Until now, a Master’s in Business Administration has been the most sought-after course in management colleges. Today, there is an alternative to the MBA programs, which is the Masters in Management course.
Both MBA and MIM are similar in different facets of the education perspective, and there’s still a debatable difference between them. An overview of the factors through which they differ are below:
- Prior experience
The Masters in Management course doesn’t require professional experience, unlike the MBA programs. The latter is a part of the education program when you have gained experience and developed an acumen in the management field. The former is curated with the sole purpose to hone skills and prepare students in the early stages of their education. They can apply for the MIM course right after their undergraduate degrees.
- Career point of view
The MIM path towards education begins early on in the life of a student. Hence, after obtaining the MIM degree of education, they have the freedom to apply to junior or associate level positions for management jobs. MBA programs start with the mandatory requirement of professional experience. Hence, after pursuing an MBA, you can join a company’s leadership position or entrepreneurial placements.
- Admission standards
The MIM curriculum requires the fulfilment of specific criteria. They include a solid academic background in any of the disciplines. Hence, as a postgraduate degree, it gives students the flexibility to choose the course even after hailing from a non-management background. The same doesn’t apply to an MBA since it requires a certain degree of hands-on knowledge.
- GMAT score
The Graduate Management Admission Test(GMAT) is a compulsory requirement for pursuing an MBA course. However, while securing admission for the MIM course, the grade/class obtained in the previous academic course also holds importance. Hence, GMAT Prep and academic qualification are necessary for MIM.
- Age of the applicant
The age groups vary considerably for both of the courses. MIM aspirants fall in the range of 20-27 years, while MBA aspirants fall in 27-32 years.
MIM vs MBA- Which is the Better Choice?
Though the question is simple and straightforward, its solution depends upon your choice- Whether you want to give an early start to your career with MIM or enhance your acquired technical skills through MBA. Hence, your choice is influenced by your potential and inclination towards a management path.
So, after you’re sure about which Master’s course to pursue, you can focus on other aspects such as quality and ranking as indicators of the program’s success. Here is a list of tips (NQOR) to understand whether the school offers the course and the curriculum’s scope.
- Networking is an essential skill at every stage of your educational as well as professional life. It is best to talk to your seniors and the graduates to know more about the school and the professors. As an alumnus, their experiences will help you in making a decision better.
- The quality of a course is easily determined through the accreditation of the educational institution. The European Foundation of Management Development has two certifying bodies, namely EQUIS and AACSB. EQUIS stands for EFMD Quality Improvement System, while AACSB stands for Association to Advance Collegiate Schools of Business.
- Once you’re aware of a course’s outcome, it is preferable to talk to the experts and employers keen on picking up fresh talent. Questions like their order of preference and the kind of positions available for freshers are a simple way of knowing their point of interest.
- Rankings of a school and its courses give insight into the metrics and parameters required to excel at the practice. Bodies like the Financial Times and Economist are heavily involved in awarding a rank to the educational institution.
Here is a table that denotes the global ranking of various educational institutions and their tuition fees and duration spread across the USA, Europe, Canada, the UK, Australia, and India.
|Educational Institution||Country||Duration and Cost|
|ESADE||Spain||One year- $33,000|
|University of British Columbia||Canada||9 months-$35,000|
|University of Michigan||USA||10 months- $51,000|
|University of Mannheim||Germany||2 years- Variable|
|Curtin Business School||Australia||2 years- $44,000|
|London School Of Economics||UK||1 year- $38,000|
|IIM Bangalore||India||2 years-$30,000|
After an in-depth discussion about the two courses’ notable differences: MBA and MIM, you stand to benefit from it when you ask yourself questions before settling on a career path. Now that you’re aware of the ‘How’ to pursue the course, you need to know the underlying ‘Why.’
Rather than the measurable attributes, look at the immeasurable contributors like skills developed, personality development, objectives, and goals accomplished, and so forth.
Next, move ahead to your aim and ambition as a working professional. Develop a basic understanding of the outcome through work ethics, lifestyle, work-life balance, etc. All of it will determine whether it is worth the effort.
You know where to pursue the course. It is necessary to understand what you bring to the table and what you have to offer as a whole. You can probe further and decide whether the qualification will justify your aspirations and will help you in the future.
To sum up, both educational programs: MBA and MIM, have their list of benefits and limitations. It would be best to decide which one suits you the best and fulfils your dedication towards achieving a goal.