What is MBA?
The MBA is the most popular graduate management degree in the world. Every year, thousands of ambitious professionals, with a work experience of 3-5 years, apply to various sorts of MBA programs.
An MBA program, as a generalist degree, provides essential management knowledge, giving you a holistic picture of the company across fields such as marketing, finance, and accounting, all while building those important soft skills and leadership skills. After an MBA, students find opportunities in Consulting, Product Management & marketing among various other fields.
What is MIM?
If you want to work in management and are seeking ways to advance your career, a promising course that can take your career to new heights is Masters in Management. MIM, like MBA, is becoming a popular choice among students seeking outstanding employment chances without gaining work experience.
It empowers the young generation to be flexible thinkers, and well-rounded innovative individuals determined to bring about constructive change in society's business management sector. Studying at top business schools around the world can help you create a strong foundation and expose you to the international perspective of the management industry.
The table below will help you summarize which one should you opt for:
BASIS | MiM | MBA |
Professional Experience | Great option for candidates willing to continue their education post graduation or explore early career options. Applicant pool has 0-2 years of work-ex. | MBA is a career accelerator tool for experienced candidates. The median years of work-ex for candidates applying to MBA Programs is 5 years. (minimum is 2 years) |
Curriculum | MiM is an abridged version of MBA. The breadth of management verticals taught at MBA & MiM remain the same, only the depth differs. MiM offers a theoretical business base. | MBA is an intensive version of an MiM. It emphasizes more on the practical applications in Business. |
Cost | MiM courses are relatively economical compared to MBA. The course fee ranges from $28,000-$50,000. | The course fee ranges from $40,000-$140,000. |
Duration | 1 year | 1-2 years |
Post-completion Opportunities | Candidates are able to secure entry-level positions at top corporations. Placements in terms of organising recruiting are comparable to MBAs! Ex: An MiM candidate at LBS would be placed with the top Consulting firms such as MBB in their Analyst track whereas MBAs get placed as Associates (3 years apart in the hierarchy from the Analysts). | Career options post an MBA are Mid-level positions. Ex: An LBS MBA graduate would get placed as Associates with Top Consulting firms compared to an Analyst (MiM graduates) - Which precisely means a candidate graduating from a Top MiM program would have a career comparable to the MBAs in 3 years time only. |
Salary | $80,000-$110,000 | $160,000-$250,000 |
Thus, if you wish to pursue your post graduation in management without gaining at least a 3 year work experience, then you should opt for MiM. However, if you wish to first gain experience, then MBA will be suitable for you!