MBA vs MiM - Cheapest Countries To Pursue Your MBA Education

MBA vs MiM

There is a plethora of management degrees available, and the options are ever-expanding these days. Many a time, more choices can also mean more confusion. Gaining clarity on the courses will help you make a good choice about what course is appropriate for you. One of the management degrees to consider before taking a call is Masters in Management or MiM.

What is Masters in Management degree?

MiM is a degree in business and related specializations. It is also known by different names across the globe, like Post Graduate Program in Management, MSc in International Management, MSc in Management, MA in Strategy & International Management, among others. It takes fresh undergraduates or young professionals and gives them a formal introduction in the field of business management. It is more theoretical than a regular MBA degree.

The idea is to provide entry-level jobs in business management across fields like marketing, finance, or consulting. It provides enough momentum to build a strong management career. Unlike an MBA, MiM programs do not require substantial work experience and are open to students across fields. It does require standardized test scores like GMAT, GRE, and English language proficiency tests like TOEFL, IELTS, etc.

The course structure is usually divided across 2 years in European MiMs, which include Core, Electives, and Specializations. The two years are divided across semesters which will lay a foundation for management sciences, and other related concepts like analytical skills, statistical methods, and intercultural management in phase one. The second phase will provide students with various specializations via electives, which include accounting, analytics, economics, strategy, etc.

Depending on the B school, some of these courses are a part of the exchange programs and dual degrees that provide added advantage of further global exposure. Some options like HEC Paris extend the time to include internship opportunities. For some of the courses, they are given the flexible option to opt for a gap year, or semester gap and do something internship. There might also be some time allotted to work on research projects with experts in the field. In fact, many students want to pursue their career in academics, given the theoretical and research-oriented curriculum.  There is some real-world application and training for employment. Some MiM programs are also designed in a condensed format to be completed in one year.

MBA vs MiM

 Work ExperienceAverage AgeWho is it forCostDurationSalaryAdmission rateExam Requirement
MBANeeded27People who want to get into mid and senior management50K USD to 100K USD1 to 2 years80K USD and aboveLowGMAT/GRE required
MiMNot necessary23People who want a starter role in management18K TO 30K USD10 months to 1.5 years60k To 80K USDMuch higher than MBAGMAT/GRE required, exempted in some cases
MBA vs MiM

How Should You Decide?

If you have work experience less than 2 years an MiM can be a good option, however with work experience beyond 4 years, an MBA will be a better choice. However, MiM is a new program when compared to an MBA so be considerate of the existing alumni network as it is an important factor when job hunting. Also, make sure to consider the brand value of the schools you are securing admission in before deciding on an MBA or a MiM. All in all, there is no one-size-fits-all when it comes to career progression and degree choices. In fact, there are cases where students have pursued both degrees at different stages of their career. The idea is to make the best and informed choice for your career.