Master in Management(MIM) is a master’s degree program that offers comprehensive knowledge about various management streams such as Finance, Marketing, Consulting, and Entrepreneurship. Whereas Master’s in Business Administration is a master’s program that focuses on Business Economics, Accounting, Financial Management, Human Resource Management, and leadership.
MIM degrees are suitable for recent graduates who are not professionally experienced. Generally, universities do not require students to complete a business-related undergraduate degree. Even less than one year of corporate work experience works in their favor. As opposed to MIM, MBA degrees demand professional work experience.
As per studies, just 40% of MIMs need GMAT with average scores being 610. At the same time, GMAT is compulsory for MBAs with average scores being 650. MIM is ideal if you are looking to venture into a business management career while MBA is aimed at those desirous of obtaining more in-depth insights into their chosen field of work. Average age stands at 23 years for MIM applicants while it stands at 27 for MBA applicants. MBAs are costly, requiring up to a whopping EUR 70,000 in European nations. The average fee for MBA courses in the U.S. and Europe hover around $100,000 and EUR 33750 respectively. MIMs cost is around half of MBA programs, somewhere around EUR 12, 250 and tuition fees may go up to around EUR 30,000 at the most. It is considerably cheaper than your average MBA course, particularly abroad. MIMs have 40-60% of the curriculum as completely similar to the MBA program and emphasizes upon building a critical thinking and theoretical approach. You will find subjects needing mathematical aptitude and research. MBA focuses on specialization with a more practical approach. MBA programs cover 1-2 years while MIM programs have more flexibility with some colleges even offering intensive 10-month courses. There are those that have 1.5-2 year MIM programs as well.
Studies have also reported that MIM graduates earn at least 2.4 times of their average tuition fees. Internships are a core part of these programs and the flexibility helps many students keep interning along with studying alongside. MIMs have dual degree program options, giving students scope of applying for studying at partner/affiliated universities of their parent institution. The added degree helps in venturing into the job market of another country. MIM was conceived in Europe initially but its popularity has spread to the U.S. and several parts of Asia. It is often called Masters in International Management or Masters of Science in Management (M.Sc).
Students end up choosing MIM over MBA since the latter necessitates more working experience, high percentile scores in GMAT which is also mandatory and has lower flexibility. Those studying MIM will have great career prospects in international countries as compared to MBA students in India, i.e. 95% of them get employment within 3 months of graduation while 60% and more ventures into consulting and average starting salaries hover around EUR 69, 000.
The significant difference between Master in Management and Master of Business Administration is that MIM equips recent graduates with the right business aptitude they need to kick start their career. MBA allows a career shift for experienced professionals.
Although both degrees cover general business aspects such as Finance, Accounting, Strategy,
Business Analytics, Micro/Macroeconomics, and People Management, there are some course level differences between two;
Master in Management
The first year of a MIM program focuses on teaching broad aspects of business and management. Some of the core modules include Accounting, Business Economics, Corporate Finance, Innovation Management, Marketing Decisions, Strategic Management, etc.
Along with studying the core modules, students have the option of choosing a discipline as one of their electives. Some of the electives of MIM include Advanced Corporate Finance, Business Analytics, Geopolitics, and Project Management
Master of Business Administration
MBA degrees help students develop managerial skills. Some of the core modules of the subject include Accounting, Entrepreneurship, Finance, Global Management, Human resources, and Information technology.
The program aims at broadening the perspective of the students by including some electives as a part of their curriculum. These include Marketing, Organizational behavior, Political economics, etc.
Choosing between a Master’s in Management and a Master’s in Business Administration depends on certain factors. One of the most important factors is the level you are at. If you are a recent graduate looking forward to kickstarting your career then, a MIM degree is most likely a valid option for you. On the other hand, if you are an experienced professional with more than three years of experience then MBA is the right choice. It will equip you with the right skill set to make a fruitful career.
Study with upGrad Abroad
With upGrad Abroad, you can study Master in International Management and Master of Business Administration at one of the renowned German universities, the International University of Applied Sciences (IU). The advantage of choosing upGrad Abroad as your study partner is that in the case of MIM you get an IELTS waiver and in the case of MBA you get help with preparing for the exam. We offer the flexibility to start your study program online for a specific duration and then switch to on-campus study.
Master in Management caters to recent graduates looking forward to building their careers. The program’s course curriculum focuses on teaching broad aspects of business and management. Some of the core modules include Accounting, Business Economics, Corporate Finance, Innovation Management, Marketing Decisions, Strategic Management, etc.
What is the average annual salary that MIM and MBA graduates can expect?
If we talk about MIM graduates, they can expect an annual salary between $75,570 to $90,110. On the other hand, MBA graduates can expect an annual salary between $78,746 to $6,77582.
Who earns more MIM or MBA?
If we compare the average annual salary of MIM and MBA graduates, the average annual salary of MIMI graduates is between $75,570 to $90,110.Whereas, the average annual salary of MBA graduates is between $78,746 to $6,77582. Therefore, it is established that MBA graduates earn more than MIM graduates.
Is MIM better than MBA?
Both MIM and MBA are ideal choices for students. Choosing the right choice depends on the stage of their career they are at. If you are a recent graduate looking forward to your career then MIM is the right choice. While if you are an experienced professional wishing to change your career profile then, MBA would be a smarter choice to go with.
What is the difference between MBA and MIM?
Although the course curriculum of MBA and MIM is almost similar. The eligibility criteria for both programs differ. MBA demands at least three years of experience. While MIM is for recent graduates.
Is it better to do an MBA after MIM?
Yes, it is better to do an MBA after MIM. The seniority of MBA graduates in terms of experience and managerial skills leads them to earn high-level management positions. As MIM is an early career degree and MBA is a mid-career degree, you always have the option to do an MBA after a MIM
Is MIM equivalent to MBA?
No, MIM is not equivalent to MBA. Even though the curriculum of both degrees is somewhat similar, the eligibility criteria differ. MIM is suitable for recent graduates, while MBA is an ideal program for working professionals.
Is GMAT/GRE necessary for MIM?
Yes, the GMAT/GRE is necessary for getting admission into a MIM program. Most of the top universities for MIM demand valid GRE or GMAT scores as a mandatory admission requirement.
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