MBAUniverse.com recently got the privilege to interview Mr. K. T. Chacko, Director, Indian Institute of Foreign Trade (IIFT), New Delhi. Our journalists Ms. Sreetama Datta and Ms. Manvi Garg went to the scenic campus of IIFT Delhi to interact with Mr. Chacko, who took some time out of his busy schedule.

Mr. Chacko took over the position of the Director at IIFT Delhi in March 2007 on a five year term. He is considered as an expert on Indian foreign trade and its development. He has held several important and responsible positions in the Ministry of Commerce, Government of India.  Mr. Chacko did his Masters in Public Administration from the Harvard University, USA specializing in areas such as International Trade and Monetary Policy.

In this exclusive interview Mr. Chacko talks about IIFT and its admission procedure, about the trends in management education, and also gives his suggestions to MBA aspirants on how to mould their career in the management domain.

Before we proceed further to read the interview it would be good to know something about this renowned management education institute. IIFT was set up in 1963 by Government of India. The Institute’s flagship program is MBA (IB), which is offered full time as well as part time.  It even offers working professionals a unique opportunity through its Executive Masters Programme in IB and Certificate Programme in Export Management.

Excerpts from the Exclusive Interview:

Q: How would you like to describe your journey so far?  What have been your important milestones in your journey?

Mr. Chacko: I feel that I have had a satisfying experience in the field of foreign trade and its development over the years. I have been highly associated with the International Trade for a long span of 15 years, since I started my journey way back in 1980’s. I have been deeply involved in the issues related to India and its foreign trade. On the whole, it has been a great and successful journey.

Q: What are the factors that have contributed to the growth of IIFT over the years?

Mr. Chacko: See, it is very important to adopt a strategical approach, if you really wish to have plethora of success. Our approach consists of following the twin ideals of Management Coordination and Rigorous Selection Process for students. We continuously strive towards retaining and improving the faculty of our esteemed institute. Even the students who study at IIFT are selected after undergoing an exclusive competition. As we only take around 180-200 students in a batch the competition is really tough and only the best get finally selected. Most importantly, the support by Government of India financially has contributed to the growth of IIFT over the years.

Q: What are the key differentiators that makes IIFT brand unique?

Mr. Chacko: At IIFT, we believe in retaining knowledge and accordingly building up the mind-set of our faculty. We have been working with international experts so that the process of incorporating the latest trends in management education gains momentum. We have developed a quality Faculty Development Program that focuses on the varying trends in the dynamic environment of International Business.

Q: What are the key features of the MBA-IB programme?

Mr. Chacko: The specialization that we offer in the field of International Business lends to our students an in depth knowledge of normal business management. The electives in MBA (IB) are more inclined towards International Business trends. One could do a major in Finance or, a major in International Business and a minor in Finance. This could happen for different areas of specialization. In today’s global competitive scenario, the issues of IB are of great significance and much relevance, even for a domestically oriented company.

Q: How has IIFT been able to create new benchmarks in Placements with its range of overseas assignments?

Mr. Chacko: Our range of overseas assignments has helped IIFT students to a great extent. Now, both domestic and global companies find our students able and competent in every aspect. There is excellent grounding on Cross-Cultural Management (CCM) issues in MBA classes at IIFT. We focus on almost all aspects of MBA education, whether it is International Marketing, Finance, Logistics or Supply Chain Management.

At IIFT the students learn the things in the context of international business arena. Due to this they are able to receive the best compensation.

Q: What is your opinion on the mushrooming private B-schools?

Mr. Chacko: See, what I feel is that it is quite easy to arrange for any foreign faculty visit to your institute by paying him/her handsomely. You could even arrange for tie-ups with top management institutes abroad. No institute would disagree to your proposal.

Q: Moving on to the present day, the format of many MBA entrance exams is getting changed with movement towards the computer-based test (CBT)? Does IIFT have some similar plans? What is your take on the computer-based test?

Mr. Chacko: IIFT has been thinking about establishing a computer-based testing system, but we cannot establish it until and unless we have the capacity to ensure a completely glitch-free testing experience for the test takers. The computer based test is more popular in foreign countries in a much wider window. But we cannot have a very wide window. We need to do some more study on the CBT before deciding the future course of action.

Q: The IIFT admission process consists of Essay Writing, Group Discussion and Personal Interview. How would you like to describe the significance of each of them vis a vis selection of students?

Mr. Chacko: Undoubtedly, Essay Writing is an important tool of the selection process for MBA programs. The students get an opportunity to ‘articulate their ideas in black and white’.  As per our Marking Scheme, we give 65% weightage to the written exam, 10% to Essay Writing, 10% to GD and 15% to PI. 

During GD & PI, we look in a candidate for rational thought-process. We believe that there is no right or wrong answer to any question. Our objective is to judge the logical reasoning behind the candidate’s response.

For us the most important aspect of the interview process is checking what is in the mind of the candidate. Our core objective is to find out whether the candidate has leadership mindset or not, which is tested by seeing his conduct in a group during the GD round. The objective of the GD round is not to monopolize but to ensure equal and balanced contribution from all.

Hence, Essay Writing, GD, PI carry a lot of significance in the selection process at IIFT, as it is our fool proof way of evaluating the MBA aspirants.

Q. What is the reason behind not giving any weightage to past academic records and work experience in the final selection of candidates?

Mr. Chacko: We don't have any separate weightage for past academic records or work experience. We believe that the qualities that we are looking for get reflected during the Essay Writing, GD and PI round. We don’t need to see past academic records as we believe that a student who does not have a good academic background will never be able to pass our entrance exam. We also don’t need to check candidates’ years of work experience as we can clearly judge his wisdom during the GD round. We further believe that a fresher can also have good leadership qualities, which often is latent and needs to be tapped.

Q. What special schemes do you have for students who are from economically weaker sections of the society?

Mr. Chacko: We have a provision for ‘Merit-cum-means Scholarship’, where we provide 100% subsidy to economically backward students. As per this provision, their annual family income must not be exceeding 2.5 lakh.

Q: What message would you like to give to the MBA aspirants who dream to study at IIFT?

Mr. Chacko: My key message is: ‘Never Aim Low in your Life. You must always look for the stars’. Don’t ever under-estimate your capacity to reach for greater heights. The MBA aspirants who wish to be part of IIFT in the near future must possess proven capabilities of addressing issues at their own level of knowledge. They should keep in mind that the ‘Power to Articulate’ is the path to success. Most importantly, they must invest time on themselves and grow constantly. Only then, can you be a part of this great institution.

Stay tuned to MBAUniverse.com for more exclusive interviews with Deans and Directors!