Dr. Ishrat Hussain restructured the IBA on modern lines. What was your motivating force in following in his footsteps?
I had known Dr. Ishrat socially and professionally for a long time before I joined the IBA in 2016 and was aware of the restructuring he had begun. Indeed, I would say that the motivating force behind my decision to take on the assignment at the IBA was my intellectual sympathy and alignment with the objectives of the change he had initiated.

What do you value most in terms of work ethics?
I value consistency in applying institutional rules as an important part of work ethics. Managers should not only make clear institutional rules but should also follow them consistently and transparently. Large

institutions should not be run on personal whims and preferences.

What are your strengths and weaknesses?
I believe my main strength lies in managing highly educated and independent-minded professionals. Such a group requires a fair amount of intellectual space and freedom but must also be persuaded to work towards institutional objectives. This is somewhat like conducting an orchestra. Each individual instrument player must be given room to express himself or herself but they must also be conducted in a way that generates harmonious music as a final result.

How would you look back at your journey as head of IBA?
It has been a very fulfilling journey. I have had the opportunity to advance certain initiatives started by my predecessor as well as to set in motion some new initiatives. I feel that I have had a guiding role in a great social and intellectual transformation that the IBA is undergoing.

What are the important milestones that you have achieved?
I leave IBA in a strong financial position to take on future challenges. Reserves and the endowment have both grown while our dependence on state grants has declined. Our student intake continues to be of the highest quality, whether measured by our own admissions tests or the SAT. Our faculty is improving over time, with many more PhDs being hired and quality research output rising. We have made IBA more accessible to a wider group of students, with financial assistance now being offered in the total amount of PKR 300 million per year to about 900 students. Our graduates continue to face decent employment prospects. While economic cycles can always change prospects, about three quarters of our students can expect to be employed within three months of graduation.

Do you think that we have enough business schools producing good managers and business leaders?
We do not have enough schools producing good managers and leaders. For example, there are around 140 registered business schools in Pakistan but only 20 are currently accredited by the National Business Education Accreditation Council (NBEAC), a local quality assessment organization to which universities apply voluntarily. This suggests that less than 15% of our business schools meet local standards for quality accreditation.

What are your comments on the HEC’s contribution to higher education in Pakistan?
The HEC has helped create more universities, more PhDs and more research in the last fifteen years. This rush for quantity has, however, led to many relevant institutions and individuals falling short on quality. The quality problem is partly reflected in the fact that the average pass rate in the annual CSS examination is less than 3.5 percent. It is also reflected in the fact that not many of our universities rank among the top 1000 places of higher education in the world. The current senior management at the HEC is, accordingly, rethinking the grand strategy of higher education in the country to emphasize quality over quantity.

'We do not have enough schools producing good managers and leaders.'

What kind of qualified young people would take Pakistan forward?
The industrialization history of the US and Europe and, more recently, of East and Southeast Asia, suggests that great economic progress is possible even with relatively low-skilled populations. So we do not necessarily need much more by way of qualifications other than good basic schooling to advance. But we do need good basic schooling. And we do need a system of economic governance that allows these young people to be absorbed in a growing domestic economy. We do not yet have that.

Is Pakistan making good use of its large youth population?
We are not making good use of our large youth population. The governance problems we face in public sector primary and secondary education have led to large numbers of relatively less skilled youth than should have been the case. The governance problems we face in providing an enabling environment to private investment has led to large numbers of youth not being employed in productive jobs and careers. Both governance problems need to be resolved if we are to convert the demographic burden of our youth bulge into a demographic dividend.

What are your future plans?
My future plans are to slow down a bit and spend more time with my wife and children and even grandchildren if any come along. I will continue to work in Pakistan for several months of the year on economic development matters as well as with the NBEAC. Finally, there’s a pile of unread books in my study that needs my urgent attention.