Vol. 3, Issue 5 (2017)
Commerce education: Rationale for study
Author(s): Shamshuddin M Nadaf, Yasmin Begum R Nadaf
Abstract: Education is the main keys to economic development and improvements in human welfare. As global economic competition grows sharper, education becomes an important source of competitive advantage, closely linked to economic growth, and a way for countries to attract jobs and investment. In addition, education appears to be one of the key determinants of lifetime earnings. Countries therefore frequently see raising educational attainment as a way of tackling poverty and deprivation. As the pace of technological change quickens and as the workforce in many rich countries grows older, education offers a way to improve and update the skills and capabilities of the workforce. Education is the driving force for the national development and economic growth. It is also an individual’s asset for personal livelihood and well being. It gives people the skills they need to help themselves out of poverty or, in other words, into prosperity. In some countries, one additional year of schooling earn as much as 10% higher wages. In today’s technology-enabled knowledge economy, Higher education is assuming a growing significance for developing countries, especially for those like India experiencing services-led growth. The current global economic crisis has created unprecedented challenges to business individually and society at large. Indeed the scope, the depth, and the speed of the crisis have shaken the roots of the business education institutions. According to McKinsey (2005) only 25% of engineers, 15% of finance and accounting professionals and 10% of professionals with degrees, in India, are suitable for work in multinational companies. The major question is how well do current graduates fare in their work and life? Are they really successful in their career-life? In fact, only about 40% of all survey respondents believe that current graduates are able to compete successfully in today’s global marketplace. Companies large and small, the public sector and even civil society organizations are being held accountable in more ways and for a wider variety of things than ever before. Economist Professor Grantham, of McGill University, discusses how writing and accounting facilitated trade and gave rise to a merchant class in the ancient world. The objective of higher education is not only to equip students with an adequate education in their field of study, but also to arm them with the skills and knowledge required to leverage technology effectively in the workplace. Producing employable graduates is no doubt one of the objectives but creation of new knowledge and innovative mind should be the focus of higher education system. Most business schools are failing to equip managers with the knowledge and skills they need to run successful organizations in today’s operating environment but also the practical requirement to balance stakeholder expectations. The challenges surrounding are complex, fascinating, and full of dilemmas and directly affect long term business success. To cope with a business environment with increasing complexity and rapid changes, there is an urgent need to give a critical look. It is, therefore, commerce education needs a competitive strategy for their students to develop their knowledge, skills, competence, attitude interests, moral and intellectual values to shape and adapt to the business landscape. This paper explores the changing contexts of a globalized world, international development. This article is highlights the features of changing global knowledge economy. It stresses the relevance of commerce education. It also evaluates the rationale for study of commerce education. Finally few suggestions made based on findings.