Why are students around the world opting MIM over MBA?
Has this question been bothering you? Has this query been haunting you in recent years? Is your newborn insomnia related to this dreaded question? Then fret no more, here are all the answers to your dilemma. After reading this I assure you, you will have a sound sleep tonight. So, here I am listing you the reasons why there has been a recent trend that has made students choose MIM over MBA.
Master in Management (MIM) is a post graduate degree program for individuals who have just graduated or recent graduates with little work experience. It is a degree providing comprehensive insight about different management verticals. Namely – Finance, Marketing, Consulting, and Entrepreneurship among many others.
Work Experience required?
In the case of MIM, professional work experience does not necessarily play a major role in its selection process. It is a post graduate program modeled for prospective talents among fresh undergraduates or young professionals who have been working a year or two. MBA, on the other hand, requires the individual to have a minimum work experience of 3 years. There is an apprehensive approach an aspiring management student bears towards work experience pre-requisite. This is one of the main rationales that have made them choose MIM over MBA.
The primary eligibility criteria for MIMs are a Bachelor degree, documentation of language skills, sometimes the GMAT or related tests, such as the GRE, and academic accomplishments during the undergraduate degree. MBA, on the other hand, requires GMAT, a minimum of 3 years of work experience and a considerable percentage of accepted candidates are of 5+ years of work experience.
According to Global Master in Management Study 2012, only 40 percent of MIMs require the GMAT and the average score of students who are taken in for MIM are 610. For MBA, GMAT is mandatory and the average score being 650.
Is it your Goal?
MIM is your cup of tea if you want to kick-start a career in business management. Whereas MBA is aimed at people who want to have in-depth knowledge or change their field of work and are aiming at career development. So, if you are an impassioned student who yearns to break into the management corporate, you need to break the cliché and choose MIM over MBA.
Owing to the fact that MIM programs usually do not require professional experience, the average age of MIM program applicants are 23 years. MBA on the contrary due to the 3-year work experience requisite bears an average applicant age of 27. It is evident that younger aspirants have an undisputed preference of MIM over MBA.
How much do you have to spend?
MBAs could burn a hole in your pocket costing up to EUR 70,000 in Europe. The average fee for an MBA course in Europe and US, being EUR33750 and $100,000 respectively. On the other hand, MIMs cost half of MBA programs and usually cost around EUR 12,250. The highest tuition fee for MIM goes up to EUR 30,000. This difference in expenditure is considered by many as a determining factor that popularizes MIM over MBA.
What will you learn from the program?
MIMs share a considerable amount of curriculum – about 40-60% – with MBA. It focuses on building a business foundation, with a theoretical and critical thinking approach. You may find subjects that require strong mathematical skills and the final treatise may be research-oriented. MBA focuses on in-depth knowledge and specialization with a practical approach.
How long will you have to study?
MBA programs have a duration of 1-2 years. MIM programs are more flexible in its span with a majority of colleges offering fast-paced 10 months course. Optionally, there are schools that have a more comprehensive curriculum with core courses for MIM that last between 1.5-2 years.
MIM graduates work as analysts, management trainee, assistant manager etc. You will be hired for entry or intermediate level positions, which most firms have aplenty. Also, companies tend to favor such recruits as you are young and dynamic in the market, and can be molded according to the company’s value systems. MBA graduates, despite the prospective big-money salary, are picked for mid or high-level positions; these jobs are relatively lower in number.
How much would you earn?
As an MIM graduate you will get an entry level job, which might be your first full-time job or your first job in a new field, hence the salary is around EUR 55,000 or $50,000, and goes up to EUR 70,000. According to Global Masters in Management Study 2012, MIM graduates earn about 2.4 times more than the average tuition fees of MIM. MBA graduates earn $100,000 due to their experience and knowledge.
Internships and apprenticeships are an innate part of MIM programs. These requirements can be fulfilled by you either during vacations or by taking a semester or a year off. As a result, the usually 2-year MIM program could be extended to 3 or 4 years. Hence you will be able to do internships while maintaining your status as a student. Irrespective of the duration of the program, the fees of the MIM is only debited for the actual 2 years of studies.
Dual degrees and exchange programs
The MIM dual degree programs also provide an opportunity to apply for a dual degree with one of their parent school’s affiliated university. Apart from getting one more accredited degree, the additional degree from a different country sets you deeper into the job market niche of that country.
As an exchange student, you won’t be provided with another degree. Nevertheless, studying in a country, learning its culture and professional scenario is a new experience.
MIM was initially conceptualized in Europe, but schools in the US, Asia have also started taking notice. Often they refer it with an alternate nomenclature, Masters of Science in Management (MSc) or Masters in International Management.
It’s a rather relative when you perceive the choice between these two management degrees. But for a fresh undergraduate who probably does not want to grind his time for work experience, the most sensible option is to do MIM over MBA. Moreover, an MIM degree offers leeway for recruiting firms to fill in their entry level managerial positions. Thereby attaining value addition to both the firm, at a grass root level and the eventual employee. Now that the realization has kicked in, neither you nor anyone else is going to question your choice of MIM over MBA and now,you can sleep in peace!
This article was edited and proofread by Abhay Sankar S., Freelance Content Writer, WeMakeScholars.