MBA vs MiM: The 11 differences that matter
- November 24, 2016
- Posted by: Abhyank Srinet
- Category: Student Tips
The following infographic will give you an understanding of the 11 factors which differentiate the MBA from the MiM, and allow you to determine which side of the MBA vs MiM battle should you be on.
Since years the MBA has proved itself to be a go to degree for people wanting to make a shift into management.
And It has very well held up against the weathers of time by ensuring that numerous graduates go on to take up prestigious positions in MNC’s or start companies of their own.
But with all the advantages that come with an MBA, it is no secret that top schools are very selective and candidates have to meet several prerequisites to meet selection standards.
Once such strong pre-requisite is the work experience needed.
With the average age of candidates hovering around 27-28 years, one can’t consider taking up this degree before he has 4-5 years of experience safely under his belt.
This race to acquire substantial work experience is particularly difficult for individuals who know they want to change to an administration stream but to get to that, struggle to accumulate those valuable years of work experience, sometimes at dead end jobs or in roles they detest.
But times are changing.
Since the past few years the scenario is changing with a viable alternative emerging to the MBA .
The Masters in management, otherwise called MiM, is a degree which began in Europe and is currently making its presence felt as a viable alternative to the MBA.
Applicants for Masters in Management program are usually 21-25 years old & comprise of individuals who have recently graduated or have under 2 years of work experience, consequently making the endeavour of changing fields a great deal quicker.
Masters in Management also includes Gap semesters, Exchange programs and International Internships facilitated by the school to help its students gain professional and multi-cultural experience and make them ready to face the job market.
The gap between the theory and practical learning is further bridged by the flexible curriculum designed by the university.
Moreover, with organizations from McKinsey and Bain to EY and Google selecting from top Masters in Management schools, the degree is turning to be an extremely lucrative option.
Adding on to this the Masters in Management educational tuition expenses are half of what an ordinary MBA costs, and with graduates receiving salaries in the range of 40,000 to 60,000 euros it is turning out to be a great Return on Investment.
Hence it is no surprise that schools right from NUS in Singapore to Kellogg in the US are putting forth the MiM as flagship degrees.
So is the MiM giving the MBA a run for its throne?
Though it may seem so, the MiM is not a direct competitor to the MBA, as both focus on a different target group, and have numerous other differences.