Done with graduation? Now what? As you may know, nowadays just getting an undergraduate degree is not enough. To reach your true potential and get a great career, you need to do a post-graduation course. There are many such courses available, but management is the way to go. Along with providing a high level of education, management courses also develop a students personality. So, management is definitely the right choice. But theres a catch here too. There are multiple management courses to choose from.
The Master of Business Administration (MBA), Post Graduate Diploma in Management (PGDM), and Master of Management Studies are the three best and most popular choices in management courses. Of course, you cannot do all three, so in the following article, you will find a detailed comparison of the three courses. Based on that comparison, you will be able to make up your mind which management course is the right one for you.
Since all three are popular management courses, a detailed comparison is required to know the differences. You have to measure these differences against what you want from your PG course, and to know which one is the right one for you.
So, heres the detailed comparison based on the differences in MBA, PGDM, and MMS course:
To be able to do any of the courses, you need to clear eligibility criteria. The criteria are different for each course and are a differentiator for you to consider.
MBA eligibility criteria – You need to be a graduate with more than 50% and above as the final score in recognised degree from a recognised college. You also need to clear an entrance exam like CAT, MAT, XAT, SNAP; whichever is required by the MBA college.
PGDM eligibility criteria – To be eligible you also need to have 50% or more as your graduation score in your degree. But you can also graduate in a course thats Indian or interaction that is equivalent and recognised by the Association of Indian Universities (AIU) or University Grants Commission (UGC).Some PGDM colleges require you to clear entrance exams.
MMS eligibility criteria – The eligibility criteria for MMS is exactly the same as for a PGDM, and allows students to have a degree that is equivalent to bachelors degree. The only requirement is that this course should be recognised by the AIU or UGC.
Curriculum is the specialisations and subjects you will have to study during the course. Since the delivery of each course is a little different, theres a difference in the curriculum as well.
MBA Curriculum – The MBA is the course that tries to balance between theoretical knowledge and practical experience. Many students start their management education with this course; therefore, theres more stress on creating a strong foundation. For this, the MBA curriculum has:
PGDM Curriculum – The PGDM is a more industry-oriented course, so theres more importance given to practical subjects in the course. The idea is to build competence in core subjects each semester. For this, the PGDM curriculum has:
MMS Curriculum – The MMS course is also created to have a focus on practical learning, but theres also due importance given to theory and foundations of business. Most MMS course curriculums look like the following:
The cost factor is the fees you will have to pay for the course. This is important to know as budget is a strong parameter for choosing a postgraduate degree course. Therefore, knowing about the cost factors is definitely going to help you choose the right course for you.
MBA Cost – The MBA has a wider range when it comes to considering the cost-factor because the MBA course is provided by almost all the top universities in the country and private autonomous universities and institutes as well. Currently, the cost or fee range for an MBA in India ranges from INR 40,000 to INR 30 lakhs. MBA course fees are cheap in government-aided universities.
PGDM Cost – The PGDM course is industry-oriented and includes a lot of industry interaction. Therefore, the starting fee for this course is quite high. Most PGDM courses are autonomous in nature, so there are very few courses from government-aided universities. The fees for PGDM in India range from INR 2 lakhs to INR 25 lakhs.
MMS Cost – This is probably the most affordable course of the three. The fee range is quite less compared to the other and the reasons could be that the MMS course is not as widely available as them. Currently, the fee range is from INR 2 lakhs to INR 10 lakhs.
The scope and demand of a course will let you understand how popular it is amongst students and even recruiters.
MBA Scope – The scope for MBA is high with MBA graduates from reputed institutes getting jobs in the best companies in the country at unbelievable salaries. However, in the recent few years, the popularity of MBA has dwindled, partly because of the rise of courses like PGDM and MMS.
PGDM Scope – PGDM has a lot of scope and demand in India owing to the fact the course is industry-specific. Recruiters actively seek to employ PGDM graduates owing to the ease with which they integrate into their job without the requirement of too much training.
MMS Scope – The scope and demand for MMS graduates has been growing steadily in the country. More and more universities and institutes are starting to offer this course. MMS graduates also land good jobs in good multinational companies and earn high salary figures.
An important parameter to consider, if not the most important parameter to consider is salary. The following are average figures and ranges to give you a near accurate idea of the kind of salary to expect.
MBA Salary – The salary for an MBA graduate ranges from INR 3.5 lakhs to INR 14 lakhs with INR 8.5 lakhs being the average figure.
PGDM Salary – The salary for a PGDM graduate ranges from INR 2 lakhs to INR 15 lakhs with INR 7.5 lakhs being the average figure.
MMS Salary – The salary for an MMS graduate ranges from INR 3.5 lakhs to INR 13 lakhs with INR 6.5 lakhs being the average figure.
The salary figures can differ owing to the institute you do your course from, the specialisation you choose, the company and industry you land a job and the economic conditions of the country.
There are a few differences in the skills required for each course. You can match these requirements with your skills to which course is right for you.
Skills required for an MBA:
Skills required for a PGDM:
Skills required for an MMS:
The nature of the job is mostly about the type of industry and sectors you are likely to find a job in.
MBA Nature of Jobs – MBA students mainly find a job in the private sector, but many public sector companies have also begun hiring them realising the benefits of having professional managers. With ample experience, MBA graduates can become consultants as well.
PGDM Nature of Jobs – PGDM graduates also have high demand in both the private and public sectors. Some PGDM graduates use their knowledge gained in the degree to join their family business or become entrepreneurs. Many even take up jobs in education.
MMS Nature of Jobs – MMS graduates get mostly hired in the private sector. They quickly get hired for jobs that are technical or finance-related in nature.
Pros & cons are positive and negative attributes. These pros and cons will further help you assess which is the right course for you.
Here are a few MBA pros & cons:
MBA Pros – It is still one of the best management degree courses with a high rate of students getting jobs with good salaries.
MBA Cons – The popularity of the MBA degree is on the decline and theory-based education is finding fewer takers.
Here are a few PGDM pros & cons:
PGDM Pros – This is an industry-oriented course that prepares students to join the workforce and immediately be productive. Recruiters actively look for PGDM graduates. The PGDM course is quality-controlled by the AICTE.
PGDM Cons – Affordable PGDM courses are hard to find and many students opt for alternatives owing to the cost.
Here are MMS pros & cons:
MMS Pros – This is an upcoming course that aims to put management courses within reach of all students with high affordability, and has a heavy reliance on financial and technical education.
MMS Cons – The MMS course is still not known and is yet to get market penetration as good as MBA and PGDM. Slightly harder to find jobs because of the anonymity of the course.
Return on investment (ROI) is important because to do a postgraduate course, you invest a lot of time, money, and efforts. Even though ROI is dependent on many factors, the ROI of each can prove to be the real difference-maker.
MBA ROI – The return on investment for an MBA is good, especially if you do it from a good MBA institute and land a good placement.
PGDM ROI – Similar to the MBA, PGDM also has a good ROI. A good, AICTE-approved course will get you started in a good job with good pay. But the high fees of PGDM reduce the ROI rate a little bit.
MMS ROI – Mainly owing to the low popularity of the MMS course, the ROI is less compared to the other options. But the popularity of MMS is growing and the course will catch up in popularity and value.
Considering all the parameters mentioned above, the MBA and PGDM courses are close to each other in value and deliver and are clearly better than the MMS course. Though the MMS course may catch up in a few years, in todays competitive scenario, MBA and PGDM graduates have an advantage.
However, none of it would matter if you are not doing the course from the right institute. The right institute will ensure you get updated education and start your career in a company where you learn and earn well. So, after deciding between MBA, PGDM, and MMS, you can put some effort into finding the right institute.
You can save yourself some effort and get in touch with the counsellors at ASMs Institute of Business Management & Research (IBMR). The institute has both an MBA and a PGDM on offer. The MBA course is highly rated as one of the best in the state, and the best feature of the PGDM is that it is a dual specialisation course, giving you expertise in two subjects. Admissions are open but get full fast, so get in touch soon.