Question and Answers: MIM vs MBA

Question and Answers: MIM vs MBA

Q1. Which is better: MiM or MBA?

-The MiM vs MBA comparison has no clear winner.

The MBA is an ideal degree for people who want to take the next step in their careers. This can be in the form of switching career fields, boosting their chance for a promotion, switching to get a high-paying job, or becoming more qualified for a leadership or management position, among other things. Hence, an MBA is ideal for people who are looking to take their game to the next level.
On the other hand, people are just entering the job market or working for a little time to MiM or MSc in Management. Therefore, it is ideal for people who want to gain advanced business and management skills or change from a non-business field to a business one. It allows students to equip themselves with relevant skills that the job market desires and put their careers on a fast track. Many applicants enter the Master of business administration MBA to break into the consulting or the financial fields, which most are successfully able to do.
Ultimately, it’s about career start vs career development. The Masters in Management provides a way for graduates to increase their career entrance options. While the MBA, in contrast, is a degree for people seeking career development.

Q2. Are students with work experience given an edge while applying for MBA abroad?

-Yes, work experience plays a crucial role while applying for an MBA abroad.

Q3. Do you think a person that comes from a middle-class family will be able to get an education from masters abroad? Or will scholarship play an important role?

-There are multiple options that a person can opt in order to fund their education:

1. Bank Loans
2. Up to 100% Scholarships
3. Near Free education in European countries such as Germany, Belgium etc.
4. Part-time Work Compensation

Q4. Which field of MBA is currently preferred the most by students?

-Some fields which are highly preferred by students in MBA are:

1. General Management
2. International Management
3. Strategy
4. Consulting
5. Finance Leadership
6. Entrepreneurship
7. Marketing
8. Operations Management
9. IT or Technology Management

Q5. Can a humanities student opt for an MBA in marketing or finance?

-Yes, An undergraduate degree in any stream from a recognized post-secondary institution.

Q6. Should we do an MBA after 2 years of work experience?

-There is no hard-and-fast rule about how much work experience is mandatory to qualify for an MBA program. As to how long a candidate should wait before applying, this really depends on the quality of his or her professional profile. Three to five years of work experience is the ideal amount for a traditional MBA program. At least three years of experience allows MBA admissions officers to see whether a candidate has had significant career progression. This amount also allows admissions offices to gauge whether an applicant’s career is on an upward trajectory.

Q7. What qualifications are required for the master’s degree abroad?

– The qualifications required for the master’s degree abroad include an appropriate bachelor’s degree, or its equivalent, GMAT/GRE minimum score and English proficiency test (IELTS/TOEFL).

Q8. In today’s time when almost everyone has an MBA as a career preference, what is it that one can do to ensure that he/she stands out in the job market?

-Here are some strategies you can use to stand out in a competitive job market:
1. Get relevant work experience.
2. Engage in voluntary work.
3. Enhance your education.
4. Network.
5. Customize your resume for each job.
6. Build a professional online profile.
7. Obtain leadership skills.
8. Stay up to date on market trends.
9. Prepare for your interview.
10. Join professional associations.
11. Have good references.

Q9. If opting for MBA, should we go for specialisation in a particular field or for the general MBA?

-Specialized MBAs

1. Specialized MBA students receive an in-depth business education in one field (e.g., finance, accounting, entrepreneurship, etc.). If you’re interested in a specific industry or profession, a specialized MBA can give you more targeted management experience.
2. Similarly, if you already have an idea of the career trajectory you want to pursue upon graduation, a specialized MBA can give you more of a head start than a general program would.
3. Many specialized MBA programs are only one year, and several allow students to study while they’re still working, giving you more flexibility.

1. The expertise you acquire will be limited to one area, so it’s important to be sure about your professional ambitions before you commit to a specialized MBA program. It may also be difficult to change careers down the line—for example, if you earn a specialized MBA in accounting, you may have a harder time transitioning to a marketing role than you would with a general MBA.
2. Specialized MBA programs encourage (or require) students to have relevant experience in their field before applying, so if you’re just getting started professionally, you may have a harder time.

General MBA

1. A general MBA offers students a broad base of knowledge in business and management. You’ll learn the basics across all specialties and develop skills that can be applied to many practice areas in almost any industry.
2. Acceptance to general MBA programs doesn’t require a certain educational or professional background—all you have to do is take the GMAT and put together a compelling application.
3. In addition to business and management experience, general MBA programs focus on strengthening leadership, creativity, communication, and critical thinking skills, which are imperative to success in any field.

1. A general MBA won’t necessarily direct you toward a specific profession or industry, so students will need to be proactive about exploring opportunities before graduation.

2. Most MBA programs (though not all) are full-time and take two years to complete—which means more tuition and fewer opportunities to gain professional experience. Students will need to be sure they can handle the investment

Q10. What are the opportunities that we get after completing our masters? Is it necessary to have a 4-year undergraduate degree for Masters abroad?

-No, in order to qualify for admission, applicants from India are required to complete a 4-year degree. However, those who have completed a 3-year degree may be considered for admission provided the degree was sought at a university where the current NAAC (National Assessment and Accreditation Council) rating is of “A” or better. Should the latter not be met, they would be required to complete either one year of a Master’s degree or a Diploma program from a recognized university.

Q11. How to get good scholarships?

Usually, a strong academic background is enough to get a scholarship. However, the bigger the amount of scholarship the more stringent the eligibility criteria become. Your grades need to be 90%+or straight A’s. You must have contributed to society through volunteering. You must have demonstrated leadership ability through contribution to an extracurricular group or society. To sum up, to be eligible for a full-ride scholarship you need to be in the top tier of students.

Q12. Should we have some work experience before applying for an MBA?

-Having work experience provides an additional avenue to demonstrate levels of responsibility, business knowledge, and advancement, all of which enhance your chances of acceptance.
Most MBA programs require applicants to have work experience because of the nature of graduate learning, especially programs relying on case studies and classroom participation.
Work experience allows you to connect business theory and insights with a practical application that you have been involved with professionally. Moreover, you also benefit from the practical experiences of your classmates. It’s this combination of business theory and real-world experience that makes graduate learning so valuable and different from your undergraduate experience.

Q13. What are the basic courses and experience required for pursuing an MBA in a specific field?

-A Bachelor’s degree, a minimum of two to three years of work experience, depending on your responsibilities and GMAT score.

Q14. Does an internship count as work experience for an MBA?

-Yes, an internship counts as work experience for MBA admissions. Most MBA programs do not have a clearly communicated work experience requirement in that they do not specify what counts or does not count as work experience. However, most of the admissions officers have indicated that when looking for work experience in an applicant’s resume, they are more interested in the experience’s quality.

Q15. What kind of work experience is required for applying for an MBA?

-The first reason is because MBA programs are designed to be hands-on, experiential learning experiences, where students draw from the context of their past professional experience, and their peers’ experience, to enrich the learning environment.
Take the Harvard Business School classroom as an example. The case method, where students debate and solve real-world problems by putting themselves in the role of a business executive, would be far less effective if students had no real experience to draw from.
Diversity of experience and professional background are what make MBA programs so unique. Admitted classes across the top schools are composed of former bankers and consultants (of course!) as well as military veterans, engineers, tech product managers, non-profit program managers, and everything in between.

Q16. How to develop soft skills required to crack the Personal Interviews for admissions

-First, gain self-awareness of your strengths and improvement opportunities. Then you can begin to truly harness your strengths and develop your blind spots.

Here is a list of soft skills
• Time management
• Teamwork
• Communication
• Adaptability
• Ability to perform under pressure
• Innovation
• Listening
• Delegation
• Creativity
• Work ethic
• Leadership
• Problem-solving

How to improve your soft skills
• Take an online course.
• Get feedback from others.
• Get a coach.
• Practice with a friend.

Q17. How to choose the best Internship as a beginner?

-You should try and find one that you would both enjoy and look great on your CV for future job applications. There is nothing like a perfect internship but you have to find the one that is best suited for you and will help you in achieving your future goals.
The questions that you should ask yourself are

1. What will I learn in this internship?
Chalking out what you will learn in an internship is a really important task because the set of skills you learn during such internship determines what you can offer to your future employer.
2. Will this internship help me in the future?
3. Will this internship add new tools to my toolbox?
Internships are a chance to learn new things, it helps in introducing you to things you want to explore. Every internship should be a chance to learn a new skill that can add to your CV.
4. Will this be the chance to find a culture that aligns with your values?
Work environment plays a major role in internships. You can explore and know what suits you, whether you want to leave the office by noon on Saturdays or you want to work 100 hours a week. Internships can be a great way to know what suits you.

5. Do reviews from previous interns interest you?
There is a huge trend where previous interns write their reviews on different websites like Lawctopus or opinions of seniors from your own college who have already interned in that particular office can be a great way to know what you can expect during your internship period. If what they say is something that you are keen on experiencing and trying, you can go for this particular internship.

If you ask yourself these questions and you find an internship that is the answer to them, it can be the internship you are looking for.

Q18. How to gain skills that will give me an edge over others?

-Some of the things that people can work on include:
1. Prepare and ace the GMAT
2. Develop your leadership skills
3. Don’t shy away from difficult projects at work
4. Take certification courses aligned with your career goals
5. Take up volunteer work – Go the extra mile
6. Create some credibility online
7. Learn a new language
8. Play and excel at a sport
9. Travel
10. Learn how to negotiate

Q19. Is it necessary to have some kind of Work experience before going for Masters?

-One of the advantages of a Master in Management (MiM) program is that, often, candidates need little or no work experience to gain admission. Indeed, many tend to go straight from their undergraduate course to business school.

Q20. How is MBA in Business Analytics as a future option?

-MBA Business Analytics graduates have an exponential scope in India as well as overseas. Nearly all business organizations ranging from small businesses, start-ups to well-established ones are incorporating business analytics in their daily operations. This has led to tremendous growth in the scope of this field. Nearly all the sectors of the global economy are embracing business analytics. Many national, multi-national, and e-commerce companies are hiring MBA Business Analytics graduates.

These graduates find job opportunities in various domains based on their skill set, interest, expertise, knowledge base, and experience. These are Marketing Analytics, Risk Analytics, Human Resource Analytics, Customer Analytics, Web Analytics, IT Analytics, Demand and Supply Chain Analytics, etc. So, in the current market scenario, an MBA in Business Analytics can lead to one of the most rewarding and lucrative careers.

Q21. Which field should be best for a commerce student in MBA?

-Some of the best fields for commerce students in MBA are:
1. General Management
2. International Management
3. Strategy
4. Consulting
5. Finance Leadership
6. Entrepreneurship
7. Marketing
8. Operations Management

Q22. Which field has a high scope both abroad and in India?

– Master of Business Administration (MBA) has a higher scope both abroad and in India.

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