MBA or PGDM: Which is a better course for you?
MBA or PGDM; are you bewildered about the course you should go for? Dont worry, you are one among many students having this confusion. Let us dig deeper into these two courses so that you can make up your mind for one!
MBA
The Master of Business Administration i.e., popularly known as MBA is a globally-recognized degree designed to develop the skills required for a career in business and management.
The value of an MBA degree, however, is not limited strictly to the business world. You do not need to have entrepreneurship goals to make the best use of the MBA degree. An MBA can also be resourceful for those pursuing a managerial career in the public sector, non-profit sector, private industry, and other areas.
When we talk about a secure and lucrative career, nothing can beat an MBA. After completing this erudite course, students can secure great positions in the management sector of the business economy. There are numerous streams and branches available from which you can choose one according to your own preference and interest.
MBA can be pursued in many disciplinary fields. Some of the most chosen fields are Marketing, Finance, HR, Entrepreneurship, etc.
MBA in marketing is the oldest stream of this course. If a company wants to improve its performance, it has to work constantly on its marketing strategies and skills which can break or make a company. If a product is very good in every aspect but its marketing is not done properly by the team then that product will not work well in the market.
An efficient Marketing Manager is always in demand because of what proper marketing can do to the companys sales. If you pursue an MBA in marketing, you can apply for a job as a Marketing Manager.
And according to a survey, there were seen a few sectors which are highest paying in the private industry and marketing is one among them.
Once you have made up your mind to pursue an MBA, the first thing you should do is choose a recognized college/university that offers an MBA degree. While selecting the institute, some of the things you should keep in mind are- placement, packages, faculty, etc.
MBA in finance is one of the hotshot courses in the present times and is also considered to offer great career opportunities in the coming years. There are a few things that remain unchanged no matter what kind of an industry you work in. Finance is one such field which is required in every sector, thus Finance Managers are highly in demand.
Insurance and finance companies are the biggest performers in the economy which is why they remunerate their employees well. MBA in finance is your ladder for a lucrative career.
MBA in Human Resource Human Resource Management has always been in demand and the need for HRM professionals will be extensively multiplied in the coming years.
Every company, big or small needs human resource to function. People can make or break the company, thus the process of HRM is very crucial and significant in an organization.
If you see the bigger picture, you’ll notice that HRM professionals are not only involved with recruitment but also in each and every step of an employees’ life in the company.
HR Managers have to tackle every issue that is related to the employees in an organization, be it transfer, salary, or any other small or big issue like exit, leaves, etc.
HRM professionals act as a strong pillar in a company. They are the ones who make sure that each and every employee is aboard with the company’s rules and regulations.
So, based on the above discussion, an MBA in HRM is a very good course choice. It certainly prepares you for a career that has job security, that is the most sought after factor in today’s job market.
When it comes to offering quality education with an exquisite infrastructure, School of Management Sciences, Varanasi stands ahead of its peer colleges. SMS Varanasi is among the top 50 business schools of India.
Only those universities or institutes can offer an MBA which are recognized by the education board and are affiliated with it. The course and curriculum of MBA remain the same for all universities/colleges as it is crafted to provide in-depth knowledge in business administration.
Also, read Why Should You Choose Digital Marketing Over Traditional Marketing In Our MBA?
MBA course is considered to be more theoretical than the course of PGDM. MBA offers in-depth learning of business administration subjects by increasing the students knowledge through curriculum structured to do so.
PGDM
PGDM or Post Graduate Diploma in Management is a 2-year, postgraduate course in the field of management.
The scope of PGDM is intensifying day by day, as numbers of jobs are increasing where managerial skills are required. As well as, in this booming economy of startups, you will require management expertise to succeed in your business.
PGDM is a diploma course offered by the institutes which are recognized by the All India Council for Technical Education (AICTE) and which are autonomous and not affiliated to any university.
Just like how the University Grants Commission (UGC) controls the universities in India, AICTE i.e., All India Council for Technical Education has control on both technical and management courses and also on colleges that are not under universities.
This course prepares the students with the conceptual knowledge of the subjects related to management and the industry requirements.
Management is a broad field. It offers a wide range of career options for students in its main fields, which are- Marketing, Finance, Operations, International Business, Business Analytics, HR, etc.
All these fields purvey numerous career options. And salary is no bar for the eligible candidates.
PGDM is a course that can be offered by colleges which are not affiliated with recognized universities or are not authorized to offer degrees. And therefore they offer Diploma courses which in a broader view come at the same level as an MBA.
This course will help you in developing systematic industry-oriented training and awareness of market into real-life business circumstances, and soft skills.
A number of colleges in India offer PGDM program, but it is important to pursue this course only at one of the top PGDM colleges in India and, if you looking for one of the best PGDM colleges in Uttar Pradesh, School of Management Sciences (SMS), Varanasi could well match-up your expectations.
The key differences (MBA or PGDM)
Affiliation and Accreditation - As discussed earlier, MBA offering colleges or institutes have to be affiliated by recognized universities, then only they are allowed to offer this course.
Whereas, PGDM can be offered by any college or institute without any affiliation from universities. These colleges are recognized by the All India Council for Technical Education (AICTE) and are autonomous in nature.
Syllabus - In most cases, the MBA course curriculum is designed by the university itself. The core syllabus (and sometimes even elective subjects) will be pretty much the same in two MBA colleges under the same university.
However, the curriculum of PGDM courses is determined by the individual institute. This gives certain flexibility to the course curriculum. Their syllabus undergoes a change according to industrial requirements every year.
Professional Approach - All over the world, both MBA and PGDM courses are regarded as having equal value when it comes to career prospects. To have a PG diploma instead of a degree is certainly not considered to be a drawback.
In reality, it is the reputation of your university or institute and more importantly, your professional capabilities that truly matter.
Cost - There have been observations which show that mostly MBA courses have a lower tuition fee than the PGDM courses. It may be this way because mostly MBA degrees are offered by government-approved universities.
These universities receive financial grants and aid from the government, making the MBA degree cheaper for the students. In the case of a PGDM degree, students have to bear the cost of the entire program.
However, this is not a rigid rule. There are MBA programs which charge high tuition fees as well, those are mostly private institutions.
Eligibility - MBA: Some government-affiliated universities and their colleges accept national level entrance tests like CAT or XAT or may also conduct their own entrance tests.
There are state-level entrance tests as well conducted by the state government affiliated colleges/universities, like MHTCET for Maharashtra, PGCET for Karnataka, TANCET for Tamil Nadu.
Some renowned private universities conduct their own exams like NMAT, SNAP, X-GMT.
PGDM: Admission in PGDM course is at the discretion of the university and its guidelines. However, B-schools can choose from one or many of 6 approved exams that are CAT, XAT, CMAT, MAT, GMAT, ATMA.
Admission in PGDM does not require you to be from a commerce background. In other words, you can be a graduate in any discipline and still be able to apply for a PGDM course.
Students who have completed their graduation from a recognized university and scored a minimum of 50% aggregate marks in their final results are eligible to apply for the admission in this course.
Future scope for Ph.D. or lecturership-
MBA: Students getting an MBA degree with a minimum of 55% marks are eligible to enroll for Ph.D. from Indian universities. Also, MBAs are eligible to teach UG students.
PGDM: Completing your PGDM with a minimum of 55% Marks will open doors for you to be eligible to enroll for Ph.D. from Indian universities. Also, after PGDM you can be a teacher to the UG students.
Top colleges for MBA or PGDM
MBA
Here are some of the numerous colleges that offer an MBA degree-
- Faculty of Management Studies, University of Delhi, Delhi
- SIBM (Symbiosis Institute of Business Management), Pune
- NMIMS (Narsee Monjee Institute of Management Studies ), Mumbai
- School of Management Sciences (SMS), Varanasi
- IIFT (Indian Institute of Foreign Trade)
- JBIMS (Jamnalal Bajaj Institute of Management Studies), Mumbai
- IMNU (Institute of Management, Nirma University)
PGDM
PGDM is offered by many universities. Some of the renowned institutes that offer PGDM are -
- IIMs (Indian Institute of Management)
- XLRI (Xavier School of Management), Jamshedpur
- SMS (School of Management Sciences), Varanasi
- SP Jain Institute of Management and Research, Mumbai
- NMIMS (Banglore/Hyderabad)
Why few offer MBA and rest offer PGDM?
This is one of the most commonly asked questions by the aspiring students of management.
As discussed earlier, an MBA course can only be offered by those universities which are affiliated to the recognized institutes of education. Whereas, PGDM courses are offered by many autonomous colleges as well which are not affiliated to any university.
PGDM is a diploma course and not a degree course, however, it does not make an impact on its value in the market, thus diploma can be offered by autonomous bodies as well.
Indian market does not really treat PGDM or MBA degree differently unless the MBA degree is earned by a university that has earned its brand value. In that case, an MBA graduate would be preferred. However, in the other scenario, there would be no such partiality between an MBA or a PGDM graduate as both the courses offer relevant skills for management.
Due to this reason, PGDM is offered more widely in India than an MBA.
PGDM, due to its autonomy, enjoys the benefit of updating its curriculum from time to time. Their course is flexible as it does not have to keep up with the standards of any university.
This gives them the advantage of making changes into the curriculum according to the industry upgradations. Changes in the business environment are frequent and thus the syllabus of a course also has to updated with the necessary changes.
A change in the curriculum of an MBA course will take months to be made, as it has to be suggested to the university first and then when they approve it then they can make the changes. Whereas, in case of a PGDM course, changes can be made as soon as the institutes research and development department approves it.
With the changing time, PGDM courses are evolving at the best. Over a period of time, most of the PGDM courses are adopting new tools and technologies that are essential for students so that they can be job-ready.
Before joining any course, students often live-in a dilemma whether this course will push them towards the desired goal or dream of my life or not?
Second but the most important thing that comes in everyone’s mind is how much money will I earn after completing the course? These are very common questions among new students.
Many students want to know which course would bear more fruits for them in the future. They want to know which is the course that will provide them job security and promise good remuneration after completion.
While both, MBA and PGDM, prepare the students to straight away dive into the industry and make good bucks, there are a few factors that have to be kept in mind before choosing the course for you.
Some factors that influence the salary structure are:
- College/university- The college or university you gain your degree from will impact your salary in many cases. Thus, students prefer to get admission into those institutes which have brand value in the market.
- Stream- The stream you choose in your course is very important. MBA is done in many streams, such as finance, marketing, HR, etc. It is important to choose your field wisely because that will make you have specialization in a subject and you get a good job opportunity directly in that field.
- Your skills- The most important factor that assesses your salary is your skills and aptitude. You could have a number of degrees and great marks in your examinations but if you dont possess certain skills to be in your field then you may not be able to make it in that field.
For example, you have completed your post-graduation through an MBA in HRM. You want to get into the HR industry but you lack communication skills. It will be very difficult for you to carry out interviews and make calls, thus it will not be a suitable field for you.
You should assess your skills first and then move ahead in the field that interests you that matches your skill-set as well.
If you possess good skills and aptitude for the job you have applied for, and you are eligible for it, the salary will not be a bar for you. That is, an organization would not lose a professional for a few bucks, there can be amendments made.
Read more: https://smsvaranasi.com/salary-after-pgdm-is-no-bar-for-eligible-candidates/
However, salary should not be the reason you choose your subject of study as it is a materialist factor. You should choose a course that enthralls you and gives satisfaction to your mind, that increases your knowledge and adds value to your personality as well.
We believe that now you must be having a better understanding of the differences between PGDM and MBA, you can evaluate the programs and choose as per your academic and professional preferences.