We understand that choosing a college major can be an essentially overwhelming task. Kudos to you if you have narrowed down your choice to finance and accounting programs. Although, there might be an additional dilemma that you face: the tough choice between an MBA course and an MiM. Worry not, this list of prominent differences between the two will help you choose the course you’ll love.
The Masters in Management course has gained prominence recently and like MBA, is a post-graduate level course in business and management. So how is it different and is it the right choice for you? Before you commit to a course, there are several factors you will need to compare and see what option suits you the best. Conducting extensive research can be tiresome, so we already did that part for you.
Course Structure
An MBA course in a top-tier college generally assumes you to have certain work experience and past knowledge. MiM on the other hand aims at students early in their careers, equipping them with the foundation principles they would require in the business industry.
However, the structure is very much alike for both and you will not find many disparities in the curriculum. Both provide conceptual knowledge in Finance, Analytics, Marketing, Micro and Macroeconomics, and Management along with the practical skill set required for each. You will have abundant opportunities in either program to learn about businesses in different cultures, challenges faced in different business models, and ways to overcome them.
International education is known for the quality and stability of its programs; so you won’t be missing out on any knowledge if you choose to pursue either program.
Old vs New
It would be incorrect to assume that the period for how long the programs have been around should not affect your choice. When deciding, you must note that MBA programs have a long history while MiM is a fairly young addition. MBA courses from top universities have already established their name in the recruiter market whereas MiM is an up-and-coming degree. In no way does this mean that MiM has a disadvantage in this context, it is a blossoming field where more and more students are investing by the day.
Comparing programs from specific schools becomes an extremely important step here. No matter which course you choose, you should look for schools that have up-to-snuff partnerships and a good placement cell. However, if you go for a school that has unsatisfactory internships and placement opportunities, there is still something you can do to make your resume more appealing and persuasive. In such a scenario, networking becomes extremely important for students. If you are good at making connections, you could use this skill to your advantage.
Job Opportunities
Top programs in international universities promise quality placement. Graduating from an international B school will have an excellent career-wise return, irrespective of the two choices.
If you’re pursuing an MBA from a prestigious school, you will automatically become wanted by recruiters since these universities are known to provide quality candidates. Moreover, since getting into an MBA program is more competitive, it is known to produce top candidates at the time of selection.
If you’re leaning towards MiM, you need to know the value of that particular university’s degree in the market. Colleges that have promoted their MiM program and have a good network will give you exceptionally good job opportunities.
At post-grad level jobs, MiMs will have to compete with MBAs for the same job, so it becomes very crucial to pick a university that has a generous placement cell. One notable difference from the current trend seems to be that MBAs get mid-level positions whereas MiMs are usually appointed as entry-level associates. This is bound to change with time, however, as the appraisal of the MiM degree flourishes rapidly.
Personal Goals
If you’re looking to give a fresh start to your career by gaining advanced-level management skills, MiM might just be the right preference for you. If you are a student from a non-business field with less experience, looking for a promising boost to your profile and a satisfactory headstart to your career, you can also go for a Masters in Management program. Additionally, for people who plan on joining the family business after graduation, MiM will equip you with the extensive and complete business knowledge and skill set that you will require.
On the other hand, if you are an experienced professional looking to develop your career, get better-paying jobs, or promotions, you can go for MBA. One of the leading reasons why an MBA is sought after is that it can accelerate your rank into senior management roles.
Course Fees
Top business schools that promise exceptional course structure, and placement guarantees evidently charge a premium amount. The fees vary from college to college but are more or less in the same bracket. MiM fee is comparatively much lesser since it targets youngsters and freshers. School-to-school comparison needs to be made for actual values but this trend is usually true.
Final Choice?
In conclusion, there is no one right answer. A particular course can be better suited for you based on your own goals and expectations from it. If you’re a recent graduate looking for business and management knowledge, MiM is certainly the ideal choice for you. On the other hand, if you’re an experienced professional wanting to develop your career, MBA might be the more suited option. Additionally, getting an MiM does not stop you from pursuing an MBA. Many professionals have decided to go for an MBA later in life.
After thorough consideration of all the above-mentioned factors, you must have gained clarity regarding which is the better choice for you. Speaking to alumni and professionals from both courses can also help simplify the choice.
Keep your short and long-term goals in mind and you will know what’s best for you. Wishing you a bright future.