MIM vs. MBA is a matter which has to be carefully understood to take an informed career decision. It basically stands for MIM or Masters in Management vs. MBA or Masters in Business Administration. Both courses do have their core fundamentals or similarities in place although the former seems better placed for numerous reasons. MIM (Master in Management) is a post graduate degree program for individuals who have just graduated with little professional working experience. It is a popular degree offering extensive insights into various verticals of management including consulting, finance, marketing and entrepreneurship amongst others. Professional working experience does not always have a role to play in selection procedures for MIM programs. These post graduate programs are tailored for potential aspirants from a pool of young professionals and fresh undergraduates who have been working for at least a year or a couple of years.
MBA degrees, on the other hand, necessitate people to possess 3 years of minimum working experience. Aspiring management students usually have a more apprehensive approach towards the pre-requisite of work experience, making him/her more inclined towards choosing MIM over an MBA degree. MIM degrees come with primary eligibility criteria like a Bachelor’s degree, language skill documentation and at times GMAT or similar tests such as GRE and academic accomplishments throughout the undergraduate degree tenure. MBAs will need GMAT, at least 3 years of work experience and you should account for the fact that a sizable percentage of accepted candidates have at least 5+ years of experience.
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Statistical Overview – MIM vs. MBA
As per studies, just 40% of MIMs need GMAT with average scores being 610. At the same time, GMAT is compulsory for MBAs with average scores being 650. MIM is ideal if you are looking to venture into a business management career while MBA is aimed at those desirous of obtaining more in-depth insights into their chosen field of work. Average age stands at 23 years for MIM applicants while it stands at 27 for MBA applicants. MBAs are costly, requiring up to a whopping EUR 70,000 in European nations. The average fee for MBA courses in the U.S. and Europe hover around $100,000 and EUR 33750 respectively. MIMs cost is around half of MBA programs, somewhere around EUR 12, 250 and tuition fees may go up to around EUR 30,000 at the most. It is considerably cheaper than your average MBA course, particularly abroad. MIMs have 40-60% of the curriculum as completely similar to the MBA program and emphasizes upon building a critical thinking and theoretical approach. You will find subjects needing mathematical aptitude and research. MBA focuses on specialization with a more practical approach. MBA programs cover 1-2 years while MIM programs have more flexibility with some colleges even offering intensive 10-month courses. There are those that have 1.5-2 year MIM programs as well.
Studies have also reported that MIM graduates earn at least 2.4 times of their average tuition fees. Internships are a core part of these programs and the flexibility helps many students keep interning along with studying alongside. MIMs have dual degree program options, giving students scope of applying for studying at partner/affiliated universities of their parent institution. The added degree helps in venturing into the job market of another country. MIM was conceived in Europe initially but its popularity has spread to the U.S. and several parts of Asia. It is often called Masters in International Management or Masters of Science in Management (M.Sc).
Students end up choosing MIM over MBA since the latter necessitates more working experience, high percentile scores in GMAT which is also mandatory and has lower flexibility. Those studying MIM will have great career prospects in international countries as compared to MBA students in India, i.e. 95% of them get employment within 3 months of graduation while 60% and more ventures into consulting and average starting salaries hover around EUR 69, 000.
MIM vs. MBA- Why choose the former?
If you are looking at the MIM vs. MBA debate, the difference between MBA and Masters in Management will be clear to you. The latter will give you more flexibility, easier entry and lesser complications while being more affordable at the same time. Masters in Management vs. MBA is a battle won in the current scenario by the former.
Here are some of the key advantages offered by MIM programs:
1. Affordable and result-oriented programs are offered
MIM programs are more affordable as compared to MBA programs while also being tailored towards understanding business management through theoretical concepts, internships and intensive curriculums focusing on various aspects of management. MBAs are considerably costly worldwide than MIM programs, particularly in Europe and the U.S.
2. Tailored for Global Student Audience
MIM is predominantly popular in Europe and students can choose to study for a dual degree or an all-encompassing course covering a global partner university of their affiliated parent institution or learning platform. MIM has a more global approach and curriculum, being designed more for international students than doing an MBA in India for instance.
3. Students can start studying online
In the current scenario, the biggest advantage offered by MIM programs is flexibility. Students may start studying online itself and then they can later on resume offline classes on campus owing to the ongoing coronavirus pandemic. MBA programs may not always have the facility of starting lessons immediately online. For instance, upGrad offers its MIM program where students study online for the 1st year at IMT Ghaziabad and then fly to Germany for the 2nd year of on-campus academics. While this ensures flexibility, this also gives students higher cost savings of roughly INR 20 lakh with the hybrid model.
4. Excellent career opportunities
MIM programs usually offer higher paying jobs for graduates abroad as compared to MBA programs here in India.
For instance, the average salaries of MBA graduates in India are listed below for your perusal:
1. Average- INR 7, 84, 364/-
2. Entry-Level- INR 4, 00, 000-7, 00, 000/-
3. Mid-Level- INR 12, 00, 000-17, 00, 000/-
4. Senior Level- 35, 00, 000+
Suppose in a country like Germany, after completing this course, you can expect a starting salary of INR 45 lakh which is way higher than what you would normally expect in a senior position after completing your MBA degree. Mid-level earnings may touch INR 61 lakhs+ or roughly 69, 000 Euros and the highest salary at senior levels may touch a mind-boggling INR 1.74 crore and even upwards or roughly 16, 295 Euros every month in senior positions! This goes to show the level of success you can expect abroad with the MIM course as compared to what you can expect with a regular MBA degree domestically.
MIM vs. MBA – FAQs
Q1. How does the MIM program work?
A: The Master in International Management (MIM) program is ideal for fresh graduates who have little professional experience. GMAT is not compulsory in 60% MIM programs while work experience is not a pre-requisite like it is in case of MBAs. MIM offers a more comprehensive and theoretical look at management, encompassing consulting, finance, entrepreneurship and more. MBA is different since it mandates work experience, high GMAT, CAT and other scores and focuses more on specialization in a particular management discipline. MIM is more flexible and affordable as compared to MBA degrees.
Q 2. What is the average salary expected after completing the course?
A: The average salary expected post completion of the course is around INR 45 lakh.
Q 3. What are the anticipated cost savings by pursuing this course as compared to regular degree courses in Germany?
A: The anticipated cost savings from the MIM program are up to INR 20 lakhs as compared to regular degree courses in Germany.
Q4. What is the MIM program offered at upGrad Abroad?
A: The MIM program at upGrad works on the basis of 1st year online module with IMT Ghaziabad and 2nd year on-campus learning at IU Germany. Students start studying online while flying out to complete the second phase of the course after completion of the first year. There is ample guidance and mentorship, group classes and personalized training and support for GTE preparation. upGrad Abroad helps with university applications, post-study work visa opportunities, videos, live lectures, reference materials, 24x7 question and answer support and aspirants do not require IELTS for studying in Germany.