The Indian Institute of Foreign Trade (IIFT), one of the very few Indian B-schools to revise its curriculum annually, is awaiting the Centre’s sanction for its Rs 100-crore (third) campus in the south. KT Chacko, its director — who is a 1973-batch IAS officer, and has also been the Director General of Foreign Trade — in a tete-a-tete with LESLIE D’MONTE explains why IIFT is doing well and expanding, despite the slowdown. He also enumerates the steps taken to maintain the institute's relevance in a fast-changing world. Excerpts:
What makes you bullish when most B-schools seem to be lying low?
IIFT has certain domestic strengths acquired over the last four decades. As domestic companies go global, the institute’s domain expertise and specialisation become increasingly relevant. So, our summer placements, which got over in October, were satisfactory despite the slowdown.
While it’s true that fewer companies are hiring now, it’s also true that newer firms are coming to campus. For instance, we have started receiving more queries from public sector units (PSUs) and students are welcoming them. They see PSUs as providing more secure jobs. Also, the salaries that PSUs now offer (and after the sixth pay commission hike is implemented) are not that bad.
Last year, we had to send almost 50 companies back for lack of students. This year, those companies will have a better chance of getting students during final placements.
How was the response to the IIFT entrance (similar to CAT for other B-schools) exam?
We had around 40,000 students taking the exam for 180 seats — 120 in Delhi and 60 in Kolkata. Five seats go to non-resident Indians (NRIs) for which we consider GMAT scores. I believe the response will only get better in the coming years. With this in mind, we have proposed the setting up of a third campus in the South. Kerala had offered to host the campus. The proposal is pending with the Centre.
How do you keep the course content relevant?
We revise the curriculum every year. One of the reasons for this is that we are small, and are able to do so. Being a deemed university, we don’t need government approvals for the same. The curriculum at IIFT comprises core papers like international business strategy, international marketing research, international trade operations, etc.
Also Read
These reflect the concepts and trends in international business. Such courses are otherwise offered as electives by other institutes. The process includes in-depth external reviews of the course structure by eminent management education experts. The course details prepared by a faculty member are reviewed internally within the discipline groups on a regular basis before each trimester/semester. The discipline groups also invite two/three outside experts in their area and arrange micro-level external validation of the course contents.
We have also deepened our partnerships with the industry. For instance, we are conducting a Post Graduate Diploma Course for Larsen & Toubro. We had done an executive programme with the Oil and Natural Gas Corporation. We also conducted a certificate course with the Bombay Stock Exchange. The money we get from the courses is ploughed back for the development of the institute.
How do you motivate your faculty, especially as student packages get fatter?
We pay IIM-scale salaries. In addition, we also have a 180-point ‘work-norm’ for our faculty members. Those that exceed 180 points get Rs 1,500 for every extra point they gather from publishing articles in research journals or edit a book, etc. There are a few professors who have managed to get an additional Rs 2-4 lakh per annum because of this ‘work norm’.
The faculty are being sent abroad to gain international experience. The Pay Commission hike, once it comes into effect, will serve as an added bonus and lead to rationalisation of salaries. I must say with pride that over the last 18 months, we have recruited around 15 faculty member. Only 3 have quit and that too due to personal rather than professional reasons.
What’s the progress with regard to your global tie-ups?
We were in talks with a global B-school for an MBA consulting course, but plan to introduce the course next year on the back of the global slowdown. We are also in talks with UK-based Chartered Institute of Logistics and Transport (CILT), and plan to launch a certificate programme soon.