MBA has been the primary graduate program that is known for career advancement in the business sector for years. But it is not the only available program offered by business schools.
There are in fact other programs that are well recognized, maybe not as popular as MBA anyways. One of such programs is the Masters in Management (MiM).
Due to the rapid increase in popularity and acceptability of MiM in recent years, choosing between it and the well-known MBA has become a challenge. Some have seen MiM as an MBA alternative, but is that true?
What significant differences exist between these two graduate programs?
How can you make an informed decision between the two programs?
This article is detailed to answer all of these questions and any other you may have concerning MBA and MiM.
What is MBA and MiM?
MBA is a master's in Business Administration while MiM is a master's in Management.
Both are post-graduate programs that are offered by business schools. They are for applicants that are into or seeking careers in business-related fields like Economics, and Marketing.
Let us begin by considering the differences between MBA and MiM based on these 5 criteria:
· Program Eligibility
· Course Curriculum and Structure
· Fees and Cost
MBA vs. MiM; Program Eligibility
Both MBA and MiM are graduate programs in the domain of Business Management. They have similar admission requirements but there are some specific differences.
Required with a minimum GPA
Required with a minimum GPA.
Minimum of 3 Years
LORs and SOP
Minimum of 2 LORs and 1 SOP.
Minimum of 2 LORs and 1 SOP.
One key difference in the admission requirement of these two programs is the work experience. MBA requires a minimum of 3 years post-graduation experience while MiM does not.
Another thing to note is that the scores for compulsory exams like GMAT and IELTS bear more weight in MBA admissions. Greater scores and academic records are expected for MBA than it is for MiM.
MBA vs. MiM; Curriculum and Structure
This is a post-graduate management degree that is highly regarded in business career advancement. The program runs for 1-2 years. MBA focuses on practical teachings with real-life case studies and scenarios. The program is designed to help graduates develop experiential knowledge that applies to business situations. MBA syllabus is more advanced and focused on the understanding of more complex parts of management.
MiM is also a post-graduate management degree that is meant to prepare graduates for entrance into business-related careers. While MBA focuses on individuals that are already into business careers, MiM looks to help start a career in that line. This is why it does not require 3-5 years of experience. The program runs for 10-13 months. It is more of theoretical teachings though similar to MBA but without the practicality. It is less advanced as it focuses more on the basic and foundational knowledge in business and management.
MBA vs. MiM; Popularity
MBA has built credibility and acceptance over several decades and this makes it most popular across the globe. MiM originated in Europe and so has been limited in scope until recently. But it is still behind the fame of MBA like the cart is behind the horse.
MBA is the most sought and accepted degree in the world and it is offered by top business schools with worldwide fame and standard. MiM is more popular in European countries like France, Germany, Italy, Denmark, and others.
MBA vs. MiM; Fees and Cost
On an average, it costs more to pursue MBA than it is for MiM. There is a higher demand for MBA and it is vastly popular, these are valid reasons for its high cost.
The tuition for Masters in Management program in top schools ranges from $28,000 to $50,000 while that of an MBA ranges from $42,000 to $130,000.
MBA vs. MiM; Opportunities
Judging from the target of each program, there is a considerable difference in the opportunities that the degrees offer. The Masters in Management degree mainly for new entrants into business careers offers a chance into junior-level positions.
Master’s in Business Administration on the other hand offers opportunities to be in Mid-Level to Top-Level Management positions. This is because the degree holders have relevant work experiences before the degree. There is also an expectation that the degree has qualified them to handle the challenges of such career positions.
Obviously, there is a bigger ROI with MBA as there is a wide gap between the average pay.
An MBA graduate earns an average of $110,000 while a graduate of MiM gets around $70,000. Of course, this is an average, depending on your skills and college it could go either way right up to $200,000. Clearly, the opportunity to earn bigger holds true as an MBA graduate.
So which is it going to be for you?
The differences and similarities between these two programs have been laid bare. Picking the best one suited for you is about where your profile fits.
If you are fresh off the bakery of the university, you should consider spending an extra year to earn an extra feather of MiM. It will boost your chances of landing a good job and you can even proceed to get the MBA after few years into your career.
If you have up to three years of career experience, you should look to do an MBA instead of MiM. At this career level, MiM seems like a retrogression. Go for the bigger honour and enjoy the career leap it offers!