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MBA vs. PGDM: Understanding the Difference
With the rise of corporate culture as well as encouragement to entrepreneurship in India, more and more students are opting for management studies. There is no dearth of institutes and universities offering postgraduate programs in management.
In fact, Delhi & the NCR regions have close to 3,500 management institutes offering a wide range of courses all under the same academic bracket – MBA in Delhi. However, Indian students often find themselves faced with the choice of two such courses, namely MBA and PGDM.
Candidates are often unsure about the difference in titles as well as content. This leads to much confusion regarding which course one should opt for, and why. Here’s your guide to understanding the difference between the PGDM and MBA courses in India.
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Decoding the Terminology
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Although both courses essentially train you for managerial and leadership positions, there are quite a few technical differences. Perhaps the most striking among these are the formal names of each. What is MBA? – MBA, short for Master of Business Administration, is a post graduate degree. On the other hand, PGDM, which stands for Post Graduate Diploma in Management, is in fact a diploma.
Affiliation and Accreditation
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As MBA is a degree, it can only be offered by universities and institutes affiliated to universities. Their curriculum is accredited by the University Grants Commission (UGC). On the other hand, autonomous bodies like IIMs are not authorized to offer a degree. Therefore, their course, the Post Graduate course in Management is recognized as a diploma and is regulated by the All India Council for Technical Education (AICTE)
Academic Differences
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As mentioned earlier, while both courses aim to train you in management and administration, their approach differs significantly. While an MBA course tends to be more theoretical, a PGDM focuses on the technical aspects, providing exposure to real-life business situations. Also, a PGDM is very different than a one year PGP offered by many private institutes all across India. Another advantage of a PGDM is, as it is offered by autonomous institutes, the curriculum can be upgraded more frequently to include the new changes and trends in business management. However, if you wish to pursue higher education abroad, a PGDM is considered to be a diploma, while a university-affiliated MBA is counted as a degree, giving you a better standing.
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How it Impacts You Professionally
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In India, as well as overseas, both MBA and PGDM courses are regarded as having 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 is the reputation of your university or institute and more importantly, your professional capabilities that truly matter. Now that you have a better understanding about the differences between the two programs, evaluate the courses and choose as per your academic and professional preferences. (Get Direct Admission Top Mumbai Colleges Placement Review 2020 Session)
Other top majors and jobs/salaries
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Other MBA specializations for top jobs and salaries include Finance (median early and mid-career pay were $69,000 and $130,000), Business and Marketing ($62,000-$126,000), Marketing and Management ($64,000-$126,000), Information Technology ($72,000-$123,000), and Marketing ($62,000-$123,000).
In Finance, the top jobs and salaries were senior financial analyst ($64,000-$102,000), financial analyst ($47,000-$86,000), chief financial officer ($82,000-$240,000), finance manager ($66,000-$124,000), finance director ($75,000-$164,000), finance controller ($61,000-$143,000), and vice president (finance) ($99,000-$220,000). Employees with less than one year’s experience earned $53,000, with five to nine years $84,000, and with over 20 years $131,000. Among the top employers were Bank of America Corp. ($61,000-$118,000), the Bank of New York Mellon Corporation ($51,000-$154,000), and Citibank ($51,000-$152,000).
In Business and Marketing, the top jobs and salaries were marketing manager ($48,000-$114,000), marketing director ($66,000-$158,000), vice president (marketing) ($100,000-$186,000), product marketing manager ($60,000-$130,000), senior marketing manager ($73,000-$147,000), marketing specialist ($39,000-$70,000), and senior product manager ($84,000-$151,000). Employees with less than one year’s experience took home $49,000, with five to nine years $81,000, and with over 20 years $127,000. Among the top employers were 3M Company ($107,000-$138,000), Dell ($100,000-$125,000), and Amazon ($75,000-$129,000).
In Marketing and Management, the top jobs and salaries were marketing director ($51,000-$139,000), marketing manager ($39,000-$118,000), vice president (marketing) ($87,000-$227,000), product marketing manager ($42,000-$139,000), senior marketing manager ($101,000-$150,000), senior product manager ($105,000), and marketing coordinator ($50,000). Employees with less than a year’s experience received $46,000, with five to nine years $80,000, and with over 20 years $134,000. Among the top employers were Accenture ($158,000), Ernst & Young ($142,000), and Cognizant ($105,000). (Get Direct Admission Top Mumbai Colleges Placement Review 2020 Session)
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India salaries
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In India, the top MBA jobs include investment banker with fresher salaries between Rs. 9 lakh and Rs. 12 lakh per annum for graduates from the premier b-schools such as the IIMs. Professionals with five or six years’ experience may earn Rs. 20 lakh-Rs. 1 crore per annum, depending on the company and region, reports 100careers.com. Top employers include JP Morgan, Goldman Sachs, Merrill Lynch, CitiBank, Deutsche Bank, and HSBC. (Get Direct Admission Top Mumbai Colleges Placement Review 2020 Session)
Management graduates can also obtain employment in corporate strategy, business development, sales and marketing, finance, and HR. The general hierarchy tends to be from analyst, consultant, senior consultant, and manager or project lead, to partner, vice president and director. Freshers can earn Rs. 7 lakh to Rs. 9 lakh per year and professions with five or six years’ experience Rs. 15 lakh to Rs. 20 lakh. Top employers include Accenture, McKinsey, BCG, Deloitte, and Capgemini. (Get Direct Admission Top Mumbai Colleges Placement Review 2020 Session)
Other jobs include project manager (Rs. 4-5 lakh for a fresher and Rs. 19-20 lakh per year for an experienced professional); business development manager (Rs. 5.5 lakh-Rs. 16 lakh); marketing manager (Rs. 6 lakh-Rs. 19 lakh); SAP consultant/manager (Rs. 3 lakh-Rs. 12 lakh); business analyst (Rs. 5 lakh-Rs. 11 lakh); HR manager (Rs. 3 lakh-Rs. 16 lakh).
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