Getting a higher education means better opportunities, but also means a significant time and money investment. This being said, it is important to keep in mind certain factors while choosing your program and university. Here we will be noting the comparison of MIM and MBA differences. This blog will help you compare the difference between MBA vs MIM .
MBA vs MIM
What Is MIM?
There are many factors to consider while comparing MBA vs MIM. Let’s get to know all about MIM first. An MIM is a Master’s in Management. This course usually takes 2 years to complete, and it is a master’s that has gained popularity over the last few years for young professionals who have little to no professional experience. This degree focuses on the study of different management careers and not business as a whole. The study of complex theoretical concepts and quantitative analyses make an MIM more academically rigorous than other management courses.
Admission Criteria And Work Experience
Usually, the GMAT is required for admission to both courses, except that the average score required for MBAs tends to be higher. In the case of MIMs, previous academic performance is more important and the type of degree required for admission may vary according to the course: Some courses only admit candidates with an undergraduate degree in business or economics, others look for the exact opposite, students who don’t have a degree in business or economics. And some others may favor candidates who have degrees with strong methodical structures (e.g. physics).
Professional work experience is more valuable when it comes to an MBA because it has a hands-on approach. On the other hand, the MIM takes the perspective of an observer or analyst, so you should apply to an MIM if you have less than 1.5 years of experience.
Fees
MIM fees tend to be lower than MBA fees. This can be related to work experience from the candidates and the duration of the course.
Age
The average MBA student age range goes from 28 to 32, while for MIM is significantly lower, at 23. This can be directly related to the work experience required to take the course. MBAs require more work experience (5 years on average) while MIMs candidates must have minimum work experience to go for a postgraduate degree at a younger age. MBA students are not older on average because people who are in their thirties and already have a good-paying job (and possibly a family) are less keen to leave that job, potentially move to another city, and invest time and money in an MBA.
Curriculum And Career Prospects
MIMs and MBAs prepare candidates for different things. An MBA has a more practical approach to train leaders in business and managers with strong soft skills, while an MIM is more academic, involving theoretical analysis and math.
MIM and MBA graduates tend to look for job positions with different descriptions and different positions in the roles. In the case of MBAs, graduates are older and more experienced while MIM graduates are generally younger, and are rookies when it comes to practical purposes.
MIM vs MBA Salary
Education and work experience are important factors in salary. In the case of MBA vs MIM, MBA graduates, they count on considerably more experience than MIM graduates, which leads to a higher salary for the first group from the start.
According to the Financial Times, an MBAs weighted salary is 50% higher than the salary of an MIMs graduate. To be more specific, the top MBA school of 2018 (Stanford Business School) has a weighted salary of $214,742 while the top MIM school (University of St. Gallen) has a weighted salary of $108,621.
I Already Have An MIM And I Want To Apply For An MBA
If you already have an MIM degree, you might have to work a bit harder than your fellow candidates to be admitted to an MBA. At first glance, the admission team may think you don’t need an MBA, so you will focus on why you are applying and your objectives.
When filling your application, expose strong and compelling arguments as to why you aspire to get an MBA and what your career goals are, despite already having a strong understanding of business and management.
Difference Between MIM And MBA
MIM Or MBA Which Is Better?
If you are looking at the MIM vs MBA debate, the difference between MBA and Masters in Management will be clear to you. The latter will give you more flexibility, easier entry and lesser complications while being more affordable at the same time. Masters in Management vs. MBA is a battle won in the current scenario by the former.
Here are some of the key advantages offered by MIM programs:
1. Affordable And Result-Oriented Programs Are Offered
MIM programs are more affordable as compared to MBA programs while also being tailored towards understanding business management through theoretical concepts, internships and intensive curriculums focusing on various aspects of management. MBAs are considerably more costly worldwide than MIM programs, particularly in Europe and the U.S.
2. Tailored For Global Student Audience
MIM is predominantly popular in Europe and students can choose to study for a dual degree or an all-encompassing course covering a global partner university of their affiliated parent institution or learning platform. MIM has a more global approach and curriculum, being designed more for international students than doing an MBA in India for instance.
3. Students Can Start Studying Online
In the current scenario, the biggest advantage offered by MIM programs is flexibility. Students may start studying online itself and then they can later on resume offline classes on campus owing to the ongoing coronavirus pandemic. MBA programs may not always have the facility of starting lessons immediately online.
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