MBA and PGDM courses do have equal value when it comes to career prospects. Having a PG diploma instead of a degree is certainly not considered to be a drawback. In fact, it’s the reputation of the university or institute and your capabilities matters the most for your professional career.
MBA: Stands for Master in Business Administration.
PGDM: Stands for Post Graduate Diploma in Management.
MBA: A Master in Business Administration (MBA) is a degree course offered by the colleges affiliated to the universities. So, only universities can offer MBA programmes.
PGDM: A Post Graduate Diploma in Management (PGDM) is a diploma course offered by the institutes that are recognised by the All India Council for Technical Education (AICTE) and which are autonomous and not affiliated to any university.
A student pursuing MBA will be studying more of the theoretical aspects of management. An MBA institute will be following a fixed curriculum based on the university guidelines.
An autonomous institute does not have to follow university standards, so it is free to change its curriculum according to industry standards and change in the business environment.
Famous MBA institutes in India:
- Faculty of Management Studies, University of Delhi, Delhi
- SIBM (Symbiosis Institute of Business Management), Pune
- NMIMS (Narsee Monjee Institute of Management Studies ), Mumbai
- IIFT (Indian Institute of Foreign Trade)
- JBIMS (Jamnalal Bajaj Institute of Management Studies), Mumbai
- IMNU (Institute of Management, Nirma University)
Famous PGDM institutes in India:
- IIMs (Indian Institute of Management)
- XLRI (Xavier School of Management), Jamshedpur
- SP Jain Institute of Management and Research, Mumbai
- NMIMS (Banglore/Hyderabad)
MBA or PGDM: How should you decide
Here is how you can decide between the two:
- Decide your MBA Goals: If your goal is to join the corporate world, then PGDM or MBA makes no difference. What matters is your learning at a B-school. So, faculty, curriculum, industry-integration of a B-school is most important. However, if your goal is to get another academic qualification at a low cost, MBA fits the requirement well.
- Decide your MBA Budget: This is an important consideration since the MBA fee ranges from Rs.25,000 at FMS Delhi to Rs. 21 lakhs at IIM Ahmedabad. No doubt the financial assistance in the form of study loan is available to pursue the MBA programme from all the banks and financial institutions in India, you need to weigh all the pros and cons based on fee structure and your financial ability.
Since it is not possible for everyone to get 99+ in CAT and be a lucky one among 200 candidates to get admission in MBA programme at FMS, Delhi, there are good MBA colleges with low fee structure in the range of 2 to 10 lakhs in Delhi, Mumbai, Pune, Bangalore, Chennai, Ahmedabad where you can pursue your MBA/PGDM. However, before moving ahead, you should also see the Return on Investment that you would get after completing your MBA.
How to choose a B-school
While this article is about an MBA or PGDM, following are the key parameters to choose the right B-school or College:
- Placement record
- Ranking of the B-school
- Legacy & Reputation of the B-school
- The fee of the B-school
- Student-faculty ratio
- Quality of peers/students joining the MBA/PGDM Program
- Location of the B-school