In India most of aspiring managers who want to pursue their career in
management studies to give a boost to their careers are very often a
confused lot. They want to get the maximum return on their fees and
hence do everything it takes to get a degree from one of the renowned
B-Schools of the country. In an attempt to make it to IIMs, XLRI or
Symbiosis, these students are willing to spend as much time and money as
required. They join coaching classes, take practice exams and have mock
interviews to make it to the best of the lot.
However, one thing that really confuses them is to go for a MBA from
a recognized university or PGDM (Post Graduate Diploma in Management)
from IIMs. Let us help you understand the basic difference between the
two in India :
1) Only universities can offer Degree Programmes: In India only
those management institutes which are affiliated to a university can
offer a degree. For this reason institutes like Department of Management
Studies (LUMBA), University of Lucknow, GBTU & MTU affiliated
colleges can respectively offer MBA degree. Also IIMs, though being the
best of the lot, can't offer MBAs as they are not affiliated with any
university. Institutes which are not affiliated to university are
autonomous and can offer PGDM (Post Graduate Diploma in Management)
degree. However, some of these programmes are approved by regulatory
bodies such as AICTE.
2) Difference in focus of course curriculum: While there are huge
similarities in the curriculum of both MBA and PGDM, there are finer
points of difference. While MBA focuses more on theoretical aspects of
management and is more exam-oriented, PGDM has a focus on building soft
skills and is industry-oriented. It prepares you for the job market.
3) Curriculum of PGDM course is flexible: Since an autonomous
institute does not have to follow university standards, it is free to
change its curriculum according to industry standards and change in
business environment. Also a PGDM gives you an industry exposure.
Whereas it will take time to change the curriculum for MBAs as it is
affiliated with a university and it will essentially follow the
university guidelines and changing this curriculum is a very slow
process.
4) MBAs are more affordable: In compared to PGDM, generally MBAs are
more affordable as the fees are almost similar to university standard.
You can get a rough idea if you compared the fees of IIM and FMS.
5) Difference in focus: An MBA will help in developing technical
skills and business knowledge whereas a PGDM will prepare graduates for
senior level positions in industry and paves the way for a strong
corporate career. Hence, if you're looking for a career in the
challenging area of management, you should go for PGDM.
However, one should remember that it is not important whether a
student pursues PGDM or MBA. The institution where he is studying is of
supreme importance and enhances their employability. If you pursue your
management studies from a reputed college which is recognized and offers
decent placements, then your chances of employment and going abroad get
enhanced.