Business aspirants have a lot of work to do, considering the demand for skillset and high levels of competition. However, one thing that works in their favor is the number of education options they can choose from. The students are bombarded with so many options of business degrees that it’s quite easy for them to get confused and question, “What should I do next?”
If you, too, are facing a similar dilemma, we’re here to help. In this article, we will discuss three of the most popular business education options – MMS, PGDM, and MBA.
Master in Management Studies (MMS)
If you’re considering pursuing an MMS degree, you can expect to get a detailed understanding of various business specializations, like marketing and finance. MMS is a two-year management degree offered by the Mumbai University. While the eligibility to get a seat in this program differs based on the State’s required assessments, you will most likely have to pass a standard entrance test, which consists of aptitude, group discussions, writing ability, and interviews rounds.
Most students opt for MMS degrees as no work experience is required, and students can complete this course directly after college. Moreover, MMS is also less competitive and cost-effective as compared to MBA and other courses.
Master of Business Administration (MBA)
MBA is the most popular degree you can achieve to get entry into the business field. This degree lays the foundation for primary business education and provides intellectual growth through practical training. It’s a two-year degree course, and the curriculum focuses on technical and theoretical business practices.
In India, MBA degrees are exclusive to universities due to education regulations in the country. However, institutes who have an affiliation with universities can grant the degree as well. An MBA degree is more expensive than an MMS degree. However, it costs lesser than PGDM.
To pursue an MBA, you need to complete your undergraduate studies from a recognized university from the Association of Indian Universities (AIU). Most universities require a score of at least 50% in their undergraduate degree. Moreover, a standard aptitude test and entrance test is mandatory. Reputed universities also consider your scores of CAT, CMAT, GMAT, MAT, XAT, ATMA, etc.before giving you a seat. Finally, you will be tested in group exercises, interviews, wiring ability, and previous academic performance, before securing a seat.
Post Graduate Diploma in Management (PGDM)
A PGDM is an advanced course, compared to MMS and MBA. As the name suggests, PGDM is not a degree and a diploma. That being said, pursuing a PGDM can be extremely useful due to the concepts taught in their courses. In some companies, individuals with a PGDM qualification are preferred.
As mentioned previously, degrees need to come from universities or from institutions affiliated to universities. However, as PGDM is a diploma, a lot of autonomous institutes voluntarily choose to stay away from university affiliations while granting a PGDM. The main reason for this is that under the university system, the curriculum is somewhat rigid, and constant updates and keeping up with the industry trends is not possible. Hence, institutes get recognition from the All Indian Council for Technical Education (AICTE) to grant PGDM qualifications. Moreover, by getting accreditation from the Association of Indian Universities (AIU), the PGDM qualification becomes equivalent to an MBA. Hence, PGDM holders are still eligible to pursue a Ph.D. degree in India.
The PGDM program usually lasts for two years, as one year PGDM programs are not equivalent to MBA degrees. During the span of these two years, students receive information about necessary business foundations and practical training to keep up with the ever-changing industry demands. Similar to MBA degrees, most institutes will accept students who have an undergraduate degree with a minimum score. Candidates will also have to pass a primary entrance and aptitude test along with group exercise, personal interviews, and written ability tests. It is also important to note that a PGDM qualification is very well recognized within the Indian and international job markets.
In the end, what degree you want to pursue next entirely depends on what you want to accomplish in your career. The industry you want to work in plays a crucial role in making this decision as well. Regardless of the qualification, you decide to pursue it’s essential to conduct proper research on your chosen programs and the subjects various B-schools offer. If you’re still on the fence, feel free to contact us at N.L. Dalmia, wherein we can help you take the next step to advance in your career!