Master of Business Administration (MBA)
The Master of Business Administration (MBA or M.B.A.) degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approaches to management. The core courses in an MBA program cover various areas of business such as accounting, applied statistics, business communication, business ethics, business law, finance, managerial economics, management, entrepreneurship, marketing and operations in a manner most relevant to management analysis and strategy.
Most programs also include elective courses and concentrations for further study in a particular area, for example accounting, finance, and marketing. MBA programs in the United States typically require completing about sixty credits, nearly twice the number of credits typically required for degrees that cover some of the same material such as the Master of Economics, Master of Finance, Master of Accountancy, Master of Science in Marketing and Master of Science in Management.
The MBA is a terminal degree and a professional degree. Accreditation bodies specifically for MBA programs ensure consistency and quality of education. Business schools in many countries offer programs tailored to full-time, part-time, executive (abridged coursework typically occurring on nights or weekends) and distance learning students, many with specialized concentrations.
Full-time MBA programs normally take place over two academic years (i.e. approximately 18 months of term time). For example, in the Northern Hemisphere they often begin in late August or early September of year one and continue until May or June of year two, with a three to four month summer break in between years one and two. Students enter with a reasonable amount of prior real-world work experience and take classes during weekdays like other university students. A typical full-time, accelerated, part-time, or modular MBA requires 60 credits (600 class hours) of graduate work.
Accelerated MBA programs are a variation of the two-year programs. They involve a higher course load with more intense class and examination schedules and are usually condensed into one year. They usually have less down time during the program and between semesters. For example, there is no three to four-month summer break, and between semesters there might be seven to ten days off rather than three to five weeks vacation. Accelerated programs typically have a lower cost than full-time two-year programs.
Part-time MBA programs normally hold classes on weekday evenings after normal working hours, or on weekends. Part-time programs normally last three years or more. The students in these programs typically consist of working professionals, who take a light course load for a longer period of time until the graduation requirements are met.
Evening (second shift) MBA programs are full-time programs that normally hold classes on weekday evenings, after normal working hours, or on weekends for a duration of two years. The students in these programs typically consist of working professionals, who can not leave their work to pursue a full-time regular shift MBA. Most second shift programs are offered at universities in India.
Modular MBA programs are similar to part-time programs, although typically employing a lock-step curriculum with classes packaged together in blocks lasting from one to three weeks.
Executive MBA (EMBA) programs developed to meet the educational needs of managers and executives, allowing students to earn an MBA (or another business-related graduate degree) in two years or less while working full-time. Participants come from every type and size of organization – profit, nonprofit, government – representing a variety of industries. EMBA students typically have a higher level of work experience, often 10 years or more, compared to other MBA students. In response to the increasing number of EMBA programs offered, The Executive MBA Council was formed in 1981 to advance executive education.
Full-time executive MBA programs are a new category of full-time 1 year MBA programs aimed at professionals with approx. 5 years or more. They are primarily offered in countries like India where the 2-year MBA program is targeted at fresh graduates with no experience or minimal experience. These full-time executive MBA programs are similar to 1 year MBA programs offered by schools like Instead and IMD.
Distance learning MBA programs hold classes off-campus. These programs can be offered in a number of different formats: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or video conference, offline or online computer courses. Many schools offer these programs.
Blended learning programs combine distance learning with face-to-face instruction.These programs typically target working professionals who are unable to attend traditional part-time programs.
MBA dual degree programs combine an MBA with others (such as an MS, MA, or a JD, etc.) to let students cut costs (dual programs usually cost less than pursuing 2 degrees separately), save time on education and to tailor the business education courses to their needs. This is generally achieved by allowing core courses of one program count as electives in the other. Some business schools offer programs in which students can earn both a bachelor’s degree in business administration and an MBA in five years.
Mini-MBA is a term used by many non-profit and for-profit institutions to describe a training regimen focused on the fundamentals of business. In the past, Mini-MBA programs have typically been offered as non-credit bearing courses that require less than 100 hours of total learning. However, due to the criticisms of these certificates, many schools have now shifted their programs to offer courses for full credit so that they may be applied towards a complete traditional MBA degree. This is to allow students to verify business related coursework for employment purposes and still allow the option to complete a full-time MBA degree program at a later period, if they elect to do so.
There are many business schools and colleges in India offering two-year MBA or PGDM programs accredited by AICTE or UGC.
The Indian Institutes of Management are among the world’s most selective schools according to Bloomberg magazine. They offer a post graduate degree in management. There are 20 IIMs in total, 12 of which were established after the year 2010.
Post Graduate Diploma in Management (PGDM)
A Post Graduate Diploma in Management (PGDM) is a diploma course offered by the institutes that are recognized by the All India Council for Technical Education (AICTE) and which are autonomous and not affiliated to any university.
Most of the young graduates who possess one or two years of work experience in the management field think about pursuing a professional course to advance in their career. When it comes to a management degree, many enthusiasts often get confused between Master of Business Administration (MBA) and Post Graduate Diploma in Management (PGDM). Aspirants assume that there is not much difference between the MBA and PGDM programs, other than the name. It is very important for an aspirant to know the difference between both. When both
WHY TO CHOOSE PGDM?The Post Graduate Diploma in Management (PGDM) course is industry-oriented and is updated according to the latest trends because the institutes are autonomous. Compared to MBA, the practical approach is more in the PGDM course. The specialisations are offered in both MBA and PGDM; however, the specialisation in PGDM will be more specific. For instance, if you choose HR as your specialisation, the other subjects such as marketing and finance will be minor. When it comes to MBA, candidates will know about all the subjects equally and will give little importance to the specialisation. As the practical approach is more in PGDM, besides real-time exposure to the business world, many companies abroad give preference to candidates who hold a PGDM. Apart from this, institutes that offer PGDM courses also provide great campus placements. The PGDM course is more specific and job-oriented compared to MBA. Due to its practical approach, students will experience more learning opportunities such as seminars and workshops. One who chooses PGDM also be well versed in the daily work skills required in any organisation.
Post Graduate Programme in Management (PGPM)
Post Graduate Programme in Management (PGPM) is a postgraduate Business Study Management course. It is the art and science of accomplishing certain goals with the usage and manipulation of human, financial, technological and natural resources.
Management also refers to individual/s who make decisions about how a business should run. The duration of Post Graduate Programme in Management is mostly of two academic years but it may vary from institute to institute and also may be on a part-time basis by certain institutes, and its syllabus is divided into four semesters.The eligibility criteria for PGPM is holding a graduate degree.
The PGPM education program teaching method stress the improvement of candidates’ skills, aptitudes and abilities to apply management theories and ideas to live issues of business and industry. Teaching methods include–lectures, case studies, seminars, assignments, live projects, group discussions, business games, outbound based experiential learning activities, educational excursions, role plays, simulation exercises, structured and unstructured group work, and field visits.
The emphasis is on involving the students in learning and helping them to relate concepts and theories to business realities. The programme helps students to acquire skills to identify and deal with complex problems of management. Consistent with advances in teaching technology, the programme integrates the use of computers (IT) in the learning processes.
industry. This is done to reflect current business needs in the educational modules. The program is intended to create conceptual knowledge and behavioral aptitudes in aspirants who wish to work in industry, government or different associations.
Master of Management Studies (MMS)
Master of Management Studies is a postgraduate programme in management studies. The course spreads over four semesters over a period of two years. The programme provides an insight into the core as well as specialized subjects in management.
The first year consists of 2 semesters which are designed for understanding the basic principles of business and the second year emphasizes on the core as well as special subjects such as marketing, finance, human resources, and operations. This programme is much more same as other professional management courses like MBA or PGDM.
Master of Management Studies course will help the students to gain adequate knowledge and practical skills in the candidate to plan and optimize resources for maximum productivity. Students have to undertake two months summer internship with an organization after the completion of the first year and
complete a live project. This summer internship is an amazing opportunity to unite academic concepts with live practical situations.
The professional course study helps the candidate to gain adequate skills in supervision and control of business activities and to plan and handle employees at the same time. The same acts as a platform to increase the knowledge base of the candidate and to acquire entrepreneurial skills. Master of Management Studies course study acts as base work for one to have doctoral level courses in Management. Further, the candidate can obtain a lucrative career in their interested domain of specialization.