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MBA vs MIM: 4 significant distinctions between an MBA and an MiM

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 You're probably thinking about going to business school if you want to work in business.


You can pursue a Master in Management (MiM) or an MBA to gain the generalist management skills, knowledge, and network required to advance.


The difference between an MBA vs MIM

MBA vs MIM



MBA vs MIM: Differences in Class Profile


When deciding whether to pursue a MiM or an MBA, it is beneficial to understand who makes up the cohorts of each degree program.


Age and experience requirements to join both MBA and MIM


If you're an undergraduate or recent graduate interested in a career in business, a MiM may be for you. Typically, the degree attracts younger candidates with no to one year of work experience.


In contrast, the MBA attracts older candidates with established careers and a significant amount of work experience—anywhere from two or three to more than ten years.


According to the mba5k.com Prospective Students Survey conducted by the Graduate Management Admission Council, 85 percent of Master in Management candidates are under the age of 24, compared to only 28 percent of two-year, full-time MBA candidates.


Sixty-one percent of MBA candidates are between the ages of 24 and 30, compared to only 12 percent of Master of Management candidates. Eleven percent of MBA candidates are also over the age of 31.



MBA vs MIM: Career Objectives


42 percent of MBA candidates said their main post-GME career goal is to get a raise/salary increase. 39 percent want to manage people, and 36 percent want to advance to a senior level position.


Candidates for the Master of Management program have varying priorities. Fifty-two percent want to work for a company that allows them to travel internationally; 47 percent want to work outside their home country; and 39 percent want to live outside their home country. 37 percent want to manage projects, while 36 percent want to manage people.



Both degrees' preferred destination


A large proportion of two-year, full-time MBA candidates (66 percent) intend to pursue their degree in the United States, with 11 percent focusing on Canada. 


This is most likely due to the renowned strength of the program in the United States, where the MBA was born, launched by Harvard Business School at the turn of the twentieth century. 


The master's degree in management is most popular in Europe, with European business schools dominating the Financial Times Masters in Management ranking.



According to GMAC's survey, 25% of MiM candidates prefer to study in the United Kingdom, while 23% prefer to study in France, 10% in Germany, and 6% in the Netherlands. Only 10% of MiM candidates say the United States is their preferred destination.


Students in some European programs can study on multiple campuses throughout Europe. EMLYON Business School's European Triple Degree Master in Management program takes students to France, the United Kingdom, and Germany.




MiM vs MBA: Curriculum

The primary distinction between a Master in Management and an MBA is that the MiM provides early-career students with the knowledge they need to launch their business career, whereas the MBA provides most students with the foundation for career acceleration or a career change.


Both degrees provide you with generalist business knowledge and start with core business topics like:


•Finance

•Business Intelligence

•Accounting

•Marketing

•Strategy

•Micro/Macroeconomics

•Management of People



You then select your electives, which allow you to delve deeper into and specialize in a specific area of business.



Both degrees will allow you to travel abroad for immersive business trips. This will teach you how business differs across cultures, as well as how different locations adopt different business models and pivot toward different consumer bases.


Both degrees use a case study approach, so you'll learn how different businesses approach and overcome challenges across industries.


Through a variety of company projects, you will have the opportunity to apply what you learn in class to real-world scenarios. You'll most likely have a summer internship between your first and second year of a two-year MBA program.



Some MiM degrees, such as the INSEAD Master in Management, also provide extensive practical experience. The INSEAD MiM program culminates with a four- to six-month professional exposure module in which you work as an intern or full-time employee at a company.




MBA vs MiM: What's the difference?


A Master of Business Administration degree is typically less expensive than an MBA. The London Business School MiM, for example, costs slightly more than $50,000, whereas the school's MBA costs close to $130,000.


However, a MiM is not always that expensive. For international students, the top-ranked St Gallen Master in Strategy & International Management costs around US$11,000.


The cost of an MBA varies as well. A top degree in Europe typically costs between US$60,000 and the US$130,000 of LBS. The best two-year MBA programs in the United States can cost up to $146,000 USD.



According to the Business Because Cost of MBA Report, the MBA at MIT Sloan School of Management is the world's most expensive MBA when total cost, including fees and living costs, is considered, with a total cost of more than US$240,000.




Salary and job prospects for MiM and MBA


Both Master of Management and MBA students see a significant return on investment after graduation.


According to the Financial Times Masters in Management Ranking, graduates from the best Master in Management programs in the world can earn between US$80,000 and US$115,000 after business school.


Graduates from the world's best MBA programs see a pay increase. According to the Financial Times Global MBA Ranking, they can expect to earn between US$150,000 and US$200,000 three years after finishing their degree.



Whether in marketing, finance, technology, or consulting, the MiM prepares graduates to enter a variety of industries with a strong foundation in management and global business knowledge.



Typical MiM graduate jobs include:


•Consultant Associate

•Investment Banking 

•Analyst Marketing 

•Analyst Business Analyst


The MBA is designed to propel professionals into more senior leadership positions.


The degree is also known for its triple jump, in which graduates change geographical location, industry, and function. Grads command high salaries and frequently go on to lead teams for some of the world's largest corporations.


MBA graduates are likely to find work in the following fields:


•Finance Manager 

•Operations Manager 

•Management Consultant 

•Investment Banker


Companies that hire MBA and MiM graduates are similar, though the latter will be hired in lower-level positions. Master's graduates, for example, will be hired as associate consultants at Bain & Company, whereas MBAs will be hired as consultants.


Microsoft, Accenture, Deloitte, Google, Amazon, Bain & Company, the Boston Consulting Group, and McKinsey are among the companies that hire the most MBAs and MiM graduates.




Which is better, a MiM or an MBA?

Obtaining a Master of Management does not preclude you from later pursuing an MBA. During their careers, some professionals obtain both. A Master of Management can provide a solid foundation for your business career, and an MBA can help you advance into senior leadership roles or completely change your career path.


 

If you're a career professional with three or more years of experience, between the ages of 24 and 30, or older, an MBA should be your first choice. It's also the degree to pursue if you want to advance to a senior leadership position or change careers entirely.


When deciding on the best program for you, look at class profiles, talk to alumni, and, if possible, visit school campuses.


Consider your career stage and what you want from your degree, and you'll be well on your way to determining whether a MiM or an MBA is the best fit for you.





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