Students who have completed their degree in business, MASTER IN MANAGEMENT [MIM] is a postgraduate master’s degree. It offers advanced market understanding. This course helps to discuss expertise in different fields, such as economics, leadership, marketing, entrepreneurs, etc. This course is also useful for those who want to become managers in larger businesses.
Masters in Business Administration[MBA] is a recognized degree in a management course that teaches students advanced management skills. In the educational world, it is the most common post-graduate degree. It is beneficial and worth considering. The most fascinating thing about the MBA is that it can be practised without any difficulty by students of any occupation, either scientific, humanities, trade.
- Experience: MIM doesn’t require any professional experience in their course of study. In MIM, students are directly admitted for post-graduation without any working experience, whereas students having past two to three year of full working experience can study MBA as an MBA requires work experience required on their table.
- Tuition Fees: Every student knows that an MBA is way more expensive than any other post-graduate degree. MIM is a lot cheaper than an MBA. If students want to study at any good university or college then it cost them more than that of half price of MIM students. MIM students do not have any work experience and they do not have savings from their work. Besides MBA students have savings fro their work experience.
- Content: Both MIM and MBA almost have 30% of the same syllabus as they both provide advance knowledge about general management, how to work as a team and real case studies. But here are some 70% difference, MIM provides theoretical knowledge of management than MBA whereas MBA provide practical work of management. MIM focuses more on mathematical and analysis of work whereas MBA focuses more on analysis business case studies and they prepare well their students for real-world situations.
- Admission: MBA students require General Management Admission Test [GMAT] for their admission. GMAT is very important for admission. Without GMAT clearing, no student can have admission in MBA course in reputed university or college. But on the other side, GMAT is not that much important, only some universities are giving admission based on GMAT, but more universities or colleges are admitting through the students last year’s degree score.
- Career: As MIM do not have work experience, they will start as an entry-level job in business and they might not have that much great salary but MBA students have work experience in business for many years and now they have become more powerful after MBA, they will a have much higher position in business companies with much higher salary package.
As these are some differences between Masters in Management and Masters in Business Administration, there is a lot of differences between them. The student should choose between these wisely and make their career fruitful and meaningful.