What is a Master in Management (MIM)?

This article is dedicated to those students who wish to pursue a management course abroad but don’t possess the work experience of more than three years. MIM gives you the opportunity to make a sound career in the field of management even though you’re an undergraduate.

What is a MIM?

The Master in Management (MIM) alludes to an unusual kind of post-graduate program that gives general business administration learning to graduates who possess a little to no work experience. Masters in Management usually granted as a Master of Science or a Master of Arts in management. Ranking agencies such as the Financial Times often use the term “Master in Management”, for instance, to rank such programs, even if the programs themselves are named differently.

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Why Should One Go for a MIM Over an MBA?

MIM degree courses are intended for individuals, who in the early phases of their career – directly after their college degree or after around a year at work. Therefore, MIM understudies are generally younger than MBA understudies: 23 years by and large (with an extent from 20 to around 27) contrasted with the 27-32, which is a typical age group for candidates enrolled in MBA programs.

There is always confusion regarding why to opt for a MIM over an MBA. Through the following comparison, we are explaining the differences between MBA and MIM.

Factor MIM MBA
Cost MIM is quite economical and costs less than half of the cost of an MBA. Requires a huge investment as the average fee for an MBA course is $ 100,000.
Experience Popular among freshers as it does not require any experience. Candidates applying for MBA programs overseas have 3-5 years of experience on an average
Teaching Methodology The knowledge provided to the students is more theoretical in nature. Students are provided practical knowledge of various aspects related to business administration.
Course Structure The course is designed in a way to ensure that the focus stays on building a strong foundation of managerial principles. The course curriculum is more driven by the specialization that is chosen by the student, towards the later part of the course
Popularity MIM courses started around 20 years ago and are more popular in Europe due to their European origin. MBA programs have been around for a very long time and are extremely popular all over the world.
Duration The MIM courses are usually more fast-paced as the average time duration of a MIM course in Europe is just 10 months. Due to their meticulous nature, the MBA programs usually last for a period of either one or two years.
Job Prospects Due to lack of experience, the MIM graduates are generally offered entry-level positions after the completion of their degree. MBA graduates are offered managerial-level positions as they possess specialized knowledge related to niche skill sets.

Top Institutes for a Master’s in Management:

Rank Institute
1. University of St Gallen
2. HEC Paris
3. London Business School
4. Essec Business School
5. ESCP Europe
6. Università Bocconi, SDA Bocconi
7. University College Dublin: Smurfit
8. Rotterdam School of Management, Erasmus University
9. Cems
10. IE Business School

Source – The Financial Times

Still unable to decide if going for a MIM is worth it? We have listed some of the advantages of pursuing a MIM course to help you make up your mind.

  1. Provides an excellent opportunity to study abroad.
  2. Enables students to get into management roles fairly early in their careers.
  3. It does not require any work experience.
  4. MIM courses are reasonably short, which means there’ll be less expenditure on living costs.
  5. The fees for a MIM course is also quite affordable.

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