No, it is not the same as baptism. Thanks for asking!

From latter-day revelation, we know that little children are redeemed through the mercy of Jesus Christ. The Lord said, “They cannot sin, for power is not given unto Satan to tempt little children, until they begin to become accountable before me” (see D&C 29:46–47). They are not to be baptized until they reach the age of accountability, which the Lord has revealed to be eight years of age (see D&C 68:27). Anyone who claims that little children need baptism “denieth the mercies of Christ, and setteth at naught the atonement of him and the power of his redemption” (Moroni 8:20; see also verses 8–19, 21–24).