03 October 2023
According to a recent survey, there has been a more than 120% boost with respect to the demand for PDGM graduates in recent dynamic job market scenarios. A Post-Graduate Diploma in Management (PGDM) is recommended to equip individuals with the necessary management skills and business acumen, thereby making them highly sought after by Indian and multinational companies.
There are different specialisations offered under the PGDM courses; however, the two most rewarding career pathways are strategic management and business analytics. Strategic management is the backbone of an organisation and involves setting clear objectives, identifying opportunities and threats, and devising long-term plans to achieve a competitive advantage over others. On the other hand, business analytics leverages data to make informed decisions, thereby leading to improved efficiency, cost savings, and better overall performance. In today's data-centric world, organisations that harness the power of data gain a significant competitive advantage over others. Today, in this blog, we shall explore these two PGDM programmes in detail and navigate the options!
PGDM in Strategic Management vs. Business Analytics: Course Duration and Eligibility
Both PGDM in Strategic Management and Business Analytics are post-graduate diploma programmes that have a duration of 2 years, spanning across 4 semesters. The eligibility criteria is a bachelor's degree in any stream with a minimum aggregate of 50% (SC and ST categories with a minimum aggregate of 45%). Additionally, applicants also need to have a valid score of CAT, MAT, ATMA, CMAT, or equivalent. In several institutions, students appearing in their final semester or year exams are also eligible to apply. Besides these factors, candidates with work experience are preferred for enrolling in these PGDM courses.
PGDM in Strategic Management vs. Business Analytics: Course Curriculum
The curriculum of the PGDM in Strategic Management primarily focuses on strategic planning, leadership, and management. The course also emphasises developing skills to formulate and execute organisational strategies to achieve long-term goals in a competitive landscape. The core subjects in this curriculum consist of strategic management, corporate governance, competitive analysis, business ethics, leadership and organisational change, strategic planning, strategic marketing, international business strategy, and others.
The curriculum of PGDM in Business Analytics emphasises data analysis, data-driven decision-making, and using data to solve business problems. The degree also focuses on imparting quantitative and analytical skills to extract insights and inform strategic decisions. The core subjects in this curriculum consist of data analysis and visualisation, business intelligence, predictive analytics, machine learning, statistical methods for analytics, data mining and data warehousing, big data technologies, marketing analytics, financial analytics, supply chain analytics, and others.
PGDM in Strategic Management vs. Business Analytics: Career Opportunities
PGDM in Strategic Management prepares students to take on leadership positions within organisations, such as CEOs, directors, and strategic planners. The degree allows students to gain business knowledge and skills to become authorities in leading organisations. Upon graduation, students can work in various areas and fields, such as multinational corporations, charity organisations, and even government sectors. Let us see some of the interesting career prospects in this field:
Chief Executive Officers (CEOs) are the highest-ranking executives in an organisation and are responsible for setting the strategic direction of the company. Chief Operating Officers (COOs) oversee daily operations, execute strategic plans, and ensure operational efficiency. General managers lead specific business units or divisions within a company, thereby implementing strategic plans and achieving business objectives. Strategic planning managers specialise in formulating and executing the organisation's strategic initiatives. Management consultants provide strategic advice and recommendations to organisations that want to improve their business performance and competitiveness.
On the other hand, a PGDM in Business Analytics helps students pursue careers as data analysts, business analysts, data scientists, or analytics consultants. The course equips them with the knowledge and skills to work with data to drive business efficiency, competitiveness, and innovation. Upon graduation, students can work across industries where data-driven decision-making is crucial, such as finance, healthcare, marketing, and e-commerce. Let us see some of the exciting career prospects in this field:
Data analysts collect, clean, and analyse data to identify trends, patterns, and insights that can inform informed business decisions. Business analysts bridge the gap between business objectives and data analysis, helping organisations make data-driven decisions to achieve their goals. Business intelligence analysts create visualisations, dashboards, and reports to communicate data-driven insights to stakeholders. Risk analysts assess and mitigate business risks by analysing data related to financial, operational, and market risk factors. Market research analysts gather and interpret data to provide insights into market trends, customer preferences, and competitive landscapes.
PGDM in Strategic Management vs. Business Analytics: Final Thoughts
In conclusion, a PGDM in Business Analytics enables students to make informed business decisions, while a PGDM in Strategic Management assists students in leading organisations and making strategic decisions. Therefore, a PGDM in Strategic Management is the best career choice for a student who wishes to acquire abilities like strategic thinking, leadership, and risk management. A PGDM in Business Analytics, however, is the best career option for students who desire to refine skills in data analysis, data visualisation, and statistical analysis!
30 October 2023
