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How To Decide Whether You Really Need An MBA Degree?

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Does an MBA Degree or other Management programs like PGDM / PGPM really boost your career? In the current competitive job scenario, choosing the right degree is vital to ensure a promising career.

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The following post talks about the importance of an MBA degree to boost your career prospects. The aim of all the students at the time of completion of the management course is to get employment in a leading organization, ideally a Fortune 500 company, the Big 4 Consulting firms or even a well-financed start-up.

Recruiting companies expect their employees to be skilled in all the different aspects of company affairs, one of the important requirements being managerial skills. Therefore, candidates with an MBA degree are preferred for various job roles in different industries.

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There are large benefits to having an MBA degree when it comes to job opportunities. However, the process of actually earning an MBA in the first place can be taxing. Here’s a list of pros and cons you should consider while trying to decide if you should get your MBA or not.

Pros

1) You might make more money

According to a study, The average salary of an MBA graduate hovers around $106,798 that is 50% more compared to their salary before getting their MBA. But that’s not where it ends. After five years, that number could be even higher.

2) Career Progression

One of the key benefits of having an MBA degree is career progression. Some companies want to see their management-level employees have a post-graduate degree in management. People who lack an MBA qualification sometimes find that they experience a “glass ceiling” where they find it difficult to move into higher-level positions.

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Studies have shown that MBA graduates from leading business schools are more likely to achieve top management positions in Fortune 500 companies, compared to other employees in those organizations.

3) You acquire many skills to help you start your own business

When you leave your business school after getting your MBA, you get a stronger understanding of both the practical and theoretical frameworks of how a business operates, such as managing a business’ finances, how to know who to hire, doing thorough data analysis and good advertising practices.

Even if you don’t want to start your own business, these are the skills that employers want and expect from an MBA graduate in the first place.

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4) Personal Development

Money and a better job might be exterior benefits of an MBA program but the internal benefits are just as important. An MBA program is a fantastic opportunity for personality development and will push you to go outside of your comfort zone.

This can help you to increase your confidence and ability to lead other people. Completing an MBA program also requires students to develop excellent time management skills and maintain discipline. These attributes can help you to excel in your future career.

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5) Networking Potential

One of the most overlooked aspects of studying for your MBA is the various networking opportunities and relationships you form during this time. Make friends with your classmates and professors, and it’s not unlikely that you will find business opportunities stemming out of these newly forged connections.

At the least, meeting similarly like-minded, business-oriented, and motivated individuals as yourself will serve as inspiration and motivation.

Cons:

1) Getting an MBA is expensive

Getting your MBA as a full-time student can cost anywhere from a few thousand dollars to more than $100,000 if you attend a top-tier business school. For Indian students, the average cost of an MBA / PGDM degree sits around at 8Lacs INR.

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That isn’t exactly pocket change. This doesn’t include other costs such as housing and textbooks that you also need to take into consideration if you are studying full time – not to mention loss of earnings whilst taking the time out to study. You need to be sure that you will get value from your qualification and that you are committed to seeing the process through.

2) Time Commitment

The MBA program is extremely detailed and time-consuming and average course duration of an MBA program is two years. The time from start to finish is determined by which program and country you’re attempting to get your MBA in. Additionally, if you’re only taking a part-time course load, this will take even longer to complete.

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3) Not every successful businessperson needs an MBA.

Not every CEO has an MBA. Nothing is stopping you from starting your own business or working your way up to an executive position without having an MBA. If you feel financial and time commitments aren’t worth it and that you can go out and succeed without an MBA, go ahead and do it.

4) Quality Control

Not all MBA program are equal in your prospective employer’s eyes. There are over 500,000 new MBA program graduates each year, and you have to stand out. This means you will have to get your MBA from a reputed and accredited program else your management degree is a waste.

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5) Income Sacrifice

A lot of people find it extremely difficult and almost impossible to hold down a steady income while they pursue their MBA. If you’re switching to a program that is completely new to you, you’ll have to concentrate on it more to keep up.

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Jio Institute – Mukesh Ambani’s ‘Institute of Eminence’ To Revolutionize Indian Education System

Jio Institute, which will be located in Navi Mumbai was to hire university staff and complete the academic curriculum by October this year, however, experts believe that things might get delayed due to coronavirus

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Jio Insitute, Mukesh Ambani’s ambitious institute for reshaping the Indian education system is expected to commence operation in 2021. Will the ‘Institute of Eminence’ – Jio Institute get impacted by Covid-19 is uncertain for now.

Jio Institute – Overview

The Shailesh Kumar led Jio Insitute will start its academic session in 2021. Numerous undergraduate courses will on offer including courses in emerging technologies like artificial intelligence, data sciences machine learning, digital media and marketing.

It is also expected that Mulhern of Northwestern University will be facilitating the Marketing Communication program while Kumar would teach Artificial Intelligence courses. The modern Jio Digital Library project will be headed by Keller from Stanford.

Jio Institute of Eminence

Jio institute has also set up a seven-member global advisory board. According to media reports, the board will consist of Jean-Lou Chameau, president emeritus of California Institute of Technology (Caltech); Michael Keller, vice provost of Stanford University; Rick Levin, former president of Yale University; Subra Suresh, president of Singapore’s Nanyang Technology University. Nadhmi A Al-Nasr, CEO of Saudi Arabia’s futuristic habitat project NEOM; Frank J Mulhem and Vinayak P Dravis of Northwestern University.

Mukesh Ambani, his wife Nita and daughter Isha will also be on the advisory board. The institute is one of the institutes in the country to be awarded the tag of ‘eminence’ by the Human Resource Ministry even before its completions.

Experts at EurAsian Times believe that the tag of ‘eminence’ was given due to the future prospects of the Institute. As of August 2019, ten institutions have been selected by the Institutes of Eminence, which includes Banaras Hindu Univesity, Indian Institute of Science, Indian Institute of Technology (IIT) Bombay, IIT Delhi, IIT Kharagpur, IIT Madras, University of Delhi, University of Hyderabad, Anna University and Jadavpur University.

Jio Institute Location & Key Details

Jio Institute, which will be located in Navi Mumbai was to hire university staff and complete the academic curriculum by October this year, however, experts believe that things might get delayed.

Students at Jio institute would not only get an opportunity to study at the sprawling 800 acres campus in Navi Mumbai but could also be taught by professors from prominent universities across the world.

The advance studies at the institute will also provide merit-based scholarships worth 38 crores during the first academic year.

Mukesh Ambani aims to make Jio University ranked in top 500 on Times Higher Education and QS World University Rankings. To achieve this feat Jio Institute is in talks universities like Massachusetts Institute of Technology (MIT) Stanford University, Northwestern University and Nanyang Technological University and aims to recruit expert faculty and mentors for the institute.

Reliance Jio and the Telecom Revolution

Reliance Jio Infocomm Ltd popularly known as Jio in India is a mobile network operator owned by Reliance industries. Jio was the brainchild of Mukesh Ambani and was launched in 2015 in honour of the 83rd birth anniversary of Dhirubhai Ambani, the founder of Reliance Industries.

Since its launch, the network has become immensely popular with Indians as it made internet accessible and affordable. The introduction of Jio revolutionised the telecom industry and made 4G data available pan-India at the lowest rate in the world. Jio Platforms compares with large global digital ecosystem platforms that are largely debt-free like Alphabet, Tencent and Alibaba.

Success at home has caught the eye of investors abroad. With 5 confirmed deals in May and another investment incoming, Jio is now valued at over $65 billion. The investors, all based in the US, include social media giant Facebook, private equity firm Silver Lake, Global investment company Vista, American private equity firm General Atlantic and US-based private equity company KKR.

Collectively, all the deals are worth $10.3 billion or Rs 78,562 crore, which RIL plans to use in order to pay off $44 billion worth of its debt.

Microsoft, the tech giant founded by Bill Gates, is also in talks with Jio to purchase a 2.5% stake at the cost of $2 billion. Abu Dhabi state fund Mubadala, another investment company, is also in talks to invest about $1 billion in Jio platforms.

Within a short span, Mukesh Ambani and Jio have achieved what other companies have not been able to for decades. With the establishment of Jio Institute, India’s most influential businessman has ensured that the company he birthed would be looked after by Jio’s very own.

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MBA vs PGDM: Why MBA Degree Is Better Than AICTE PGDM?

MBA vs PGDM: Experts from PGDM Colleges call MBA programs Outdated, while MBA colleges call PGDM program a mere Diploma. An MDI Gurgaon Alumni explains why MBA is Better than a PGDM.

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MBA vs PGDM is an ongoing debate, but what is the difference between MBA and PGDM and which is a better program between the two remains a big question for aspiring management students.

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Students aspiring to get into Top Business School are searching for the best pathway to achieve their goals. As the entrance season advances, the dilemma for the management aspirants continues – MBA vs PGDM and which Business School to opt for?

EurAsian Times analyses the difference between the two programs and analyses why an MBA Degree could have more advantages that a PGDM Program.

The confusion to select a PGDM or MBA course reaches the peak when the students start visiting the colleges for counselling and GD/PI sessions. All business schools boast about their Excellent Placements Record, Faculty from the IIM’s and IIT’s, International Exposure, etc leaving the management aspirant in a total state of confusion.

What adds to the confusion level are the Education Consultants who further confuse the students for their petty monetary gains. At some point in time, students get so frustrated that they stop taking all the calls for admissions. EurAsian Times crisply attempts to explain the difference between MBA and PGDM.

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MBA vs PGDM: What’s the Difference?

Master’s in Business Administration (MBA) is a degree course provided by the University or colleges recognized by the Universities which are approved by University Grants Commission (UGC), and sometimes also by All India Council for Technical Education (AICTE).

Post Graduate Diploma in Management (PGDM) is also a Masters’s degree program, offered by the autonomous institute or colleges, that have received their approvals from the All India Council for Technical Education (AICTE).

Some of the top business schools like IIM’s and ISB’s offer PGDM / PGPM program (and strangely they are not approved by the AICTE) as they do not have collaboration with any University. But these B-Schools have an outstanding placement record and great international reputation and do not bother about AICTE approvals. Neither do the organizations show any concern or preference.

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Colleges offering the MBA program follow the academic syllabus provided by Universities (which usually cannot be easily modified or changed) while PGDM syllabus is flexible and institutes like IMT, MDI, XLRI, IIFT, SP Jain, NMIMS have the flexibility to modify their course within the AICTE approved parameters giving them a tremendous advantage.

Which Program is Better – MBA or PGDM?

MBA vs PGDM is an unending debate and honestly, a lot depends on which University or College a student is getting (based on entrance exam score like CAT / XAT / MAT etc) rather than the program itself i.e. MBA or PGDM. The PGDM program claims to follow a more practical approach to studies, compared to the MBA (which is not always true).

MBA from top institutions like FMS, IIT, DTU are equally acceptable and sought after in the market. The major difference between MBA and PGDM is that MBA course fee is usually less than the PGDM program, as PGDM comes with a variety of industrial trips, international exposure programs, besides being a revenue generation model for the institutions. (A PGDM Program at the IIM’s could cost up to 28 Lacs, whereas MBA from FMS-Delhi University would only cost about 2 Lacs).

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Corporates recognize talent from both the programs and are more interested in better brands and students, and don’t really care about MBA or PGDM. Students have an apprehension that after PGDM, they would not be able to pursue higher studies like PhD but if a PGDM is AIU approved, students will be eligible for PhD programs as well.

However, be assured that having a PGDM Degree instead of MBA degree will not make any difference to your corporate career in India, as at the end, it is the student who matters!.

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The students need to be very clear about their choice of the PGDM or MBA program and institute they are opting for. Students must evaluate the brand of business school, as a business school with higher brand value will provide a good learning environment and a large network of alumni.

MBA vs PGDM: Which is Finally Better?

Both the programs i.e. MBA and PGDM are good and very similar. What matters most is the business school you are getting, based on your score. Which Business School would you choose – MBA from FMS-Delhi University or PGDM from IIM-Lucknow?

Better ROI: If I had to make a choice, I would certainly choose FMS-DU as the fee is drastically less than IIM-Lucknow and return on investment is much much faster. However, there is a dearth of top-notch Universities providing MBA Programs, and students have no option but to opt for expensive PGDM programs.

Government Jobs in India: Besides the corporate sector, many government organizations still, unfortunately, do not recognize the PGDM Diploma and Government Jobs is one area where MBA Degree holders will have an edge over others.

International Jobs: If you ever opt for immigration or overseas opportunities, chances are your PGDM will either not be recognized or valued as high as an MBA Degree. Even the IIM’s have been striving to provide MBA programs rather than Diplomas and once that happens, the PGDM programs will lose the sheen and colleges would lose massive business.

AIU Approved PGDM Colleges – How Vital is the AIU Approval For PGDM Institutes In India?

 

 

Key Differences Between MBA and PGDM

Parameter
MBA from Govt. University
MBA from Private University
Indian Institutes of Management (IIMs)
Private PGDM Colleges
Programme offered
Masters of Business Administration
Masters of Business Administration
Post Graduate Programme in Management(PGP)
Post Graduate Diploma in Management (PGDM)
Award
Degree
Degree
Diploma
Diploma
Number of programme offering institutes
2000+
500
20
500
Top Institutes/colleges
FMS – Delhi University; IIFT Delhi-Deemed University; JBIMS – Mumbai University; PUMBA-Pune University
Affiliated colleges of Govt Universities like Anna University, Bangalore University etc.
Top Private Universities are NMIMS-Mumbai; Symbiosis –Pune; XIM-XUB Bhubaneswar.
More than 100 Private Universities offer MBA
IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow, IIM Indore, IIM Kozhikode and other 14 new and newest IIMs
XLRI, SPJIMR, MDI, IMI, IMT, TAPMI, KJ Somaiya, BIMTECH, …
Degree/Diploma recognized/approved by
University Grants Commission (UGC)
University Grants Commission (UGC)
Recognized by Ministry of HRD
All India Council for Technical Education (AICTE)
Curriculum
Rigid, because approvals required from University
The curriculum at most Government Universities and Colleges is theoretical, and not frequently updated.
The curriculum at good Private Universities like NMIMS and Symbiosis is at Par with IIMs, top PGDM B-schools.
Flexible and Frequently Updated.
Focus on Industry needs and job requirements as Placement is key student expectation.
Flexible and Frequently Updated.
Focus on Industry needs and job requirements as Placement is key student expectation.
Programme suitable for
MBA offered by Government Universities is more suitable for candidates interested in earning a Degree for higher studies, academic career.
MBA offered by top Private Universities is good for both corporate career and academics.
Students focus on enhancing their employability skills for a better corporate career, job or starting their own enterprise.
Students focus on enhancing their employability skills for a better corporate career, job or starting their own enterprise.
Fee
Fee at Government University/Colleges is low. FMS Delhi fee is just Rs 25,000 for the full MBA course.
Bangalore University prescribes 2-year fee of fewer than 200,000 lakhs.
Private University MBA fee is at par with IIMs, PGDM B-schools based on their market acceptance.
NMIMS Mumbai fee is Rs. 17.44 lakhs; SIBM Pune fee is Rs. 18.25 lakhs
IIMs have a comparatively higher fee structure.
IIM Ahmedabad fee is Rs.21 lakhs, IIM Bangalore fee is Rs.19.5 lakhs, IIM Calcutta fee is Rs.19 lakhs.
Top PGDM B-schools charge between Rs 10 lakhs to Rs20 lakhs for 2 year MBA.
SPJIMR fee is Rs. 16 lakhs, MDI Gurgaon fee is Rs.18.89 lakhs, IMI New Delhi fee is Rs. 15.41 lakhs
Fee for many good PGDM B-schools is between Rs. 5-10 lakhs also.
Programme duration
Two years
Two years
Two years
Two years
Exam conducted by
University
University
By the Individual IIM
By individual College/
Institute
Admission Process & Entrance Test
Some Govt. Central Universities and their colleges accept National level entrance tests like CAT/XAT and/or also conduct their own entrance tests.
Most Government colleges governed by State Governments, admit thru state level examination like MAHCET, PGCET, TANCET, although these colleges.
Top Private Universities conduct their own exams like NMAT, SNAP, X-GMT
Common Admission Test (CAT) conducted by IIMs, is the mandatory entrance exam for Indian residents
B-schools can choose from one or many of 6 approved exams: CAT, XAT, CMAT, MAT, GMAT, ATMA

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Education

Press Release: Striking Lack of Progress on Environmental SDGs in Asia-Pacific, Reveals New UN Report

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Bangkok (ESCAP News / Press Release): There is overwhelming evidence that the Asia-Pacific region needs to accelerate action on the Sustainable Development Goals (SDGs) and substantially reverse current negative trends, especially those which are depleting and degrading its environmental resources, according to a new report released today by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).  

The Asia and the Pacific SDG Progress Report 2020 draws attention to the region’s poor performance on most of the measurable environmental targets of the 2030 Agenda for Sustainable Development. For example, the share of renewable energy has dropped to 16 per cent, one of the lowest rates globally. The region also emits half of the world’s total greenhouse gas – a number which has doubled since 2000. 35 per cent of countries continue to lose their forests. 

“Our analysis finds that the Asia-Pacific region has struggled the most with two Goals: advancing responsible consumption and production, and climate action. In fact, the region is not even moving in the right direction,” underscored United Nations Under-Secretary-General and Executive Secretary of ESCAP Ms. Armida Salsiah Alisjahbana. 

“These findings sound the alarm for the region to urgently foster sustainable use of natural resources, improve the management of chemicals and wastes, increase its resilience against natural disasters, and adapt to the adverse impacts of climate change through integrated policies,” added Ms. Alisjahbana. 

On a positive note, many countries are moving decisively and showing remarkable progress in improving the quality of education (Goal 4) and providing access to affordable and clean energy (Goal 7). The Report suggests that achieving these two Goals is well within reach. The region is also making good progress on targets related to economic growth. Real GDP per capita growth in the Asia-Pacific was more than double the world average in 2017, and at the same time, at least 18 countries in the region are experiencing less income inequality. 

Yet, to grow more sustainably and equitably, the current economic progress of the region must be coupled with human well-being and a healthy environment. Progress has been far too slow in areas such as gender equality (Goal 5) and building sustainable cities and communities (Goal 11). ESCAP warns that the region remains unlikely to meet any of the 17 SDGs by 2030 without concerted and extra efforts from all stakeholders. 

Progress has also been uneven across the five Asia-Pacific subregions, most especially in reducing inequalities (Goal 10), responsible consumption and production (Goal 12), and peace, justice and strong institutions (Goal 16). A positive example of collective progress across all five subregions, however, is on access to electricity, where steady improvement is noticeable, particularly in rural areas.

Data availability for the SDG indicators has substantially increased over the past few years in Asia and the Pacific, from 25 per cent in 2017 to 42 per cent in 2020. But data is still lacking on over half of the SDG indicators, especially those Goals with slow progress. This, according to ESCAP, highlights the urgent need to strengthen the policy-data nexus in the region.

A flagship annual publication produced by ESCAP, in partnership with five other UN agencies, the Asia and the Pacific SDG Progress Report uses the latest data for global SDG indicators to determine where additional effort is needed in the region and where momentum for future progress is building.

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