The demand for management education is seeing an upward trend in India and across the world. The main reason for this is the increased interest in entrepreneurship and the rise in employment opportunities for management graduates in the domestic as well as international market. According to annual survey from GMAC, the demand for management graduates from India is at an all-time high, and 71% of institutes are looking for professionals with Masters in Business Analytics, followed by Business Development, Marketing and finance.
When it comes to choosing a post-graduation study, most of the students are confused between MBA and PGDM. It is important to understand the difference between both these programs to make an informed decision that will enhance your career.
Understanding the Difference between MBA and PGDM
- Terminology
MBA stands for Master of Business Administration whereas PGDM stands for Post Graduate Diploma in Management. The former is a post-graduate degree, whereas the later is a diploma course in management. Although both these courses basically train students for management positions in various departments such as Finance, Marketing, HR, International Business etc. there is a difference in curriculum and pedagogy.
- Accreditations
The MBA certification can only be offered by universities recognized by the UGC and colleges affiliated to these universities. The course curriculum is accredited by the UGC (University Grants Commission).
On the other hand, the PGDM certification is offered by institutes that are accredited to AICTE (All India Council for Technical Education). This certification is offered by autonomous institutes such as ITM, which are accredited to the AICTE.
- Curriculum
One of the major difference between PGDM and MBA is their curriculum. While the MBA curriculum emphasizes on theoretical knowledge, the PGDM curriculum focusses on a hands-on approach, which provides practical exposure to the students.
The curriculum of Masters in Business Administration remains the same and is reviewed rarely, whereas the curriculum of PG diploma in management is reviewed regularly so as to make it on par with the industry requirements. Since the program is offered by autonomous institutions, the curriculum changes are more frequent and up-to-date.
- Job Prospects
There is not much difference between the two courses when it comes to employability. However, it is important to note that since most of the reputed institutions offer PG diploma courses, you can see more senior-level positions are grabbed by professionals with a PGDM certificate.
However, if you are planning to go abroad for further management studies, an MBA is considered as a post-graduate degree, whereas PGDM is considered as a post-graduate diploma.
- Personality Development
Since the curriculum of MBA is more theory based and research-oriented, students tend to have in-depth knowledge about different topics.
However, professionals with PG diploma certification are trained to be industry-ready as soon as they complete the course. The course places equal emphasis on theoretical knowledge, practical exposure and personality development. You will be trained in soft skills, team building, leadership and communication skills.
Now that you know the difference between MBA and PGDM, weigh the pros and cons of each course and choose the one that best suits your requirement.