seen a rise in recent years. It is expected to grow at the compounded rate of 26% in the next 8 years. The main job of an actuary is to assess the risks of risky financial ventures like insurance policies, financial investments, etc. The employment prospects of actuaries are vast. They are offered jobs in actuarial firms, investment banks, etc. The average salary of an Actuary in India with less than a year’s experience is INR 6.6 LPA. The world is brimming with possibilities. You should decide where your interest lies and do proper research before deciding upon a particular career path.

6. What is the average salary of an M.Com graduate?

Having a specialisation in any field opens up many possible career scopes. There is a high demand for skilled individuals in every area. They are offered excellent monetary compensation as the companies want to hire and retain these individuals. An M.Com graduate is a specialised degree in the field of Commerce. There are many job openings for M.Com graduates. They can work as an Assistant Accountant, Cashiers, Business Consultant, and Tax Consultant. The average salary of an M.Com graduate varies between INR 5-10 LPA. The number varies according to specialisation, company, job experience, and location.

7. What are the opportunities in the commerce stream?

Accounting and finance are the most profitable streams of commerce, but there are opportunities everywhere you look. Financial analyst, company secretary, and product manager are among the best jobs for commerce students without Maths. They may come from various sources, but there is always the possibility of making real money doing what you enjoy.

8. Is the scope of Commerce lessened without Maths?

No. Without mathematics, the scope of commerce is not narrow. Although having mathematical skills might be helpful in some professions, many chances in business don't require a lot of complex mathematical knowledge. For people who might not be strong in Maths, there are many of lucrative career options in entrepreneurship, marketing, human resources, and other fields. Commerce is a multidimensional field that emphasises a variety of abilities, and there are still plenty of opportunities for those with strengths beyond maths to succeed in this field.

9. How can I prepare for a career in one of these fields?

For a good career options in commerce without Maths, it is important to obtain suitable training and expertise to prepare for a job in one of these disciplines. If you want to get experience and build the necessary abilities, think about getting a degree in commerce or a similar field. You can also look for internships or entry-level jobs in the industry of your choice. Furthermore, establishing contacts and networking within the sector might be beneficial for locating employment prospects.

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Sriram

Meet Sriram, an SEO executive and blog content marketing whiz. He has a knack for crafting compelling content that not only engages readers but also boosts website traffic and conversions. When he's not busy optimizing websites or brainstorming blog ideas, you can find him lost in fictional books that transport him to magical worlds full of dragons, wizards, and aliens.

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The most awaited Google I/O 2016 Conference was filled with announcements about improvements in current products and launch of some new products. In this article, we have summarized the biggest announcements from Day 1 of the conference. Google Allo Allo is Google’s new messaging app with resident chatbot. It has features like whisper/shout, expressive stickers, smart replies- which evolve with time and wide range of bot support especially the Google Assistant search bot. One of the most important features of Allo is that all its chats are encrypted but incognito mode offers end-to-end encryption and an option to send messages that self-destruct. Additionally, once you close a chat, the entire conversation is deleted forever. Google Duo Duo is Google’s mobile only companion app for Allo that helps in video calling. One of its special feature is ‘Knock Knock’ which lets users see the incoming video call feed before even answering the call. So, the receiving party can see who’s calling and where they are before they even pick up the call. Google Assistant Google takes search to the next level. Google Assistant supports “conversational understanding” to make search more natural and to better support voice searches. Google Home Home is built on the Chromecast standard, which lets it push media to other Cast-compatible speakers and screens, change temperature or lighting through Nest devices, and integrate with third party services. The entire experience is hands-free, powered entirely by voice. In fact, it doesn’t even have any buttons. Simple voice commands will control every aspect of the Home. Android N Android N comes with new features that include more control over notification size from different apps and a new picture-in-picture mode. Android N uses a new API called Vulkan that lets developers directly control a phone’s GPU for sharper 3D graphics. Android N will also download and install system updates automatically. The name of Android N has not yet been released. It is going to be selected through a crowdsourced contest. Google Daydream Google has a new VR platform built on top of Android N, and the new VR platform is called Google Daydream. It is an optimized virtual reality platform that aims to standardize the mobile-based VR experience. It also spans both software and hardware; Its biggest limitation is that it will be available only in new phones with special sensors and screen. Android Wear 2.0 Android Wear 2.0 can function independently of a smartphone. Apps no longer need a connected smartphone in order to function. Apps can function and even communicate without a phone, as long as the wearable device is connected to the internet via cellular or Wi-Fi. Users can also make data from any app show up on any watch face. Instant Apps One of the most interesting announcement was google Instant Apps. With Instant Apps, users can begin using an app instantly from right within the Google Play store without even having to download and install the app. As we can see, Google has made some big moves in the three hottest areas of tech – virtual reality, messaging, and smart assistants. However it would be interesting to see how these new products will compete with their competitors and how much of market share would they capture after their launch.
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by Dilip Guru

19 May'16
There’ll Be A Billion-Plus Job-Seekers By 2050, So Get Yourself Skilled NOW

898.94K+

There’ll Be A Billion-Plus Job-Seekers By 2050, So Get Yourself Skilled NOW

This isn’t just a catchy headline meant to shock you, though that would be a justified reaction. If you are 25 years old, have graduated from a reputed institute in a traditional higher education discipline and are looking for a job, you may not be handed one on a platter any time soon. You may be cushioned within the famous Indian demographic that is supposed to yield a “dividend”, but unlike what you’ve been reading everywhere, this does not guarantee you employment. Between 1980 to 2010, 90% of world labour force growth occurred in developing countries and about 500 million new workers emerged in India and China alone (workers went from 260 million to 470 million in India, between this period). India, along with other developing counterparts, is all set to fuel 60% of the global growth in labour in the upcoming years. Keep in mind that enrolment in Indian higher education is only 24% right now. With India attaining almost universal elementary education and increased retention in secondary schools, the projected demand for higher education and jobs thereafter, will only escalate. By 2050, India will be home to more than a billion job seekers. This means providing jobs for over 12 million new entrants annually. There is also the challenge of finding jobs for the backlog, which reached 60 million by 2014. So isn’t this good news? India finally placed on the world map with a solid advantage where labour supply is concerned. Well, it may not all be good news. The new-age job-seeker must strive to acquire specific skill sets to be considered employable. Currently, only 43% of Indian youth are considered fully employable. Indian millennials are being touted as the future of jobs and the saviours of the working world. But this won’t hold true if in-demand skills are not imparted to the youth entering the workforce. The world of work is changing and industries are transforming. It’s a fact that we are moving towards a massive labour pool, but we are possibly riding a low-skill, low-wage cycle to get there. The country is on a trajectory that involves a surplus of millions of low-skill workers, whereas most nations, including India, will be increasingly demanding a high-skill workforce. Impacting Education: My Journey and UpGrad Most industries are replacing low-skill jobs with high-skill ones. Skills relating to upcoming technologies like cloud computing, social media, artificial intelligence, robotics, nanotechnology, etc, are gaining immense relevance. Unfortunately, our education system is not preparing students well enough to enter the workforce as high-skill workers or equipping them with skills in the mentioned emerging domains. Gone are the days when just holding a graduate degree was enough to get employers to clamour to hire you. Education is not enough. The new-age job-seeker must strive to acquire specific skill sets to be considered employable. Currently, only 43% of Indian youth are considered fully employable. Gone are the days when just holding a graduate degree was enough to get employers to clamour to hire you. Education is not enough. The positive connotation associated with our demographic shift has been taken for granted and assigned the term “dividend.” But if we don’t strategically harness this change, we could very easily be faced with a demographic disaster. We don’t want to be stuck in a situation where we have too many job-seekers with inadequate skills, and therefore not enough jobs for them. India is moving workers out of farm jobs at a very fast rate, and this will only add to the burden of providing jobs in other sectors. We need a wake-up call and more concerted efforts towards large-scale skill development and training. We may have a situation of too few high-skill workers and not enough jobs for medium- or low-skill workers. This needs to be rectified by adjusting the education and skilling system to ready ourselves for the jobs of tomorrow. UpGrad develops various programs such as Digital Marketing Certification Program, and Product Management Certification Program in collaboration with IIIT Bangalore, specially designed for working professionals looking to up-skill themselves.  Check out the free courses.
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by Mayank Kumar

20 Jun'16
Only 25% Of Indian Graduates Are Employable, And The Solution Is Obvious

6.57K+

Only 25% Of Indian Graduates Are Employable, And The Solution Is Obvious

Co-authored by: Apoorva Shankar, Business Development Associate, UpGrad The world today has enhanced productivity requirements. Due to this, the demand for highly skilled labour is growing. China and India are set to drive this demand. Globally, the share of low-skill jobs is likely to decline from 74% of employment in 2010 to 62% by 2020. On the other hand, the shortage of highly skilled workers with a tertiary level of education is expected to reach 18 million by 2020, globally. But due to its demographic dividend, India will have a labour surplus of 47 million by 2020. However, this surplus may only be of low-skilled labour. And while the demand for highly skilled labour is increasing, the supply isn’t quite keeping up. The challenge, as well as opportunity, that India faces is how to train such a large reserve of labour and convert low skills to high skills. One solution that immediately comes to mind is providing higher education for all. But at present only 24% of those meant to be participating in higher education, are actually enrolled. Plus, traditional college or university pedagogy has been increasingly criticized for being outdated and irrelevant to the jobs market. If you attended school or college in India, you will have first-hand experience of the ills that plague the system. Some of the reasons for this are: Absence of a customized or personalized approach to education (necessary as different students have different needs and learning capabilities). Restricted resources due to not-for-profit nature of educational institutes and over-regulation. Lack of technology infrastructure. Poor teaching quality. Lack of skills-based learning. Low focus on research and development. Minimal partnerships with industry/foreign academia. Outdated curricula not reflecting requirements of a dynamic market environment. Skill-intensive industries are expected to contribute more than 90% of India’s GDP by 2030. The opportunity is staring at us in the face. Only about 25% of Indian graduates are considered employable by the organized sector. Further, 48% of Indian employers said they were having difficulty in filling jobs, in 2012. Despite employers expressing difficulty in finding employable candidates, in 2009-10 the unemployment rates in India were higher for those who were more educated (graduates had more difficulty finding jobs than secondary or primary level graduates). [b_color background=”#EDFF3D”] Also Read – Technology will surely kill some jobs, but not all of them [/b_color] So Indian education, in its current form, hasn’t proved to be enough training for the incoming workforce. The numbers also prove that just completing higher education in any field is not all it takes anymore. This pinch is being increasingly felt as the world of jobs is turning upside down; which is why we need skill training. Skill-intensive industries are expected to contribute more than 90% of India’s GDP by 2030. The opportunity is staring at us in the face. It’s not just about the potential but also the responsibility we are tasked with — restoring balance to the global supply of labour. The country needs to invest in skill development and training for a large chunk of its population. Exploiting sheer numbers is therefore one major reason to skill our workers. Secondly, the demand for advanced skill-sets in emerging areas is growing. Knowledge-intensive roles such as finance, business, etc, and those related to information technology and entrepreneurship are gaining momentum. The reality that these skills must be acquired will take root for more and more individuals, including drop-outs from the mainstream education system and those who have completed such education. Currently, the actual supply of these workers falls drastically short of matching growing demand. Hence, the gaps in domain knowledge are another reason to scale up the skilling. You are likely to be at a disadvantage, in terms of skill training and thereby employability, when compared to someone your age in China, USA, South Korea… In China about 47% of the workforce has received some kind of skill training, 52% in USA, 68% in UK, 75% in Germany, 80% in Japan and 96% in South Korea. Comparatively, only about 10% of the Indian workforce received such training in 2008. India is seventh in the category of countries facing maximum difficulty in filling jobs, i.e., 58% difficulty, where the global average is 38%. These figures reflect that just belonging to the young Indian demographic is not enough. You are likely to be at a disadvantage, in terms of skill training and thereby employability, when compared to someone your age in China, USA, South Korea etc. To address these imbalances, India needs unprecedented increase in both education and job creation. At this point, there is no guaranteed advantage for India in the contest for high-skill talent. It will be dependent on skilling. Considering the state of higher education and the skill upgrade required to be carried out in the future, the process will not just be about learning for professionals, but rather unlearning and re-learning.
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by Mayank Kumar

13 Jul'16
7 reasons to watch UpGrad Talks today

5.19K+

7 reasons to watch UpGrad Talks today

There is really no secret sauce for success. Provided you have had the opportunity to view the exclusive online tete-e-tete sessions brought to you by UpGrad Talks. With an amazing roster of world-class speakers, some from the top 1000 companies of India such as Mahindra & Mahindra, Tata Sky, Coca Cola, JP Morgan, JWT to start-up poster children such as RedBus, Snadeal, Ola & Zivame and many more, Upgrad Talks provides insights into their formulae for success. The talks also share deep learning from situations that didn’t work out and many valuable nuggets of honest, down-to-earth and practical advice from successful entrepreneurs, experts and industry leaders. While some lip service has been paid to new-age technologies and skill sets, and the evolution of industries because of these, a deeper understanding of what this signifies is missing. Upgrad Talks intends to fill this gap by bringing together thought-leaders from different walks of life and raising the level of discourse in this area, as they share their experiences. Here are the top reasons why you must visit talks.upgrad.com today and make it your daily source of insights and motivation: Get Inspired Inspiration can come from many different sources. You may get inspired when you see a problem that needs a solution, which you are able to ideate, or get inspired when you hear stories of adversity being overcome by sheer willpower. Rarely does the simple existence of wealth inspire us. It may motivate us to work harder, but inspiration stems from a deeper place that needs real stories. Upgrad Talks are stories from the folks who have lived these stories, first hand. Not only does hearing someone’s complete story of challenges, thought process and subsequent outcome inspire, it also gives birth to new ideas and provides impetus to grow in your own space.  Moreover, inspiration also stems from well-put statements such as, ‘attitude will sail you through,’ by Harit Nagpal, CEO of Tata Sky. A key benefit of listening to industry leaders is that it also inspires us to think. ‘What we think, we become,’ is a quote by Buddha that sums up this well. Go ahead, face challenges It does not matter if you are a startup or an established financial organization; challenges, big or small, exist in every level of most businesses. Challenges faced, strategized and overcome is the rite of passage for almost everyone. Not only do Upgrad Talks cover challenges faced by leading industry veterans, it also covers it from various stages of businesses along with discussion of the solutions that helped overcome them. Upgrad Talks speakers’ discuss challenges faced by businesses in different spaces, which makes these talks an interesting listen. Furthermore, is quite motivating to hear the candid conversations of business leaders. So what is the common thought on challenges in the Upgrad Talks? No challenge is too big. It also strengthens the belief that challenges help you grow and become stronger and develops a sense of confidence to take on the next big challenge. Learn from influencers People who can motivate are great influencers. To hear success stories at Upgrad Talks, which have been driven by deep-rooted passion as well as courage of conviction can be a great influence on most people. It is likely to help you push yourself to greater heights and also follow your dreams a bit more diligently. To quote Snapdeal’s Kunal Bahl, ‘ there is a fine line between stubbornness and persistence.’ Upgrad Talks is likely to help you define the lines as an excellent selection of influencers talk also about the key soft skills required to make it a significant mark on the industry that you belong to. Mentoring As you listen to entrepreneurs, business leaders and experts on models that have worked, one can also start drawing parallels to one’s one business or profession. Mentoring of this kind is both subtle and effective as it helps you choose some key takeaways from the shared experiences that are most relevant to you. Follow the series to get premium access to the best mentors in the country as they talk about education, the emerging digital age and its impact on businesses, talent shortages and advice to youngsters. A bit of crystal gazing In the series of Upgrad Talks, one is likely to come across a vast amount of business knowledge which has been converted into digestible insights that can also help you choose the next steps in your career. Speakers’ at Upgrad Talks share their business mantras and what the future is likely to be.  This is crystal gazing of the finest variety and yet another reason to tune into the talks. A healthy dash of optimism One of the unique selling points of the Upgrad Talks is that they also brings out the combined optimism in business from key industry leaders. Apart from that one can learn what is next in the industry, and explore potential future opportunities in the workspace. The upbeat and positive nature of these talks makes them a must-listen. Easily available online Just in case you were wondering how far you would need to travel to listen to such a wide range of speakers, you can breath easy. Upgrad Talks are delivered online and you can listen to them at your own convenience. All you need to do is to long onto talks.upgrad.com and you can access high quality, pre-recorded sessions online. Upgrad is making content richer, bigger and better as it kicks off with 15+ talks delivered by entrepreneurs, experts & business leaders.  You definitely do not want to miss out on the educational transformation that UpGrad is fuelling in partnership with some of the greatest minds. Remember, one can never stop learning. So, if you always aspired to hear great advice and insights from the top Indian business leaders on how you can grow your business, choose a career goal or get inspired, do take a look at Upgrad Talks. They are truly the voices that impact. Join us today and be a part of it at talks.upgrad.com.
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by Omkar Pradhan

06 Aug'16
Evolving online education: Learning Together

5.36K+

Evolving online education: Learning Together

Technologies in online learning have been making promises since early 20th century. From radio to present day MOOCs,  multiple new technologies were seen as silver bullet in revolutionising education. These promises were indeed laudable, to make education accessible to everyone, affordable for everyone and more effective. Yet, the same history of unmet expectations has been repeated every time*. Although a lot has happened over the past decade in terms of growth and expansion of online education, there are many challenges yet to be solved before we can say online learning has truly arrived. We, at UpGrad, believe the following three challenges are the biggest hurdles to the success of online education. Isolation: Online learning is solitary experience   Acceptability: Online learning’s validity in the Job Market   Not Engaging: Interplay of distractions and motivations in learning online The dismally low completion rates and high failure rates are reflection of these challenges [1]. Our goal at UpGrad is to fight these challenges and provide an unmatched learning experience for the working professionals. We believe, with the flexibility of online learning, every working professional can “UpGrade” himself without going back to full-time formal education. Hence, we need to to make online learning mainstream. In this article we would be sharing how are setting the online learning as a ‘Social Experience’ for our students, ie the first of the three mentioned challenges. In 2000s, internet surfing was mainly an individual experience and on the other hand, in 2016 almost all of internet time is a social experience. We do not feel alone in 2016 version of internet. We believe online education will have much higher engagement and completion rates once it becomes a social experience. An average student’s e-learning journey is an individual experience making him/her feel isolated. Learners move through the course with limited interactions with both their instructor and classmates. We at UpGrad, are building a new learning platform specifically designed keeping our students and their needs in mind. We believe this would be key to provide the kind of engagement levels the students deserve. The perception of social presence (or lack of) is a big concern among students and teachers in online learning. Teachers develop courses in isolation and the students take the courses in isolation. Researchers have found strong correlation between the sense of social presence facilitated by the course and student’s perceived learning [3,4,5]. Also there is good re correlation between withdrawal in the course and student’s perceived lack of social interaction and instructor presence [3]. Lack of social interaction in e-learning increases the distraction, since a learner would look for social interaction elsewhere which is usually Twitter, Whatsapp or Facebook. If there is another learner doing the same course in my apartment building, there are limited chances that I would know about him. As learners of online courses, we are oblivious of everyone else’s presence except few replies on the discussion forum. They do form Facebook groups or Whatsapp groups organically, yet the whole online learning format ends up being mostly a solo experience. Here are the steps we are taking at UpGrad in making our online programs a social experience.: Profiles : The first step in ‘social’ e-learning is knowing your classmates. We have learner profiles with education and work history along with other details. Almost everyone is encouraged to fill in their full profile along with a descriptive ‘bio’ section. There are multiple points where learners are nudged to click on the profiles. To improve discoverability of relevant profiles we not only leverage cohort social graph but also use interest graph, performance graph, complementary skills graphs. Combined with other semi random** algorithms like who was recently online, learners bump into each other in interesting ways. In the first month of Data Analytics Program, an average engaged learner viewed peer profiles 110 times. Discussions: We have a discussion forum which is contextual and relevant to the course content. We designed it from the ground up to involve learners during the course. They help each other, solve doubts, ask questions, have healthy debates on the forum. Only when there is no consensus a Teaching Assistant gets involved in clearing the doubts. Last 3 months data shows that on a daily basis 50% of the students who are engaged on the platform, also engaged actively on the discussion forum. As most professionals have different backgrounds, sharing of experiences on the forum is much valuable to everyone in the cohort. We have seen learners fall into three buckets on the forum. First is the majority producers, the top 30% of forum content producers are responsible for around 70% of the discussions. The next 50% do the rest of 30% of the content but continue to voice their opinions through upvotes. Rest of the 20% are mere observers. These numbers are highly encouraging and we will be investing more time in finding out how student-student social interactions can help in overall engagement. Figure 1: Forum topic distribution in one of our programs. Share in the pie is (questions * votes) for each topic. Bigger share of the pie is a proxy for doubts. This lead us to start live sessions on those topics. Thought Leader AMAs: Initiating and maintaining engagement on the forum is hard. To set the ball rolling, we started the discussion forum for a new cohort with getting a thought leader to do an AMA on the platform. This way not only the students got a product onboarding experience but also the social expectation was set amongst the peers. In some months, the total content creation during AMAs ended up around 20% of the total cumulative content. We also observed a side benefit of starting the program with thought leader – that learners are more helpful, behave with more civility and show much more respect for each other. This is not very unusual because it is known that a group’s eventual social dynamics are very much impacted by behaviour in initial few days. In a way, it sets the trend which follows upto the end of the course. We also explored bringing in external motivations to see how does it impact on engagement levels. At times, there were small gifts for top forum contributors and at times we included forum participation in the grading. Our primary observations show that this is to be used cautiously. We are working on establishing a balance between extrinsic and intrinsic motivations for social involvement. Facebook Groups: For all cohorts we have Facebook groups for students apart from the platform discussion forum. We were not very confident how much our forum will be used for non academic discussions and generic social sharing. However, we found more and more discussions of generic nature and sharing of articles & blogs also started happening on the forum. Hence facebook group ended up becoming redundant. We are thinking of doing away with a cohort’s facebook group with this expanded use of discussion forum In summary, having a strong sense of community within the students is a big predictor of learning outcomes. This has been researched multiple times [7, 8]. Our platform’s usage data of course progress and social interaction activity strongly confirms this research. At a time, a learner who is socially engaged on our platform has usually completed 4 times (Figure 2) course materials than a learner who does not participate in social discussions. This high correlation has been repeated across multiple cohorts. Figure 2: At a snapshot of time course completion rates for learners active on forum vs non active. Apart from the student isolation e-learning content creators and facilitators tend to work in isolation, reflecting and sharing of best practices is minimal[6]. We at UpGrad are aware of this problem, and making sure different program teams collaborate and share solutions to common problems. We do not have complete solution to isolation in learning yet. We as a company are focussed on solving this problem, we are testing out few ideas and are willing to share the results with the community. With these changes we are expecting online learning experience to be more engaging, more involving and eventually pushing up the low completion rates of online learning. These are early days of online education and we have miles to go. Bibliography [1] http://collegequarterly.ca/2007-vol10-num03-summer/rolfe.html [2] Online Social Networks as Formal Learning Environments: Learner Experiences and Activities, The International Review of Research in Open and Distributed Learning, Vol 13, No 1 (2012) [3] Tello SF (2007). An analysis of student persistence in online education. International Journal of Information and Communication Technology Education [4] Herbert, M. (2006). Staying the course: A study in online student satisfaction and retention. Online Journal of Distance Learning Administration, 9(4). [5] Morris, T. A. (2009). Anytime/anywhere online learning: Does it remove barriers for adult learners. In T.Kidd (Ed.), Online education and adult learning: New frontiers for teaching practices. Hershey, PA:IGI Global. [6] Duncan, H & Barnett J (2009) Learning to teach online. [7] Kaulback, B (2015). Learning Together : Community and Network from the perspective of designers of online learning. (Doctoral dissertation) [8] Bernard, R. M., Abrami, P. C., Borokhovski, E., Wade, C. A., Tamim, R. M., Surkes, M. A., & Bethel, E. C. (2009). A meta-analysis of three types of interaction treatments in distance education. Review of Educational Research, 79(3), 1243–1289.
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by Ankit Mittal

08 Aug'16
Skill deprivation: Education alone won’t guarantee a job, in-demand skills need of hour

898.95K+

Skill deprivation: Education alone won’t guarantee a job, in-demand skills need of hour

If you are 25 years old, hold a degree in a traditional arts discipline from a well-regarded institute and are looking for a job, you may not be handed one on a platter any time soon. You may be cushioned within the famous Indian demographic that is supposed to yield a ‘dividend,’ but unlike what you’ve been reading everywhere, this does not guarantee you employment. Between 1980 to 2010, 90% of world labour force growth occurred in developing countries and about 500 million new workers emerged in India and China alone (workers went from 260 million to 470 million in India, between this period). India is all set to power most of global growth in labour in the coming years. Enrolment in Indian higher education is 24% right now. With India attaining almost universal elementary education, and increased retention in secondary schools, the projected demand for higher education and jobs will only escalate. India has finally been placed on the world map with a solid advantage where labour supply is concerned. Impacting Education: My Journey and UpGrad It’s not all good news though. Indian millennials are being touted as the future of jobs and the saviours of the working world. But this won’t hold true if in-demand skills are not imparted to the youth entering the workforce. The world of work is changing and industries are transforming. It’s a fact that we are moving towards a massive labour pool, but we are possibly riding a low-skill, low-wage cycle to get there. The country is on a trajectory that involves a surplus of millions of low-skill workers, whereas most nations, including India, will be demanding high-skill workers more and more. Most industries are replacing low-skill jobs with high-skill ones. Skills relating to upcoming technologies in advanced areas – think AI, robotics, data science and mining – are gaining immense relevance. Unfortunately, our education system is not preparing students well enough to enter the workforce as high-skill workers nor equipping them with skills in emerging domains. Curricula is outdated and pedagogy poorly-developed. Gone are the days when just holding a graduate degree was enough to get employers to clamour to hire you. Education is not enough. The new-age job-seeker must strive to acquire specific skill sets to be considered employable (currently only 43% of Indian youth are considered fully employable). This applies to all sectors of the economy, as most industries and businesses are adopting new-age technologies and going digital within most functions. There’ll Be A Billion-Plus Job-Seekers By 2050! The positive connotation associated with our demographic shift has been taken for granted and assigned the term ‘dividend.’ But if we don’t strategically harness this change, we could easily be faced with a demographic disaster. We don’t want to be stuck in a situation where we have too many job-seekers with inadequate skills, and therefore not enough jobs for them. India is moving workers out of farm jobs at a very fast rate, and this will only add to the burden of providing jobs in other sectors. Realising this, even the government has begun focusing on skill development and training. Creating an entirely new Ministry and launching the Skill India Mission are clear indications of this. Another sign that skill training is gaining momentum is reflected in the growth of the Indian education and skills industry at an average rate of 13% over four years. From Rs 1.21 trillion in 2008 to Rs 2.35 trillion in 2012. However, these measures have not been enough to successfully skill India’s young. Only 2% of the Indian workforce has received some kind of formal skills training so far, and 8% have received informal training. Comparatively, 47% of China’s workforce is skill trained, 52% in USA, 68% in UK, 75% in Germany, 80% in Japan and 96% in South Korea. Almost half of Indian employers find it difficult to fill jobs and a similar proportion of employed youth suffer from some degree of skill deprivation. By 2050, India will be home to more than a billion jobseekers. This means providing jobs for over 12 million new entrants annually. There is also the challenge of finding jobs for the backlog, which reached 60 million by 2014. The pace of accretion to the labour market will keep increasing, given our demographic profile and declining age-dependency ratio. Our working age population (15-64 years) will peak in 2050 and till then pressures for jobs will only become worse. We need a wake-up call and more concerted efforts towards large-scale skill development and training. We may have a situation of too few high-skill workers and not enough jobs for medium or low-skill workers. This needs to be rectified by adjusting the education and skilling system to ready ourselves for the jobs of tomorrow. Article Source: http://www.firstpost.com/business/skill-deprivation-education-alone-wont-guarantee-a-job-in-demand-skills-need-of-hour-3020568.html
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by Apoorva Shankar

08 Nov'16
Why The Growth Of Higher Education In India Hinges On The Private Sector

5.13K+

Why The Growth Of Higher Education In India Hinges On The Private Sector

For the sake of simplicity, let’s say that the public sector’s role in education can be identified as a three-fold one. Firstly, it is tasked with universalizing access to education. Its next responsibility would be to regulate the sector and finally, to ensure quality education for all. In the context of the access provider role, estimates show that just in terms of physical infrastructure, more than a US $100 billion spends would be required in higher education alone, to double enrollment, from where it stands today (24%). Where regulation is concerned, bodies such as the University Grants Commission (UGC) and other higher education regulators are in-charge but leave much to be desired in terms of quality checks and monitoring, accreditation, etc. In fact, the UGC merely acts as a grants disbursing body now for universities and colleges, rather than a regulator. This is despite the fact that about 16% of the Ministry’s budget (2016-17) was allocated to UGC. Regarding quality, the government struggles to set standards and measure outcomes. Accreditation in the country is irregular and sub-optimal. In addition, unlike school education, where a certain level of learning outcomes may be gauged, this is difficult to do in higher education – especially assessing employability of a student post completing such education. So is there a role the government should prioritise? Further, because the government is entrusted with these roles, does it necessarily mean that they are its exclusive mandate? Or should the government act as an enabler and allow external participation if it means better execution and a higher success rate? The education and training industry is extremely large today and has strong further growth potential. With total educational spending of $2.7 trillion, the industry accounted for about 4.25% of the world’s GDP in 2010. In India alone, the spending on education and skilling has touched approximately Rs 74,000 crore. This may seem like a daunting figure but is still not sufficient. India spends about 4% of its GDP on all of education (about 1% on higher education), whereas globally the minimum recommended expenditure on education is 6% of GDP. Most of the public expenditure on higher education is used upon salaries and maintaining existing institutions, leaving very little to be spent on curriculum, research, and technology. However, spending on education still has enormous scaling to do and this is where the private sector comes in. Private players will have opportunities from rising demand in segments not well covered by the public education system (like adult education and vocational training). They bring in additional capital and are able to make huge investments, especially when government spending is insufficient and results in substantial infrastructure and investment deficit. For instance, the government had set a target of achieving a 30% enrolment ratio in higher education by 2020. The enrolment ratio currently is 24%. Judging by historical trends, and the current pace of rising enrolments, this target seems difficult to achieve. We may need a better, plan to succeed. Plus, the demand for higher education is only set to accelerate with growing population, higher enrolment as well as retention of students in schools. The private sector could play a crucial role in plugging these gaps and matching demand. In fact, it is already capturing the market in a big way, as can be seen in the adjacent graph. Enrolment in, and share of, private higher education institutions has surpassed that of government institutions (data as on 2013). Even the online education market in India expected to grow to US $40 billion by as soon as 2017. Unlike the education sector, which is legally mandated to operate on a not-for-profit basis, for-profit skill training institutes can be set up. This, coupled with initiatives of the National Skill Development Corporation, has encouraged the private sector to set up vocational training institutes. Corporate interest has also increased in the skill development space because of the benefits that accrue to businesses themselves, in the form of adequately trained manpower as a ready pool for future hiring. Majority of institutions offering professional disciplines are now in the private sector. There is a tendency of the public sector to view the private sector’s involvement in the education space with scepticism. But the private sector is necessary because of its ability to match industry demand for superior skilled manpower. It supplements infrastructure, facilities, technology and pedagogy and has an added advantage of escaping bureaucratic control and retaining autonomy to a large extent. Private players often collaborate with reputed international universities for faculty and other benefits which can be attractive to prospective students. They are also heavily investing in research-based education. As consumers of skilled manpower as well, the private sector is in a position to understand what type of skill training is to be imparted, and eventually benefit from it. This makes skill-training more efficient and effective. All three education-related roles of the government are equally important. However, while regulation should remain outside the purview of the private sector, nothing should stop them from assisting the public sector in maximising enrolments and improving quality of education. Public needs to work with private and create a level-playing field, in order to uplift the overall quality of education. Article Source: http://www.huffingtonpost.in/mayank-kumar/why-the-growth-of-higher-education-in-india-hinges-on-the-privat/
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by Apoorva Shankar

08 Nov'16