Students interested in earning an advanced degree may be considering the pros and cons of a Master of Business Administration (MBA) and a Post Graduate Diploma in Management (PGDM) and wondering, MBA vs. PGDM, which has more value? Although some may assume these programs are similar, there are several key differences between each course of study. Detailed information on both programs is outlined below.
Definition of an MBA
Students who have earned their bachelor’s degree often choose to advance their education by pursuing an MBA. This type of program is offered by most major colleges and universities and, in most cases, can be completed in about two years.
Students who wish to gain admission to an MBA program will likely need to take the Graduate Management Admission Test (GMAT) and adhere to other requirements as outlined by the school(s) to which they’re applying. However, some institutions offer test-optional programs, where applicants are not required to submit entrance exam scores.
The curriculum for an MBA is focused on management and leadership training and often includes coursework in accounting, finance, management, and marketing. MBAs are popular with professionals wanting to elevate their leadership skills and advance in their careers.
Definition of a PGDM
PGDM programs are designed for students interested in careers as supervisors and, much like MBA programs, they’re focused on providing students with management and leadership skills.
This two-year, postgraduate course of study is offered by overseas institutions, although the entry requirements are similar to those of an MBA program: applicants must have completed a bachelor’s degree (or have equal postsecondary education) and submit graduate exam test scores to be considered. However, the exact requirements may differ based on the school(s) to which the student is applying.
Differences Between an MBA and a PGDM
Whereas MBA programs are largely generalized and focus on skills that are applicable across a number of industries, PGDM coursework is more industry-oriented and specific. Popular specializations in PGDM programs include international business management, retail marketing and management, human resource management, business analytics, and financial market analysis, and each area of study allows students to develop industry-specific skill sets.
For example, students who enroll in a human resources program will focus on the skills and knowledge required for working in that field. Although they will still be exposed to coursework in finance and marketing, it will be minor compared to that of an MBA.
Reasons Students Might Consider a PGDM
Students interested in earning an industry-centric graduate degree are more likely to be drawn to a PGDM program. The curriculums are updated to match the latest industry trends, and students are often provided with practical exposure to their chosen industry.
In addition, internships and on-the-job project opportunities are available in PGDM programs, with the goal of helping students to build a reference network, increasing the opportunity for advance job offers.
Why an MBA Is Still the Preferred Advanced Degree
Professionals who are interested in advancing their career in the U.S. are likely to be better served by pursuing an MBA degree. Although MBA programs often allow students to concentrate their studies to align with specific industries—such as health care management, sports management, or finance—they also receive extensive exposure to skills that are applicable to any number of career paths.
Graduates of MBA programs often reach advanced levels of employability and earning potential. Data from the National Association of College and Employers predicts that the average starting salary for graduates who complete an MBA in 2019 will start at $84,580, which is roughly $25,000 more than the average starting salary for those with a bachelor’s degree.
MBA Program Designed to Meet Your Needs
The online Master of Business Administration program at the New Jersey Institute of Technology (NJIT) enables students to earn their MBA from a top-tier pubic university on their own schedule. The 100 percent internet-based coursework promotes managerial skill enhancement while providing students with the practical knowledge that can help them advance to the next step in their career.
Discover more about how an online MBA program from NJIT can enhance your earning potential and grow your career.