For decades, MBAs have held fort as the quintessential graduate business degree for individuals looking to upgrade their skills for a managerial position. However, since early 2000s, another graduate management degree has emerged into the picture – Masters in Management (MiM).
At first glance, the two courses might appear to be very similar. However, there’s only one similarity between the two. Both the programs are post-graduate business degrees. In all other aspects, the two degrees are vastly different.
Let’s deep dive into the dissimilarities between these courses. Understand these differences will help you make a sound decision as to which course fits you better.
Experienced Professionals v/s Recent Graduates
MBA schools prefer an applicant who has had over 2 years of professional experience. On the other hand, MiM courses are targeted towards recent graduates (with 0-2 years of professional experience).
Age of Applicants
Since applicants to MBAs require sufficient experience, the average age of an applicant ranges from 25-32 years. On the contrary, MiM graduates are relatively younger in age, with the applicants usually being between 21-25 years of age.
MBA course structures are more practical in orientation, in contrast to the theory based curriculum of MiM programs. This difference stems from the fact that MBA students already have relevant professional experience. Therefore, an MBA degree focuses on the application of business techniques.
MBAs offer a variety of specialisations to help students deep dive into the area of their interest. On the other hand, MiMs offer foundation level courses with a limited number of electives that prevents deeper knowledge into specific areas.
The MBA tuition fees can be pretty exorbitant. It can range upward of $100,000. In comparison, MiM courses can be very economical with tuition fees averaging around $40,000.
The MBAs are popular worldwide with thousands of schools offering this degree. However, MiMs are still in their nascent stage of popularity. The reason for this could be that MiM courses started only 20 years ago in European countries.
Typically, MBAs are 2 year programs. However, some universities also offer executive MBA programs that have a duration of 1 year. In comparison, MiM programs are fast-paced programs that usually have a course duration of 10-12 months.
Since MBA students already have a few years of professional experience, they end up in mid-level managerial positions. On the other hand, MiM graduates are recent graduates with almost negligible work experience. So, they are picked up for entry-level positions.
Due to their work experience and specialised knowledge, MBA graduates command a higher salary. However, since MiM is a more generalised degree, these graduates get comparatively lower salaries.
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