When it started, the Master in Management (MIM) programs were not as popular as now. At first, everyone considered MIM programs as an alternative to MBA programs. However, it became more diverse with time, and now you can do a MIM course in almost every specialization possible. In addition, it requires less qualification to get into compared to an MBA. Gradually all elements started to pile up, and now MIM is an entirely different thing from MBA. Now, students from all around the world are opting for MIM programs.
Things That You Should Know
Some things affect whether you choose an MBA or a MIM program. For example, students often think that having less qualification and budget is enough to select MIM over an MBA as an alternative degree. However, both degrees can be different on huge grounds for a particular student. Therefore, it is not recommended to choose a degree program based only on the essential things.
When you graduate with an MBA or a MIM, your career trajectory takes a hit. Both degrees grant different things. If you are not clear on what grounds MBA is better than a MIM and vice-versa, there’s no point. Even if both are business & management programs, the career course after graduation from an MBA and MIM are very diverse.
MBA vs MIM: What to Choose in 2022?
More than enough points should be considered to choose MBA or MIM. However, it is not entirely possible to evaluate everything. Therefore, what we can do is understand the crystal factors for making a decision. These are the points you need to consider as you prepare to choose difference between MBA and MIM –
Stage of Your Studies or Career
An MBA degree is designed for working professionals seeking advancement in their job/career. We see many middle-aged professionals pursuing an MBA degree in the prime of their careers. It is done to gain a diverse understanding of business. Many people choose top MBAs to expand their network. On the other hand, MIM is designed for recent graduates seeking an early career in business and management. You can do a MIM if you do not wish to spend time in other activities and start your interests early.
If you are in your mid-career, an MBA would be better. On the other hand, a MIM program is suitable if you have just finished your undergraduate and wish to jump into the business and management industry.
An MBA program is filled with specialized electives. These electives are designed to offer what the student wants. It grants you toward your pre-set goals. MBA curriculums offer a case-study-based framework utilizing the rich experience of students. In contrast, the MiM curriculum has a building foundation. A MIM curriculum has a set of core courses with limited electives. It is a more academic program that involves in-depth knowledge of topics.
Hence, if you are up to learning core topics of business & management, a MIM could be a good fit for you. But if you are all set with your expertise and only want some revised curriculum with extensive global exposure, choose an MBA.
Qualifications & Budget
An MBA program requires you to submit work experience, sometimes more than 5-6 years worth. For Executive MBAs, top b schools ask for 10+ years of work experience. Aside from that, you will also need a higher GPA for a quality MBA as these are one of the most competitive programs globally. For a MIM program, you need little or no work experience. These courses are MS-level degrees that are very flexible.
An MBA from Harvard University can cost you more than one crore tuition for the program’s entirety. And this excludes lying expenses to be more transparent. MIM programs, however, as mentioned, are flexible. So you can do a top MIM for around 60 lakhs total tuition.
Opportunities After Graduation
With a top MBA at your disposal, you can quickly expect a mid-level position in big companies. Many graduates from the best MBA programs worldwide are offered direct executive-level jobs in top companies. On the other hand, a graduate from MIM is most likely to get an entry-level position first. If your MIM has a certain appeal to it, like names such as LBS, you may get a better offer.
In current times, if you have enough time to gather some work experience, it’s always better to go for an MBA. On the other hand, MIM can be equally beneficial if you have specific goals in mind after your undergraduate and want to act on them right away.
In a modern dynamic environment, the needs of business & management professionals are very personalized. All significant sectors require managerial experts to plan, coordinate and make quality decisions. Weigh your needs and interests and select a program accordingly. Do not be intimidated by degree names.
Author Bio: Abhyank Srinet is a passionate digital entrepreneur who holds a Masters in Management degree from ESCP Europe. He started his first company while he was still studying at ESCP, and managed to scale it up by 400% in just 2 years.
Being a B-School Alumni, he recognized the need for a one-stop solution for B-School to get in touch with schools and get their application queries resolved. This prompted him to create Mentr Me, a one-of-a-kind portal with cutting edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School Updates.