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Should I study an MBA or MIM programme abroad?

What’s the difference between MBA and MSc in Management abroad? Which is better and what’s the ROI of studying either course abroad?

Doodle Nandi
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MIM has its own advantages – it's cheaper than MBA and has good enough job opportunities. Also this programme is a best fit for students who want to obtain a management degree quickly, instead of spending years gaining work experience and then

MSc in Management (MIM) or Master in Business Administration (MBA) – it could be a toughest career choice for those who've just completed their bachelors in management or business. If you look closely, the question – should you study an MBA or MIM abroad – is towing along other questions:

  1. Which degree will help you get better job opportunities – MBA or MIM degree?
  2. Which degree is worth investing in for your future?
  3. Will the degree (either of it) really help in the long-term to launch your career in business?
  4. Should you go for a dual MBA+MMM degree, if that eases your confused mind?

What’s a MIM or masters in management?

MIM, or masters in management (also known as MSM) originated in European B-schools, and was slowly introduced in some other B-schools in the USA. It is a postgraduate degree that helps build a strong foundation in business and management, for students with very less to no work experience (fresh graduates). Sometimes, MIM courses at certain institutions are considered to be precursors to enter into MBA programmes. 

MIMs are known by different names, such as Master in International Management, M.Sc. in International Business, M.Sc. in Management and Master in Business and Economics.

Look for postgraduate in management courses abroad

What’s an MBA or masters in business administration?

MBA – which is a popular name doing rounds for years – is an alluring degree that every student who wants to make it big in the business world looks for. MBA is the degree of choice of many successful students with little or extensive work experience, who want to improve their managerial acumen and have a deep interest to create a footprint in business/entrepreneurship role. 

Look for popular MBA courses and institutions abroad

Where to study MIM or MBA abroad?

Some schools like the London Business School offer both, MBA and MIM programmes. There are some institutes abroad that offer the best of both the world, i.e., they offer dual degree programmes (MBA+MMM) for international students. The Walsh College offers a dual MBA/MSM degree that consists of 19 courses, spanning 54 semester credit hours. 

Southern Cross University offers a 2-year dual programme (full-time study) of Master of Engineering Management plus MBA. The programme is open for all engineering graduates looking for an MBA, and the course module comprises project management, leadership and management and stakeholder engagement. 

Some of the top US B-schools that have MIM programmes on offer include, the Kellogg School of Management that offers 1-year MIM programmes, the Ross School of Business offers 10-month long MIM programmes and the University College Dublin that has a CEMS MIM on offer (CEMS MIM is a prestigious programme). The University of Maryland has many online/distance MIM courses on offer, such as MIM- Data Analytics, MIM- Strategic Management and MIM- Information Management Research.

Cost of studying MIM or MBA abroad?

The cost of attendance for a MIM programme is relatively lesser than an MBA programme, for example, at the London Business School, the cost of a MIM programme is roughly £29,000 per year.

The cost of studying dual MBA at Walsh College would be around $15,168.00 per year and the International Master in Management at the Audencia Business School, France would cost around 10,600 per year.  

Which is better – MIM or MBA? (Key differences and similarities)

MIM has its own advantages – it's cheaper than MBA and has good enough job opportunities. Also this programme is a best fit for students who want to obtain a management degree quickly, instead of spending years gaining work experience and then moving on to doing MBA. 

Unlike most MBA programmes that require extensive work experience, MIM accepts applications from fresh graduates with business or management degree sans work experience and provides enough knowledge about management and leadership skills. MIM offers good enough professional exposure and gives you an opportunity to work after successfully completing the degree.

MIM degree graduates can earn an average salary of $70,000 to $1,30,000 as per payscale report. Job opportunities are available in various sectors like Finance, Marketing, Corporate Strategy, Accounting and Business Intelligence. MIM graduates receive mostly entry-level jobs, such as project manager, human resource director, executive director, operations manager and information technology director. Popular companies to work with include Kaiser, Booz, Allen and Hamilton and the Lockheed Martin Corp. 

A sharp comparison

  • Average age of a MIM graduate is 24 or 25 years whereas the average age of an MBA graduate is 29 or 32 years or more.
  • MIM is more for fresh graduates with little or no work experience. On the other hand, MBA is more for students with 3 to 10 years of work experience (average 4 years).
  • The tuition fees for MIM programmes are half of what it costs for MBA programmes.
  • Though MIM has an European identity, it is known and accepted world-wide.
  • Unlike its counterpart MBA, MIM gives a more theoretical exposure to the students, but with plenty of internship opportunities. Hence, it prepares a student for easy entry into professional roles.
  • A MIM programme typically lasts for 18 months, though some schools may offer upto 1.5 years, whereas an MBA programme lasts for 1 or 2 years.
  • MIM graduates are easily chosen by employers since they are recent graduates with less exposure to the corporate world. But that doesn’t mean MBA graduates lose the helm; they are still one of the best brains that are hired by top employers.  

Bottom-line

MIM is younger to MBA. Started first in European B-schools, MIM has slowly extended its arms all over the world. Though MIM focuses on developing a strong foundation of business and management, some students might consider it to be a lucrative career choice, especially those who want to jump straight into managerial roles, without gaining any or minimum prior work experience.

Take some time to decide which is better for your career – is it MIM or MBA? Though there could be pros and cons of each degree, it’s you who needs to see what your career goals are and how much you can afford for your education abroad. Do you have the patience to work somewhere and then go for an MBA? If the answer is no, then a MIM programme might be right for you. 

Image courtesy: MIM-essay

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