Table of Contents
- What is Master’s in Management (MIM)?
- How does a Master’s in Management compare to an MBA course?
- MBA vs MIM
- Where are MBA and MIM courses taught?
- Are you ready to apply for a MIM or MBA?
Everyone knows what an MBA is. The highly coveted degree teaches incredibly versatile skills instrumental in making future business leaders and managers. However, there is a new general management course that is catching on among students. The Master’s in Management or MIM degree is comparatively new and not as popular as MBA courses, until recently.
MBA, or Master’s in Business Administration, is the traditional post-graduation program in general management. But in recent years, the Master’s in Management program has garnered considerable attention. MIM is an exciting and increasingly viable option for recent graduates looking to launch their careers in economics, marketing, and other business-related fields.
What is Master’s in Management (MIM)?
Originated in Europe, the Master’s in Management is a specialized program that is specifically designed to help undergraduates start their careers in business. The duration of the program is around ten months, and it provides you with theoretical groundwork in business.
MIM degrees are a good alternative to MBA courses. A Master’s degree in Management offers business education to students even with zero or low work experience.
Master’s in Management programs are seeing a rise in applications. So, MIM is becoming a decent business study alternative to the highly sought-after Master’s of Business Administration.
How does a Master’s in Management compare to an MBA course?
MIM and MBA do not necessarily compete with each other. In fact, they can be regarded as complementary degrees as they have different goals and contents, and are tailored for different kinds of students.
While the MBA course started at Harvard over a century ago, the MIM course is just 20 years old. Both the degrees cover business topics and general business principles, but the MBA degree is designed for people with some work experience. MIM is for students fresh out of their undergraduate courses. It attracts relatively younger candidates as compared to MBA.
An MBA is considered a career accelerator or a course designed for career development or change. On the other hand, the MIM degree is more like a career kickstart for students with little to no work experience. While much of the admissions process for MIM is similar to that of an MBA, it gives less emphasis to work experience.
Most MIM international programs require standardized test scores like the GMAT and GRE, essays, and references.
MBA vs MIM
The following table shows you the comparison between MBA and MIM based on various important parameters.
|Suitability||Experienced professionals||Recent graduates|
|Curriculum goal||Getting specific knowledge||Building a foundation|
|Popularity||Worldwide recognition||European origins|
|Applicant goal||Career development||Kickstarting new career|
|Avg. applicant age||27||23|
|Way of teaching||Practical oriented||Theoretical oriented|
|Course duration||1 to 2 years||10 months|
|Jobs post graduation||Mid-level positions||Entry-level positions|
Look at some of the important differences between MBA and MIM in detail below:
1. MBA vs MIM based on average age of applicants for the course
Master’s in Management target recent graduates with little to no professional experience. MIM candidates are generally fresh graduates or have less than a year of work experience. So, MIM students are generally younger than their MBA counterparts with an average age of just 23 years. Moreover, universities and colleges offering MIM courses do not require students to have a business-related undergraduate degree.
Comparatively, MBA courses are designed for professionals from 27 to 32 years of age. The average age is higher as MBA candidates are generally required to have around four to five years of work experience working in a business environment. Many business schools prefer MBA candidates with international exposure obtained – from working in a multinational setting or higher education studies.
2. MBA vs MIM based on careers after the course
While the MIM course offers a career start options to relatively inexperienced and young students, the MBA course is for professionals who have already progressed in their entry-level jobs.
MBA students study to develop their careers. A degree in business administration is perfect for you if you need to acquire entrepreneurial knowledge for your business or qualify for a leadership position.
MIM graduates must not expect to get a managerial position right after completing their course. However, they do get the chance to enter the business market more easily.
3. MBA vs MIM based on your scope of study
Even when both MIM and MBA are postgraduate courses in general management, their content considerably varies. MIM course provides general introductory management knowledge.
The MIM course is basically a Master of Science course. And so, the course is prone to provide more in-depth theoretical knowledge and can become research-oriented. In fact, MIM may also use statistics and related methods to understand and apply the theory. Also, MIM programs are mostly similar in terms of content anywhere in the world.
Alternatively, an MBA course focuses on real-case business studies. MBAs may seem like they are concerned with academic knowledge. However, the course offers a more hands-on experience with case studies and integrated teamwork.
MBAs focus on enabling students to find creative solutions for varied business issues and developing problem-solving skills. Again, since the MBA programs are specialized like MBA in finance or MBA in marketing, you have a much diverse palette of MBA subjects to choose from.
4. MBA vs Master’s in Management based on tuition fees
MBA courses are on an average two to three times costlier than Master’s in Management courses. The lower price-point of the Master’s of Management courses opens up a range of options for students in case they are having a tough time financing their business studies abroad.
Tuition fees for a course in Master’s degree in management can range from EUR 2,000 to 30,000 per year as per the university, location, and specialization. MIM courses from the UK and US schools generally have higher tuition fees.
However, even the most expensive MIM courses are around half the cost of an MBA program. The average tuition fees for a regular MBA course can range from EUR 20,000 to 90,000 per year.
5. MBA vs MIM based on program reputation and recognition
The Master’s in Business Administration is the most famous degree for getting postgraduate education in general management. The program is particularly famous among international companies, and the exact reputation of an MBA depends on the standing of the business school from which it is done.
The Master’s in Management program is a relatively young program and companies may be a bit skeptical about the capabilities of a MIM graduate. However, the growing popularity of MIM programs is sure to make more companies aware of the skill sets and capabilities of future graduates.
A MIM degree can be a precursor to an MBA program. You can increase your chances of getting admission to a stellar MBA program after graduating from a MIM.
Where are MBA and MIM courses taught?
Both courses are taught at international business schools. And as we know, MBAs are taught in almost every country, including Canada, UK, and US. In comparison, over 80% of MIMs are offered at European business schools and universities, followed by Asia, Australia, and Canada. So, you can more easily find a Master’s in Management in the UK than in the US.
An MBA degree remains the most established postgraduate education program in management in the US. Finding a Master’s in Management program in the US or Canada may be difficult.
Are you ready to apply for a MIM or MBA?
Businesses are continuously evolving. And a business degree can teach you all the concepts and strategies required by you to be successful in business management. Both the MIM and MBA postgraduate degrees in general management can be right for you based on your career stage.
Also, keep in mind that the MBA and MIM degree choices are not substitutes but can act as complementary degrees to each other.
If you have any more queries, you can drop a comment or feel free to reach out to us.