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Difference Between MBA and MIM

The Masters in Management program is gradually becoming popular among students and is generally confused with an MBA. But, these two programs are quite distinct from each other. Students who apply for the MiM program are substantially younger as they are permitted to have greater than 1 year of corporate experience and are therefore more young than their MBA counterparts.

The MiM level originated in Europe and can be taken up by undergraduates who would like to kickstart their management career. The duration is usually one year, and it lays the groundwork for several of the subsequent business-related studies.

Unlike an MBA, the candidate’s work experience isn’t a critical element in MiM due to the course’s very nature; it helps them build a strong theoretical comprehension of the concepts and is, thus, less concentrated on practical program. Although prior work experience isn’t a pre-requisite but is usually appreciated and functions as a bonus. However, if a candidate has over one year of job experience, they are encouraged to apply for an MBA instead.

There’s a substantial difference between the 2 classes from the curriculum. An MBA degree allows students to delve deeper into specific areas of business depending on their interests. It permits you to utilize your preexisting learnings and utilize them as you learn about financing, marketing, and human resources in-depth. On the other hand, a MiM course focuses on giving a firm grounding via core business courses and does not offer you various electives. The core modules on bookkeeping, marketing, and plan, schools that offer MiM additionally provide pupils with various internship opportunities to place the learnings into practice.

Duration

Since an MBA is an intensive programme, thus it lasts for approximately two years (full time). However, there are some exceptions, and a few schools offer programs that continue for one year. A MiM, being a high-paced class, lasts for approximately ten months. The short duration permits you to rapidly equip yourself with a theoretical understanding of the business processes and enter into the job market as soon as you are done with this course.

Career prospects

Many MBA applicants possess substantial work experience, and therefore, it prepares you for mid-level managerial positions as soon as you’ve completed the application. It instantly helps you advance into a higher position and increases your odds of taking an innovative role later on. A MiM usually gets you an entry-level status in the company domain since it is mostly taken up by recent graduates that have little or no work experience. It prepares you for the highly competitive field of company and helps you with a smooth transition.

Price

It is undeniable that pursuing an MBA can burn a hole in your pocket as the cost can be as high as $100,000. Although colleges in countries like Germany offer cost-effective classes, if a candidate chooses to pursue this degree from a top business school at the U.K. or U.S.A, it’ll be a considerable expense. It’s a viable alternative to an MBA degree, especially for younger applicants who don’t have the funds to pursue a full-time MBA.

Recognition

An MBA is among the most popular post-graduate degrees on the planet and is therefore known globally. Numerous schools throughout the globe offer this level. Top business schools in countries such as the U.S. are still a bit sceptical when it has to do with a Masters in Management but are slowly getting used to it as more and more students are applying for your program.

Here is a listing of top MiM applications based on the QS world rankings:

HEC Paris- MSc Strategic Management
London Business School- Masters in Direction
ESSEC Business School- MSc in Strategy and Management
ESADE- MSc in International Management
Imperial College London- MSc in Management
IE Business School- Masters in Management
London School of Economics- MSc Management
CEMS- Masters in International Management
Copenhagen Business School- MSc in Economics
ESCP Business School- Masters in Direction
Emlyon Business School- MSc in Management
Wu Vienna- Masters in Management
If you are confused about which program is going to be a better match for you, you need to assess where you are in your professional life and where you wish to be later on. It would be best to keep in mind that an MBA application is more expensive and needs more time to finish. It might be helpful if you weighed the programmes’ pros and cons and decide what suits you best at this stage in your career. If you decide to go for a MiM program, the schools mentioned above offer top-notch facilities using a rigorous curriculum that will surely provide you a headstart in the business world. If you wish to explore an MBA, here’s a list of the top 10 MBA colleges worldwide.

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