The IIM bill seeking to provide degree-granting powers to the prestigious management institutes of India was finally approved by the Union Cabinet on Tuesday. Now all the Indian Institutes of Management (IIMs) have the power to award degrees instead of diplomas to their students at the time of their convocation from the next academic session. Human Resource Development Minister Prakash Javadekar hailed the decision as a “historic one” that would give the IIMs real autonomy and power to grant degrees.
The IIM amendament bill was due for a long period of time. It was important for the IIM administration to get the degree-granting powers. The students of IIM pursue full-time programme for a period of two years, but they were awarded Post Graduate Diploma Programme in Management (PGPM) diploma instead of a Master of Business Administration (MBA) degree.
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The basic differences between diploma and degrees are-
Generally, Diplomas are awarded for a short term course which mainly focus on the training of a person in a particular field and the course is more practical oriented. But importance of diploma as compared to a degree is relatively less.
On the other hand Degrees are awarded for a long term course which varies between 3–4 years for bachelor’s, 2 years for master degree. These types of programmes provide in depth knowledge about a particular course than a diploma programme. Career options automatically increase and more for a person who holds a degree in a particular field.