What is MBA?
The Master of Business Administration (MBA) is an internationally-recognized degree designed to develop the skills required for careers in business and management. The value of the MBA, however, is not limited strictly to the business world. An MBA can also be useful for those pursuing a managerial career in the public sector, government, private industry, and other areas.
Types of MBA
An MBA comes in many different shapes and sizes or in a wide variety of formats. The most common types of MBA courses are as follows: Full-time MBA, Executive MBA, Part time MBA, Correspondence Course, Distance MBA Courses, Online MBA courses…Aah! Quite a mind-boggling choice
Delivery methods will vary based on your program, but courses may be conducted in person, online, or a hybrid of both. When considering your program options, you’ll want to weigh factors such as experience, location, and employment status as you evaluate which MBA program is right for you.
Each one has its pros and cons. Though there is no single best format, the full-time MBA format can get you the biggest bang for your buck.
The MBA is currently the most popular professional degree program in the world. Today there are over 2,500 MBA programs offered worldwide; most are offered in English. First introduced at universities in the United States around the turn of the 20th century, MBA programs have evolved to keep up with the demands of the times.
Key Differences between PGDM and MBA:
Before selecting the course one has to know the difference between and choose the right one for the career which is suitable & convenient to you; as the decision is in your hands.
| S. No. |
|
PGDM |
MBA |
| 1 |
Recognition/Affiliation |
Autonomous bodies which means they are not affiliated to any university, they are independent and take own decisions. |
MBA colleges are recognized by the universities and strictly follow their rules, they are not independent.
|
| 2 |
Curriculum |
Changes depend upon the real world business environment |
Follow one single core curriculum, provided by the university and will change once every 3-5 years. |
| 3 |
Difference in course |
Helps you to develop market systematic industry oriented training and awareness into real life business circumstances, soft skills as well. |
Helps you to develop theoretical aspects of management, technical skills, and more exam oriented. |
| 4 |
Course Fee |
Fee vary depends on the quality of PGDM colleges. Average is between 5-10 lakhs |
The fee for MBA at government universities and colleges are low. Ex: FMS Delhi college is charging RS 25,000 for two years MBA. |
| 5 |
Award |
Diploma |
Degree |
| 6 |
Course Duration |
Two Years |
One/Two Years |
| 7 |
Exams Organized by |
By Individual Institute / College |
By Universities |
| 8 |
Entrance Exams |
PGDM colleges can select from one or many of 6 approved exams: MAT, GMAT, CAT, XAT, CMAT, ATMA |
MBA colleges follow university rules which are governed by the state government and they have state-level exams like TAN-CET, MAH-CET, MET-MP. And also self-examinations like SNAP, TISS, NMAT, IRMA, IBSAT |
| 9 |
Top Most Institutes/colleges |
IIM’s, IMI, IMT, TAPMI, XLRI, SPJIMR, MDI, ISB, GSIB |
Government Affiliated universities like Anna University, Bangalore university etc. JBIMS Mumbai University, IIFT Delhi Deemed University, FMS Delhi University. |
Top Reasons to choose PGDM
1. Industry oriented course structure
The course structure of PGDM is such that it is more industry-oriented as compared to MBA. Since autonomous institutes offer this course, therefore the curriculum is kept in accordance to the latest developments. Also, PGDM has a more practical approach.
2. Specialization in Any Field
PGDM lets you specialize in your areas of interest. For example, if you choose to go for a specialization in Human Resource Management, then you can choose minor subjects like marketing/ Finance/IT/Project management which gives you an edge over other candidates.
3. Preference for Higher Studies
Many reputed Business schools in India, as well as Abroad, give preference to PGDM students over MBA students. This is due to the practical insight which PGDM offers and MBA which is more theoretical lacks. Hence it gives you an advantage over other students provided it is done from a reputed institute.
4. Real-time Business World Experience
In PGDM, students are given immense exposure to the real-time business world through rigorous classroom studies, meetings with top business leaders, management internships and various other similar ways. These techniques help the students to get comfortable with the business environment and makes them job ready.
5. Better Placement Offers
Institutes with PGDM courses provide attractive placement offers since they are autonomous in nature.
7. Job Oriented Programme
8. Learning Opportunities
9. Better Financial Aid
It is easier to get education loans if you study in an AICTE approved business school. In private or national banks, students can easily avail loans and complete their studies without any burden.
10. Job-Related Skills
PGDM makes your job ready for the leadership and managerial skills you learn. These skills help you in surviving the competitive corporate world with ease
Top Reasons to choose MBA
Good MBA programs offered by top Government or Private Universities are compatible to the best management courses offered by any B-school in India. For example MBA from FMS Delhi, IIFT, JBIMS, XIMB, NMIMS, SIBM are the most sought after management courses that have commercial orientation and the PGDM offered by other top B-schools and IIMs goes hand in hand with them. Although both MBA and PGDM are similar in outcomes in terms of employment prospective, there are still some differences as shared below:
1. MBA a Degree programme
At the end of an MBA programme, students are conferred with MBA degree instead of a Post Graduate Diploma. You do not need any AIU equivalence certificate to accompany your MBA degree while to prove that you have done MBA an equivalence certificate is needed with PGDM.
2. MBA has Global acceptability for employment
At the international level, MBA degree is well recognized for global employment opportunities and is acceptable by all the recruiters. Top B-schools in the world offer MBA degree and not PGDM diploma. .
3. MBA degree - requirement for higher studies abroad
If you wish to pursue higher studies like doctoral programme abroad, it is the MBA degree that makes impact and is acceptable. Foreign universities need your MBA degree instead of diploma to offer you admission in Ph.D/Doctoral programme.
4. MBA backed by University
MBA degrees are awarded by Universities. There is uniformity in education, learning among all the University affiliated colleges. Besides, students do not have to exercise so much caution while opting for MBA course offered by the University or University colleges as they carry all the university related credentials as again the private PGDM colleges who sometimes may not follow the AICTE norms meticulously.
5. MBA Fee structure is low
University or university affiliated MBA colleges offer MBA at a lower fee than PGDM programmes. This is true as FMS – University of Delhi offers MBA at Rs.25,000/-; JBIMS-University of Mumbai offers MBA at Rs.6 lakhs (Recently revised upwards); PUMBA-Pune University offers MBA at Rs.1.50 lakhs; Bangalore University MBA fee is Rs.54000/-.
Not only this, the same college that offers University MBA and AICTE approved PGDM has a low fee structure for MBA and higher fee structure for PGDM.
6. Legacy of MBA
Except the PGP programmes offered by IIMs and few other top B-schools, MBA programmes are much older. For example, FMS - Delhi University is 60 years old; JBIMS Mumbai is also more than 50 years old.
These MBA colleges have created a huge alumni base as compared to newer PGDM colleges. This helps in high placements also. The Parliament has recently passed the IIM Bill which seeks to empower all the IIMs to confer MBA degree instead of PGDM.
"Where should I do my MBA?" This is a question that many management aspirants ask themselves. For some, it makes sense to stay locally, while others might find better opportunities (or just a great adventure) somewhere else.
You can do your MBA locally
Many people decide to do their MBA where they are already living. This option is good for those who are generally happy where they are, and don’t need international experience. It can be also easier on the budget, as tuition for residents can be less expensive than for non-residents; for some there may not be the added expense of relocating.
People who are generally happy with their career or just want an edge in their current job might consider doing a part-time MBA or an online MBA program, which can be adapted to the needs to working professionals.
You can do your MBA to gain international experience
In an increasingly globalized world, many people find that having international experience gives them an edge in business. Doing an MBA in another country can help with this, in that students are able to spend a year or two abroad building their international business skills.
For example, non-native English speakers often decide to do their MBA in the UK or the USA to help with their language skills. And MBA programs which offer internships or consulting project components can allow students to experience the business world in another country first-hand.
You can do your MBA where you want to work
Some people use an MBA as leverage to move to a country where they want to live and work. For those who want to move elsewhere, an MBA can provide some of the necessary ingredients, such as networking opportunities, and connections to local businesses. However, people who want to move to another country need to be conscious of issues like language, visa availability, and culture, all of which can complicate the transition.
Some MBA rankings list schools in terms of “international mobility,” based on the percentage of graduates who end up in a different country from where they are from.
Where should I do my MBA?
This is a question that many management aspirants ask themselves. For some, it makes sense to stay locally, while others might find better opportunities (or just a great adventure) somewhere else.
You can do your MBA locally
Many people decide to do their MBA where they are already living. This option is good for those who are generally happy where they are, and don’t need international experience. It can be also easier on the budget, as tuition for residents can be less expensive than for non-residents; for some there may not be the added expense of relocating.
People who are generally happy with their career or just want an edge in their current job might consider doing a part-time MBA or an online MBA program, which can be adapted to the needs to working professionals.
You can do your MBA to gain international experience
In an increasingly globalized world, many people find that having international experience gives them an edge in business. Doing an MBA in another country can help with this, in that students are able to spend a year or two abroad building their international business skills.
For example, non-native English speakers often decide to do their MBA in the UK or the USA to help with their language skills. And MBA programs which offer internships or consulting project components can allow students to experience the business world in another country first-hand.
You can do your MBA where you want to work
Some people use an MBA as leverage to move to a country where they want to live and work. For those who want to move elsewhere, an MBA can provide some of the necessary ingredients, such as networking opportunities, and connections to local businesses. However, people who want to move to another country need to be conscious of issues like language, visa availability, and culture, all of which can complicate the transition.
Some MBA rankings list schools in terms of “international mobility,” based on the percentage of graduates who end up in a different country from where they are from.
What is an MBA concentration or specialization?
Concentrations or specializations are akin to college majors. They usually consist of courses that a student takes in a specific subject on top of normal core MBA or PGDM curriculum. Concentrations have grown in popularity in recent years, and some schools, require students to choose a concentration. Every day new avenues are being opened up in the world of business and companies look for individuals who possess the required skills and expertise to carry out the operations in those areas. This is where the importance of 'MBA specializations' comes in. Being a student of MBA, you will have numerous options to choose from as your subject of specialization.
The core courses in an MBA program cover various areas of business such as accounting, finance, marketing, human resources, operations, and statistics.
The list of the most popular MBA specializations in no particular order is as follows:
- Marketing
- Human Resources
- Finance
- Information Systems
- Consulting
- Entrepreneurship
- Operations Management
- Logistics Management
- Business Analytics
- Rural management
- Health management
- Agribusiness management
- Hospitality management
List of other MBA specialization based on Industry
While the earlier list focused on functional specialization, you could also have an industry focus. Here’s a representative list of industry specialization.
- Marketing
- Human Resources
- Finance
- Information Systems
- Consulting
- Entrepreneurship
- Operations Management
- Logistics Management
- Rural management
- Health management
- Agribusiness management
- Hospitality management
How do I pick the right MBA concentration or specialization for me?
With so many different concentrations and specializations, choosing only one or two might seem like an impossible decision. But there are plenty of ways that you can figure out the right concentration or specialization for you. Talk to professionals at career fairs. Make a list of the aspects of your previous jobs and internships that you liked, and the aspects you disliked, and find out which concentrations emphasize the positive aspects. Take a Myers-Briggs Type Indicator test to find out your strengths. Attend networking events, read job descriptions, research average salaries and job duties. For more details talk to our expert or contact us at www.shikshaadvisor.in
Most business schools offer panoply of concentrations, but some of the most common ones are:
Consulting
A concentration in consulting can prepare MBA students for a career in a management consultancy, or as an internal consultant in a firm. Those students wishing to work in consulting roles in a specific industry—in information technology or healthcare, for instance—can choose to pursue a secondary concentration in that area.
Finance
Finance concentrations can help students enter careers in fields such as financial services, banking and risk management; or prepare students for corporate finance positions in other firms. This concentration is typically considered one of the most financially lucrative options.
Marketing
A concentration in marketing can help a student build a career in marketing, either as a marketing manager at a company or at a specialized marketing firm. Marketing professionals are more in demand than ever these days, thanks to the increased competition created by the Internet and globalization.
Global/International Business
This concentration prepares students to lead globally by educating them on the international business environment and the role that government plays in business.
Technology or Information Technology
Students who choose one of these concentrations can pursue a career as a data manager, IT consultant, as a strategist who uses technology to improve a business, or to work in a technology firm like Apple, Google, Facebook, or Microsoft.
Operations Management or Supply Chain Management
Concentrations in operations management or supply chain management can help students learn the ins-and-outs of logistics management and other operational and supply chain issues. Professionals with these skills are in high demand due to an increasingly complex international business system.
Strategy
A concentration in strategy can help students find jobs as strategists in specific industries, or help them become general strategy consultants.
Entrepreneurship
Entrepreneurship students will learn how to start a company or implement new initiatives in an existing company. This concentration can also be helpful for MBAs looking to get into related fields, such as venture capital.
Corporate Social Responsibility (CSR) or Sustainability
A concentration in CSR or sustainability can boost careers for students who want to work in nonprofits or sustainable companies, or for those who want to work in sustainability roles in other firms. In this concentration, students learn to work for the so-called "triple bottom line," which prioritizes profit, the planet and employees.
Top Institutions list
- 1. Indian Institute of Management Bangalore
- 2. Indian Institute of Management Ahmedabad
- 3. Indian Institute of Management Calcutta
- 4. Indian Institute of Management Lucknow
- 5. Indian Institute of Management Indore
- 6. Indian Institute of Technology Kharagpur
- 7. Xavier Labour Relations Institute
- 8. Indian Institute of Management Kozhikode
- 9. Indian Institute of Technology Delhi
- 10. Indian Institute of Technology Bombay
- 11. Indian Institute of Technology Roorkee
- 12. Management Development Institute
- 13. Indian Institute of Management Udaipur
- 14. Indian Institute of Management Tiruchirappalli
- 15. Indian Institute of Technology Madras
- 16. S. P. Jain Institute of Management & Research
- 17. National Institute of Technology Tiruchirappalli
- 18. Great Lakes Institute of Management
- 19. Indian Institute of Management Raipur
- 20. Symbiosis Institute of Business Management
MBA/PGDM Entrance Exam
Not Every MBA Entrance Exam syllabus is the same, but most of them share some common topics like Quantitative Ability, Logical Reasoning, and Data Interpretation. Some exams like XAT and GMAT includes some topics like Decision Making and Analytical Writing Assessment.
Generally, below are the most trending entrance exams in India to get admission in MBA/PGDM colleges.
- 1. CAT- Common Admission Test
- 2. XAT- Xavier Aptitude Test
- 3. GMAT- Graduate Management Aptitude Test
- 4. CMAT- Common Management Admission Test
- 5. MAT- Management Aptitude Test
- 6. ATMA- AIMS TEST FOR MANAGEMENT ADMISSIONS
- 7. NMAT- NMIMS Management Aptitude Test
- 8. SNAP- Symbiosis National Aptitude Test
- 9. IIFT- Indian Institute of Foreign Trade
- 10. IRMASAT- Institute of Rural Management Anand Social Awareness Test
- 11. MICAT- MICA Admission Test
- 12. TISSNET- Tata Institute of Social Sciences National Entrance Test
- 13. MAHCET-Maharashtra Common Entrance Test
These are the most popular and top MBA entrance exams preferred by the students all over India.
INTERNATIONAL/GLOBAL: Quality business schools generally require that candidates have at least a few years of professional work experience before starting an MBA program. Applicants are also asked to submit Graduate Management Admission Test (GMAT) or Graduate Record Examinations (GRE) scores, academic transcripts, letters of reference, and an essay or statement of purpose that reflects why they want to pursue an MBA. Non-native English speakers usually have to prove adequate English skills with TOEFL or IELTS scores, or through previous academic experience.
