The IPM is divided into a 3+2 structure, i.e. first three years of undergrad and then two years of the flagship MBA program.
In this article, we will be talking about the course structure of the undergrad part of IPM and why is it needed for management students. The last 2 years is an MBA and has a course structure similar to MBA in any top B-school; hence we won’t be covering that here.
To begin with, the degree awarded for IPM undergrad part is B.A. (foundation of management studies) from IIM-Indore.
The IPM academic year is divided into trimester, unlike most of the undergrad degree, i.e. we have three terms in a year, while most of the colleges have two terms(semester) in a year. This makes scheduling a bit hectic with more exams, but that is pretty much manageable.IPM has a very strict 80% attendance criteria.
Each term has nearly 31-33 credits to be completed.
1 Credit = 5 classes of 75 minutes each
Now, moving on to subjects that IPMers study.
IPMers study a mix of several disciplines including courses from Mathematics, statistics, Humanities, Computer science, Economics etc.
For the first-year student have a choice between Dance/Drama/Music to choose from for a four-credit course for every term of the first year.
In 2nd year, students have an option of choosing one foreign language from German, Spanish and French and complete a 4 credit course for the same.
Please note that the degree awarded is a B.A. degree, but do not think that the course is like a traditional B.A. degree(or a BBA degree for that matter).IPM actually has a unique course structure, and in my view, no degree title can justify the course structure.IIM-I awards B.A. degree so that the students don’t face any problem later on in their career since they now have a B.A. degree, which is accepted, by everyone.
The course distribution is as follows-
As you might have noticed, the third year has a lot of electives which are very interesting. Apart from regular courses, the students have an option of doing a CIS project(Like research project) under a faculty in 3rd year. They are awarded credits for it.
Now,we move on to why are these subjects needed for future managers?
IIM-I belives that the core for management education lies in the 4 foundation pillar of management-The 4 pillars are namely-Economics, Statistics, Humanities and mathematics.IPMers are taught all these in the first three years itself. What I personally love about IPM is that in the first class of the day we might be solving a Numerical analysis question and in the very next class we might be discussing the Cuban missile crisis
1)Statistics– It is very relevant to today’s world. The world is generating more data than ever. Data is the new commodity. Nearly every business decision in data driven now and managers need to understand how to work with numbers.IPMers are taught hardcore statistics courses in probability, regression, stochastic methods.
2)Humanities– I understand that the traditional mindset is about considering Humanities as an inferior subject, but the truth be told Humanities subjects like Sociology, political science and psychology are very useful/essential for Managers. It gives a wider perspective of the world. Nearly every subject nowadays has a “behavioural” aspect to it. (eg. Behavioural economics, behavioural finance, etc.).
Similarly studying sociology gives you a perspective of how societies form and work, which might be useful in a career. Political science is again a very important subject. What you need to understand is whatever you study might not have an immediate monetary benefit; it doesn’t mean it is not worth it. In the long run, it is going to help.
No doubt that statistics etc. are very, very important but running and analysing plain numbers alone isn’t the key; you always need to have a wider perspective. This is indeed an advantage that IPM has over other such courses at the undergrad level. Humanities course is what makes IPMers stand out.
FYI nearly every subject course of humanities the first class is about ‘why’ do managers need that particular humanities subject
3)Economics-Goes without saying, you can need an understanding of markets and economies in order to be a successful manager. Not only that, I believe everyone should study a bit of economics irrespective of their profession
4)Mathematics-It is the foundation of other courses and skills; you will need it while studying stats and economics. Any modern-day problem solving involves the