To do a Master or MBA?
- August 25, 2018
- Posted by: Aditti Gupta
- Category: COURSES
MIM (Master in Management) vs MBA (Master of Business Administration)
What Is Your Goal?
- Masters in Management is a postgraduate degree targeted for those who want to start a career in business management. You cannot get into a managerial position right after the completion of the course but can get into the management field.
- MBA is for people aiming at career development. It is aimed at people who usually have started their careers, need to bring in new knowledge, develop analysis tools, and networking opportunities to change their line of business or to meet the challenges of a promotion or to increase their career options.
• MIM is a career start, hence applies for entry positions.
• MBA aims at career development hence postgraduates will become “experienced hires” for companies
MIM has a theoretical and critical thinking approach. It focuses on building a business foundation providing introductory knowledge on entrepreneurship and leadership and requires strong mathematical skills. It could be research-oriented. MIMs may be found at:
• MSc in Management
• MSc in International Business
• Master in Business and Economics
• MSc in General Management
• Master in International Management
MBA has a practical approach, a more hands-on experience, with integrated teamwork and case studies. MBA programmes are specialized:
- MBAs in Finance
- MBAs in Project Management
- MBAs Supply Chain and Logistics
- MBAs in Hospitality
Reputation And Recognition
• The Master in Management (MiM)is a relatively young programme but is been rising in popularity all over the world.
• The Master of Business Administration (MBA) is the traditional and a more famous degree
• A cheaper alternative, Masters in Management, the highest tuition fee for MIM goes up to EUR 30,000.
• MBAs could cost up to EUR 70,000 in Europe.
Length Of Study
- MIM programs are more flexible with a majority of colleges offering fast-paced 10 months course.
- MBA programs have a duration of 1-2 years.
• MIM programs are targeted at people fresh out of university.
• For an MBA the interview, essays and letters of recommendation are all vital parts of the application process.
• GMAT is required for both courses.
• Does not play a major role in MIM.
• MBA requires a minimum of 2 to 3 years of professional experience. Many of the top-tier business schools require at least five years of work experience for MBA applications.
How Much Would You Earn?
• A fresher as a MIM graduate gets an entry-level job hence the salary is around EUR 55,000 or $50,000.
• MBA graduates earn $100,000 due to their experience and knowledge.