Do you have plans on owning your own business someday? Then it goes without saying that you must be preparing for your studies in a business school. But are you confused on whether to study MBA or MIM? Let us help you out here. This blog contains everything you need to know about MBA vs MIM. So without further ado let’s start off by understanding both MBA and MIM in detail.
What is an MBA?
A master of business administration (MBA) is a level above a bachelor's degree in business, and a person typically holding this degree is supposedly far superior to people with simply undergraduate degrees. An MBA degree might have a general concentration or focus on relationship management, accounting, finance, or marketing.
Best Universities for MBA
Some of the best universities all around the world offer MBA for students. The best countries to study MBA are MBA in USA, MBA in UK, MBA in Australia. The top 10 universities for MBA in the world are:
- Stanford Graduate School of Business - USA
- Harvard Business School - USA
- Penn (Wharton) - USA
- HEC Paris - France
- MIT (Sloan) - USA
- London Business School - UK
- IE Business School - Madrid
- INSEAD - Paris, Singapore
- Columbia Business School - USA
- IESE Business School - Spain
Eligibility for MBA
A student must adhere to these eligibility criterias for an MBA programme:
- An applicant must pass the Graduate Management Admission Test (GMAT) and be accepted by the institution based on its prerequisites.
- A bachelor's degree of at least three years after passing the 10+2 examination from an accredited institution with a minimum score of 50% is required.
- Although not mandatory, candidates with prior job experience will be given preference.
Scope for MBA
- An MBA is a graduate business degree with management, business, and entrepreneurship focus.
- Students pursuing MBAs can also concentrate on different facets of business, such as risk management or finance.
- Speciality programmes in sports management, the entertainment industry, or healthcare management are becoming widely available in schools.
- Executive MBA programmes are offered for seasoned workers who can't commit to a full-time schedule.
- Full-time, part-time, online, or international MBA programmes are all possible, and each one typically has a different set of admissions requirements.
- The average range of salary for an MBA graduate is approximately $105,684 - $115,000.
If you are confused about the UK vs USA MBA, you can clarify your doubts by understanding which is best for you. Now let’s get a better understanding of what MIM is.
What is MIM?
A Master's in Management is a developing degree that can advance your career if you intend to work in the management field and seek ways to accomplish so. MIM is growing in popularity among students looking for excellent job chances, much like MBA has. It encouraged the next generation to be imaginative, well-rounded, and quick thinkers who are driven to make a difference in the business management area of society.
Best Universities for MIM
Some of the best universities all around the world offer MIM for students. The best countries to study MIM are USA, UK and Europe much like MBA. The top 10 universities for MIM in the world are:
- HEC Paris - France
- London Business School - UK
- ESSEC Business School - France
- INSEAD - France
- IE Business School - Spain
- ESADE/UVA McIntire/Lingnan - USA
- Imperial College Business School - UK
- ESCP Europe - France
- Copenhagen Business School - Europe
- Esade Business School - Spain
Eligibility for MIM
A student must adhere to these eligibility criterias for an MIM programme:
- The majority of MIM programmes require applicants to hold a bachelor's degree in any discipline. Students having a background in the arts or social sciences can thus apply for a MIM degree.
- You may have to give GMAT or GRE, depending on the university that you choose.
- A student need not have a long work experience for MIM unlike an MBA although it's always good to have some work experience.
- The candidate has to give the English proficiency test like IELTS or TOEFL.
Scope for MIM
- The Master of Management degree focuses on the essentials of management, including accounting and finance, marketing, strategy and organisation, HRM, operations, and IT management
- Students who pursue this degree typically get entry-level positions such as Management Trainee.
- They can also acquire Analyst positions.
- According to the poll, major corporations are more inclined to recruit a MIM graduate.
- The approximate range that MIM graduates earn is 50,000 USD to 100,000 USD per annum.
Difference between MBA and MIM
Even though both degrees are similar in many terms, there are a few key points that make them different. We have mentioned some significant differences between MBA vs MIM that you might find helpful when choosing which one to opt for! So let’s head over to spot the difference between MBA vs MIM.
Years of Experience
Additional years of job experience being the major difference between MBA and MIM, MBA candidates are frequently older than MIM candidates.
- The typical age range to get an MBA is between 25 and 32, or roughly 28 years. MIM applicants often range in age from 21 to 25, with an average age of 23.
- Some institutions, like LSE, accept candidates with up to five years of professional experience. As a result, the average application age is more significant. However, candidates fall within this age range 98% of the time.
- A Master in Management provides early-career students with the information they need to launch their business careers. In contrast, an MBA gives most students the foundation for career acceleration or a career transition.
- The course duration for MIM is usually within a year whereas an MBA is usually for the duration of one to two years.
- Business Theories, Finance, Marketing, and Leadership are some of the master's in management (MIM) programmes available. In MBA, you will also be expected to undertake research, statistics, and data analysis.
- The MBA trend includes a more practical approach to case studies and real-world examples of business and management challenges.
- Students may use their years of work experience to study and investigate business and management challenges rationally through experiential learning.
- You get to deal with various financial instruments due to this practical learning while completing your MBA. However, you won't be expected to know about or be taught about the sources or ancestry of such tools; instead, the emphasis will be on the application component.
- The MBA and MIM share many of the same coursework. There is, of course, a 40–60% similarity. However, theoretical and critical thinking are emphasised and encouraged for MIM. Students learn a good balance of theoretical knowledge and soft, practical skills through classroom lectures, case studies, and group projects.
- Exams also assess the theoretical components. Students must therefore possess a firm understanding of business's basic concepts and principles. Some colleges additionally require a business project or a final research thesis for MBA
Another significant difference between MBA vs MIM is the tuition costs.
- The MBA has demonstrated its capacity to place graduates in prestigious businesses thanks to its solid and extensive history. Hence charges premium tuition rates that might range from 50,000 to 100,000 dollars or more annually. Although this sum may change, the top-ranked universities appear to always fall within this range.
- On the other hand, young people frequently find the Master of Business Administration MBA appealing. It offers top-notch education at a cost that is almost half that of the typical MBA. Therefore, with an annual commitment of between 18,000 and 35,000, one can quickly obtain a Masters in Management degree. The price varies from one school to another. The most affordable schools are in Germany, whereas the most expensive institutions are in the US and the UK.
- Young students and those with recent undergraduate degrees who lack the funds or do not wish to drown themselves in debt may base their decision on the cost. In this instance, MIM offers excellent value for the money.
- The ROI can be very high, with the average income packages at premier colleges averaging around $50,000 per year. For instance, HEC Paris's MBA and MIM tuition is different. At HEC Paris, the cost of an MBA is less than that of a MIM.
- The MBA and the MIM provide sizable scholarships that students can take advantage of to ease their financial load.
Post Graduate Opportunities
There is a definite difference between MBA and MIM and the positions applicants acquire.
- A MIM frequently leads to an entry-level career, whereas an MBA suggests extensive work experience and can quickly lead to a higher-level post.
- Therefore, MIM programmes provide you more competitiveness as you enter the business job market and help you speed up the early phases of your career, whilst full-time MBA online programmes enable you to advance your career.
- Businesses frequently see MBAs as "experienced hires" and apply for positions requiring more training, such as leadership or management.
- MIM is perfect for entry-level jobs like analysts or trainees with an undergraduate degree. Companies hire them because they are highly trained and new to the workforce.
Salary and Job Prospects
Another crucial issue that everyone is interested in learning about is the wage differential between an MBA and a MIM.
- Although MBA and MIM students are frequently hired for managerial positions, their responsibilities differ significantly. You may notice a variation in their pay in addition to job positions. Furthermore, the salary is greatly influenced by the nation where you work.
- For instance, wages in the US are often higher than those offered in the EU.
We hope this blog has helped you differentiate between the two masters courses, MBA or MIM. So what would you choose? Whatever you choose, work hard with complete dedication and you’re going to excel either way. All the very best!