MBA vs MIM?
This is one question that almost every college student comes across at some point when deciding on the future. A very simple answer to this can be: MBA vs MIM is all about deciding whether one should opt for the Masters in Management immediately after the undergraduate program or work for few years and wait to apply for the MBA. Applicants, therefore, have two clear options – a MIM now or an MBA later.
The confusion at this stage includes lots of important factors and makes you wonder whether the MIM is good enough to be a final degree and will substitute well enough for the MBA. Listed below are important points giving a good comparison between the two programs –
MBA vs MIM
– to give a better picture of the key decision parameters to the applicant:
- Eligibility criteria
The eligibility criteria for MIMs are a Bachelor degree, language skills test, GMAT or related tests, such as the GRE, and academic achievements at the undergraduate level. MBA, on the other hand, requires GMAT (for most of the business programs), a minimum of 2-3 years of work experience and a substantial percentage of accepted candidates at top B-schools are with 5+ years of work experience.
- Academic ContentAs an academic learning, MBA offers more advanced programs and more industry-centric options, while MIMis considered being less practical and more academic based or rather theoretical. But this does not mean that the MIM in any lacks core business education, but only that some of the more advanced subjects may not typically be available at MIM courses.
- Experience required & duration of the programMIM programs do not require work experience, but most of the MBA programs require at least 2-3 years of experience. And this even makes sense, given that the MIM is an early entry into careers as a professional and the MBA is for experienced professionals. Most MIM programs are 1-year long, while typical MBA programs are 2-years long. However, this is changing, and more one-year MBA options are rapidly growing across the globe.
- Cost of education
MIM programs cost close to half of what MBA programs do. This may vary a bit between specific programs at particular business schools, but in nearly all instances, the MIM will end up being at minimum 35-40% cheaper than the MBA programs.
- Career opportunities(The most common answer that you must have heard “the MBA has better opportunities”, but read on)- It would be unfair to compare MIM & MBA in this regard. MIM is primarily meant for early career professionals, mostly the individuals who are just out of college while the MBA is suitable for professionals who are at the middle path of their career and expecting to enhance their leadership skills. Considering the different natures of both the programs, it is evident that MBA graduates will attain senior and well-paying roles as compared to MIM graduates.
- LocationEurope dominates for all highly ranked MIM programs while MBA is spread across the globe. Top MIM programs are offered by European institutions say LBS MIM, HEC MIM, and the programs at St. Gallen, IE, ESADE, and ESCP are very popular and top of the list of most applicants looking for MIM. However, many US schools are now adding MIM program to their list.
MIM students are a bunch of individuals with very less or no professional work experience, thus the average age of MIM class is 23 years while MBA class being professionals with 2+ work experience bears an average age of 27. Internships are an essential part of MIM programs. They happen during vacations or by taking a semester or a year off. Thus, usually, 2-year MIM program could be extended to 3- 4 years. Now that the understanding has kicked in, neither you nor anyone around is going to question your choice of MBA vs MIM and now, you can sleep in peace!