PGPM program is more of grooming your existing profile rather than building it from scratch. Greatlakes provides ample opportunities, especially for people from IT background, to gain managerial basics and be industry ready with the much-demanded analytics profiles.
If you are willing to get back to IT, after the PGPM in managerial roles, Greatlakes is one of the best places to join. However, you can also switch industries (like to finance) completely. But, it would be up to you to prove to the recruiter that you are capable in finance during the interviews.
Greatlakes would do the marketing for you and bring in recruiters to accommodate the aspirations of different students. But, it is up to the students to sell themselves during the interview.
If you are sure of switching the industry and is clear on where you want to go, you can go for a 2 year MBA. Many corporate do feel that a two-year course would be better in terms of imparting the change in you core profile. You can also follow this link to find the difference between the PGDM and PGPM programs. PGPM or PGDM - Which is better?
In terms of Admissions, PGPM admission is profile based - that is, the overall profile of the candidate is gauged in addition to the score from the competitive exams. Hence, you should be good in showcasing your profile during the admissions interview. We have people in PGPM program with as less as 2 years and 15 days experience as well. (Just above the experience requirement). So, if you are keen on doing the PGPM, go for it. You are eligible, perform and prove yourself in the interview.
In terms of PGPM placements, yes, people with higher experience would have an edge, not necessarily in the selection process, but would be on compensation and occasionally a better role. But, nevertheless, your ROI will be better than doing a two year MBA.
All the best!