In India, the belief with which one joins this intellectual course is as same as the belief a person has with the river Ganga (the Holy river according to Hinduism). Like the belief with the River Ganga states "one dip in Ganga and all your sins will wash away"; likewise majority of the students who joins this course thinks that they just have to enroll for the course and their life is all settled.
The centuries long belief with Ganga has been misinterpreted. The real and apt interpretation according to mythology : "One who takes a dip in the river Ganga will do it because he/she accepts that they have done some sins and they will struggle hard to make sure that they wont do it ever again in their life". So the person who goes to Ganga have a goal that he/she will do good deeds and be pure. But in reality people have tailored this belief according to their convenience saying that "one dip in Ganga and you are sinless".
Same is the case with the MBA/PGDM course, people think this course to be an ATM machine, you insert you card (Fee) from one end and you get the cash (Great Placement) from the other end. But students forgets to understand that they need to work hard, understand the business scenario, groom themselves and so on. In this dream that just by having admission they will get placed well stops their growth and finally they end up getting jobs which otherwise an uneducated fellow may also deliver.
I would also like to discuss the fact that an MBA student from an average college struggles more than a student from IVY League college to get placed due to several reasons. The reason for this thinking of mine is : a student who gets admission in a Top B-school have to just focus on studies and assignments but a student from average B-School have to push themselves harder to get placed. The learning which one acquires in struggling is far much better than one which is bought through a brand name of the school.
I really appreciate what the lead character of Mr. Chetan Bhagats recent novel titled "Revolution 2020" says. He says "If you are in the top 20 Percent of the entrance exam rank holders then you are seen as a guy with intellectual brains,;if you don't belong to that league of 20 Percent, then you are seen as a good for nothing fellow". I think this loop hole in the education system has to be drastically change, the approving authority like AICTE , Ministry of HRD etc should not provide grants to the incapable institutions.