The Masters in Management program is slowly becoming popular among pupils and is usually confused with an MBA. But, these two programs are rather different from one another. Students who apply for the MiM program are much younger as they are permitted to have less than one year of corporate experience and are therefore more youthful than their MBA counterparts.
The MiM degree originated in Europe and is taken up by undergraduates who wish to kickstart their management career. The duration is usually one year, and it lays the groundwork for all the subsequent business-related studies.
Unlike an MBA, the applicant’s work experience is not a critical element in MiM due to this class’s very nature; it helps them construct a strong theoretical understanding of the concepts and is, therefore, less concentrated on practical program. Though prior work experience isn’t a pre-requisite but is generally appreciated and acts as a bonus. But when a candidate has more than one year of job experience, they can be encouraged to apply for an MBA instead.
There is a substantial gap between the 2 classes from the program. An MBA degree permits students to delve deeper into specific regions of business depending on their interests. It permits you to utilize your preexisting learnings and utilize them as you learn about finance, marketing, and human resources in-depth. On the flip side, a MiM course concentrates on providing a firm grounding via core business courses and does not offer several electives. The core modules on accounting, marketing, and strategy, schools that offer MiM additionally provide pupils with various internship opportunities to place the learnings into practice.
Duration
But, there are some exceptions, and a few schools offer programs that last for one year. A MiM, being a high-paced class, lasts for about ten months. The brief duration allows you to quickly equip yourself with a theoretical grasp of the business procedures and enter into the job market as soon as you are done with the course.
Most MBA applicants possess significant work experience, and so it prepares you for mid-level managerial places once you’ve completed the program. It immediately helps you progress to a higher position and raises your chances of taking up an advanced part later on. A MiM generally gets you an entry-level status in the company domain since it’s mostly consumed by recent graduates who have little if any work experience. It prepares you for the highly competitive field of company and helps you using a smooth transition.
Cost
It is undeniable that chasing an MBA can burn a hole in your pocket since the price can be as high as $100,000. Although colleges in countries such as Germany offer cost-effective classes, if a candidate chooses to pursue this degree from a top business school in the U.K. or even U.S.A, it’ll be a substantial expense. It is a viable alternative to an MBA level, especially for younger applicants who do not have the funds to pursue a full-time MBA.
Recognition
An MBA is among the most common post-graduate degrees on the planet and is therefore known globally. Quite a few schools throughout the globe offer this degree. Top business schools in countries such as the U.S. are a bit sceptical when it comes to a Masters in Management but are gradually getting used to it more and more students are applying for your program.
If you’re confused about which program is going to be a better match for you, you must assess where you’re in your lifetime and in which you want to be in the future. It would be best to remember that an MBA application is more expensive and requires more time to complete. It might be helpful if you weighed both the programs’ pros and cons and then decide what suits you best at this stage in your career. If you decide to go to get a MiM program, the colleges mentioned above offer top-notch facilities with a rigorous curriculum that will certainly give you a headstart in the company world. If you would like to research an MBA, here is a list of the top 10 MBA colleges globally.
