For decades, postgraduate education in general management had three letters – Master of Business Administration (MBA). However, since the early 2000s, a new degree emerged on the academic landscape of European business schools and has increasingly been picked up by US schools – Master in Management, sometimes called MiM programs.
Both Masters in Business Administration (MBA) and Masters in Management (MiM) are two of the most popular programs in Management. And at first, glance appears to be similar to each other. However, on a closer look, both of them appear as different as chalk and cheese. MIM programs just like MBAs are postgraduate degrees in general management.
As such, they require an academic degree first. But this is where the similarities end. In nearly all other aspects, MIM and MBA programs differ. So how would you know which one is better for you? Do not worry as CareerSpark is here to decode the puzzle so you decide which option suits your needs better.
Here are some of the criterias to consider when choosing between MBA and MiM.
1. Target Groups:
MiM programs usually do not require professional experience although they are open to young professionals. As a result, the Master in Management students are generally much younger than fulltime MBA students. MiM candidates can have less than one year of full-time postgraduate corporate work experience or less than two years in a non-business position.
Thus, MiM students are typically younger than their MBA colleagues, with an average age of 23 years. On the other hand, MBAs address professionals, ranging from 27 to 32 years old. The average age is higher because MBA candidates are usually required to have three to five years of work experience. Business schools also prefer candidates with an international experience in a multinational setting.
2. Career start vs Career Development:
Both the MBA and the MiM programs lead a candidate to different destinations. Masters in Management grads are not expected to compete with MBAs for the same roles, mainly due to the experience levels. While the MiM increases the career start options for young and relatively inexperienced students, the MBA is a degree for professionals who already progressed beyond their entry-level job. MiM presents students a chance to enter the job market, meanwhile MBA scholars aim at developing their career as they know a degree in business administration will offer benefits in more ways than one. They might need to qualify for a leadership position in their company or to acquire entrepreneurial knowledge for their own personal business.
3. Different Curriculum:
Although both MiMs and MBAs are postgraduate programmes in general management, their content vary considerably. The MiM is officially a Master of Science which provide general and introductory management knowledge, hence it is prone to more in-depth theoretical knowledge, and can even become research-oriented.
MBA on the other hand, have always been a more hands-on experience, with integrated teamwork and case studies. Generally, MBAs focus on problem-based learning style, enabling students to find innovative solutions for diverse business issues.
4. Tuition Fees:
This is where Masters in Management programs get the upper hand. MiM programs are two to three times cheaper than the traditional MBA programs. The lower price-point of MiMs opens up a wider range of options to students who would otherwise have a more difficult time financing their business studies abroad.
Tuition fees for a MiM can range from 2,000 to 30,000 EUR/year depending on the university, specialisation, and even the location. However it is to be noted that MiM programs provided by schools from the UK and the U.S. usually have higher tuition, but even the most expensive ones are usually half the price of an MBA programme offered by any school worldwide.
On the other hand, the average fee for a regular MBA program range between 20,000 and 40,000 EUR/year in business schools from Europe whereas reputed business schools in the U.S. would even charge over 90,000 EUR/year.
The MBA has worldwide reputation whereas a Master in Management are similar to other postgraduate degrees, may it be in economics, psychology, or the natural sciences. For many employers, a Master in Management is just another graduate degree without a specific nimbus whereas an MBA is a prestigious degree for ambitious, management-oriented people.
The MBA is the traditional and most famous degree for a postgraduate education in general management. Hence, it is well-known, particularly among international firms, and the specific reputation of an MBA depends primarily on the reputation of the business school you attended. The MiM on the other hand, is a relatively young program whose popularity is on the rise among recent graduates.
However, a MiM could be the precursor of an MBA and often times, and will increase a candidates chances of being admitted to a stellar MBA programme after having graduated from a MiM.
6. Career Perspectives:
The Master in Management (MiM) is a degree for graduates without or with only little professional experience. Hence, MiM graduates start their first job after graduating and apply for entry positions. By contrast, the MBA is for people who are in business already for several years.
Hence, they will become “experienced hires” for companies and apply for more advanced jobs, for example leadership or management positions.
To sum it up:
Master in Management and MBA programs must be clearly distinguished from each other, even though they both are postgraduate degrees in general management. They approach different target groups, provide different learning experiences, and offer different career prospects and, hence, are by no means substitutes.
Students should assess in advance, which program type is better suited for their specific profile – and keep in mind that neither a MiM can replace an MBA nor the other way round.
Know more about Masters in Management (MiM) by booking a session with our counsellors at Career Spark