MIM vs MBA – Which is Better for International Students?

Master in Management(MIM) is a master’s degree program that offers comprehensive knowledge about various management streams such as Finance, Marketing, Consulting, and Entrepreneurship. Whereas Master’s in Business Administration is a master’s program that focuses on Business Economics, Accounting, Financial Management, Human Resource Management, and leadership.

 

MIM vs MBA: Suitability

MIM degrees are suitable for recent graduates who are not professionally experienced. Generally,  universities do not require students to complete a business-related undergraduate degree. Even less than one year of corporate work experience works in their favor. As opposed to MIM, MBA degrees demand professional work experience. 

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Statistical Overview – MIM vs. MBA

As per studies, just 40% of MIMs need GMAT with average scores being 610. At the same time, GMAT is compulsory for MBAs with average scores being 650. MIM is ideal if you are looking to venture into a business management career while MBA is aimed at those desirous of obtaining more in-depth insights into their chosen field of work. Average age stands at 23 years for MIM applicants while it stands at 27 for MBA applicants. MBAs are costly, requiring up to a whopping EUR 70,000 in European nations. The average fee for MBA courses in the U.S. and Europe hover around $100,000 and EUR 33750 respectively. MIMs cost is around half of MBA programs, somewhere around EUR 12, 250 and tuition fees may go up to around EUR 30,000 at the most. It is considerably cheaper than your average MBA course, particularly abroad. MIMs have 40-60% of the curriculum as completely similar to the MBA program and emphasizes upon building a critical thinking and theoretical approach. You will find subjects needing mathematical aptitude and research. MBA focuses on specialization with a more practical approach. MBA programs cover 1-2 years while MIM programs have more flexibility with some colleges even offering intensive 10-month courses. There are those that have 1.5-2 year MIM programs as well. 

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Studies have also reported that MIM graduates earn at least 2.4 times of their average tuition fees. Internships are a core part of these programs and the flexibility helps many students keep interning along with studying alongside. MIMs have dual degree program options, giving students scope of applying for studying at partner/affiliated universities of their parent institution. The added degree helps in venturing into the job market of another country. MIM was conceived in Europe initially but its popularity has spread to the U.S. and several parts of Asia. It is often called Masters in International Management or Masters of Science in Management (M.Sc).  

Students end up choosing MIM over MBA since the latter necessitates more working experience, high percentile scores in GMAT which is also mandatory and has lower flexibility. Those studying MIM will have great career prospects in international countries as compared to MBA students in India, i.e. 95% of them get employment within 3 months of graduation while 60% and more ventures into consulting and average starting salaries hover around EUR 69, 000. 

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Top 10 Universities for MIM Worldwide

University	QS WUR Ranking by Subject 2022	Tuition fees
HEC Paris	1	$58,922
London Business School	2	$49,196
ESSEC Business School	3	$46,384
INSEAD	4	$53,149
IE Business School	5	$42.63
Esade Business School	6	$35,540
Copenhagen Business School	7	$16,119
ESCP Europe	8	$14,187 to 21,800
The University of Virginia Darden School of Business	9	$75,400
Imperial College Business School	10	$39,909

Source: QS WUR Ranking by Subject 2022 and University’s official website 

Top 10 Universities for MBA Worldwide

University/ Business School	QS WUR Ranking by Subject 2022	Tuition fee
Stanford Graduate School of Business	1	$76,950
Harvard Business School	2	$73,440
The Wharton School	3	$84,874
HEC Paris	4	$83,732
MIT Sloan School of Management	5	$80,400
London Business School	6	$1,22339
IE Business School	7	$23,192
INSEAD	8	$97,950
Columbia Business School	9	$77,376
IESE Business School	10	$45,000

Source: QS World University Ranking, University’s official website 

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MIM vs MBA: Course structure 

The significant difference between Master in Management and Master of Business Administration is that MIM equips recent graduates with the right business aptitude they need to kick start their career. MBA allows a career shift for experienced professionals. 

Although both degrees cover general business aspects such as Finance, Accounting, Strategy, 

Business Analytics, Micro/Macroeconomics, and People Management, there are some course level differences between two;

Master in Management 

• The first year of a MIM program focuses on teaching broad aspects of business and management. Some of the core modules include Accounting, Business Economics, Corporate Finance, Innovation Management, Marketing Decisions, Strategic Management, etc. 
• Along with studying the core modules, students have the option of choosing a discipline as one of their electives. Some of the electives of MIM include Advanced Corporate Finance, Business Analytics, Geopolitics, and Project Management

Master of Business Administration 

• MBA degrees help students develop managerial skills. Some of the core modules of the subject include Accounting, Entrepreneurship, Finance, Global Management, Human resources, and Information technology. 
• The program aims at broadening the perspective of the students by including some electives as a part of their curriculum. These include Marketing, Organizational behavior, Political economics, etc. 

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Difference between MIM and MBA:

Basis of difference	MBA	MIM
Suitable for	Working professionals and graduates	Recent graduates
Curriculum	Focuses more on practical aspects and comprises of case studies	Focuses more on the theoretical aspects of the management field.
Tuition fees	High	Comparatively lesser than an MBA
Eligibility	Formal schooling of 10+2 from a recognized institution A bachelor’s degree  A good score in English-language proficiency tests such as IELTS and TOEFL A valid GRE or GMAT score as required by the university. Minimum two LORs along with one SOP	Formal schooling of 10+2 from a recognized institution A bachelor’s degree  A good score in English-language proficiency tests such as IELTS and TOEFL A valid GRE or GMAT score as required by the university.
Scope	Offers a wide range of electives such as Finance and Marketing	Specifically focused on a particular area of management.

MIM vs MBA: Cost Comparison

The below table shows the average cost of studying MIM and MBA at the top universities.

Course	Average cost
MIM	$42.63 to $75,400
MBA	$23,192 to $1,22339

MIM vs MBA: University-specific Scholarships 

Scholarships for MIM

University/ Business School	Scholarships	Amount/ Award
London Business School	Masters in Management Merit Scholarship	$15,044
INSEAD	INSEAD Andy Burgess Endowed Scholarship for Social Entrepreneurship	One scholarship per year for students enrolling in INSEAD’s MBA program
IE Business School	IE High Potential Award	varies

Source: Official university website 

Scholarships for MBA 

University/ Business School	Scholarships	Amount/ Award
Stanford Graduate School of Business	Stanford GSB Need-Based Fellowships	$42,000 per year
Harvard Business School	HBS Scholarships	$40,000 per year, or $80,000
HEC Paris	HEC Paris MBA Scholarship for Excellence	50% coverage of the tuition fees

Source: University’s official website

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MIM vs MBA:  Job prospects 

Top 5 Job Roles for MIM graduates

Job Role	Average Annual Salary
Management consultant	$90,110
Project manager	$88,702
Social media manager	$52,883
Business development manager	$75,570

Source: PayScale

Top 5  Job Roles for MBA graduates 

Job Role	Average Annual Salary
Business operations manager	$78,746
Financial manager	$95,529
Human resources manager	$75,492
Information technology manager	$89,118
Marketing manager	$6,77582

Source:  U.S. News & World Report and PayScale 

MIM vs MBA: Which program to choose? 

Choosing between a Master’s in Management and a Master’s in Business Administration depends on certain factors. One of the most important factors is the level you are at. If you are a recent graduate looking forward to kickstarting your career then, a MIM degree is most likely a valid option for you. On the other hand, if you are an experienced professional with more than three years of experience then MBA is the right choice. It will equip you with the right skill set to make a fruitful career.

Study with upGrad Abroad 

With upGrad Abroad, you can study Master in International Management and Master of Business Administration at one of the renowned German universities, the International University of Applied Sciences (IU). The advantage of choosing upGrad Abroad as your study partner is that in the case of MIM you get an IELTS waiver and in the case of MBA you get help with preparing for the exam. We offer the flexibility to start your study program online for a specific duration and then switch to on-campus study.

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