Master’s in Management Studies and MBA are both advanced business degrees for those who wish to accelerate their financial careers ahead. An MBA or Master of Business Administration is the more traditional option for most business students. However, in recent years, MMS or Master’s in Management Studies has become an exciting new avenue with many dynamic opportunities for students. While comparing the differences between an MBA Vs MIM, which one should you choose? Our guide below elaborates on all the major factors to consider while making your next career decision.
There are many colleges and universities that offer degrees in MBA and MIM, however, a student picking between these two can be in dilemma due to the similarities between them. But just like the similarities, there is a plethora of differences that make them unique. The blog below provides a wider understanding of MBA vs MIM.
What Is MBA?
MBA or Master’s in Business Administration is a postgraduate degree in business and management. The MBA programme’s curriculum is curated to develop strategic thinking, leadership skills, and a broad understanding of business functions. MBA programmes cover a broad range of business functions such as accounting, finance, marketing, operations, and management. Some universities also highly recommend the applicant have a couple of years of work experience before applying. The degree is usually two years with 4 semesters and a certain time dedicated to projects, internships, and placement work.
Between MBA vs MIM, the former provides specialisation in topics such as finance, marketing, entrepreneurship, or international business. An MBA degree has a high value in the corporate world which will help candidates land desired job roles or move higher in ranking at the current company. MBA graduates are typically well-equipped to pursue a variety of career paths in business, such as consulting, finance, marketing, operations, or general management.
What Is MIM?
MIM or Master’s in Management is devoted to studies in management and is designed for recent graduates who are looking to start their careers in management and do not require professional experience as an admission requirement. The goal of MIM programmes is to provide students with a foundational understanding of business functions and management principles, preparing them for entry-level positions in various fields such as consulting, marketing, operations, or general management. Many students opt for MIM due to its simpler and easy-to-manage curriculum.
In a comparison between MBA vs MIM, the latter’s curriculum may be more focused and structured compared to MBA programmes. The curriculum of MIM programmes typically includes theoretical coursework, case studies, group projects, and internships to provide students with practical experience. MIM graduates may also pursue further education such as an MBA after gaining some work experience. Moreover, a student with a MIM can have much more options for diversification and different career paths.
Right Target Audience For The Courses
The two degrees have clear distinctions with respect to the target audience, however, this is not a hard and fast rule. Both are postgraduate courses and both take 2 years to complete also both revolve around the study of business and management. However, an MBA degree is generally apt for somebody who wants to advance their careers or change industries and already has certain years of prior experience. An MBA is favoured by mid-career professionals and attracts an older aged population.
On the other hand, MIM is a career-starting degree since it is meant for recent graduates with no prior work experience. A degree in MIM acts as a foundational course in management which then can be coupled with further advanced studies and even an MBA.
Eligibility Criteria: MBA Vs MIM
The eligibility criteria for MBA and MIM are mostly similar but it is also important to keep in mind that these requirements can differ from university. Moreover, these criteria do not guarantee admission and are just to be prepared.
MIM requirements:
- A Bachelor’s degree with a good GPA score
- Highschool completion degree from a recognised institute
- English proficiency tests such as TOEFL, IELTS, etc might be required
- Standardized tests such as GMAT, GRE, etc if applicable
- A strong statement of purpose
- Letter of recommendation for a reputable source
- Between MBA vs MIM, the former does not require prior experience
MBA requirements:
- A Bachelor’s degree or equivalent in a relevant field of study
- Highschool transcripts especially of 10+2
- English proficiency tests such as TOEFL, IELTS, etc
- Standardized tests such as GMAT, GRE, etc
- Work experience of at least 2 years in a relevant industry
- Statement of purpose and a minimum of 2 letters of recommendations.
Career Outcomes: MBA Vs MIM
Candidates who apply for MBA generally do so with existing work experience and are looking to grow in their current job role or change industries. The benefit of an MBA degree is that the candidate will receive better pay, jump to an industry of interest, and move into management of leadership roles. MBA graduates have the opportunity to get into top-level positions too such as CEO, COO, CFO, etc. Apart from this, many MBA graduates can have flourishing entrepreneurial paths too. MBA also offers many specialisations and based on those, a graduate can enter marketing, finance, etc domains.
A MIM degree is intended for those who want to understand management and implement it in their career paths. Since there is no prior work experience required, MIM graduates can mould their careers as they see fit. Between MBA vs MIM, the former enables graduates to get into leadership roles and the latter into management roles. A MIM graduate has opportunities in consultations, entrepreneurship, non-profit organisations, MNCs and top corporates.
Future Scope & Job Opportunities
As aforementioned, MiM degrees are preferable as career-starters/boosters. Hence, these courses offer entry-level jobs to graduating students and help them to enter the business market with better ease. According to surveys conducted in 2021, the average salary for MiM graduates was found to be within the range of INR 8,00,000 to INR 12,00,000 per year.
On the contrary, MBA graduates earn an average salary of INR 22,00,000. The reason for this variation might be a transparent reflection of the difference that experience might create. Since MBA students typically tend to have a few years’ worth of experience beforehand.
However, it is to be noted that when these surveys were conducted globally in various companies, it was found that 91 per cent of these companies preferred to hire MBA graduates as opposed to around 54 per cent of companies who anticipated hiring MiM graduates. Most of these latter companies were in the fields of technology, consulting, and health care.
Course Structure: MBA Vs MIM
Both MBA and MIM develop significant management skills and have extensive subjects and course structures that support them.
MBA Course Structure:
- Core subjects: Fundamental business studies are covered by accounting, finance, marketing, operations, and strategy.
- Electives: A wide range of electives provide students with specializations. Electives can include entrepreneurship, international business, healthcare management, marketing, etc.
- Case studies: These are vital to an MBA degree as they enable students to understand real-time cases and study them.
- Projects: A student will have projects which determine their ability to convert theoretical knowledge into practical ones.
- Internships: This ensures students receive practical work experience along with networking prospects.
MIM Course Structure:
- Core subjects: Some of the topics could include Business Ethics, Corporate and Business Strategy, Economics, EntrepreneurshipOperations Management, Marketing, Management Theory, and Managerial Accounting.
- Electives: MIM also provides electives that mostly revolve around global management or innovation.
- Simulations: A simulated business environment provides student the ability to develop strategies and decisions in a controlled environment.
- Consulting projects: Projects are an essential part of the syllabus which could also include consultation project collaborations with international clients.
Management and business is a thriving and growing industry and a student who decides to get into either one of the courses will find them worth the investment. The decision to choose between MBA vs MIM should be done carefully as the former benefits those already in a job role and the latter to those who are just entering the job world.
A Comparative Summary: Master’s In Management Studies Vs MBA
In conclusion, when it comes to comparing both these degrees, we cannot necessarily say which is better than the other. It depends vastly on what your career needs at that particular stage and your immediate career goals. But both these degrees will certainly help you to work on your leadership skills and develop the essential skill set for the same. Ultimately, both courses aid in moving towards management or executive-level positions. Below is a comparative summary of the major differences between the two programmes.
| Sr. No. | Attributes | MiM | MBA |
| Focus | Foundational business, mostly based on management | Advanced business topics along with specialisations | |
| Professional experience required | Undergraduate degree pass-outs or a few years of experience | Several years of experience | |
| The average duration of the course | 1 year | 2 years | |
| Goals of the curriculum | Building a foundation | Getting specific knowledge | |
| Method of teaching | Theoretically oriented | Practically oriented | |
| Tuition fees | Comparatively low | Comparatively high | |
| Popularity | Majorly European origins | Global Recognition | |
| The average age of application | 23 | 27 | |
| Average Salary | INR 8,00,000 to INR 12,00,000 per year | INR 22,00,000 | |
| Job opportunities | Entry-level jobs | Mid-level jobs |
FAQs
Q1. Is a Master’s in management studies course better than an MBA?
Ans: The comparison between MiM and MBA isn’t really direct. MiM is more suitable for candidates who have recently graduated from undergraduate courses or who do not have much experience. On the other hand, an MBA is designed for candidates who have several years of experience.
Q2. What is the salary of a MiM graduate in India?
Ans: The average salary of a graduate of a MiM degree in India is around INR 8,00,000 to INR 12,00,000 per year.
Q3. MBA Vs MIM which one is cheaper?
Ans: MiM is significantly cheaper than an MBA programme, majorly because of the lesser course duration.
Q4. Is MiM a good career option?
Ans: MiM is a great career option for all those who wish to kick start their career and wish to enter the business market in an easy and efficient way.
Q5. What is the ideal age for MiM?
Ans: Most people apply for a MiM course around the age of 23.
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1 thought on “Top PGDM Courses In Canada: Universities, Specialisations & Eligibility”
I have done Bachelor’s in Culinary Arts from India and completed my graduation in the year 2022 .I am 22 years old. After graduation, I have done 1 year paid internship from USA .Now, I would like to take occupational experience and learn culinary skills and also do masters in Culinary arts.How can I find the college n best course / country where I can persue studying further