MiM vs MBA
If you are looking for a career in business, the first field that comes to mind is that of an MBA through a top business school. MBA is one of the most commonly pursued and highly paid degrees all over the world. MiM vs MBA is one of the most common dilemmas that individuals who want to pursue a Masters degree in the Business Management field face.
There are various options that are available at your disposal. If you want a career in business, you can either go for a Masters in Business Management (MBA) or a Masters in Management (MiM). The aspirants willing to study abroad often face this dilemma regarding whether they should pursue MBA or MiM.
What is MiM?
The term MiM stands for Masters in Management. MiM is a relatively new post graduate degree framed for freshers and recent graduates with little to no work experience. The curriculum of MiM provides the students with the basic fundamentals of business. The program follows a theoretical approach. MiM as a degree was established in Europe but now a lot of colleges in the USA are also offering this program.
Let us discuss the key points for MiM Vs MBA.
MiM Vs MBA: Key Differences
1. Age & Work Experience
Comparing MiM and MBA people who want to start into the corporate world with less knowledge of the business industry and little to no work experience choose to go for the MiM program. People who go for an MiM program generally fall in the age group of 21-23 years. The MiM program introduces and trains students with market relevant skills.
An MBA degree is for experienced candidates who have adequate amount of industry experience. This ranges from anywhere between 2 to 10 years. The age of candidates pursuing MBA is generally 25+ years. An MBA degree is a mode of career advancement for these experienced individuals. This degree also acts as a mode to switch a candidate’s career, for promotion and high pay structure.
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2. MiM Vs MBA : Course Structure
The next criteria under MiM Vs MBA is the curriculum structure. Depending on the B-schools you are targeting, the duration of the MiM program falls between 10-24 months. The MiM program is mostly offered in European countries but now, the popularity of this course is also incresasing in the USA. The MiM curriculum focuses on building a business understanding from the very basics among sudents of different backgrounds. The approach is theoretical where students are prvided the fundamental knowledge of the business world keeping in mind the various domains like Finance, Marketing, Analytics, Operations, etc. Unlike MBA, the number of electives provided for this course, are comparitively less.
On the other hand, MBA is a 1-2 year course which focus on building on top of the existing knowledge of the students who already have a good amount of industry experience. Here, the main focus is upon putting the theoretical knowledge to practice. The MBA degree follows a case study based methodology to analyse the real world industrial aspects from a managerial point of view. A wide range of electives are provided to choose from in an MBA degree.
3. Eligibility
The eligibility criteria when comparing MiM and MBA are more or less similar.
The eligibility criteria for MiM Course is:
- Passed 10+2 or equivalent from a recognized institution
- A Bachelor’s degree from a recognized university with required GPA.
- A good score in English-language proficiency tests (IELTS/TOEFL/PTE)
- A valid GMATÂ score as per the university requirement.
- A minimum of 2 Letters of Recommendation (LORs) and Statement of Purpose (SOP).
The eligibility criteria for MBA Course is:
- Passed 10+2 or equivalent from a recognized institution.
- A Bachelor’s degree from a recognized university with required GPA.
- A good score in English-language proficiency tests (IELTS/TOEFL/PTE)
- A valid GMATÂ score as per the university requirement.
- A minimum of 2 Letters of Recommendation (LORs) and Statement of Purpose (SOP).
- Minimum work experience of 3-5 years.
4. MiM Vs MBA: Popularity of the Degree
The popularity for MiM vs MBA. The MiM program started in Europe and is more regionally focused. Though, the growth is very rapid and the MiM degree is now gaining popularity among many top B-schools in the USA and other countries as well. There is a very high growth prospect for this degree.
MBA is one of the most commonly pursued degrees in the world. Because of the comprehensive curriculum providing in-depth industry understanding, MBA continues to be a more popular choice for a Masters degree. Perks like greater alumni network, outworldly business knowledge, exposure to the industry and worldwide acceptance are some of the aspects that make this degree more favourable to the individuals.
5. MiM Vs MBA: Fees
MBA, because of the comprehensive teaching methodolgy and acceptance by the biggest of companies of the program is a much expensive degree that MiM. MiM is a cheaper degree and the best alternative for freshers with little to no experience.
When the fee structure is given comparing MiM and MBA, the MIM programs are less expensive than MBA programmes, and they are specifically designed to help students comprehend business and management through theoretical constructs, internships, and intense curriculums concentrating on various facets of management. MBAs are significantly more expensive than MIM programmes around the world, mainly in the UK and USA.
Given below is the table of MiM Vs MBA fees provided by the same colleges.
*This table just provides an approximation of the actual data.
6. Salary & Job Prospects
Both MiMÂ and MBA students see a significant return on their investment after graduation.
The MiM provides a strong foundation for graduates to enter a variety of industries with a strong background of management and international business skills, whether it be marketing, finance, technology, or consulting.
The MBA is meant to help professionals advance quickly into more senior management positions. Graduates earn large incomes and frequently get to lead teams for many of the world’s largest corporations.
Graduates with either of the degrees are hired by similar companies. The difference is in their job roles where an MBA graduates will be hired on a mid-level position and an MiM graduate will get an entry-level position.
7. Top Colleges
The top colleges MiM vs MBA (in no particular order) are:
Top MiM Colleges in the World
Top MBA Colleges in the World
MiM Vs MBA Conclusion: What to Choose?
Obtaining an MiM degree does not preclude you from pursuing an MBA later. During their careers, some people are able to obtain both. An MiM degree can provide a solid foundation for your business career, and an MBA can help you advance into senior leadership positions or shift your career completely.
An MiM degree is often the greatest choice for you if you’re under 24 years old, have newly graduated college, and have less than 2 years of professional experience.
An MBA should be your first choice if you’re a professional with 3+Â years of expertise and are between the ages of 24 and 30, or older.
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