Are you considering your options for graduate programmes in management? There are several options. In this article, we will look at the Masters in Management (MIM) and Master of Business Administration (MBA) programmes. At first look, you may not be sure if an MBA or MIM degree is right for you. If this matches your situation, keep reading. This article will help you understand MBA and MIM programmes better. You will discover how each graduate degree is different and how to determine the best one for you. Before you make your selection, it is vital to conduct in-depth research on programs in various schools of management and business schools.
Masters of Business Administration (MBA) and Masters in Management (MIM) are both postgraduate degrees in management. However, MIM and MBA have similarities and differences. EDUopinions is going to take a look.
MIM vs MBA
Overview of MBA Programmes
MBA programs are usually more expensive and can cost up to $100,000. The curriculum in the MBA program is more practically oriented. Classes typically include case studies and the sharing of students’ experiences. MBA programs place a high value on the professional experience students bring into the classroom. Students can often take learnings and apply them in professional settings immediately. Learners will find that MBA programs offer elective class options such as human resources, marketing, and finance to name a few. MBA elective courses enable learners to concentrate in a particular field, rather than obtain broad basic knowledge. Most programs have the working professional in mind. Meaning the target student is one who already has several years of business experience under their belt and is likely wishing to further their career, get a raise or a promotion. Typically to be accepted into an MBA programme, colleges require at least three years of working experience. There are also executive MBA programmes that require more professional experience.
Overview of MIM Programmes
MIM programmes are usually great for recent graduates and those that are new to the workforce. These programs are for students in their early career stages right after their undergraduate degree or after one year in the workforce. MIM programs are generally cheaper than MBA degrees; they are close to the $40,000 range. It is typically a degree useful for kickstarting a student’s career, breaking into a new company or field, or switching from another area of expertise into the business field. Students will find the MIM programme curriculum to be more theoretical than practical with limited electives. This type of degree gives students tools aimed at building businesses and experiences rather than having specific in-depth knowledge.
Differences between MBA and MIM programmes
- MIM students are typically younger and have little to no job experience
- Schools often cap MIM programmes to students with no more than a couple years of experience
- MBA students tend to be older, more experienced and seeking to obtain career development
- MBA Schools often require students to have 3-8 years of experience
- It usually takes 1-2 years to acquire an MBA degree
- MIM degrees takes an average of 10 months
- An MBA is a degree that is typically highly esteemed throughout the world
- MIM is similar to any other post-graduate masters degree
- The MBA is still commonly known among HR managers compared to the MIM
Professional Life With an MBA or MIM Degree
Many employers look at an MIM in the same way as they do other graduate degrees, and though it may prove helpful to jumpstart careers, it is not thought of in high esteem as the MBA which is considered a more prestigious degree worldwide. Graduates can find various opportunities with an MBA or MIM degree. With a MIM graduate, students can discover diverse entry-level management trainee roles in multiple industries. With an MBA, graduates often aim for promotions and middle management roles such as Marketing Manager or Human Resource Manager.
Though both an MBA and a MIM are postgraduate degrees in general management, they target a different kind of student. It depends on what you wish to do with the degree, what kind of funds you have and what your goals are in enrolling in a graduate program to decide whether an MBA or MIM is a better fit. Choosing an MBA and MIM program can take time. Before you make a decision, you should conduct a self-evaluation. You should consider goals, budget, along with other essential factors for your situation. If you are entry-level, the MIM embraces recent graduates. If you have experience and seek a programme that will provide skills you can apply right away, the MBA will be a better choice. In terms of evaluating a program you should examine the following: check the accreditations, ranking, reviews from graduates and programs you are considering.
Are you considering MBA and MIM programmes? If so, which ones are you contemplating?