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MIM stands for ‘Masters in Management,’ and MBA is the abbreviation of ‘Masters of Business Administration.’ MIM vs. MBA, both are the postgraduate level program and offer expertise in management.
Most of us know MIM and MBA as similar degrees, but there are the infrequent differences between both. MBA has emerged in the early 20th century in the USA and came up as a broadly recognized degree all over the world whereas MIM has become apparent in the early 2000s in the Europian business schools in the European Union. Both the degrees are highly appreciated, but some characters are still there which makes consequential differences between both. The same aspect but with another name as MS (in finance, marketing, accounting, etc.) became famous in the USA.
Some core factors are there that make a compelling difference between both-
1.Course or syllabus
MIM is a programme in which all the patterns of teaching are depended on theory and case study. MIM provides expertise in one of these particular subjects like finance, accounting, marketing and many more. Students get to learn some mathematical concepts as well in MIM. Whereas MBA is a degree of general management which focuses on all aspects of management and teaching pattern majorly depends on practical aspects as students having 3 to 5 years of professional experience are given the admission for MBA. Students get to learn a lot from their classmates as well because all candidate possess professional expertise from different fields. MBA classroom is generally a diverse classroom.
Candidates having one year or less than one year of experience usually go for MIM. The average age of candidate ranges between 22 to 24 years whereas full-time MBA students generally possess 3 to 5 years of professional experience and their age ranges typically between 27 to 32 years. MIM students are ordinarily younger than MBA students.
Tuition cost of MIM is low than the tuition cost of MBA. Cost of tuition for MBA in LBS (London Business School) is €70,000 and fees for MIM can be pursued with the half of this amount. MBA is more pricey than MIM.
Career opportunities are great after both courses. However both are postgraduate level courses, but the principle difference lies between both because candidates go for MBA for the advancement of their career and companies hire them for top positions. Whereas candidates, having MIM are about to begin their job and company hire them for the executive positions as a beginner. MIM is designed to enhance the early stages of the career of a candidate.
5.Admission benchmarks of MIM and MBA
Admission benchmarks differ from university to university, but the widely accepted criteria for most of the top B-schools are based on standardized test scores, professional experience, extracurricular involvement and academics at the most.
Extracurricular activities in college and high school days play a prominent role in the enhancement of a candidate’s profile for the admission. Universities prefer the students having the bunch of extracurricular involvement over the candidate who doesn’t have that much participation. MIM and MBA, both are the courses of management, so universities consider it as a crucial factor.
Standardized test score or GMAT
To get into the top ranking business schools, one needs to have a sound GMAT score as all the top ranking universities require a high GMAT score. Whereas 40% of the universities ask for a GMAT score, many of the universities have their criteria for the MIM. Generally, top ranking universities ask for GMAT for both.
Colleges or universities generally ask for 2 years to 5 years of professional work experience in the business area for the admission in MBA, whereas universities usually provide admissions to the candidates having one or less than one years of experience for the admission in MIM.
Academic background is an essential factor for the admission into both courses. MBA does not require any specific academic background for the candidates having professional work experience. Whereas candidates are having a separate background than business and economics face some difficulties for the admission because two-thirds of the seats are reserved for the candidates having business and economics, and one-third of the admissions are open for the candidate having any background, usually social science, physics, and psychology.
Talking about which one is better, MIM or MBA? Then it will be right to say that both are best. The fact is that MIM is right for the individuals seeking to start their career at the early stage and having one or less than one year, should go for MIM. And candidates having 2 years to 5 years of professional work experience, who wants to gain more insight into the business and looking for the top level managerial positions, should go for MBA.