MBA vs. MiM: Is MiM a better option for undergraduate students?
MiM is well-known in Europe, with European nations now offering 85 percent of all MiM courses. Although not as famous as an MBA, it quickly gained traction in sectors in the United Kingdom, the United States, Australia, Canada, and India.
We at MBA & Beyond have been getting many profile evaluation calls of late from applicants with 1-2 years of experience who are ready to take the next step in life but are unsure what program to pick – MiM vs. MBA.
The debate between a MiM vs MBA degree has become increasingly significant for prospective students as more business schools look for methods to make their programs more affordable. Unfortunately, it’s also a common misconception that a Masters in Management (MiM) degree is equivalent or a substitute for an MBA. There are numerous parallels between the two, but significant variances exist.
This article will compare and contrast MiM or MBA in terms of potential target candidates, admission requirements, fees, program format, employment & income opportunities, and scholarship criteria.
Which do you think you should pick? Mim or MBA Which is better? This blog is a one-stop-shop for all your questions and concerns regarding a MiM and an MBA degree. In addition, it will help you save multiple hours of your research time. So let’s have a look at what we’ve got here!
Here is the Snapshot of the article:
What is a Master’s in Management?
A master’s in management (MiM) is a postgraduate degree in business and associated fields. It is explicitly structured for non-business graduates who don’t understand the business curriculum.
It is also known as Master of Science (MSc) in Management, MSc in International Management, Post Graduate Program in Management, MA in Strategy and International Management across different areas of the globe.
The subjects usually taught in the first year of MBA are covered in the Masters in Management curriculum. The course curriculum may vary from school to school, but the MiM is designed to give you a holistic understanding of all the business fundamentals.
MiM is a European-rooted concept that has been around for two decades. Usually, many European students continue their education after finishing their undergraduate degrees. However, unlike other areas of the globe, European students do not typically enter the workforce until they have completed a Master’s degree, which is why a MiM fits so well within the European system.
Here, education is typically more theoretical and scholarly. MiM provides a formal introduction to business management to recent professionals or fresh college graduates with a bare minimum of work experience, ranging from 6 months to two years. This is understandable, given that most students in MiM programs are between 21-24 years. Accordingly, the MiM programs are an effective route to master the basics through these classes before they can put their talents into practice. This aids them in developing business basics such as awareness of business domains, their interrelationships, and the leadership aspect.
Compared to a mainstream MBA, master in Management is more theoretical from the perspective of academic content.
IS MiM Degree Worth It?
The MiM degree is often used as a springboard into entry-level positions in business management that need little or no experience.
MiM courses provide depth of knowledge and expertise in various business areas, including marketing, consulting, and finance. They allow students to study and work in other countries. It’s also quite popular among recruiters. Given the visibility, MiM courses offer excellent networking possibilities. The goal is to prepare students to get enough momentum to develop a promising career in management.
Career Options After Completion Of The Program: MBA VS. MiM
MiM prepares students for junior-level positions such as associate consultant, junior analyst, and entry-level positions in advertising, development, general operations, human resources, public relations, and sales and marketing management. On the other hand, an MBA will land you mid-and senior-level jobs in the same industries.
For example, a MiM graduate will begin as an associate consultant, whereas an MBA will start as a consultant. After 2-3 years of work experience, a MiM graduate will be hired as a consultant.
Overview Of The Difference Between MBA vs. MiM
Major difference between an MiM vs. MBA is that the MiM offers early-career students with the information they need to jumpstart their business career, whereas the MBA provides most students with the foundation for career advancement or a career transition.
Top 10 Universities in the World Offering MiM
Who Should Go For MiM?
MiM programs are best suited for individuals who wish to complete their higher education without taking any break before getting into the business setting or starting working. In addition, it is for people who want to have exposure in the management field.
If you are battling to land in the sort of profile you wish to seek after finishing your undergrad, that isn’t adding to your qualifications. Moving on from a top-level MiM school adds credibility to your profile in such a scenario.
If you need to switch career paths, MiM is presumably more valuable. Since they center around both finance and marketing, you’ll be more
Why Should You go For MiM?
MBA is meant for professionals seeking development in their respective careers, transformation/career change, or feeling saturated in terms of salary prospects.
When it comes down to deciding which one to choose out of the two, both MBAs and MiMs are excellent educational paths that offer very different advantages on your way to becoming a successful businessperson. As noted on BBC Capital, ‘the university of your choice may seem like the obvious answer, but it’s not so simple… MBAs are more practical than ever, while MiM has never been more popular. But the notion of a MiM degree is now being embraced by an increasing number of colleges’.
BBC also points out that there are some significant advantages to an MBA over a MiM:
“An MBA does give you a better chance of getting a job straight away. Only 8% of the UK’s unemployed have one, compared with 29% of people who hold MiMs.
If you want to stay in the same company, it will still be helpful. However, some 35% of employers still think MiMs are more suited to their needs than an MBA.
MBAs also tend to pay more (MiMs on average earn £41,000, but MBAs make an average of £50,000).
MiM is lengthier (two years compared with one for most MBAs). Unfortunately, that means you’ll miss out on the insider-type networking opportunities that come with spending two years at the same place.
MBAs are still more respected in the business world, thanks to the Harvard-Stanford-
London/Cambridge celebrity circuit.”
- Melinda Gates- Fuqua
- Sallie Krawcheck, Columbia
- Sheryl Sandberg, COO Facebook
- Tim Cook, Fuqua
- Jyotiraditya Scindia, Stanford
How to Build Your Profile For MiM Admissions?
Can I Do MBA After MiM?
Both degrees may be beneficial to you at various stages of your career. The choice here is going to be yours solely on what you want to achieve post-MBA. Everyone usually prefers to go for an MBA to move up the ladder in terms of career trajectory. If potential applicants can expect a hefty salary even with a MiM degree, they are likely to drop off the idea about going for an MBA post-MiM.
Typically, the salary for MiM graduates is between 45 and 60 thousand euros, which keeps on improving with experience and also help you get into top companies with your MiM degree.
If you’re unfamiliar with the terms and need expert guidance identifying which course will best suit your needs, look no further! We’re here to help you through the process and help you make an informed decision.
Frequently Asked Questions
Is MiM better than MBA?
Both the courses are designed to help applicants get the hang of the business setting and related business concepts. However, the MBA is typically geared for people who have a minimum of 3-5 years of work experience. Conversely, the MiM degree often is used as a springboard into entry-level positions in business management that need little or no experience.
Is MiM equivalent to MBA?
There are numerous parallels between the two, but there are also significant differences in prior work experience requirements, duration, post-MBA opportunities, and post-MBA salaries, among other aspects.
Can I do an MBA after MiM?
Both degrees may be beneficial to you at various stages of your career. However, the choice here will be yours solely on what you want to achieve post MBA. Everyone usually prefers to go for an MBA to move up the ladder in terms of career trajectory.
Is GMAT/GRE necessary for MiM?
For individuals seeking a Master’s in Management (MiM), GMAT/ GRE scores are required to apply and play an important role. A higher score enhances one’s chances of getting in and adds a lot of value to their profile.
Is GMAT preferred over GRE for MBA and MiM?
Although some institutions and organizations prefer the GMAT, the GRE is increasingly accepted by more Masters in Management programs.