These days a Master is not just an asset but a necessity. Better and more qualifications are the best ”letter of recommendation” you can put on the job market. Therefore, gaining a postgraduate degree is a win-win move, as long as you know which program will best meet your needs and aspirations. This is a generation in transition. MIM (Master in Management) or MBA (Master of Business Administration) is a question that almost every college comes across at some point of application process when deciding on the future.
After the biggest financial meltdown in history, the global economy is still trying to recover and the labor market has morphed beyond recognition in many parts of the world. It was only a matter of time before the changing job projects for young people had a knock-on effect on the way people study. It used to be that after graduation students could either plunge right into the workforce or study further and hone their skills in a particular niche.
In addition, their university degree postgraduate students usually have a work C.V to testify to their vocation in business management. Work experience is the key when it comes to making a choice between MIM & MBA. Here are some points comparing the two programs to give applicant a better picture of the key decision parameters:-
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Who are the Applicants?
Most MBAs are ideal for applicants having work experience between 3-8 years. In fact, most colleges expect at least 4 years of experience.
MIMs are targeted towards recent grads or professionals with up to 2 years of work experience. In fact, a number of colleges draw a line at 1 year of max. work experience.
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Goals Of Applicants
Most MBAs take up the degree to move up in the career ladder, to get a higher salary or change their field of work.
MIMs are targeted towards people who want to kick-start their business career. It is useful to break into top companies & also allows one to switch to business from some other field.
READ Too: Technology Reshaping MBA Recruitment Process
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Average Age of Applicants
Owing to the years of work experience, the average age of MBA grads range between 25-32 years. MIM grads are a relatively much younger bunch of the applicants being anywhere in between 21-25.
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Way of Teaching
Case study based framework aimed to utilize the rich experience of MBA students and teach them about the application of business techniques.
Several analytical & quantitative courses are taught via case studies, team projects and lectures for MIM Students. Theoretical fundamentals of the business are concentrated on.
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Curriculum Goal
MBAs with a slew of specializations and elective courses, allow individuals to dig deep into particular business areas.
Most MIMs have a set of core courses aimed towards building a business but have limited electives, preventing a deep dive.
READ ALSO: What Do Business Schools Look For In MBA Applicants?
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Tuition Fees
MBAs can create a dent in the pocket with tuition fees that can range up to a $ 1,00,000. MIMs are pretty economical in comparison with tuition fees averaging around 40,000$. This way it can be obtained in just half of an MBAs cost.
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Popularity
An MBA has long been the most popular and desirable business degree in the world, with thousands of schools offering it.
MIM is the younger cousin of the MBA which started around 20 years ago and has its roots mostly in European countries, though now MIMs are cropping up all over the world.
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Duration of Course
Most full-time MBAs are two-year programs. However, some schools offer a 1- year degree as well. MIMs are quicker with a majority of colleges offering a fast-paced 10-month course. Some schools though offer a more comprehensive 1.5-2 year course.
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Post Graduate Opportunities
Already having several years of work experience. MBA graduates are picked up for mid-level managerial positions. MIMs being recent graduates with no or little work experience are picked up for entry-level or analyst positions.
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ROI of MBA and MIM Course
MBAs due to their work experience and specialized knowledge command a higher salary, which can be upwards of 1,00,000$ from the elite schools.
MIM graduates get entry-level jobs, which are usually their first full-time jobs or their first job in a new field, hence their salaries are comparatively lower but range around 50,000$.
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Reception by Companies
MBAs have been around for some time and need no introduction, MBA applicants are valued & the degree is well known by all HRs.
MIM is still relatively unknown in the certain part of the world and you may require explaining to companies what the degree is about. That said its popularity is growing exponentially.
While the MIM and MBA are treated as distinct pools, they are often combined, boosting a student’s resume. According to a survey, by the Graduates Management Admissions Council (GMAC), three in four prospective students who hold a masters degree are considering enrolling in an MBA program.
In the end, it will turn out that both MIM & MBA have their legitimacy because they attract different target groups with different needs. In conclusion, the MBA vs MIM comparison has no clear winner. But at the end of the day, it is up to the applicants to determine which degree would be a better fit for them. Irrespective of the choice, the future is bright for the applicants.
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