The Masters in Management is a postgraduate degree in business and related specializations designed for recent graduates. This article should offer immense clarity if you’re uncertain about choosing MiM as a postgraduate course for yourself. It covers decisive differences between a MiM and an MBA degree, along with entry requirements, course structure, and tuition fees.
What is MiM? The MiM is a postgraduate degree designed for individuals who have recently graduated or have just started their professional careers. This degree gives you the right foundation, skills, and knowledge required to switch careers early on in life and step into the management discipline. To ensure that you gain a business mindset, irrespective of your background, MiM offers comprehensive knowledge on a wide range of management streams like those of accounting, marketing, consulting, and finance. Although the MiM originated in Europe, there are a growing number of American schools that have embraced the program. The program also helps you save precious years by providing accelerated learning programmes to help graduates gain an edge in their careers.
MBA and MiM: The Difference
After originating in the US, the MBA has established itself as one of the most exalted competitive qualifications. Even though the MiM is a reasonably newer addition to business schools, it does not fail to allure students. Its attractiveness breeds from the fact that it is cheaper both in terms of time and money invested. Typically they are both postgraduate business degrees aimed at the professional development of the candidate. The foundational courses like accounting, finance, and marketing are similar.
However, the few differences that subsist are listed below:
-2 years full time
-3 years part-time
10 months to 2 years (depending on the program)
3-5 years of experience
0-2 years of experience.
-Practical application-based course -May have more electives
Theory-based course Likely to require the student to write a dissertation/ thesis
Entry requirements for MiM programmes
Unlike an MBA, the MiM does not need its applicants to have work experience or substantial professional accomplishments to show for. In fact, many programmes are open only to candidates who have recently graduated. Most MiM programmes require students to have an undergraduate degree in any field, which is why some providers suggest that candidates take the Graduate Management Admission Test (GMAT), GRE or other standardized tests to evaluate applicants on a common baseline. To ensure international student class participation, in some cases, English proficiency test scores such as TOEFL and IELTS are also required.
Masters in Management: Cost
Even though a MiM degree is more expensive than an average master’s degree, the tuition fee for an MiM program is generally more economical than that for MBA programs. For example, if you are pursuing your MiM degree from the UK/EU you may end up paying anywhere between £10,000 to £15,000 whereas an MBA can end up costing you £40,000. Scholarships
Many institutes offer large scholarships programmes for successful applicants. UK based students can also apply for government-backed postgraduate loans to help with your tuition fees.
The MiM is usually a one year program which will test you irrespective of your academic background. The first semesters are dedicated to laying a foundation for management sciences and other related concepts such as analytical skills, statistical methods, and intercultural management to name a few. The second phase provides students with various specializations through electives (economics, marketing, strategy, etc.). Since the MiM curriculum is largely theoretical, many institutes may also offer the option of summer internships and apprenticeships.
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