No doubt, the excellent theoretical backing helps management graduates to think and slot options quickly. But when faced with a situation that does not offer the support systems and resources that they "ought" to have (at least, according to the syllabus), then they are flummoxed.

I believe the true test of managerial capabilities lies in managing a project or situation successfully when you have imperfect information. There lies the essence of creativity and judgement in management. And no book or institution can give you that.

When trained graduates begin to think and act like entrepreneurs, looking at the bigger picture, using their knowledge and turning it into the art and science of being successful, taking quick decisions, getting the job done or, for that matter, chasing the pot of gold, that is when they begin to grow and emerge as true managers. In this entire transformation process, B-school training merely speeds up the learning process.

In the real world, a company's success depends on mapping and devising strategies for the multiple variables that could go wrong. While devising these strategies, the person needs to carefully co-manage both the logical and emotional aspects of those individuals who will execute the strategy.

This is where good interpersonal skills gain most importance. Gradually, every manager needs to experientially develop such soft skills to communicate and convince others about his viewpoint. No amount of theory taught in B-schools can teach you these finer aspects.