Earlier, there was only one professional business degree - MBA. Now, there is something called a Master’s in Management (MiM). The MiM is a degree that has largely come into existence within the past ten years and has become increasingly popular the past five years or so.
The MiM is usually a one-year program, whereas the MBA is usually two years.
The MiM is significantly cheaper than the MBA, averaging about one-third of the cost of an MBA.
The major difference in application requirements between the MiM and the MBA is that the MiM has very less weight on work experience. Another consideration is that only about 40% of MiM programs require the GMAT. The remaining 60% either do not require any sort of standardised admission test or accept the GRE or an on-campus exam in lieu of the GMAT.
MiM is for recent graduates and young professionals. The average age of Master’s in Management degree candidates is 23, as the program targets student who have just graduated or who have less than one year of work experience. In contrast, the average age of MBA candidates is between 24 and 30, where it is recommended that you should have minimum 2 years of work experience to apply.
Master’s in Management candidates hold a wide range of graduate degrees. About two-thirds of full-time MiM’s programs do not require a degree in business or economics.
Around 75% of MiM courses are offered in Europe, with new programs emerging in Asia and Australia. The language of instruction is almost always English. As such, most MiM student bodies are comprised of students from a country outside that of the host institution, and course instruction is not suited for any particular market.
The curricula of a Master’s in Management and an MBA overlap by only about 25%. The MiM takes a more academic and theoretical approach to general management and usually requires a dissertation or final research assignment to graduate, whereas MBA’s typically have a more applied and practical approach driven by case-studies. However, about two-thirds of MiM programs require an internship or in-company project, and case-studies represent about half the curricula in MiM programs.
MiM recipients seem to be doing quite well on the job market, with about 70% finding full-time employment in management positions within three months after graduation. The starting salary for MiM degree holders is significantly less than that of MBA candidates.
This is because most MBA candidates have several years of work experience and get recruited as experienced in higher pay brackets. Also, the MiM costs a lot less than the MBA.