MIM or Master in Management is awarded to students who complete a one-year to a two-year program in business management. MIM focuses on building a business foundation. Most Masters in Management’s don’t offer many electives and concentrate on the core business courses, whereas in MBA you get to specialize in a subject of your interest. The differences between MBA and MIM are as follows:-
MBA provides an opportunity for a candidate to climb up the ladder and get to managerial level positions. While after doing MIM course, candidates usually get job offers for entry-level positions.
Age is a big factor when it comes to selecting one of the two courses. The average age of an MBA student is 27 years. Whereas, the average age of students enrolled in the MIM course is 23 years. The MIM candidates are usually fresh graduates, who want to make a career in the field of management.
Teaching Methodology –
General knowledge related to different aspects of business is imparted to students enrolled in MBA programs. The knowledge which is imparted to the students is practical in nature. The students do a lot of case studies, so as to know the real-life situations they might come across when they get to managerial level positions in their career. It helps in improving the decision-making process.
Whereas in a MIM course, students are basically provided theoretical knowledge of the different aspects related to business. MIM course focuses on building a sound foundation, so the students are only taught the fundamentals of the various aspects related to business. They do not get any practical knowledge related to the subjects they are taught, which restricts their learning curve.
Course structure –
The course structure of MBA is such that the students can choose to do specialization in any aspect related to business. They can get thorough knowledge related to the subject of their choice. It helps them to become experts in their fields. An MBA from a top institute is highly valued because of the level of expertise the pass outs from that college bring to the table.
MIM focuses on building a business foundation. Most Masters in Management programs don’t offer many electives and concentrate on the core business courses such as accounting, finance, project management, strategy, and marketing. MIM aims at building a strong theoretical business base via team projects. Leadership, teamwork & other important soft skills are fostered, which are necessary to manage people and engage stakeholders.
Know more about Ms vs MBA here.
The fee for an MBA program is usually quite high in comparison to the fees for MIM course. The average fee for an MBA course is $ 100,000, which can be a huge financial burden for a student and his family. The average fee of MIM course is $40,000, which is less than half of the average fee a candidate has to shell out for an MBA degree. Thus, making MIM a popular choice among students who come from a less privileged background.
Mass Appeal –
MBA courses have been around for much longer in comparison to the MIM course. The MIM courses started only 20 years ago in some European countries. MBA courses are quite popular worldwide. Whereas, MIM courses are more popular in European countries because of their European origin. Therefore, MBA courses are more globally recognised as compared to the MIM courses. The top universities providing an MBA degree are known globally and help the MBA pass outs in fetching very high packages.
Read our article on Harvard MS and MBA program
Time duration –
Time duration of an MBA course is one or two years. Most MBA colleges have two year MBA courses because of the comprehensive nature of the program. There are a few colleges which provide an MBA degree in just one year as well.
The average time duration of MIM course is 10 months. This makes the course fast paced in comparison to an MBA course. There are some colleges which have longer and more comprehensive MIM courses, which can last for even 1.5 to 2 years.
Job prospects –
MBA pass outs get managerial level jobs after the completion of the course. The practical knowledge imparted during the program enables them to handle positions of high responsibility. The dearth of experience in MIM candidates is one of the reasons why MIM graduates are offered entry-level positions.
10. Average Income –
The average income of an MBA graduate from top institutes can go as high as $100,000 because of the experience and expertise they possess. Such high packages justify the high fees charged by the top-notch MBA institutes.
The average salary of a MIM graduate is $50,000, which is almost half of the average salary which an MBA graduate gets. The reason for a dip in salary is the lack of experience and expertise that the MIM candidates possess in comparison to their MBA counterparts.
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