Not Both.
I look for a Gentle Man or woman who know's work or willing to learn Quick.
Diploma/Mba are two different Courses
MBA - 2 years
Diploma-can happen in 3-6 months max or may be longer
if college is good you'll learn more in MBA where as in diploma is more helpful for those people who have work experience , who can grasp the subject and implement it.
This is of my knowledge , am not Management Guru!
My free suggestion would be !!
Study well and come good with good Percent and try to Implement what you have studied.
Most of the people today Studying today/ working are Money oriented, rarely people are making use of their Education.
My life example :
I too have done Double degree in marketing.
there are people working with me with single degree.
The difference b/w me and them is I give more importance to After sale service, thinking that reference will help to get another sale easily.(coz Education has taught me that Service is important to client than Product)
where as Others Sell the Product, get the payment then later transfer the Queries call to Reception or Board Number. (imagine how bad a person will feel)
Am not telling all double degree holders are working like me.(am talking about those who studied and Learn't something from colleges)
Some time it is also work experience and boss who teach all these to us not only colleges and books.
Conclusion: Don't get your self confused what to study and what not to study,
what ever you are studying be the GURU of that.
Good Luck for the future, do not forget to Smile :-)