Abhay is a Manager- Corporate Finance at a leading business conglomerate. He has work experience of almost 8 years but finds that he has hit the glass ceiling in terms of pay and promotion. He wants to scale up in a major way, but fears that he has been out of touch with studies for too long. Should he go for an MBA or a MiM?
Mithali is a final-year BCom. student and wants to complete her postgrad studies before joining the workforce in a top MNC. Should she go for an MBA or a MiM?
The primary purpose of this blog is meant to give these folks (and you) some pointers that would help them decide whether to do an MBA or a MiM. We also give you a list of MiM programs to watch out for in 2021. But first, let’s cover the basics!
What is MiM?
Master in Management also goes by Master of Science in Management (MScM), Master of Science in Business Administration (MS BUSAD), Masters of Management Studies (MMS), and similar names. It is either a one-year or two-year postgraduate master’s degree. The curriculum is designed to help you master key management areas like finance, marketing, strategy, operations, and business communication. Electives include a diverse range of options like a foreign language, understanding business in emerging economies, advertising, creativity at work, microfinance, international finance, big data, AI, etc.
One of the reasons MiM isn’t a household name like MBA is that it is a predominantly European program. Of late though, the program is gaining traction in other parts of the world such as the US, Australia, Canada, and even India. In the US, top B-schools like Duke-Fuqua, MIT-Sloan, Michigan-Ross, Northwestern-Kellogg, Hult, and USC offer MiM programs that are quite promising in terms of exposure and employability.
Should I go for a MiM or an MBA?
Consider the following points to decide which one of the two would be a better fit for you:
The biggest difference between MiM and an MBA is the eligibility of recent graduates. MiM programs are targeted at people fresh out of university. Even the London Business School suggests it as an option for those who have less than one year of work experience.
“Are you a recent graduate (who graduated in 2021 or will graduate in 2022)?…Do you have less than two years of postgraduate work experience?”. The good news is MiM program is open for experienced and newcomers alike
On the other hand, relevant and extensive work experience (4 years or more depending on the program) is a major factor when applying for an MBA program. The interview, essays, and letters of recommendation are all vital parts of the application process that will focus on your work experience and extracurricular activities.
The MiM program is designed as a launchpad for early careers as many of the applicants are younger than 25. The application process requires little to no work experience and the focus is primarily on your aspirations for a leadership position in the industry.
The MBA program is aimed at candidates with significant work experience. So MBA graduates have an average age range of 28-30 years.
MiM is significantly cheaper as compared to MBA. The average cost of an MBA in the US is USD 138,232 (2 years) in tuition fees alone (not counting living expenses and other add-ons). In Europe, the average cost of an MBA works out close to EUR 75,843, while that of MiM costs EUR 41,800. That’s a huge difference of close to 50 percent! The global average for the MiM program is $51,916 which is significantly lower than an MBA.
MiM is meant for individuals who wish to kick-start their business career in top Co’s. On the other hand, most MBA aspirants look for a career upgrade; they intend to get a higher salary or want to change their field of work.
The MiM degree can fetch you entry-level management positions in really established companies. Not bad for a first full-time job! An MBA, on the other hand, will make you eligible for mid-level management positions.
Thus, MiM programs are cheaper, broader, and have lower barriers to entry for young graduates. 90-95 percent of recent MiM graduates get a job in the first three months and a whopping 89 percent of them get a job in the country where they studied.
Best MiM Programs
If you’ve decided to go for a MiM, you could have a look at some of the best courses offered across the world. Here are the top 5 MiM programs*:
HEC Paris (France)
MiM at HEC Paris is an 18-months program that offers a platter of 20 specialisations and 20 international dual degree programs to choose from. The course starts in September and the total tuition costs about € 20,850. The program can also be split in two since you have the option of taking a year off in between to pursue an internship or a job.
With an average starting salary of € 66,000, 99 percent of graduates got employed within 3 months of course completion.
London Business School
MiM from LBS is a 12-16-month integrated course that starts in August. The average GMAT score for graduating Class of ‘20 was 681. Tuition fees lie around £36,600 and 97 percent of students get employed within 3 months of course completion commanding a mean salary of GBP 42,183.
ESSEC Business School, France
Ranked #3 in FT Global Masters in Management Rankings, 2020. MiM from ESSEC France is a 2-years program and the out of state tuition costs EUR 42,500. ESSEC MiM graduates earn a starting salary of EUR 55,000 and a majority of roughly 75% of students sign their contracts before graduation.
ESADE Business School, Spain
ESADE Business School’s MSc in Management program is the fourth highly ranked MiM program in the world. The 1-year program can be extended to acquire CEMS Masters in International Management the 1-year Extention has two of its terms overseas. The tuition fee costs €29,100 for the 1-year MSc program and €12,750 for CEMS MiM if you wish to pursue a double degree.
Copenhagen Business School, Denmark
CBS MiM program is a 1-year Master’s program in the fields like International Management, Economics, and Business Administration. It is a joint degree program delivered by 33 of the best business schools around the world in cooperation with approximately 70 leading corporations. CBS does not charge tuition for participation in CBS MiM.
*Based on QS World Rankings 2021
To conclude, Masters in Management is excellent for recent graduates who don’t have a lot of work experience or want to start their careers with great internship opportunities. Now can you help Shruti, Abhay, and Mithali find their way?
Still undecided? Seek expert help by calling on 9643133368 or drop us a mail at [email protected] and we’ll make sure to address your queries!