Mangalore: In a reverse collaboration that signifies the growing internationalization of academic collaboration between Australia and India, Macquarie University on Tuesday inked an agreement with TA Pai Management Institute (Tapmi), Manipal, to set up a finance lab at its Sydney headquarters.
Prof Mark Gabbott, executive dean, faculty of business and economics, Macquarie University, said the varsity plans to set up a similar finance lab for their students. "Tapmi has research skills we want to tap into," he said.
"We were looking at institutions that are highly ranked and renowned. More importantly, we were looking at the faculty profile, student strength and their aspirations. We found Tapmi to be a potential collaborator, particularly in finance, health and management," said Prof Gabbott.
Tapmi is one among the three AACSB-accredited institutions in India and the top tier of business schools in India. A world-class finance lab, in association with Bloomberg India, was launched at Tapmi in 2014 at Rs 1 crore.
The trading lab is equipped with 16 Bloomberg terminals and supported by data feed from BSE and NSE. It gives students hands-on experience in investments and portfolio management, forecasting, risk management, and understanding of global financial management.
This lab provides students the knowledge and insights into real-time market situations while bridging the gap between financial theory and practice.
Macquarie University currently has about 300 Indian students. "We would like to have more. But our objective, at this point of time, is strategic partnership based on an integrated approach that includes student and staff mobility, coursework exchange, research training and academic collaboration," he said.
He said that cross-platform programmes may come in the future. "We will take it slowly. We believe there is plenty of opportunity for cross-platform programmes around finance and management,'' he said.
While Tapmi and Macquarie University have finance and banking as common focus areas, the latter has deep expertise in applied finance and insurance.
"However, we have a considerable gap in marketing and human resource management in relation to workforce planning and development. We have a research centre looking at the health economy," he said.
The university will also engage Tapmi academic staff in joint research projects, including a partnership that could result in a joint research partnership for PhD students as well. Prof Gabbott was accompanied by Prof Philomena Leung, associate dean, international and corporate engagement.
Macquarie University existing partners in India include IIM Ahmedabad, XLRI, Jamshedpur, SP Jain Institute of Management and Research, Mumbai, and IMT Ghaziabad.
This February, the faculty delivered an executive training programme jointly with CAFRAL (professional development arm of RBI) for 25 senior Indian bankers at their Sydney campus that allowed the faculty to showcase its unique strength in the area of applied finance.
The MOU was signed by Prof Gabbott and Prof Raghunath Rudran, acting director and dean administration, Tapmi.
While Tapmi and Macquarie University have finance and banking as common focus areas, the latter has deep expertise in applied finance and insurance. The Australian university will leverage this knowledge. It will also engage the faculty of Tapmi in joint research projects, which could result in a joint research partnership for PhD students.