Student Guide: The Difference Between MBA and MiM
27 May, 2022
3 mins read
If you’re seeking to take your knowledge and skills in management up a notch, then you have two options: an MBA or a MiM. Do they sound the same? Well, they are not? Keep reading to learn the differences.
What is an MBA?
An MBA refers to a Master’s of Business Administration. It is the most common graduate management degree in the world. The MBA, as a generalist degree, provides you with core management knowledge, allowing you to gain a comprehensive understanding of business across disciplines such as marketing, finance, and accounting, all while gaining important soft skills and leadership abilities.
What is a MiM?
A Master’s in Management (MiM) is a postgraduate qualification in business and related subjects. It is designed specifically for non-business graduates who are unfamiliar with the business curriculum. This master's degree normally takes two years to finish, and it's becoming increasingly popular among young professionals with little or no professional experience. This degree focuses on various management careers rather than business as a whole.
Age and Work Experience
A MiM may be right for you if you're an undergraduate student or a recent graduate interested in pursuing a career in business. Candidates with zero to one year of job experience are frequently applying for this degree.
The MBA, on the other hand, attracts older candidates with established professions and a significant amount of work experience—anywhere from two to ten years.
MIM fees are typically less expensive than MBA fees. This could be related to the candidates' work experience and the length of the course.
The main post-GME career ambition for 42% of MBA candidates is to earn a raise or salary increase. 39% want to be a manager, and 36% want to work at a senior level.
Candidates for the MiM programme have varying priorities. 52% want to work for a company that allows them to travel around the world; 47% want to work outside their home country, and 39% want to live outside their home country. 37% want to be in charge of projects, and 36% want to be in charge of people.
66% of two-year, full-time MBA candidates want to study in the United States, whereas 11% want to study in Canada. This is most likely due to the MBA's recognised strength in the United States, where the programme was founded by Harvard Business School at the turn of the century.
The MiM degree is very popular in European countries like the UK. European business schools dominate the Financial Times Masters in Management ranking.
The MiM programme is meant to prepare students for a promising future by providing them with a strong foundation in business management knowledge and the ability to implement it practically to solve real-world challenges. Business analytics, product management in a digital context, finance, negotiation, and the establishment of new businesses are among the topics covered in the MiM.
On the other hand, the MBA curriculum focuses on equipping students with the knowledge, abilities, and global perspective required to hold executive roles in any industry and in any location.
Salary is influenced by education and work experience. When it comes to MBA vs MIM salaries, MBA graduates have significantly more experience than MIM graduates, resulting in a higher starting wage for the first group.
Whether in marketing, finance, technology, or consulting, the MiM provides strong management and global business foundation, enabling graduates to enter a variety of industries.
Typical MiM graduate positions include:
Investment Banking Analyst
The MBA is meant to help professionals advance quickly into more senior leadership positions.
The degree is also known for its triple hop, in which graduates switch locations, industries, and functions. Grads earn large incomes and frequently go on to lead teams for some of the world's largest corporations.
MBA graduates' typical jobs include:
MiM Or MBA: Which Is Better?
When it comes to the MIM vs MBA argument, the distinction between MBA and MiM is obvious. The latter provides more flexibility, ease of entrance, and fewer hassles while also being cheaper. In the current situation, the battle between a MiM and an MBA is won by the former.
Which should you choose?
Obtaining a MiM degree does not preclude you from pursuing an MBA later. During their careers, some professionals accomplish both. A MiMt can provide a solid foundation for your business career, and an MBA can help you advance into senior leadership roles or pivot your career entirely.
A MiM degree is often the best choice for you if you're under 24 years old, have recently graduated from college, or have less than two years of professional experience.
An MBA should be your first choice if you're a career professional with three or more years of experience and are between the ages of 24 and 30, or older. If you want to advance quickly into a senior leadership position or change careers entirely, this is the degree for you.
Consider your professional stage and what you want to get out of your degree, and you'll be well on your way to determining if a MiM or an MBA is the best fit for you.
And that’s about it! After reading this article, you’re now able to differentiate between the two post-graduate degrees in business. So, which one will it be for you?