Shruti is a 24-year-old IT engineer with two years of automation testing experience. She wants to switch to a management role now. However, she’s confused. Should she go for an MBA or an MiM?
Abhay is a Manager- Corporate Finance at a leading business conglomerate. He has a 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 long. Should he go for an MBA or an 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 an 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 an MiM. We also provide you with a list of MiM programs to watch out for in 2019 and 2020. But first, let’s check out:
What is MiM?
Master in Management also goes by Master of Science in Management, Master of Science in Business Administration, Masters of Management Studies 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 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 US, Australia, Canada and even India. In the US, 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 an 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 2018 or will graduate in 2019)?…Do you have less than two years of postgraduate work experience?”
— Is it right for me?, Masters in Management, LBS
The 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 launch pad for early careers and 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 industry.
The MBA program is aimed at candidates with significant work experience. So MBA graduates have an average age of 27 years.
MiM is significantly cheaper as compared to MBA. The average cost of MBA in the US is USD 138,232 in tuition fees alone (not counting living expenses and other add-ons). In Europe, the average cost of MBA works out close to EUR 75,843, while that of MiM costs EUR 41,800. That’s a huge difference of around 80 per cent!
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.
An MiM degree can fetch you entry-level positions in good 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 per cent of recent MiM graduates get a job in the first three months and 89 per cent of them get a job in the country where they studied.
Best MiM Programs in 2019
If you’ve decided to go for an MiM, you could have a look at some of the best courses offered across the world. Here are the top 5 MiM programs*:
University of St. Gallen (Switzerland)
St. Gallen offers a one-year Master of Arts in Strategy and International Management program popularly known as SIM. This program has made it to the #1 spot in FT Global Masters in Management Rankings for 8 years in a row. Quite a feat! It also gives you the opportunity to get a double degree, SIM-MBA, with top B-schools like HEC Paris, ESADE Barcelona, RSM Rotterdam or FGV-EAESP Brazil. 97 per cent of SIM students were employed within the first three months of graduation and the weighted average salary was USD 108,621.
HEC Paris (France)
MiM at HEC Paris is an 18-months program that combines general management with a specialization of your choosing. Course starts in September and costs approximately EUR 36,000. 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 salary of EUR 63,000, 96 per cent of graduates from Class of 2018 got employed within 3 months of course completion.
London Business School
London Business School’s MiM is a 12-16 months’ integrated course that starts in August/September. Average GMAT score for graduating Class of ’18 was 681. Tuition fees lie around GBP 32,500. 96 per cent of students get employed within 3 months of course completion commanding a mean salary of GBP 42,183.
ESSEC Business School (France and Singapore)
Ranked #4 in FT Global Masters in Management Rankings, 2018, this 2-years MiM program costs EUR 40,900 and has a mandatory requirement to stay and work outside your country of residence for at least 9 months. However, this course requires work experience of minimum 1 year as an eligibility criteria.
This is a 2-years full-time management course that provides students with an opportunity to study in up to 4 countries, with options ranging from ESCP Europe’s own 6 European campuses to more than 100 university partners worldwide. According to the 2018 Employment Report, within 3 months of graduation, 98 per cent students secured employment with an average salary of EUR 50,480.
*Based on FT Global MiM Rankings 2018
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 9643133374 or drop us a mail at jamboreeindia@jamboreeindia and we’ll make sure to address your queries!