What is the difference between a Master’s in Business Administration (MBA) and a Masters in Management (MiM)? And which one is the right degree for you? We break down all the key differences between MiM vs. MBA so you can make the right decision.
MiM vs. MBA Comparison
Compared to the MBA, the MiM is a relatively new qualification. The MBA was launched about 100 years ago at Harvard, while the MiM is only about 20 years old, and originates in Europe. Both degrees will give you a good overview of business subjects but an MBA is designed for professionals with more work experience.
Here are the key differences between the MBA and the MiM:
|Average age||Late twenties||Early twenties|
|Average work experience||4-6 years||0-3 years|
|Duration||One or two years||10 months|
|Career opportunities||Mid-career level jobs||Entry-level jobs|
|Salaries||Typically above $100k||Typically below $100k|
Can I do MBA after MiM?
It is possible to do an MiM shortly after graduating and then do an MBA after you have gained some work experience. Each program is designed to meet different needs, depending on which stage of your career you are at.
Which business degree is right for me, MiM or MBA?
There are a few factors you should weigh up in deciding which degree to take:
Work Experience and Age
MBAs are typically aimed at mid-career professionals who are looking to develop their careers or switch careers. A MiM on the other hand is aimed at recent graduates who are looking to kickstart their careers with a good foundation and the possibility of working at a top company. Both of these degrees are appropriate for someone without a background in business or finance.
The average age of an MBA candidate is 27 which means they have about 4 to 6 years of work experience. MiM programs tend to take candidates at an average age of 23, and these candidates will have 0 to 3 years of work experience.
Cost and Duration
MBAs typically range between one and two years. The MiM typically lasts 10 months. Program length will differ between programs so it is possible to find longer or shorter courses.
The tuition fees of the MiM are about half that of the MBA. For example, at INSEAD the tuition fees for the MIM are €49,000. The Tuition fees for the September 2021 and January 2022 MBA intake are €89,000.
As the MiM is aimed at people starting out in their careers, there is a lot of theoretical knowledge to give you a good understanding of business fundamentals. You can expect to learn the most from lecturers. Most MiM programs also have internship opportunities built into the program to give you some experience.
MBA’s on the other hand can be more practical. Although business fundamentals are covered, there is more of an emphasis on case studies. You can also expect to learn more from your peers who have much more work experience to inform class discussions.
Career Opportunities and Salary
MiM gives you a career boost earlier in your career and can set you up on a successful career path. You’ll also have more time for the benefit of that boost to compound over your career.
As the MBA attracts more senior candidates with more work experience, the salaries you can get immediately after the degree should be much higher. It’s helpful to think about the return on investment from a business degree as something that benefits your entire career. ROI is not just about the number on your first post-study payslip. Both degrees will give you access to a network, business skills, and better job prospects.
Note that the MBA degree originated in the US and has more brand recognition with employers there, while the MiM originated in Europe and so European employers are more familiar with it.
MiM vs. MBA Salary
In the 2019 Financial Times rankings, average salaries for the top five MiMs ranged from $84,836 at ESCP Business School to $111,015 at St. Gallen. The average salaries for the top five MBAs ranged from $174,115 at Ceibs to $228074 from Stanford Graduate School of Business. Remember that these weighted salary averages are not set in stone. Your salary will also depend on your background, industry, skillset, and location.
A Final Word on Choosing Between MiM vs. MBA
For most programs across MBAs and MiMs, you will be required to take the GMAT or GRE. While the applications are very similar, the MBA application process will put more weight on your work experience. In the absence of a lot of work experience for Masters in Management candidates, your grades will be a more important factor than they are in the MBA application.
Do you still need more guidance on which degree to choose? You can reach out to alumni or to admissions committees to discuss which degree will add the most benefit to your career.
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