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What is the difference between MIM and MBA? Not one GMAT aspirant we know has skipped this thought. MBA very famously needs no introduction and has been around for quite some time now but the three-decade-old MIM degree usually needs an explanation.

In this blog, we will talk about the difference between MIM and MBA, the best MIM programs in the world, colleges offering MIM without GMAT, and a whole list of reasons to help you decide which one is winning in MIM Vs MBA, shall we?

IN THIS BLOG:

1. Difference between MIM and MBA
2. MIM Vs MBA Salary
3. Best MIM programs in the world
4. Can you study MIM without GMAT?

Difference between MIM and MBA

Master in Management (MIM) is a master’s program that provides advanced general management knowledge to business and non-business graduates. Although still costlier than a regular master’s degree, MIM is a cheaper alternative to an MBA degree.

While MBA, well we all are aware of what an MBA is and how the program shoots up your career graph. Since MIM is gaining currency among both business and non-business graduates and an MBA is not losing its charm anytime soon, here is a series of differences between MIM and MBA to help you really decide. Let’s go!

Difference between MIM and MBA 1: Eligibility

The easiest way to find out whether you are right for the program is to carefully go through its eligibility. MBA in India may not necessarily require work experience but MBA abroad sure does and they are pretty stringent about it.

While an MBA abroad is for experienced professionals with a minimum of 2-3 years of experience, a MIM degree is specially curated for freshers or professionals with up to 1-2 years of work experience.

On average, a regular MBA batch holds 3-8 years of work experience and that is precisely why the average age of an MBA class ranges between 27-32 years. While the average age of a MIM classroom is (unsurprisingly) 23 years.

GMAT score is an admission requirement for most MIM and MBA programs.

Difference between MIM and MBA 2: Career Progression

Probably the number one reason people search for MIM Vs MBA is to weigh the post-graduate opportunities and the salary. Well, we hear you and we have an answer!

MBA graduates are picked up for mid-level managerial positions whereas MIM graduates are usually freshers and get picked for high-paying entry-level or analyst positions in firms like JP Morgan, KPMG, Barclays, Deloitte, Google, etc. the list is the same for MBA graduates as well.

But what are the job roles that we are looking at with a MIM degree?

We only asked because we know, a MIM graduate is picked for roles like:

Consulting Analyst Corporate Consultant
Associate Corporate Banking Analyst
Investment Banking Analyst Business Analyst
Associate Consultant
Graduate Consultant Business Development Associate

Difference between MIM and MBA 3: Course Duration

Most full-time MBA programs are of 1-2 years and are generally more comprehensive than MIM programs, considering the average course duration of a MIM is 10 months.

Difference between MIM and MBA 4: Degree Structure

Master in Management (MIM) is a master’s program that provides advanced general management knowledge but still has theoretical roots while an MBA delivers specialised knowledge and has a more practical orientation.

Although still costlier than a regular master’s degree, MIM is a cheaper alternative to an MBA degree with an average tuition of $40,000. On the other hand, MBAs are famously known for high tuition fees that can range up to $100,000.

MIM Vs MBA Salary

MBA graduates owing to their specialised knowledge and prior work experience can command a salary of over $100,000, especially in elite schools. On the other hand, MIM graduates can secure a decent salary of $40,000-$50,000 per annum on average.

Suggested ReadShould you consider MIM over MBA?

Best MIM Programs in the World

Given below is a list of the best MIM programs in the world, their QS Program Ranking, and the average starting salary for each one of them (you’re welcome):

Best MIM Programs in the world 2021
Top MIM Colleges QS World Ranking Average Starting Salary
HEC Paris

MSc in Strategic Management

1 $58,000
London School of Management

Masters in Management

2 $50,631
ESSEC

MSc in Strategy & Management

3 $52,100-$65,410
ESADE

MSc in International Management

4 $49,909
Imperial College London

MSc in Management

5 $63,000
IE Business School

Masters in Management

6 $54920
London School of Economics

MSc in Management & Strategy

7 $43,588
CEMS

Masters in Management

8 $56,515
Copenhagen

Masters in International Management

=9 N/A
ESCP Europe Business School

Masters in Management

=9 $63,408
ESADE Business School

MSc in Global Strategic Management

11 $49,909
Bocconi

MSc in International Management

12 N/A
WHU (Otto Beisheim)

MSc in Management

13 $72,148
EMLyon Business School

MSc in Management

14 $59,645
EDHEC Business School, France

MSc in Global & Sustainable Business

15 N/A
St.Gallen, Switzerland

Master in Business Management

16 N/A
WU Vienna

MSc in Strategy & Management

17 $41,137
Erasmus (RSM)

MSc in Strategic Management

18 $54,865
Michigan Ross

Master of Management

19 $67,000*
TUM School of Management

Masters in Management

20 $57,920

*Median base salary

Can you study MIM without GMAT?

Typically GMAT is required for MIM or MSc in business programs such as Masters in Business Analytics, Masters in Finance, and related courses. However, you can still pursue MIM without GMAT in some of the world-leading universities and top B-schools like Ivey Business School, Smith School of Business, Schulich School of Business, University of Waterloo, etc. With the average salary of a MIM graduate as high as $97,000 (Schulich School of Business), you get why students don’t mind taking up extra classes on finance or business only to meet the eligibility of the program.

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