MBA: The Why, The Whats & The Hows

MIM vs MBA: Which Course is Right for You?

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Sumeet Jain
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A Master's in Business Administration and a Master's in Management. You must have heard these terms before, and have tons of questions regarding both, isn’t it?

Earning any of the two degrees will help you make a name for yourself in the globalized market. However, which degree you choose will ultimately rely on your preferences in the business sector. Thus, it becomes essential to comprehend the distinctions between MIM and MBA to measure that.

The Masters in Management (MIM) is a one- to two-year program that includes graduate-level business management education while a Master's in Business Administration (MBA) focuses on investment management, business administration, etc.

Selecting the right university for earning either of the two programs, which has a reasonable tuition fee, offers scholarships, and excellent job prospects, is all important. Sweat not, because Yocket Premium is here to assist you from start to finish!

Each degree has advantages, disadvantages, and superiority in its particular criteria. This blog will examine the differences between MIM and MBA in detail, respectively. Begin perusing through to unveil the distinctions between an MBA and a MIM, in terms of duration, universities, coursework, requirements, scholarships, and more!

Table Of Contents

What is the Difference between MIM and MBA?

Are you wondering about the main distinction between a Master's in Management and a Master's in Business Administration?

Well, the MIM lasts for only 10-13 months, originates from Europe, and is 40%–60% comparable to an MBA. However, it emphasizes theory more than an MBA abroad, which gives students more opportunities for practical experience.

Having mentioned the basic understanding of what is an MBA and MIM, let us explore each in detail!

MIM vs MBA: An Overview

This section of the blog will enlighten you about everything that entails a Master's in Management and a Master's in Business Administration.

Basis of Difference

MBA

MIM

Duration

1-2 years

10-12 months

Who is it for?

Experienced Professional

Recently Graduated Students

Tuition Fee

USD 61,487 - USD 160,864 (INR 51,16,210 - INR 1,33,85,170)

USD 24,000 - USD 140,579 (INR 19,96,990 - INR 1,16,97,300)

Average Salary

USD 169,000 - USD 228,000 (INR 1,40,62,150 - INR 1,89,71,420)

USD 68,000 - USD 106,000 (INR 56,58,140 - INR 88,20,050)

Curriculum Focus

Practical, Experience-based

Theoretical

Work Experience

At Least 2-3 years required

No or minimum required

Career Scope

Mid-level Positions

Entry-level Positions

Is MIM worth it?

MBA vs MIM

Now, are you clearer on what you should choose as per your career prospects? If not, book a call with our Yocket counselors to get 1:1 counseling sessions catered to your requirements!

Top MBA and MIM Universities Worldwide

Having understood the distinction between a Master's in Management and a Master's in Business Administration in detail, what is next?

A list of the best universities in the world for each! The universities are listed as per QS World University Rankings, and average fees.

Top 10 MBA Universities in the World

Enlisted below are the top ten universities for Master’s in Business Administration:

Top MBA Universities

QS Ranking 2023 (overall score)

Average Fees (in USD)

Stanford Graduate School of Business, Stanford University, USA

1

73,062 (INR 60,79,340)

Harvard Business School, USA

2

73,440 (INR 61,10,800) 

Penn (Wharton), USA

3

83,230 (INR 69,24,570)

HEC Paris, France

4

81,153 (INR 67,52,580)

MIT Sloan School of Management, USA

5

78,854 (INR 65,61,280)

London Business School, United Kingdom

6

85,000 (INR 70,72,680)

IE Business School, Spain

7

80,818 (INR 67,24,700)

INSEAD, Paris, France

8

1,00,338 (INR 83,48,920)

Columbia Business School, USA

9

77,376 (INR 64,38,300)

IESE Business School, Spain

10

93,991 (INR 78,20,800)

Top 10 MIM Universities in the World

Enlisted below are the top ten universities for Master’s in Management:

Top MIM Universities

QS Ranking 2023 (Overall Score)

Average Fees (in USD)

HEC Paris, France

1

44,752 (INR 37,23,720)

London Business School, UK

2

52,557 (INR 43,73,160)

Essec Business School, Paris, Singapore, France

3

47,229 (INR 37,21,810)

INSEAD, France

4

55,796 (INR 46,42,670)

IE Business School, Spain

5

44,749 (INR 37,23,470)

Esade Business School, Spain

6

35,963 (INR 29,92,410)

Copenhagen Business School, Copenhagen

7

34,943 (INR 29,07,540)

ESCP Europe

8

49,258 (INR 40,98,660)

Esade/UVA Mcintire/ Lingnan

9

38,888 (INR 32,35,790)

Imperial College Business School

10

42,635 (INR 35,47,570)

Related Discussion: MBA in India vs MIM Abroad: Which is better?

MBA vs MIM: Who is the Audience?

If we want to comprehend the distinction between a Master's in Management and a Master's in Business Administration, we must acknowledge that an MBA is designed for professionals, depending on the target audience for each degree. Conversely, a MIM concentrates more on recent grads. For example, if you have three to five years of professional experience, you should choose an MBA over a MIM.

What is the Difference between MBA and EMBA?

MIM Vs MBA: Difference in Course Structure & Curriculum

As you begin to look at the differences between a Master's in Management and a Master's in Business Administration, the primary thing to check out is the course structure. However, both degrees equip you with general business knowledge of:

  • Finance
  • Business Analytics
  • Accounting
  • Marketing
  • Strategy
  • Micro/Macroeconomics
  • People Management

Read on to know the course-level differences between the two:

Masters in Management

  • The main distinction between an MBA and MIM is that an MBA degree lasts 1-2 years, whereas a MIM course lasts 10–12 months.
  • Programs leading to a Master's in Management (MIM) cover business theories, finance, marketing, and leadership. In business, you will also need to perform statistics, data analysis, and research.
  • A master's degree in management that places a strong focus on the theoretical and analytical components of the subject is a wise choice if business management research interests you.
  • Studying qualitative and quantitative research approaches throughout your coursework will equip you to do in-depth analyses of business sectors, management styles, and organizational structures.

Masters in Business Administration

  • An increasingly popular graduate business degree that fosters advanced management and leadership abilities is the Master of Business Administration (MBA).
  • High-level employers value business competencies, which are included in the MBA curriculum. Core courses in marketing, management, and finance are often offered in the first year of an MBA program.
  • MBA programs combine electives with concentrations, resulting in a strategic management capstone.
  • An internship must be completed over the summer between your first and second year in a two-year MBA program.

How to Pursue an MBA in Europe Without Work Experience?

So far, hopefully, the recurring question of “What is the difference between a MIM and an MBA?”, must have been resolved. However, the other aspects distinguishing a MIM from an MBA will be the best colleges, eligibility, jobs, etc. Let’s dive into universities and look at the rest ahead.

MIM Vs MBA: Admission Requirements

When comparing a Master's in Business Administration to a Master's in Management, there are an array of important things to consider, such as eligibility and the required documentation. These are significant elements that highlight the fundamental distinction between the two.

According to the prerequisites, the question other pressing questions regarding an MIM and an MBA may also be addressed. Let's see how:

Key Factors

MBA Admission Requirements

MIM Admission Requirements

Eligibility

  • Formal schooling of 10+2 from a recognized institution with at least an average CGPA around 3.00 to 3.73
  • A Bachelor’s degree from a relevant field with at least 60%
  • A good score in English-language proficiency tests such as IELTS with at least 7.5 score, TOEFL with an average score of 110 or CPE certificate.
  • A valid GRE score of 310 to 315 is a good score and a GMAT score of 630 to 700 as per the university requirement.
  • Formal schooling of 10+2 from a recognized institution with a minimum CGPA of 2.75 to 3.00
  • A Bachelor's degree from a relevant field with at least 60%
  • A good score in English-language proficiency tests such as IELTS of minimum 6.5, TOEFL of minimum 95 score or PTE certificate
  • A valid GRE score of about 310 to 316 and average GMAT score is 610 as per the university requirement.

Work Experience

Minimum work experience of 3-5 years

Work experience of 1-2 years

Did the prerequisites listed above for each degree smoothen your decision? If not, read on to know the fees and scholarships offered under each program!

All about MIM Without GMAT

MIM vs MBA: Fees

Talking about MIM or MBA: which is better, based on cost, the answer would be MIM. The tuition fee for MIM ranges from USD 24,000 to USD 140,579 (INR 19,96,990 - INR 1,16,97,200), as compared to MBA which range from USD 61,487 – USD 160,864 (INR 51,16,210 - INR 1,33,85,170).

MIS vs MEM vs MIM vs MBA - Which is Best?

MIM vs MBA: Available Scholarships

MIM programs are traditionally cheaper than MBA. However, it is still a significant investment. The good news is that there are plenty of scholarships available for students enrolling in either of the two programs. Peruse the table below to know!

MBA Scholarships

MIM Scholarships

  • Kellogg Scholarship (Kellogg School of Management)
  • Tahir Fellowship (UC Berkeley Haas School of Business)
  • George J. Stigler Fellowship (Chicago Booth School of Business)
  • B.K. Birla MBA Scholarship (London Business School)
  • Forté MBA Fellowships for Women
  • Reaching Out LGBTQ MBA Fellowship
  • Consortium for Graduate Study in Management
  • External MBA Scholarships
  • McKinsey Emerging Scholars Program
  • Aga Khan Foundation Scholarships
  • HEC Foundation Excellence Scholarship
  • ESMT Berlin 700+ GMAT Scholarship
  • Essec Academic Excellence Scholarship
  • INSEAD Financial Fellowship
  • IVEY Business School Financial Need Awards
  • London Business School Fellowship
  • Indian Academic Excellence Scholarship at Smurfit Business School
  • ESMT Berlin Asia Scholarship
  • Kofi Annan Scholarship for Developing Country Students
  • Volkswagen – HEC women in leadership scholarship
  • Aga Khan Foundation Scholarships
  • JN Tata Endowment for Higher Education Scholarship Program

Sample SOP for MIM

Finally, we discuss the most fundamental aspect of choosing any degree. Any guesses? Read on to know!

MIM Vs MBA: Job Prospects

A Master in Management degree provides many of the same career opportunities as MBA programs at a junior management level. Master in Management graduates are recruited by top organisations in industries ranging from Consulting, Finance, Technology and Consumer Products. Whereas, the MBA graduates specialise in General Management, Finance Leadership, International Management, Marketing, etc. Let us compare the MIM vs MBA salary.

At the junior management level, a Master in Management degree offers many of the same employment options as an MBA program. Top companies in varied areas, including consumer products, technology, finance, and consulting, hire MIM  graduates. On the other hand, general management, finance leadership, international management, marketing, etc. are among the specializations of MBA graduates. Let's examine the salaries of MIMs and MBAs.

The top 5 MBA job positions and their salaries are:

Job Profiles

Average Salaries (in USD)

Marketing manager

136,850 (INR 1,13,87,010)

Medical and health services manager

100,980 (INR 84,02,340)

Management consultant

165,000 (INR 13,72,930)

Financial manager

129,890 (INR 1,08,07,890)

Business operations manager

100,780 (INR 83,85,700)

Also see: Jobs After MBA Abroad

Top 5 MIM job positions and their salaries:

Job Profiles

Salaries (in USD)

Management consultant

84,963 (INR 70,69,600)

Project manager

58,570 (INR 48,73,490)

Social media manager

49,015 (INR 40,78,440)

Business development manager

70,995 (INR 59,07,350)

Entrepreneur

60,542 (INR 50,37,580)

Best Jobs after MIM for International Students

Talking about the MIM vs MBA salary difference, companies that hire MBA and MIM grads are similar, although the latter will be hired into more junior roles. Some of the employers that hire the most MBAs and MIM grads include Apple, Microsoft, Accenture, Deloitte, Google, Amazon, Bain & Company, the Boston Consulting Group, and McKinsey.

MIM vs MBA: Which program is Right for You?

Is an MBA or MIM better? Well, a Master's in Business Administration can help you change your career completely or advance into senior leadership positions, while a Master's in Management can provide you with a solid foundation upon which to start your business career. You can even opt to pursue both degrees, after earning one of them.

However, a MIM degree is probably a better option if you're 24 years of age or younger, 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 who has three or more years of experience and is between 24-30 years old. It will benefit your professional career and be a better choice for promotion at the workplace.

GRE vs CAT to Pursue an MBA Abroad

From the Desk of Yocket

Selecting the right degree is elemental. Why? Because it is not just about the coursework or fees, but also the job prospects that earning a degree offers. Irrespective of whether you choose to gain a Master's in Business Administration or a Master's in Management, just be mindful of your needs, salaries, and career positions you wish to be in, in the future.

If you are still in a dilemma about choosing between an MBA or MIM, Yocket Premium is here to help you select the right degree and university as per your interests and preferences. It can assist you to take a firm step towards a rewarding career for your future endeavors!

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Frequently Asked Questions about MIM vs MBA

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