MIM vs MBA

Hi I would like to know the key features which differentiate between Master in Management and Master in Business Administration?

[Kiran Chandar]

Masters in Management well known as MIM is a postgraduate programs in general management. The course is ideal for fresh graduates as any one in the age group of 20 – 26 years. One can study directly after completing graduation or with very little or no work experience.

Master in Business Administration programs primarily highlights the practical side. In an MBA program, for instance, one may never ask for the origins of accounting techniques such as the Economic Value Added but focus only on its appliance, instead. Most business schools in USA requires work experience for admission to MBA program

Key Differences between MIM and MBA

1. Age
MIM programs generally do not require professional experience although they are open to young professionals who have been working for some time, mostly up to a year. And as a result, the Master in Management students are usually much younger than fulltime MBA students, at some business schools the average age is 23 years with a range from 20 to about 27 years compared to the average age of 27 to 32 in MBA programs.

2. Professional experience
Professional experience of Master in Management students does not play a chief role during the studies, whereas MBA programs gain a lot of worth from the professional experience the students bring into the course discussions. In a nutshell: Master in Management programs are primarily intended for talents in their early career stages right after their undergraduate degree or after about 1 year in job. MBA programs, by contrast, target people with a bare minimum of 2 or 3 years of professional experience.

3. Tuition fees
As for the tuition fees, the Master in Management programs are much cheaper than MBA programs. Whereas the most expensive fulltime MBA program in Europe – offered by the London Business School – sums up to over € 70,000 (August 2013), the most expensive MIM programs cost about half of that.

4. Curriculum and content
According to the Global MIM Survey held in the year 2012, Master in Management and MBA programs overlap by almost about 30 percent. Both program types offer an overview of general management topics, foster team work, and use case studies to simulate real-world situations.

Colleges or Universities offering MIM Programs:
• HEC Paris, France
• Ivey Business School, Canada
• HKUST Business School, Hongkong
• ESADE Business School, Spain
• University of St. Gallen, Switzerland
• IIM Calcutta, India
• National University of Singapore (NUS), Singapore
• Rotterdam School of Management, Erasmus University, Netherlands
• The London School of Economics and Political Science, U.K.
• UCD Michael Smurfit Graduate Business School, Ireland

Best Business School s for MBA programs:

1 Harvard Business School USA
2 Stanford Univ GSB USA
3 IMD Switzerland Switzerland
4 Hong Kong UST (HKUST) China
5 IE Business School Spain
6 Univ of Virginia – Darden USA
7 Univ of Pennsylvania – Wharton USA
8 London Business School UK
9 MIT Sloan School of Management USA
10 Univ of California at Berkeley – Haas USA