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IIMs free to choose between Degree and Diploma

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IIM Ranchi

On 20 December, the Parliament passed the IIM Act, empowering the premier management institutes to grant degrees to students.The directors of all the 20 business schools met in the national capital on February 28 to reach a consensus on the issue.

While IIM Lucknow and IIM Ranchi gave postgraduate diplomas in management or PGDM to their students, IIM Bangalore was the first to award an MBA degree. IIM Udaipur and IIM Indore are also thinking of granting degrees.Earlier, all IIMs were separate bodies registered under the Societies Act. Since societies are not authorized to award degrees, students admitted to their Master’s program were given a PGDM.