Doing an MBA degree is pretty common among young generations for those who want to become business leaders or managers. Recently, masters in management have also become another incredibly popular postgraduate degree.
So, which one you should go for between masters in management vs MBA? Feeling confused? Don’t worry; we will help you to choose the best one for you.
What is a MIM?
Masters in Management is a postgraduate degree, which is mainly for Individuals with little work experience or limited work history. This degree is not as demandable as MBA as it was first introduced in the late 1980s.
In 2020, a survey was held by GMAC, where the number of applications to Masters in Management programs increases by around 80%. Instead of doing MBA degrees, a bigger percentage of students are doing MIM degrees as an alternative.
However, MBAs and MIMs do not have to compete for careers. Instead, they can take it as a complementary for each other. Each degree focuses on a different segment of the student market. Plus, their objectives and contents are not the same.
Masters In Management Vs MBA — To Whom Are They Intended?
Students who do Masters in Management have an average age of 23 years and they have mainly 1-2 years of working experience in the corporate field or a non-business position.
On the other hand, MBA candidates have an average age of 27-32 years. Most candidates do MBAs after having 3-5 years of hands-on experience in commercial establishments.
MBA Careers Vs Management Careers
MIM degree is more appropriate for younger and inexperienced students. In contrast, an MBA degree is certainly best for people who want to acquire leadership skills for leading a company or become an entrepreneur. A MIM degree will provide scope for gaining employment in the business sector.
Masters In Management Vs MBA—Study Topics
The courses of MIMs are designed to provide an overview of management principles and techniques. Throughout a MIM degree, students learn from classroom lectures and case studies with more in-depth theoretical knowledge.
On the contrary, an MBA program focuses on putting key concepts into practice. They mostly learned and solved case studies from real-life businesses and get practical insights from them. In MBA programs, students are trained properly to deal with real-life business problems.
Masters In Management Vs MBA—Tuition Fees
Tuition Fees for Masters In Management are two or three times lower than MBAs. Due to high costs, many people often do a MIM degree instead of an MBA. However, as they specialize in different fields, there is no comparison between the two.
To choose a particular degree, you first need to decide whether it is suitable for your current stage of life. Doing a MIM degree will take less time while an MBA degree provides you more in-depth knowledge and skills from real-life business sectors.
Masters In Management Vs MBA—Which One Fits You?
Prior to making any choices, you should determine whether the paths you are taking are compatible with your goals. For example, if you want to create a management-oriented career in the future, an MBA degree will bring you success. Some
On the other hand, if you are interested in building a career in academia for a particular sector, a MIM program could be advantageous.
Some students often do a MIM program first and then go for an MBA program. It sometimes occurs when they get a full or half scholarship for an MBA degree after completing the MIM program.
Masters In Management Vs MBA— International Business Schools
While these degree options are not substitutes, they can complement each other. Around 80% of European universities offer MIM degrees — Canada, Australia, and many Asian countries also offer MIMs degrees.
Postgraduate management education remains dominated by the MBA degree in the United States. Most universities prefer teaching in English for most courses of MBA programs than MIMs. However, recently, many universities are including MIMs degrees, and they are mostly taught in English for international purposes.
Want To Go For An MIM Or MBA?
Every day the flow of the business world is moving. Business degrees are essential to learning many business ideas and concepts. The main difference between an MBA degree and a MIM degree is that if you are already involved in the business world and have worked for several years, an MBA degree is perfect. Alternatively, if you don’t much experience but want to learn in-depth business concepts, a MIM degree is ideal for you.