Everyone has heard of MBA degrees and the incredibly versatile skills they offer to future managers and business leaders. MIM (Masters in Management) degrees on the other hand, have not been as popular, until recently.
According to the 2016 GMAC Survey, the number of students applying for Masters in Management has increased by over 50%. With their growing popularity, MIM degrees are becoming a considerable business study alternative to the long-established and highly sought-after Masters of Business Administration (MBAs).
However, the two types of degrees don’t necessarily compete. In fact, one could regard them as complementary since they cover different market segments of students and have different goals and contents.
Find out more about the similarities and differences between MiM degrees and MBA degrees so you decide which option suits your needs better.
1. MiMs vs. MBAs - Who are they for?
Masters in Management target mostly recent graduates who have little or no professional experience. MIM candidates can have less than one year of full-time postgraduate corporate work experience or less than two years in a non-business position. Thus, MIM students are typically younger than their MBA colleagues, with an average age of 23 years.
Universities and colleges also don’t require students to have completed a business-related undergraduate degree.
By contrast, MBAs address professionals, ranging from 27 to 32 years old. The average age is higher because MBA candidates are usually required to have three to five years of work experience in a business environment. Many business schools prefer MBA candidates with an international experience, whether related to their higher education studies or career developed in a multinational setting.
2. MBA careers vs Management careers
While the MIM degree increases the career start options for young and relatively inexperienced students, the MBA is a degree for professionals who already progressed beyond their entry-level job.
MBA students aim at developing their career. Whether they need to qualify for a leadership position or they need to acquire entrepreneurial knowledge for their own personal business, a degree in Business Administration will offer benefits in more ways than one.
Although MIM graduates should not expect to land in a managerial position immediately after completing their studies, they get the chance to enter the business labour market more easily.
Popular destinations for a Master in Management:
- MiM programmes in France
- MiM programmes in the UK
- MiM programmes in Poland
- MiM programmes in Germany
- MiM programmes in the US
3. MIM vs. MBA degree - What you will study
MIMs provide general and introductory management knowledge
Although both MIM degrees and MBAs are postgraduate programmes in general management, their content can vary considerably. The MIM is officially a Master of Science, hence, it is prone to more in-depth theoretical knowledge, and can even become research-oriented.
- MIM students may focus more on theory and also use statistics and other methods to understand and apply it
- MiM provides more introductory and general knowledge and regardless of the study destination and university you choose to study, MIM programmes are more or less the same in terms of content
- MBAs focus on real-case business studies
While somewhat general in terms of academic knowledge, MBAs have always been a more hands-on experience, with integrated teamwork and case studies. Generally, MBAs focus on developing problem-solving skills, enabling students to find innovative solutions for diverse business issues.
Additionally, for MBAs, you have a much wider and diverse palette to choose from, especially since many MBA programmes are specialised.
4. Differences in tuition fees between MiMs and MBAs
This is a definite plus for Masters in Management which are usually two to three times cheaper than the average MBA degree. The lower price-point of MIMs opens up a wider range of options to students who would otherwise have a more difficult time financing their business studies abroad.
Tuition fees for a MIM degree can range from 2,000 to 30,000 EUR/year depending on the university, specialisation, and even the location. MIM courses provided by schools from the UK and the U.S. usually have higher tuition, but even the most expensive ones are usually half the price of an MBA programme offered by any school worldwide.
The average fees for a regular MBA programme range between 20,000 and 40,000 in business schools from Europe whereas reputed business schools in the U.S. would even charge over 90,000 EUR/year.
Find out more about how you can finance your MBA.
5. Programme reputation and recognition
The Master of Business Administration (MBA) is the traditional and most famous degree for a postgraduate education in general management. Hence, it is well-known, particularly among international firms, and the specific reputation of an MBA depends primarily on the reputation of the business school you attended.
The Master in Management is a relatively young programme and some HR departments may be a bit uncertain about the capabilities of MIM graduates. Nevertheless, the growing supply and demand of MIM programmes worldwide are sure to make companies more aware of the capabilities and skill sets of future graduates.
However, a MiM degree could be the precursor of an MBA and often times, you will increase your chances of being admitted to a stellar MBA programme after having graduated from a MiM. Additionally, you are also a more valuable candidate when it comes to being offered a scholarship or some type of financial aid for an MBA.
Here are some of the top business schools worldwide:
- IE Business School, Spain
- Bocconi University, Italy
- Erasmus University Rotterdam, the Netherlands
- Bryant University, the US
- University of Stirling, the UK
6. Large offer of MIMs and MBAs at international business schools
Over 80% of Masters in Management are offered at European universities and business schools, followed by Asia, Australia and Canada. In the U.S., the MBA degree remains the most established form of postgraduate education in management.
Until recently, there were more MBA programmes taught in English than Management degrees. However, more universities and colleges have started to introduce MIMs and they are mostly taught in English, simply to draw a large number of international students and to nurture a multicultural environment.
Ready to apply for a Business degree?
The business world is changing constantly. If you want to be successful in this field, a Business degree can teach you all the concepts and strategies you'll need. The main difference between a Master of Business Administration and a Master in Management is that an MBA degree normally targets people who are already in the business environment and have several years of experience.
The Master in Management, on the other side, is for people who don't have a lot of work experience but are interesting in putting in the work to develop the relevant skills they'll need in the business world.
Best of luck and have a great study experience!