Whenever a person wants to pursue his/her Career forward after doing their bachelor’s for post-graduation or someone working for years he gets to know that he already hit a glass ceiling in terms of pay and promotion. Here comes an option of moving forward with higher education. In the field of Management, there are two degrees we consider any other MIM and MBA moreover.
In this blog we will talk about MIM, the Difference between MBA and MIM, the Salary comparison between MBA and MIM, GMAT is a must for MIM or not.
Masters in Management (popularly known as MIM) is a postgraduate degree for those who are looking to pursue their career in the field of management streams such as Finance, Entrepreneurship, Marketing, Consulting, Operations, and many more which takes around 10 months to 2 years depending on the college. It’s a great degree, especially if you want to change careers or enter management.
The Masters in Management, or MIM, is a relatively recent phenomenon compared to the tried-and-true MBA idea, but this in no way lessens the value of a top-notch degree. MBA vs. Masters in Management Studies doesn’t have a clear winner because each program has its own strong aspects. The MIM is here to stay and will soon be a true force to be reckoned with prestigious universities like London Business School, HEC Paris, ESCP Europe, London School of Economics, Duke Fuqua & Bocconi offering it as their flagship degrees.
Although the MIM is primarily a European phenomenon, many highly regarded universities in the USA have begun to take note. For instance, Kellogg, Michigan, and Duke Fuqua all provide their own variations of the MIM. They frequently refer to it as a Master in International Management or a Master of Science in Management (MSc). Additionally, the prestigious IIMs in India’s PGDM program are equivalent to the MIM degree.
The primary difference between an MBA and a MIM is that the MIM is European in origin and lasts for a shorter period of time (10–13 months). Additionally, MIM is 40% to 60% identical to an MBA. Still, it places more of a focus on the academic side of education as compared to an MBA overseas, which gives students the opportunity to gain more practical experience.
| Basis of Difference | MBA | MIM |
| Duration | 1-2 years | 10-12 months |
| Tuition Fee | 61,487 USD – 160,864 USD | 24,000 USD – 140,579 USD |
| Average Base Salary | 100,000 USD – 150,000 USD | 40,000 USD – 50,000 USD |
| Curriculum Focus | Practical | Theoretical |
| Career Scope | Mid-level Position | Entry-level Position |
Before beginning the application process, candidates should verify the course criteria. The following is a list of requirements for being eligible to pursue a Master in Management (MIM) degree:
| Top MIM Universities | QS ranking 2023 | Average FEE | Average Base Salary |
| HEC Paris | 1 | $45,777 | $69,455 |
| ESSEC Business School | 2 | $51,744 | $136,000 |
| London Business School | 3 | $44,305 | $77,000 |
| IE Business School | 4 | $37,547 | $68,000 |
| INSEAD | 5 | $55,796 | $152,000 |
| Esade Business School | 6 | $35,963 | $79,000 |
| ESADE/UVA Mclntire/Lingan | 7 | $38,888 | $51,926 |
| ESCP Europe | 8 | $49,258 | $57,586 |
| Copenhagen Business School | 9 | $34,943 | $89,000 |
| WU Vienna | 10 | $76,436 | $71,000 |
| Bocconi University | 11 | $15,092 | $75,423 |
| CEMS | 12 | $52,853 | $76,333 |
| EMlyon Business School | 13 | $19,142 | $41,000 |
| Imperial College Business School | 14 | $41,982 | $60,000 |
| EDHEC Business School | 15 | $38,204 | $91,708 |
| London School of Economics | 16 | $44,512 | $55,000 |
| Peking University HSBC Business | 17 | $17,200 | $43,000 |
| Michigan (Ross) | 18 | $54,985 | $65,000 |
| SKEMA Business School | 19 | $35,783 | $80,000 |
| Erasmus (RSM) | 20 | $39,362 | $76,594 |
You need to pass three tests in order to apply to a MIM program in the UK, France, Germany, Australia, Canada, or any other country.
The Graduate Management Admission Test is a computer-based multiple-choice exam. It is designed to subject prospective management students to a test. It does this by evaluating candidates’ proficiency in a language, multi-source data processing, algebra, geometry, and geometry. The average GMAT requirement for top universities that offer the degree program is a score between 650 and 700.
The format of the GMAT and the Graduate Record Examination (GRE) are identical. Your GRE score is reliable for five years. A 12-month period gives you the option to take the GRE at least five times. The minimum GRE score varies depending on the university. On the other hand, elite universities demand a score of 320 or above. You stand a good chance of admission with a GRE score between 310 and 315.
To study abroad in any nation, you must pass a language proficiency test. IELTS, or the International English Language Testing System, is the LPT that receives the greatest use. The best universities that offer MIM often accept IELTS scores of 6.5 or 7.
For MIM the GMAT is typically required. But You can still pursue a MIM at some of the best business schools and top universities in the world, such as Ivey Business School, Smith School of Business, Schulich School of Business, University of Waterloo, etc., without taking the GMAT. You may see why students don’t mind enrolling in additional finance or business programmes in order to achieve the program’s qualifying requirements given that the average salary of a MIM graduate is as high as $120,000.
MIM has become more well-liked recently. Students who want to pursue a management career are increasingly comparing MIM and MBA. However, most people still lack the financial means to earn a MIM degree. Those who want to study MIM can submit applications for a number of scholarships.
The master’s in management program’s overall curriculum varies from university to university. We can still draw some connections between all of the options even though there are so many differences between them. The following are some fundamental topics that make up a sizable portion of the MIM degree:
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Book your Free Counselling Session now!Although both programs cover a range of business topics and fundamental business ideas, the MBA is usually designed for students who have had some job experience. For those who have little to no work experience and are recently out of college, the MIM is more of a career boost.
MBA schools place a strong emphasis on the practical applications of fundamental concepts, and they frequently require their students to bring real-world experiences into the classroom or apply what they have learned to the fields of their choice. On the other hand, MIM students learn mostly through classroom lectures and case studies and prioritize research work.
The MiM degree is thought to be a good way to start a business career. While MBAs, who typically have more experience, are typically hired for mid-level positions, graduates are frequently hired for entry-level positions. In either case, businesses are eager to hire qualified candidates from the pool of MBA and MiM graduates.
Now that you hold a master’s in management, you are no longer required to obtain an MBA. They share many similarities. You would have had a deeper understanding of all aspects of the industry thanks to the MBA. Departments including those of finance, marketing, logistics, production, and others might be included.
