Getting an admission to the Faculty of Management Studies (FMS) 25 years ago was not that difficult. A lot has changed since then, and I am not talking about just management education.

Businesses are far more dynamic than they used to be; newer ways of business, getting customers, marketing and selling are evolving every day; and global competition means you are constantly facing newer challenges.

Although management schools are trying to keep themselves abreast of the latest happenings in the corporate world and include them in the curricula, a gap still exists. But that's not because B-schools aren't on the ball: it's because there's only so much you can learn in a classroom.

I am not denying the importance of the basic management concepts and analytical skills that you learn in B-school, but when you enter the real world, you face a new challenge everyday -- there's a new learning every day.

Management graduates need to understand that the I-know-management approach won't work in the real world. What stands you in good stead is constantly honing and sharpening the skill sets you have acquired.

Another thing that no management school can teach you is leadership qualities. After you reach a certain level, management is more about manpower management than numbers, strategy and management decisions.

Ultimately, what matter are interpersonal skills, the ability to lead your team and practise open dialogues. Some interpersonal skills are those acquired and some are inherent.

That's why while I practise a lot of what I learnt at FMS, a lot of what I have been able to do was because I am open to learning at work, keeping an eye out for any new strategy and business model on the block.

As told to Prerna Raturi

Rajiv Vij is CEO, Hertz India. He graduated from the Faculty of Managment Studies, Delhi University, in 1981.