It is no secret that being a successful entrepreneur can move you to the top one percent of the population. Entrepreneurship also has a very high pay-to-work hour ratio. Owning a business imparts freedom, freedom over your destiny, profits, and opportunities. It is also worth mentioning that this field has a substantial risk-reward ratio, which can be a deterrent for some, while at the same time a selling point. And an MBA can help with all that, however among two MBA or PGDM, which has more value? Is what we will be discussing in this article
The Indian government has also launched a lot of schemes for young entrepreneurs. The reason is that the entrepreneurs’ innovations and financial flow can significantly transform the economy, hence the government’s focus on entrepreneurship. The transformation/revitalization of the economy happens due to two reasons. Number one innovations stimulate further diffusion and creation of knowledge which drives the economy forward. Number two, successful businesses cause capital to flow into the region, which helps other businesses grow, and the process continues, leading to economic growth.
However, this happens if you become a successful entrepreneur. We cannot ensure an individual’s success, but we can increase the chances of success. And this is what needs to be discussed in this article.Let us discuss the academic path which leads to higher chances of success.
MBA or PGDM: Which Has More Value?
Let us first discuss what these two degrees entail before giving the verdict of whether an mba or pgdm which has more value. It is also helpful if we look at the specialisation options or dual specialisation MBA, what is more lucrative.
MBA is a professional degree designed for industry administration. The degree’s primary purpose is to train individuals who can demonstrate scientific management skills in the industry. Moreover, MBA is a technical degree, which focuses on theory. So MBA focuses on both the theoretical aspects and practical aspects of business management. This is done through various pedagogical means employed by the universities. MBA is notorious for its rigorousness. Rigorousness helps the school to develop individuals with great stress handling capacity and adaptability.
A postgraduate diploma in management (PGDM) is a postgraduate degree in business management that revolves around the philosophy that world-class leaders are not mass-produced. The individuals are nurtured and developed with personalized care. The students work in small teams focusing on practical and application-oriented ways in a user-friendly environment.
Now that we know what these degrees are, we can focus on the question MBA or PGDM, which has more value?
- MBA being a strenuous program allows for little flexibility in the curriculum. This definitely helps students to train for the corporate environment but is not ideal for entrepreneurship. Meanwhile, the PGDM course is more frequently updated and is flexible. This room for extra flexibility works wonders in entrepreneurship training.
- PGDM has more focus on individual students, which is apparent from the student intake of the institution. MBA institutes rake in about 500-1000 students, PGDM courses have a maximum of about 360.
- PGDM focuses more on the practical aspects of business, while MBA concentrates equally on both parts. Thus, producing more industrially ready individuals.
From the above points, PGDM seems more suitable from an entrepreneurial viewpoint.
PGDM imparts personal care nurturing the individuality of an individual critical for business success while promoting other qualities necessary for the businesses.
The MBA is more suitable for climbing up the corporate ladder and making your way to the top. At a glance, MBA looks to be a safer choice in terms of career. MBA makes it easier to get into the C-suite of the company. MBA offers lucrative placement salaries to the individuals making up for the strenuous curriculum.
Pay After Placement MBA
Sunstone university offers a unique pay after placement MBA and PGDM programs. The students are required to pay an initial registration fee of some amount. The student doesn’t have to pay tuition fees for 2 years of studying and can get trained for the industry. The students pay their tuition fees after the training depending upon the placement package. The student needs to pay total fees of about 10 times his gross monthly salary with maximum fees of ₹6,00,000. The fee is zero if you don’t get placed.
Ensured placement at the end of the MBA program lowers the already low risks to one’s career. Concluding this article, PGDM and MBA are both specialization programs in business administration. However, which program should be chosen depends on your future goal, the associated costs, and the university’s availability.