MBA vs Masters in Management: Which is better?
Most of us are familiar with an MBA(Master in Business Administration) which helps in transforming students into business leaders through a program offered by Business schools. But presumably, few have heard about MIM (Master in Management) which is coming of age in the recent past. Both MBA and MIM abroad in the USA are the coveted fields of study among a vast number of international students. Let us check what they mean.
MIM vs MBA:
MBA is a long-established B-School program highly sought after by aspiring students who aim to be future business leaders. However, MIM is rapidly emerging as an alternative as indicated by almost 50% rise in students seeking to pursue MIM. While they are not competitive, they can be called complementary as each of them covers different market segments aiming to achieve different goals. It is necessary to study them in greater detail to find out which suits you best.
Who are they for?
MIM: It is eminently suited for fresh graduates without any or with short professional experience. They are thus typically younger, the average of which is 23 years.
MBA: They are generally older as they as the candidates are required to have a corporate experience of 3 to 5 years. It goes without saying that Business Enterprises prefer MBA over MIM.
Projected Career Graph:
MIM: It is ideal for kick-starting one’s career. It is a degree obtained by an inexperienced student,unlike MBA pursued by professionals.
MBA: It is for professionals who aim to provide impetus to their career. It may be required to qualify for bigger leadership roles or specialisation for their own business needs.
The Curriculum:
MIM: The program is designed to impart general and introductory management knowledge. Both are PG degrees, yet MIM lays greater stress on in-depth theoretical concepts and are research-oriented. It is considereda Master of Science.
MBA: It involves the study of real-life business models. The focus is on analytics and development of problem-solving skills which helps the students to assume business leadership. Additionally, the specialisation palette is far wider.
Tuition Fees:
MIM: The pro is that this degree is way less expensive than an MBA abroadprogram. It provides a wider reach to the students who can opt for the program because of the price advantage. The tuition fees are in the range of €2K to €30K per annum (US$2.2K to US$33K), depending on the place and program selected.
MBA: The average fees of MBA abroad is in the range of €40K (US$44K) per annum in Europe and as much as €90K (US$99K) per annum in USA.
Standing and Recognition:
MIM: It is relatively a new program coming to the fore only in recent times. There is still no clarity about its demand in the market,which surely looks promising in the future. The skill sets of MIM graduates will see an upward graph shortly.
MBA: It is greatly in demand because of its proven track record. However, MBA professionals from reputed B-Schools enjoy a substantial edge over others.
Programs in reputed B-Schools:
MIM: The B-Schools are recognising the potential of MIM graduates and the urge among students to pursue the degree. Accordingly, more and more international schools have started offering programs in MIM.
MBA:It enjoys a pole position as a PG degree in management and much in demand in the corporate world. A MIM graduate can also opt for an MBA later in life.
Bottom Line:
The business world is dynamic and ever-evolving. A suitable management degree is the right kind of grooming that will lead you to a rewarding career in the business world. While the MBA continues to the choice as it draws professionals with experience. On the other hand,MIM graduates can hope to pursue this degree as a launch-pad for future leadership with requisite skill sets.
Check out the details to study MIM abroad courses, fees, eligibility, and scholarships at https://studyabroad.shiksha.com/mim-in-abroad-dc111849
