Fellow programme Management or FPM is synonymous to a PhD degree in management. These are done by those who aspire to become academicians in the future, eminent researchers in the field of management and its application, professors of institutes. If you wish to get into this academic life you can apply for it. Usually they prefer students who have completed PG.
I believe your aim is to get into pure management and corporate field and not into academia pertaining to it, so do not worry about FPM. Apply solely for XAT, or whatever is left to be applied for.
All the best!!

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