While traditional assessment methods evaluate students’ ability to recall and apply theoretical knowledge, authentic assessment methods train them to use higher-order thinking skills to tackle real-world problems. Strong industry relationships enable the kinds of assessments that prepare students for the modern workplace. Here are some strategies to employ, based on my experience running an MBA programme.
Establish an advisory board to guide collaboration
Begin by identifying mutual goals, needs and expectations to build lasting partnerships. Clearly define the expected roles of all parties involved and establish efficient communication channels from the start. One way to do this is to create an advisory board made up of industry experts, faculty and students. In these boards, industry partners provide mentorship and insight and facilitate site visits, faculty members use these insights to develop their programmes and students actively engage to strengthen their knowledge base.
Facilitate structured communication via:
• Regular advisory meetings (run quarterly or biannual meetings with clear agendas)
• Engagement during conferences and industry events (industry-led workshops, guest lectures, competition judging etc)
• Regular feedback mechanisms with realistic time frames in place
• The celebration of success milestones. Use these to recognise the contributions of all involved, evaluate the collaboration and foster trust and transparency.
Design industry-linked projects
Authentic assessments mirror the workplace. They may involve industry mentors who evaluate projects and provide feedback, reflective components or tech-enabled simulations and remote team projects.
In an MBA course, students learning about new product introductions could conduct field trials for the test launch of a new product. Or they could apply concepts they learned in the classroom to develop a minimum viable product for a business.
During these exercises, students learn about real-world constraints and benefit from mentorship while firms gain creative insight from students to enhance operations. Students’ work should be evaluated by both industry mentors (for day-to-day on-the-job performance tasks) and academic instructors (for appropriate application of theories, concepts and frameworks) using a co-developed assessment rubric that relates to a set of performance measures such as client needs, market feasibility, financial viability, scalability and innovation and creativity.
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Use simulations to build real-world workplace skills
Along with projects, organise industry-specific simulations in collaboration with industry partners to prepare students for uncertain and complex situations they may face in the workplace. Popular simulations used in MBA programmes that integrate theory with real-world industry challenges include:
• Strategy and general management simulations such as Capsim and Cesim, wherein students take on executive roles in imaginary companies, making decisions in areas such as R&D, marketing, production and finance. In these roles, they must ensure cross-functional alignment to balance short-term profitability with long-term strategy.
• Finance simulations such as Wall Street Survivor allow students to engage in stock market trading with virtual money to build and manage investment portfolios by analysing market trends and leveraging financial theories.
• Marketing simulations such as Markstrat require participants to manage the marketing division of a large company while operating in a highly competitive and complex market. It helps them understand key marketing concepts such as targeting and positioning, segmentation, conducting and analysing marketing research, managing a product portfolio, making R&D and advertising/salesforce decisions, etc.
• Operations and supply chain management area simulations such as Beer Distribution Game, which allows students to participate in a supply chain simulation where they manage logistics and inventory, and carry out demand forecasting. This simulation highlights the importance of coordination in supply chains and demonstrates the “bullwhip effect”.
• Human resource management area simulations such as Everest V3, in which players lead an expedition to the top of Mount Everest. The dramatic context reinforces student learning in group dynamics, covering leadership, communication and decision-making under pressure.
You can work with industry partners to customise simulation scenarios to reflect current market conditions, provide insights and feedback on student decision-making and share real-world case studies. In turn, industry partners can benefit from observing students’ strategic thinking and problem-solving capabilities, identify potential hires and test innovative ideas in a risk-free but high-pressure setting.
Industry-aligned simulations offer immersive learning with mentorship, real-world insights and structured feedback. This bridges the gap between academic learning and industry expectations, setting students up for professional success.
These examples of authentic assessment build students’ skills, preparing them for the job market after graduation. They also give organisations the chance to build relationships and learn from students.
Harini K N is an assistant professor and co-chairperson of the MBA International Business Programme at T A Pai Management Institute, Manipal Academy of Higher Education in India.
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