MBA or MIM programs – a detailed comparison
MBA or MIM?
Students appearing for the GMAT are faced with a common dilemma – which course to apply for – is it the MBA (Masters in Business Administration) or is it the MIM (Masters in Management)?
In this article, we will try to put things into perspective and hopefully, after going through this article, you would be better placed to take an informed decision.
Origin of MIM
The MBA is a degree that is very popular in USA. The Masters in Management, however, is of European origin. There are different names given, like MScM, MSM, and MIM, of which MIM is the more popular name. Courses similar to the MIM are MSc in International Business, Masters in Economics, MSc in General Management, Masters of Management Studies, and so on.
There can also be specific courses like Masters in Finance, Masters in Marketing Management, Masters in Project Management, Masters in HRM, and so on. The Masters in General Management covers a broad range of business topics as compared to the specific courses.
These programs are essentially postgraduate programs for graduates with little or no work experience, contrary to that of the MBA.
The MBA Program
The MBA course has a lot of practical focus. In this context, it is best to discuss about the
- 2-year MBA and
- 1-year MBA
The 2 year MBA typically has the first year as a general MBA where knowledge about different MBA topics, like Marketing, Finance, Operations, and so on is imparted. In the 2nd year, the candidates specialize in one or two sectors, chosen as the Major and Minor. The course also includes a summer-internship for the students to get a hands on experience in the corporate world, often followed up by pre-placement offers. Needless to say, that the 2-year MBA is for students with relatively less work experience. The course is also open for those without any work experience, but chances of admission for such students is tough. The average work experience for candidates is typically around 4 years.
The 1 year MBA typically is much more rigorous in comparison, mainly for students who have already decided which area in Management they would actually pursue and have quite extensive work experience in that domain. The internship opportunity is not present and neither desired since the candidates have already worked extensively in the corporate world. It does not come as a surprise, that the 1-year MBA students have average work experience of around 7-8 years or more.
MBA vs MIM – Target audience
The target audience for an MBA program are professionals with a longer duration of work experience compared to an MIM program. Typically, for MBA programs, candidates should have a certain level of professional expertise that helps them cope up with the rigor of the MBA course.
For MIM programs, extensive work experience is not a requisite criteria. This enables freshers or those with low work experience, typically less than a year, to pursue a management degree.
Typically, applicants look at an MBA degree to enhance their career in terms of getting a leverage in financial negotiations while shifting a to new job. Applicants for an MIM program, however, are looking at making a start in their management career.
MBA vs MIM – Course Curriculum and Duration
The MBA course curriculum has a lot of practical focus, imparted through internships, case discussions and project work. This encourages the students to utilize their experience in tackling real-life situations in the business domain.
The MIM program, on the contrary, has a higher theoretical content since the students rarely have enough knowledge about the various business domains. The course includes case studies and project work and the students are encouraged to think rationally and critically to solve business problems.
The MIM programs are typically of less than one year duration – around 10 months. The idea is to make the students gain the necessary skills and take up employment. However, there are some MIM courses which are more extensive and are for 1.5 to 2 years.
Typically, the MBA programs in USA are of 2 years duration and in Europe, the MBA is shorter, around 1 year. However, the MIM programs in Europe are longer – 18 months and those in USA are usually 10 months.
MBA vs MIM – Key differences
The pictograph below details the main differences between the two courses in terms of:
- Target audience
- Course curriculum
- Cost of the programs
- Salary prospects
In the global perspective, MBA programs are very popular and typically have higher value. However, MIM programs are catching up. Whether you choose an MBA or an MIM program, you should carefully analyze the pros and cons of both.
For either an MBA or an MIM, applicants would ideally have to write the GMAT. However, al lot of B-schools globally are also accepting the GRE scores for the same. We at CUBIX mentor students for both the examinations in a very personalized manner ensuring that the requirements of all the students are taken care of.
For any queries regarding the courses, feel free to talk to our mentors and our counselors. You may book a free counseling session at any of our education centers. Also, you may reach us at +919433063089 and mail us at firstname.lastname@example.org. For details about our courses and our teaching methodology, do visit our website.