The MBA and Master in Management (MIM) are advanced professional degrees that students seek to further their careers.
We have all heard of the opportunities offered by an MBA. Master in Management has recently gained popularity bringing new opportunities.
What is an MBA?
An MBA program focuses primarily on leadership and business management skills.
The MBA is designed for people with a few years of professional experience who want to advance their careers.
The MBA covers different business topics through a core curriculum and allows students to choose and specialize in areas such as business analysis, accounting, and finance.
What is MIM?
The MIM or Master in Management focuses solely on specific areas related to business management. A master’s degree in management offers insight into the field of business for students who do not have much experience or knowledge in that field.
Compared to an MBA, a Master of Management is less demanding and more introductory. The programs offer general business courses, but the course primarily focuses on management.
MIM or MBA, which is Preferred?
According to the 2021 GMAC survey, there is an 80% increase in applications for Master in Management programs.
Although it is said that, with the growing popularity, the Master in Management is becoming the alternative to the MBA, both degrees complement each other and offer different contents and objectives to students.
Here we have compiled all the similarities and differences between these grades to help students choose according to their interests.
Difference Between MIM and MBA
The main difference between these degrees is the work experience students must have for these degrees.
MIM is the best option for students with little or no work experience. Universities or colleges that offer Master of Business Administration degrees do not require students to have a business-related undergraduate degree.
MBA students must have three to five years of professional experience in the business field.
What makes Master in Management and MBA students different?
The most significant difference observed between MIM and MBA students is the level of professional experience.
The MBA program is designed for students with little work experience who want to develop their business skills.
The MBA program is designed for professionally qualified individuals with several years of experience seeking an opportunity to advance their careers.
The additional work experience of MBA students also adds extra digits to their age. The average age of an MBA student is 28 years, with an age range of 25 to 32 years.
As the level of work experience is low for Master’s in management students, this limits their age to 25 years. The average age of a Master’s in management student is 23 years, with a range of 21 to 25 years. As can be seen, Master’s in Management students are much younger than MBA students.
Masters in Management vs MBA – A Comparison
Master in Management programs are designed for individuals seeking entry-level jobs in business and management. Typically, people seeking a career change from a non-business to a business field or who have recently earned their college degree tend to pursue a master’s degree in management.
Typically, these programs require a one-year commitment in which the entire focus is on developing management skills.
MBA programs are designed for individuals who are already in a leadership position and are looking to advance to executive-level positions or change fields, with the goal of moving up or moving into high-paying jobs.
Most people tend to get an MBA to get into a consulting or finance field. The MBA is typically a two-year program in which students learn how different departments within a company interact.
MBA programs include disciplines like Strategy, Finance, Marketing, Ethics, and Communication as core courses. MBA programs also offer specialization in areas such as Accounting, Business Analysis, Entrepreneurship, and Health Management.
ince a Master’s in Management is shorter than MBA’s, it is less expensive.
Master in Management or MBA: Which is better?
Both the Master in Management and the MBA are management programs, but their contents are different and will align differently based on different people and goals.
These degrees are designed to help students advance their business careers with appropriate management skills. Master in Management is a Master of Science.
It can offer deep theoretical knowledge and can lead to further research. A person who has just graduated from college or is looking to change careers may find this relevant to their interests.
Master’s in Management students focus more on theory and use statistics in their studies. Provides an introduction and general knowledge of business and management. At the same time, the MBA focuses more on real business cases.
The MBA focuses more on problem solving skills, which can help students find solutions to different business problems. People who are a few years into their career may find the MBA relevant to their interests.
MBA is a widely known and popular graduate management degree. The reputation of an MBA also depends on the reputation of the university where it is being done.
Master in Management is growing in popularity over time. Many companies doubt the capabilities of an MBA student, but with increasing supply chain and demand, companies will take notice of their abilities.
In the end, it is on the one hand a career start and on the other a career development. The Master in Management is to start a career, and the MBA is to develop a career.