MIM vs. MBA – What’s the Difference?
When choosing to attend business school, most people would begin to look into MBA programs. However, in the last 20 years, the MIM has been growing in popularity. There are significant differences between the two degree programs, but each provides exceptional educational opportunities to help you grow as a business professional.
In order to decide which of these programs you would most benefit from, it is important to look at what is required for admissions and what you’ll be learning. Depending on what type of job you’re aiming for in your career, you may determine that one program will be more beneficial to you than the other.
What Is The Difference Between MIM and MBA?
So, what is the difference between an MIM versus an MBA? An MBA degree is usually geared more toward business professionals who have quite a few years of work experience. Some business schools will specifically require a certain amount of years in the workforce to enroll into their MBA program, which excludes a large number of potential students.
Whereas, an MIM degree is a great option for those who do not have a significant amount of work experience, but would still like to further their education in the field of business. A masters in management degree could be just the right answer for those who are ready to further their education and grow professionally immediately.
What Is an MBA?
A Masters in Business Administration, is typically the degree program that most experienced business professionals seek when they decide to further their higher education. The average MBA student is usually older than your typical college-aged graduate student and often has a few years of work experience under their belt.
There are a variety of different programs for those seeking to complete an MBA degree. For those who want to pursue their higher education full time, there are programs that take a full 24 months and offer more of a traditional format. However, for those who would rather work full time, there are plenty of part-time MBA programs, as well as online programs.
If you are a business professional who wants to kickstart their advancement in the workplace, an MBA degree is the perfect way to show your employer that you are more than capable of taking your career to the next level. Even though this degree is an investment, it tends to pay for itself ten-fold. MBA graduates can easily find high paying jobs and potential employers tend to seek out individuals who hold an MBA. As stated in a recent study by GMAC, 92 percent of employers are aiming to hire MBA graduates in 2022.
What is MIM?
A Masters in Management is typically for students who have just completed their undergraduate degree and may not have much work experience. An MIM is actually quite popular with most business professionals in Europe and is becoming more widely accepted in the U.S.
Since many students coming into an MIM program will not have had much experience in the workforce, this degree program will teach you all the basics you need to know. You will learn the fundamentals of business such as finance, marketing, accounting, strategy, and more. In order to allow you to gain some type of work experience, an MIM program will often involve important internships in order to immerse you in the real world and gain practical experience. MIM programs also offer many specialized electives so that you can take a deep dive into certain avenues of business that are most interesting to you.
The majority of MIM programs have a track to graduate in two years or one year, and there are even online MIM programs if you prefer to take that route. An MIM is a great degree that will allow you to gain an essential level of education needed to excel in the business world. Potential employers will applaud an MIM degree and are more likely to offer you a job since they know you have the education to do a job well done, even though you may not have the years of work experience that other candidates might hold.
Your Career
Whether you choose to pursue an MBA or an MIM, you will reap great rewards in your pursuit of a career. Individuals with years of professional work experience often see positive change in their career after completion of an MBA program, including a promotion to a leadership role and an increase in salary. Young professionals who complete an MIM will also find that they land interviews and secure jobs much easier than colleagues their age who do not hold an MIM.
There are numerous important factors to consider before choosing to attend school at one of America’s top universities or choosing to attend abroad. Since these two postgraduate degrees are so popular, there are dozens of impressive programs to choose from. The MBA actually originated from Harvard Graduate School of Business in 1908, and is still a thriving program today, making it a top pick for many potential students. Crummer Graduate School of Business also has multiple flourishing programs. Their executive MBA program can be completed in 20 months, and yet does not cut corners on course material and core subjects. Among other successful MBA programs are those of Stanford University, University of Pennsylvania, Columbia University, and many more.
Since the MIM is incredibly popular in Europe, there are great programs to enroll in if you choose to study abroad. HEC Paris, London Business School, and ESSEC Business Institution are among the many wonderful universities that specialize in MIM programs. In the U.S., some of the top MIM programs are found at NYU, the University of Southern California, and the University of Michigan.
What Job Opportunities Arise?
It is no question that individuals who hold one of these two business degrees will have many job opportunities presented to them. Graduates of an MBA program will often find themselves chosen for promotions to leadership roles, or easily land jobs in business management, general management, finance management, or investment banking. Some MBA graduates even choose to go the entrepreneurial route and start their own business.
Whatever path that is chosen, these graduates are set up for success. According to a survey by GMAC Corporate Recruiters, MBA graduates can expect an average starting salary of $115,000 per year. Business professionals who decide to stay with their current employer after completing their MBA are perfectly positioned for a significant raise and promotion.
In regards to an MIM graduate, these professionals have a great foundational basis of knowledge in any industry. The core subjects taught in an MIM degree are essential for a solid understanding of business, marketing, and finance. Those who graduate with this degree typically enter into jobs as a business or marketing analyst, investment banking analyst, or an associate consultant.
Younger job candidates who do not hold an MIM degree often find that they have a difficult time breaking into the industry and profession they desire. However, with the knowledge gained through an MIM degree, you can enter into any career with confidence. Recent graduates of an MIM program can look to make an average starting salary of $75,000 per year for the first job they land right out of graduate school — proving that this degree will pay for itself.
Needless to say, both of these degrees will bring about jobs with higher salaries, more responsibilities, and exceptional employers within your industry of choice.
Are There Any Requirements?
The requirements for an MBA program and an MIM program can vary significantly depending on what business school you are looking to enroll in. However, many universities do often require a few years of work experience to be considered for their MBA program, whereas most MIM programs do not require any previous work experience.
The standard admissions requirements for an MBA are an undergraduate degree and a few years of work experience. Most universities will also require a GMAT, recommendation letters, and a resume. However, for the students who do not have years of work experience and wish they could enroll in an MBA program, there are some options for you! The Early Advantage MBA at Crummer is specifically geared toward younger students who have just graduated with their undergraduate degree, or students who do not have the years of work experience needed to enroll in most MBA programs. This unique program is a fantastic opportunity for young professionals who are very serious about their business career.
The requirements for an MIM are quite similar to an MBA. Since MIM programs are generally marketed for those who have just received their undergraduate degree, they require little to no professional work experience. You will still need to take a test like the GMAT, and recommendation letters and resumes will be required as well, just like the MBA.
What Are The Fees?
Different requirements for MBA and MIM programs also include different fees. An MBA program costs around $75,000 per year. Crummer’s most affordable MBA course is approximately $63,898 for the entire program. The first year is $30,463, while the second year is $33,435.
In the U.S., an MIM degree may cost anywhere from $30,000 to $50,000 per year. However, if you choose to study abroad, there are courses estimated to be around $23,000 a year. To ensure you have the correct total costs for your desired program, contact financial services at your chosen university.
Which Program To Choose?
It can be confusing to decide what degree is the best course of action for you, but once you determine what specific path you want your career to take, you’ll gain clarity on which programs to consider.
If you are an experienced business professional who is ready to take their career to the next level, an MBA program is a great option. Many people think that they can’t work full time and still pursue their dream of getting an MBA. However, there are courses available that will teach you everything you need to know while not making you compromise your career to learn it. If you desire to be in management or even run your own business, an MBA program can benefit greatly.
For those who desire to further their education after their undergraduate program, and have yet to enter the workforce, an MIM might be the right fit for you. Maybe you’re looking to stand out to employers in a sea of resumes, or maybe you just want to be the best in your career that you can be. An MIM program will provide quality education that will help you excel in your industry all while standing out from the average.
Graduates of MBA and MIM programs are just the type of people employers hope to hire. There is a massive sea of career options available to those who choose to better themselves through higher education. If you are an individual who is ready to advance their career, contact Crummer’s Admissions team and get started today.