In India MBA education more or less began with the IIMs, though technically the oldest Bschool tag is claimed by Kolkata’s Indian Institute or Social Welfare and Business management (IISWBM). IIM Calcutta and IIM Ahmedabad were started about 50 years ago in collaboration with Sloan Institute of management, MIT and Harvard Business School respectively. Post liberalization there has been a boom in the number of Bschools as well as types of programs on offer for the student. In fact an aspiring student would be confused by the sheer variety of choices available. Let us try and classify these programs.
Based on Duration
2 year Full time programs These are based on the PGDM model of the IIMs. These are best for Fresh graduates as well people with 1-4 years experience who seek to get an entry to corporate careers. Since MBA is highly interactve program including case studies, projects etc, a Full time residential program has many advantages. Internship at the end of 1st year and Final Placement is provided at the end of the program.
1 Year Full time programs (Executive MBA) Started by ISB, Hyderabad and later by the IIMs and other Bschools, these program are meant for aspirants with 4+ years or experience. The program requires students to have a clear career plan such that the learning can be customized accordingly. The duration ranges from 12-15 months and placement is provided at the end of the program.
1-3 year part time programs (Weekend and Evening Programs) These programs are meant for working professionals seeking to upgrade their knowledge and skill levels, without leaving their jobs. These are-:
Correspondence programs and Distance Learning Programs Correspondence programs are offered by various universities like IGNOU as well private Universities like Symbiosis and NMIMS. In pure correspondence programs, students are given study material (offline and online), some support for doubt clarification and asked to sit for exams. In Distance Learning Programs, Universities like PTU, SMU etc have appointed Learning partners who teach the program as per the University syllabus.
These programs are largely of poor quality and there is hardly any placement support. So what you get is self-learning and a Degree.
Satellite based Distance Learning programs Some of top Bschools like IIMs and XLRI are offering various short and long duration management programs taught through VSAT or Web based technologies. The advantage of these programs is the quality of curriculum and faculty. However these programs lack the interactivity that is key part of good MBA experience. Also these programs do not provide any placement.
MBA Vs PGDM
There is often confusion among the students as to why some Bschools offer an MBA program while others offer a Post Grad Diploma in Management (PGDM).
Simply put, MBA is a Degree and PGDM is a diploma. Now in India, only Universities can offer degree. For a Bschool to offer a Degree, it has to be affiliated to an University, where the University sets curriculum, Exam papers, evaluation methodology etc.
However, a management program as conducted by IIMs or by the world’s best Bschools involves significant flexibility in curriculum, teaching and evaluation methodology. For example at an IIM, individual professors decide these aspects for the course that they teach. This allows them to continuously update the course taking inputs from Corporates and world-wide research.
Accordingly most of India’s best Bschools offer a PGDM or equivalent. Of course we have exceptions like FMS, Delhi (Dept of Delhi Univ itself, not an affiliated Bschool), Symbiosis and NMIMS (both Deemed Universities).
From a student point of view it is important to select the right Bschool irrespective of whether it offers and MBA or PGDM or any other Diploma.
Types of programs
General Management program The typical model is based on the PGDM program offered by the IIMs, wherein the first year is a foundation program common to all students which covers the basics of various specializations (finance, marketing etc) and the second year is largely based on optional subjects selected by the student. The number op optionals subjects drawn from a subject area determine the Major or specialization of the student. Please note that the PDGM diploma that a student receives does not mention specialization.
Specialization (functional) The typical specializations offered by best Bschools are Finance, Marketing, and Information management, Human Resource Management, Operations Management and International Business. In the PGDM option, you get to choose optional subjects to create your specialization. However there are specialized programs, which focus on one of the above specializations only. Hence students who are quite sure about the specialization that they wish to take can opt for such programs. Examples of such programs are-:
PM & IR
MBA (Capital Mkts)
PGDM - FE
Specialization (Sectoral) Over the past few years, many Bschools have launched 2-year sector-oriented programs in management. Programs have been launched focusing on sectors like Retail, Pharma, Availation, Oil and Natural gas etc.
The problem with these programs is that they restrict the career choice of students. A Management graduate is expected to have a 25-30 year career and hence should like at sector independent qualifications. Also, we strongly believe that a good management program equips a student with the skills required to be successful in any sector. Graduates from IIMs and other Top Bschools make their mark in all possible sectors from IT to Pharma to Hospitality.
Advantages of MBA
MBA or an equivalent program from one of India’s best Bschools is the starting point for a great career. Some of the key Advantages of doing an MBA.
Sector Independent Careers
Most post graduate programs seek to make you a specialist who can work only in certain Sectors of the Industry, say IT or Pharma or Biotech. A good management program from an IIM/Top Bschool can give you the independence to work for almost any industry sector in India or abroad. Our won students are today working in sectors ranging from Banking, Retail, Education, Infrastructure, Telecom, Hospitality and many more.
Fast Track Growth
Growth in Management careers is completely merit based and can be extremely fast for you if you take advantage of the opportunities and perform. Top Bschool grads can reach GM/VP in 10 years and country head in 15 years for large organizations.
Remuneration and Perks
Salaries offered at campus placement at top Bschools range from 10 to 30 lacs per annum for Domestic placements and 60 Lacs to 1.5 Cr for overseas placement. Again the growth in salaries for performer can easily be in the range of 18-24% p.a. To put it simply your salary can double in 3-4 years and quadruple in 6-8 years.