MIM vs MBA in Business Management will be a worthwhile investment and will go a long way in helping you secure a place in this global world. However, it depends on what you ultimately prefer in the field of Business. To gauge that, understanding the difference between MIM and MBA becomes necessary.
The Masters in Management (MIM) is a Master’s degree program completed in one to two years with graduate-level coursework in Business Management.
Master in Business Administration (MBA) is a Master focusing on Business Administration, Investment Management etc.
Both the degrees have their own pros and cons that one can weigh out, and both degrees win in their respective criteria. To understand this better let’s look at the difference between MIM and MBA respectively.
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Top MBA and MIM Universities: Which are the Best MIM and MBA Universities in the World?
If you plan to study abroad, why not choose the best universities to study MIM or MBA.
Top ten MBA universities in the world are:
|
Top MBA Universities |
QS Ranking 2022 (overall score) |
Average Fees |
|
Stanford Graduate School of Business, Stanford University, USA |
1 |
$73,062 |
|
Harvard Business School, USA |
2 |
$73,440 |
|
Penn (Wharton), USA |
3 |
$83,230 |
|
HEC Paris, France |
4 |
$81,153 |
|
MIT Sloan School of Management, USA |
5 |
$78,854 |
|
London Business School, United Kingdom |
6 |
$85,000 |
|
IE Business School, Spain |
7 |
$80,818 |
|
INSEAD, Paris, France |
8 |
$1,00,338 |
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Columbia Business School, USA |
9 |
$77,376 |
|
IESE Business School, Spain |
10 |
$93,991 |
Top Ten MIM Universities in the World:
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Top MIM Universities |
QS Ranking 2022(Overall Score) |
Average Fees |
|
HEC Paris, France |
1 |
$44,752 |
|
London Business School, UK |
2 |
$52,557 |
|
Essec Business School, Paris, Singapore, France |
3 |
$47,229 |
|
INSEAD, France |
4 |
$55,796 |
|
IE Business School, Spain |
5 |
$44,749 |
|
Esade Business School, Spain |
6 |
$35,963 |
|
Copenhagen Business School, Copenhagen |
7 |
$34,943 |
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ESCP Europe |
8 |
$49,258 |
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Esade/UVA Mclntire/ Lingnan |
9 |
$38,888 |
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Imperial College Business School |
10 |
$42,635 |
Related Discussion: MBA in India vs MiM Abroad: Which is better?
MIM Vs MBA: Course Structure
As you begin to look at course differences, the first thing that you should check out is the course structure and the difference between MBA and MIM. However, both degrees equip you with general Business knowledge of -
- Finance
- Business Analytics
- Accounting
- Marketing
- Strategy
- Micro/Macroeconomics
- People Management
But, course level differences lie among the two. That are:
MIM:
- Master's in management (MIM) programs include Business Theories, Finance, Marketing and Leadership. You will also be required to research, conduct statistics and data analysis in Business.
- If you're interested in Business Management Research, a Master's in Management that emphasises theoretical and analytical aspects of the field is a good choice.
- Coursework on qualitative and quantitative research methodologies will prepare you to conduct in-depth investigations into Business organisation structures, management and economic sectors.
MBA:
- Master's in Business Administration (MBA) is a popular graduate Business degree that develops advanced management and leadership skills.
- MBA curricula cover Business skills desired by high-level employers. Most MBA programs include core finance, marketing and management coursework throughout the first year.
- MBAs also integrate concentration and elective coursework, culminating in a strategic management capstone.
- Two-year MBA programs also require you to take up a summer internship in between your first and second year.
While these are the basic differences, the other aspects coming into MSc Management Vs MBA will be best colleges, eligibility, jobs etc. Let’s dive into universities and look at the rest ahead.
Other Key MIM Vs MBA Differences:
Looking at MBA Vs Masters in Management there are many key factors that you will have to gather like eligibility, duration, fees, salaries etc. These are important factors that reflect the major difference between MIM and MBA.
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Key Factors |
MBA |
MIM |
|
Eligibility |
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●Formal schooling of 10+2 from a recognized institution with a minimum CGPA of 2.75 to 3.00 ●A Bachelors degree from a relevant field with atleast 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. |
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Work Experience |
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Duration |
1-2 years |
1-2 years |
|
Average Fees |
$61,487 – $160,864 |
$24,000- $140,579.20 |
|
Salary |
$169,000 – $228,000 |
$68,000 – $106,000 |
The above difference between MIM and MBA would have given you a clear picture of the two. To move further, let’s also look at the various scholarships to help you pick MIM or MBA whichever is better for you.
MIM vs MBA Scholarships:
MIM programs are traditionally cheaper than MBA. However, it is still a significant investment. The good news is that there are quite a number of scholarships available for students for both the programs:
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MBA Scholarships |
MIM Scholarships |
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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 organizations in industries ranging from Consulting, Finance, Technology and Consumer Products. Whereas, the MBA graduates specialise in General Management, Finance Leadership, International Management, Marketing, etc.
Top 5 MBA job positions and their salaries
|
Job Posts |
Average Salaries |
|
Marketing manager |
$136,850 |
|
Medical and health services manager |
$100,980 |
|
Management consultant |
$165,000 |
|
Financial manager |
$129,890 |
|
Business operations manager |
$100,780 |
Top 5 MIM job positions and their salaries
|
Job Posts |
Salaries |
|
Management consultant |
$84,963 |
|
Project manager |
$58,570 |
|
Social media manager |
$49,015 |
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Business development manager |
$70,995 |
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Entrepreneur |
$60,542 |
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 to choose?
You can opt to study both degree after completing any of the degree. A Master in Management can give you a strong base to launch your business career, and an MBA can propel you into senior leadership roles or allow you to pivot your career entirely.
Although, if you're 24 or younger, just graduated from college, or have less than two years of professional experience, a MIM degree is likely a better fit for you.
If you’re a career professional with around three or more years of experience and are between 24 and 30, or older, then an MBA should be your go-to. It will help you in your job career and also will be a better option for promotion at your work place.
If you are in dilemma to choose between the two, we at Yocket are ready to help you select the right degree and university as per your interests and preference so that you can take a firm step towards a rewarding career for your future endeavour.
Frequently Asked Questions about MIM vs MBA
- Is MIM better than MBA?
Ans: Although both courses address a variety of business topics and basic business concepts, the MBA is typically geared for people who have a few years of work experience. The MIM is more of a career jumpstart for those who have little or no job experience and are fresh out of college.
- What is the difference between an MBA and MIM degree?
Ans: MBA programs emphasize realistic applications of core principles, and students are often expected to bring real-world experiences into the classroom or apply what they’ve learned to their chosen industries. MIM students, on the other hand, learn mainly through classroom instruction and case studies and focus mainly on research work.
- Should I do MBA after MIM?
Ans: You don’t need to get an MBA now that you have a master’s degree in management. They have a lot in common. The MBA would have provided you with a broader understanding of all facets of the industry. Finance, Marketing, Logistics, Production, and other departments may be included.
- Is MIM a good degree?
Ans: The MIM degree is regarded as a means of launching a business career. Graduates are often hired for entry-level positions, while MBAs, who typically have more experience, are typically hired for mid-level positions. Companies are eager to enrol competent applicants from the pool of MIM and MBA graduates in either case.
