IS PGDM REALLY WORTH THE MONEY ?
PGDM was born as a result of the industrial revolution. Different fields such as accounting, operations, Human Resource, marketing emerged and a need to collectively teach students these fields was felt. PGDM started in the USA, which remains the largest market for PGDM jobs, and slowly spread to the UK, EU countries. It is definitely a preferred degree for senior level management roles for big, global companies.
Will PGDM always remain the preferred degree?
Not sure. Degrees have emerged with time and gone out of fashion with time. World Wars created awareness about R&D in basic science. Increasing global and complex nature of business caused a need for people management and collective business education. Economics got divided into microeconomics and macroeconomics.
It is probable that in future some new forms of education/degree may emerge, maybe an extension or variation from current education subjects/styles. But in near future, I believe PGDM is going to be a strong degree to have for solid career growth.
What Value is added by PGDM?
fast-changing world: With the dawn of the internet, doing business has become simpler, faster. Companies often expand past their home country. These global companies need people with a global mindset who can work in a diverse culture. A business school is a good place to become aware of and experience this (specifically EU business schools, who have 95% international students, US B-schools having around 30–40% international students ) Business Education: There is no better place to get a balanced business education its depend on requirements and needs. Some argue that they can take online courses or read books to gain PGDM level educational level knowledge. This can be true but it is far from being a fact. Business schools are places where experts, knowledgeable people work hard to prepare dense and relevant content for you. Their experience in collecting, summarising and developing the content from massive data and books. Often, these professors are leading researchers in their fields of study, and are a few steps ahead of what has been published in books or online articles. Learning from them is a better option than searching for business education materials from the mountain of books and online tutorials. What you will learn in class: You are sure to be surprised to see the breadth and depth of knowledge of your PGDM class have diverse class is often a goal of the PGDM admissions team as well. Learning from friends is fun, easy to understand and everlasting. Soft skills: You will be discussing, expressing, promoting, competing, organizing, advising, coordinating. There is a lot of opportunities to learn soft skills and it is very important successful in business. Networking: This is the most commonly spoken-about reason for doing a PGDM. It is true as well. because creating a network is very important for every business. If your PGDM class is 400 strong, you may not be able to know all of them over the tenure of your PGDM, but you will know a large number of them, and even those whom you do not get to know will (possibly) respond and help you out in the future. People who have some work experience will agree that getting a job is not important by just clearing an exam or getting Xyz marks in an entry test. As you progress along your career, new job opportunities will emerge for you from the existing network, referral etc. Money, brighter than sunshine - sweeter than honey: This is something naturals people grow in age, family, happiness, doing good etc. may become important. But nothing brings a spark in a young 20-something working guy than telling him/her that a PGDM will double his existing salary (the increment is overrated, but there is an increment). The broad view: Many people work in one segmented job in a specific industry for years. as a Result, you end up having a narrow view of a small pie of the business world we live in. A PGDM shows you the broad view of things, what things were, why they changed, how they are going to look like in the future. This is a magical realization, that is bound to happen, in some lecture or case study, and when it happens, it is a good feeling! The better part of this is that it happens more than once! This is a key experience for me and many of my PGDM friends. It makes you feel sad, happy, and a bit smarter and older.Skill development: You will learn the standard and latest frameworks used by businesses, say in analytics or corporate valuation or supply chain etc. This is good for your career and this is a well-debated topic and often PGDM and those aiming for a PGDM are called as money loving people with a negative connotation. I think that ambition is a good thing, making more money a personal choice, and PGDM like a supplement. PGDM does not guarantee more money but for sure lifts you to a platform where higher salaried jobs are located.
When I start talking about philosophical things, it is a good time to summarise. A PGDM is a personal choice and a long term investment on your career that will prove to be a safe career choice, if not the best one but a safe choice.