What do MBA and PGDM stand for?
MBA (Master of Business Administration) is a degree, while PGDM (Post Graduate Diploma in Management) is a diploma program. As per the norms of the UGC, Colleges/Institutes affiliated to a university can offer MBA degrees. The autonomous/private Business Schools which are not affiliated to any university can offer the Post Graduate Diploma in Management (PGDM) programs.
Hence, even apex institutions like IIM, XLRI, and SPJIMR offer PGDM and not the MBA degree since these institutions are autonomous bodies and are not affiliated to any university. As such, there is no difference in what is being taught in PGDM and MBA.
Which is better: MBA or PGDM?
In an MBA degree, you will be provided with theoretical knowledge of management concepts and practices. Theoretical knowledge may be useful if you want to get into research. Also, MBA syllabus is not amended very regularly as the college offering MBA has no authority to change the syllabus. This can be a major deterrent in the management arena because the real business environment is very dynamic and full of sudden unexpected changes. Hence, the MBA degree is more academic and theoretical in nature.
The PGDM programme, if done from an above average business school, will drill you with efficient training and will give you insights into real life business situations. It is more practical in nature. Since autonomous business schools have freedom to change syllabus, the PGDM programme will be structured in a manner most suitable to the real business environment.
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