New Trends in Higher Education
(In Special Reference in Commerce & Management)


By

Dr. Sanjay Shankar Mishra
Prof. & Head of Commerce Department
Govt. T.R.S. College
Rewa (MP)

Dr. Anu Maheshwari
Guest Lecturer of Commerce
Govt. T.R.S. College
Rewa (MP)
 


The growing phenomenon of globalization, liberalization and privatization has been immensely influencing the Commerce Education. Alvin Toffler in his famous book "Future Shock" says that, "To help avert future shock, we must create a super industrial educational system and to do this, we must search for our objectives, methods in the future rather than past. Education must shift into future tense." The Higher Education sector in India is very vast. The role of Higher Education in national development is well established. The objectives of Higher Education can be achieved only through qualitative change in the system. The output of Commerce Education should be multidimensional and with full global competitiveness. But we have to realize that the Commerce graduate have lack of practical knowledge. The practical oriented Commerce Education is a need of the age.

Commerce education is business education. Commerce education is that area of education which develops the required knowledge, skills and attitudes for the handling of Trade, Commerce and Industry. The recent commerce education has emerged in the form of Chartered Accountant, Cost and works accountant, Company secretary and Business administrator. Commerce education is a totally different from other disciplines. Hence, it must charter new routes to service the aspirations of the nation.

To meet the growing needs of the business society, there is greater demand for sound development of commerce education. The relevance of commerce education has become more imperative, this means a marked change in the way commerce and management education is perceived in India. Through teaching, research, and service, the College of Commerce is dedicated to developing tomorrow's leaders, managers, and professionals.

Keywords: Commerce Education, Online Education, E-banking, E-marketing,E-commerce.

Introduction:

Education should be a three-fold process of imparting knowledge, developing skills inculcating proper attitudes and values towards life and society in general. It must enable the individual to develop the activity skill. To earn and carry on reasonable standard of living, it must also enable him to develop his creative faculties to the utmost so that intellectually, morally, physically and spiritually he is in a position to enrich his personality. Although commerce education started in India almost a century ago, it has witnessed many changes due to change in industrial and economic situation.

The Indian higher education system has witnessed significant expansion in recent years, both in terms of the number of institutions as well as the student enrollment. India has more than 400 universities and over 20,000 colleges, of which almost half were set up in the last decade. Student enrollment has crossed 15.9 million in 2012-13, clocking a compounded annual growth rate of 6.2% since 1985-86. The private sector has enthusiastically participated in the growth of the higher education system with about 63% of the total higher education institutions being private unaided institutions.

Webster defines Education as the process of educating or teaching. Educate is further defined as to develop the knowledge, skill, or character of students. The principle purpose of education is to educate all students and give everyone equal opportunity as a means to succeed in life. The important factors of education includes providing the necessary knowledge and skill.

According to Eric Hoffer, "The central task of education is to implant a will and facility for learning; it should produce not learned but learning people. The truly human society is a  learning society, where grandparents, parents and children are students together"

Though these are clearly positive trends, the Indian higher education system continues to demonstrate many structural shortcomings which in turn create challenges in meeting future expectations. Despite having more higher education institutions than any other country in the world, hardly any feature in the leading institutions in the world. At about 12%, our GER is almost half of that of China, and lower than many developing countries. Inequity is also pervasive in the system, with the GERs of women and backward castes being much lower than the national average. Tertiary education in India is characterised by a well established higher education system and an evolving vocational education & training segment.


The first Commerce school was established in Chennai in 1886 by Trustees of Pachiyappa"s Charities. Commerce classes started in the Presidency College, Kolkata in 1903.The Sydenham College of Commerce and Economics was established in 1913 as the first institution for higher education in Commerce. In post-Independence period, Commerce education has emerged as one of the most potential pursuits in the wake of industrialization, economic development and techno-managerial revolution. Commerce has grown from a subject to a full-fledged faculty in most of the universities and had acquired a pride of place amongst different academic disciplines.

COMMERCE EDUCATION MEANING: As a branch of knowledge, Commerce imparts experience of business world at large in all its manifestations. It prepares its learners for personally fruitful and socially desirable careers in the field of business. Chessman defined Commerce Education As - "Commerce education is that form of instruction which both directly and indirectly prepare the business man for his calling." Fredrik G. Nichols defined as "Commerce education is a type of training which, while playing its part in the higher education.

University Grant Commission (UGC) released a report," Higher Education in India at a glance" summarizing key data points of relevance for policy makers and administrators. Here are three charts from the report:

1. Massive expansion in supply of colleges:

India added nearly 20,000 colleges in decades (increased from 12,806 in 2000-01 to 33,023 in 2011-12) which translate into growth of more than 150%. Number of degree granting universities more than doubled from 256 to 564. India has a complex affiliation system where a universities can have hundreds of public and private teaching colleges affiliated to it.


2.
Lesser growth in student enrollment:

Although number of students enrolled in higher education doubled from nearly 8.4 million to 17 million in a decades, it grew a slower pace than number of colleges which grew 2.5 timed in the same period, creating paradoxical situation of excess capacity in a country where gross enrollment ration is less than 20%.


3. Three-year degree and engineering:

Students continue to be sorted into two tiers- engineering and three-year degrees of Arts, science and commerce. Every sixth student in India is enrolled in engineering/technology program and more than 2/3 of Indian students are enrolled in three-year undergraduate degrees.


However, India's education system is bogged down by the fundamental challenges of access, equity and quality.


The growing phenomenon of globalization, liberalization and privatization has been influencing the Commerce education. The technological revolution has further provided new dimensions' E-banking, E-marketing, E-commerce, E-finance, E-investment paper less trading and governance has been gaining importance of all over the world. At the same time, the outsourcing business, call Centre, small business operation, IT based services etc. are expanding very fast. These developments demands paradigm shift in teaching and learning process. The new skills and training are required to cope up with these changes. The technological advances must be integrated into the basic fabric of Commerce education.

Commerce: Commerce is the exchange of items of value between Persons or Companies. Any exchange of money for a product, service or information is considered a deal of Commerce. The Internet and an efficient postal system have made International Commerce convenient for Business as well as individuals.

Education: Education is developing inherent abilities and power of students. It is the process by which society deliberately transmits its accumulated knowledge, skill and values from one generation to another. Education in the largest sense is any act or experience that has a formative effect on the mind, character or physical ability of an individual.

E-Commerce: E-Commerce involves conducting business using modern communication instrument like Internet,Fax,Telephone,E-data interchange,E-payment, Money transfer system.E-Commerce provides multiple benefits to the consumers in the form of availability of goods at lower cost, wider choice and save times. People or Consumer can buy goods with a click of mouse button without moving out of their house or offices. Similarly, online services such as Internet Banking, Tickets includes Airlines, Railway, Bus Bill Payment, Hotel Booking etc. Have been tremendous benefit for the customers. E-Commerce education has been phenomenal in making a deep impact on higher education. Growth in the Internet over the last few decades has led to great impact on communication and research in the institutes.

E-Commerce education has opened new avenues for Cyber law studies. It need not be stated that the importance of Cyber laws has increased by leaps and bounds in the recent years. With hundreds of Cybercrime cases every day, awareness and knowledge about Internet has become more important-Commerce education not only equips students about latest career development advancements, it also opens door for access to information and knowledge.

Online Education: It has become an important mode of education. Since the regular courses in India are getting very expensive and highly competitive, distance and online education is fast developing as an amazing option for the students E-learning opportunities are immense in India. Even the distance education programs are serving wonderfully. Distance learning can be availed through various types such as interactive CD-ROM programs, Mobile learning programs, Telecourses or Broadcast course via Television or Radio, Postal correspondence programs and many more.

Objectives:

1. To understand the problems of contemporary business education.
2. To examine new aspects and trends in relation to business.
3. To propose a new approach to business education.
4. The education system is developing very fast both qualitively and quantitatively.
5. Imparting knowledge in the field of Commerce and Industry.
6. Developing skills in commercial operations and inculcating proper vocational interest, attitudes and values.

Discussion:

1.
Problems of contemporary and present day business education: The present day business education is characterized with following special features. Multiple core level subjects. It presents business education as a sum total of variety of courses combined together. It does not focus on one particular discipline or area of specialization. It is basically heterogeneous in nature.

a . It is basically covers multiple subject but without giving through and specialized knowledge.

b. Limited exposure to any particular subject: The concept of specialization is not yet adopted in business education to its fullest extent. Though at post graduate level there are certain specializations, however the course content and proportion of specialization doesn't match with the overall syllabus and total course structure.

c. Lack of practical pedagogical method: The pedagogy and teaching method presently used emphasis more on lectures and one to many dialogue. There is absence of practical base and creative teaching methods. This affects relevance and utility of the knowledge offered to the students.

d. Lack of training and hands of exposures.The present day business education emphasizes more on conceptual knowledge without offering insights as to how phenomenon or activity actually functions. This becomes hurdle in developing a required popularity and acceptance of commerce education.

e. The present commerce education is not covered in the professional educational domain: Management education as a new branch of learning is highly appreciated and acknowledge as professional education with higher industrial and business rel evance. Unless and until commerce education is brought in professional educational domain, it can not have a right positioning and acceptance in industrial and business sector.

2. New aspects and trends in relation to commerce Education.

Major developments in higher education today:

The following global developments can be identified in the activities by which universities are or should be responding to current societal transformation:

Expansion: The share of highly-qualified persons is increasing. This is a world-wide trend not limited to economically advanced societies. Changing employment structures, increasing expectations of educational participation by the citizenry at large, and the academization of a growing number of professions, promote the expansion of higher education. Participation rates of over 50% for each age cohort in the tertiary sector, which are commonly recorded as the OECD average, are becoming a benchmark for all European countries.

Differentiation: Apart from providing scientific training in a given subject, study programmers must meet differentiated social requirements and convey technical skills which higher education has not offered so far. Concurrently, higher education institutions are to respond to the differentiating demand for higher education by offering course programmers beyond the mainstream.

Greater flexibility: The disappearance of traditional professional patterns and growing in dividualisation call for a multiplication of study options. Individual combinations of studies should be allowed; students should acquire self-organization and self-upgrading skills.

Quality orientation: Expansion, differentiation, and greater flexibility presuppose and bring about novel approaches to quality assurance in higher education. The need to generate general social and political acceptance for higher education services, stakeholder expectations, supply-driven control of demand for higher education, the requirements of curricular development, as well as performance assessment of teaching-learning processes result in new forms of quality assurance, quality documentation, and evaluation being implemented.

Standardisation: The above developments are taking place in the context of the current. European wide introduction of modular and tiered study programmers that was prompted by the Bologna process.

Current study reforms are targeted at these global developments, relating specifically to the contents as well as to the organization of study programmed. In terms of contents, the emphasis lies increasingly on the transmission and acquisition of key competencies, or multi-functional skills. These skills comprise competencies to be acquired in addition to subject-matter know-how and are to enable students to cope with the requirements of different work settings and cultures, as well as with work-related crises. The following areas of higher education are concerned:

Employability is to ensure a stronger link between higher education and practice, since higher education which is purely based on technical contents is no longer considered adequate to meet the needs of professional practice.

Internationalisation strategies are designed to promote international mobility and convey intercultural skills.

Lifelong learning stands for further qualifications which employed persons acquire independently and for which universities offer demand-driven qualification programmers, a process which increasingly blurs the borders to traditional subject studies. The notion of lifelong learning is to enable and widen participation in higher education regardless of age, status, or gender. An analysis of the current developments in higher education reveals the following problems and  challenges:

The link between academic quality and employability still needs to be defined. It is therefore important to specify what employability, non-academic requirements and meta-technical competencies mean. Employability should not exhaust itself in adding portions of practice to a given course of study. Rather, it implies research-driven teaching, which at the same time heightens individual.

Transferability either in the form of university-type teaching which thrives on the participation of teachers in the generation of the state of basic research, or as Fachhoch schdle-type teaching as a manifestation of teaching and learning which appropriates the given state of research. Multifunctional skills (or key skills) are already being conveyed partly by higher education today. The transmission processes need to be made visible, enhanced by novel forms of teaching and learning, and the skills to be acquired need to be determined more specifically.

Differentiation versus harmonization of contents: If structural reform is geared to shortening  the duration of studies, this may (but need not) lead to a standardization of contents, to regimentation in the sense of a canonized transmission of knowledge, if there is no scope for innovative programmes and individual combination.

It is a widely held belief that selection procedures should differentiate access to higher education and must accommodate a bipolar spectrum from inclusion to excellence. At the same time, selection procedures should ensure that applicants and higher education institutions are better matched. Rejected candidates should be offered compensatory options.

Future trends in higher education:

Any assessment of future trends is fraught with prognostic uncertainties. There are two ways of ascertaining future trends in higher education: one, the extrapolation of present trends into the future, based on an assessment of the dynamics of the developments which can be empirically observed today. Two, there is reason to assume that higher education will accommodate certain, socially immensely relevant
concerns that are desirable as norms; not every desirable concern, however, will become an issue of higher education for a trend to consolidate. To illustrate the prognostic uncertainties, the polarities within which higher education needs to position itself in the future can be highlighted. Some are traditional, but gain a new significance, others are recent or even nascent:

The traditional trade-offs in higher education are those between theory and practice, research and teaching, between the research and teaching function of higher education institutions, between natural science and the humanities/social sciences, between education and training. These polarities will have to be balanced also in the future.

Trade-offs which are equally traditional, but subject to extensive remodeling, are those between academic freedom and social responsibility, or between stakeholder claims, tradition and innovation, autonomy and state monitoring, fundamental versus application orientation, offering an educational experience versus generating employability, mass versus elite education, specialization versus generalization.

This harbours or will harbour further fields of conflict: academic self-control government (framework) control market control, disciplinarity versus interdisciplinarity; regionality versus internationality; research versus transfer orientation, vocational training higher education continuous education; differentiation of contents versus harmonisation of study forms; fulltime versus part-time studies; delimited phases of education versus in-service learning; presence learning versus distance learning. Institutionally and procedurally, the challenge will lie in   moving from "versus" to "and".

The following challenges are likely to become characteristic trends in higher education: shaping the knowledge society, generating employability, integrating the dimension of sustainability, internationality, quality orientation and competitiveness, development and use of new forms of teaching and learning. In concrete terms, this implies:

Shaping the knowledge society and generating employability: In a knowledge society, the principal mission of higher education graduates is that of players who must make consequential decisions in complex and risk-fraught action systems which in turn are embedded in complex and risk-fraught environments, and who should be able to boil down complexity in a way for which technical know-how alone would not suffice. Students of today will in all likelihood be under pressure to decide complex matters and will have to act dependably in such situations. Higher education must prepare students for these demands. Institutionally, high participation rates will continue to be a higher education trend, complemented by the mounting dynamics of lifelong learning.

Living internationality: Internationality is taught in the context of globalization, Europeanization and regionalization. The European dimension of internationalization is characterized by a move towards a European higher education area for which reforms in the structure of studies will be the decisive project for the immediate future. Materially, internationalization means developing interculturality. In terms of the educational function of higher education, the target group is a three-fold one: students who wish to spend some time of their studies abroad need preparation and support for their Endeavour; students who lack the possibility or inclination to spend time abroad are in need of domestic programmed to learn interculturality; and (prospective) students from abroad who need preparatory and support programmes for the duration of their stay.

Acting with a view to quality and competitiveness: Trends which are making themselves felt already today will be prolonged in a quest for quality and competitiveness. The challenges of tomorrow will consist in preventing a quality bureaucracy from emerging, without foregoing the explicated effects of quality development i.e. higher acceptance and a competitive edge, and in ensuring the specific functional logics of science which is founded on competition for reputation rather than on an evaluation of market rates for the core delivery areas of higher education, i.e. research and teaching.

Challenges and Opportunities in Commerce Education:

Commerce is considered as one of the most popular career options in India. Commerce education is the backbone of the business and serial development of the nation. This education stresses on developing the people and making effective use of available resources.

Commerce education develops the relationship of people with one another. Commerce education covers wide area of business and society. Commerce education provides to the business and society that how to use it for the betterment of self and oneself. Commerce education gives to the people for democratic living, good citizenship and proper utilization of resources. It provides skill oriented education to students and society.

Challenges:

Challenges and Strategies for controlling inflation and promoting growth. Emerging issue in global Economy, Commerce and Management. Internationalization of Financial Market in the World. Role of Foreign Direct Investment and Foreign Institutional Investment. Reform in Indian and International Economic Sectors. Challenges and Strategies of IMF and WORLD BANK for International competition.

Challenges and Strategies merger and acquisition strategies for Trade, Commerce and Industry in World. Challenges and Strategies for commodities markets in the world and in currency market in International scenario. Challenges and Strategies for export and import of Trade, Commerce and Industries in global scenario. Challenges and Strategies for Stock Market and Investors for International competition. Challenges and Strategies in Currency Market in International scenario.

Opportunities:

At the undergraduate level, Bachelor of Commerce, a three year full time course. And Master of Commerce at the postgraduate level. After completing course in the field of Commerce, a student can join any private institute or government organization as a specialist in any of the Commerce stream and they can also pursue professional courses such as Company Secretary, Chartered Accountant, and ICWA. A graduate in Commerce can also opt careers in financial services as a Financial Consultants, Stock Brokers, Merchant Bankers, Budget Consultant, Financial Portfolio Manager, Project Formulation Manager, Tax Consultants. Careers in Managementare also available in the field of Personnel Management, ProductionManagement, FinancialManagement, Marketing Management, and Material Management, other areas of Management such as Hotel Management, Hospital Management, Tourism Management, Event Management, Office Management, Export and Import Management. In the Bank, call for Commerce graduates and post graduates with specialization of Banking. Insurance Companies can also call for Commercegraduates and post graduates with specialization of Insurance. Industrial segment are also call forCommercegraduates and post graduates with specialization of accounting skill including Computer Technology.

Key report findings include:

* Over 6.1 million students were taking at least one online course during the fall 2010 term, an increase of 560,000 students over the previous year.
* The 10% growth rate for online enrollments far exceeds the 2% growth in the overall higher education student population.
* Thirty-one percent of higher education students now take at least one course online.
* Reported year-to-year enrollment changes for fully online programs by discipline show most are growing.
* Academic leaders believe that the level of student satisfaction is equivalent for online and face-to-face courses.
* 65% of higher education institutions now say that online learning is a critical part of their long-term strategy.
* There continues to be a consistent minority of academic leaders concerned that the quality of online instruction is not equal to courses delivered face-to-face.

Previously underwritten by the Alfred P. Sloan Foundation, the report has been able to remain independent through the generous support of Pearson, Kaplan University, Inside Higher Ed and the Sloan Consortium. As a result of the partnership with Pearson
the free distribution of the report this year will for the first time include an option for an eBook version.

Conclusion:

With a growing emphasis on information, globaleconomy, Higher Education was viewed as increasingly essential for the world'spopulation. Information Technology and Mobile Technology is now forcing education sector to change according to the need of the time. The most emerging dimension of the Business and Commerce education in the 21st century is the need for Business School to use technology and make it integral part of course contents. Education now becomes an industry, there is explosion of technologies and knowledge in all sphere. The quality of Commerce Education has become a major marketing issue in the changing environment. As per specialization, a practical training should be provided to the students. By making relevant and practical oriented Commerce Education, we may impact global competitiveness to our students. As a part of the society the social awareness among Commerce students is the emerging need of present time.

REFERENCES:

1. Indian Higher Education, K.B.Powar, Concept Publishing House, New Delhi.2002
2. Business Education in India, V.Gupta and K.Gollakota, IBATJournals of Management.
3. Net Impact, Mission Statement, Electronic Document. Making the Grade- Online Education in  the United States 2006, Allen, I.E. and Seaman.
5. Commerce Education, A.B.Ghosh, Sultan Chand and Company, New Delhi.1969
6. Emerging Trends in Commerce and Management, Santosh Gupta, Published in University News41 (05) 2003
7. Recent Trends in Commerce and Management Education, Dr.V.V.Khanzode, Strling Publishers Private Limited.1990
8. National Policy on Education1986 an Appraisal, DoabaHouse, New Delhi.1989
9. Commerce and Management Education in India,Ed.K.V.Sivayya,Ashish Publishing House, New Delhi.1990
10. Higher Education in India, Moonis Raza, Association of Indian University, New Delhi.
 


Dr. Sanjay Shankar Mishra
Prof. & Head of Commerce Department
Govt. T.R.S. College
Rewa (MP)

Dr. Anu Maheshwari
Guest Lecturer of Commerce
Govt. T.R.S. College
Rewa (MP)
 

Source: E-mail November 12, 2013

          

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