Can Master in Management (MiM) programs be alternatives to the MBA? What is the difference between Master in Management (MiM) programs and Master in Business Administration (MBA) programs? Of course MiM and MBA have similarities – because both are postgraduate management programs – but still differ in several aspects. Here are the key differences.
1. Age
MiM programs usually do not require professional experience although they are open to young professionals who have been working for some time, mostly up to a year. As a result, the Master in Managemen students are generally much younger than fulltime MBA students, at some 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
Accordingly, the professional experience of Master in Management students does not play a major role during the studies whereas MBA programs gain a lot of value from the professional experience their students bring into the course discussions. In a nutshell: Master in Management programs are primarily designed for talents in their early career stages right after their undergraduate degree or after about one year in job. MBA programs in contrast target people with about three to five years of professional experience.
3. Tuition fees
As for the tuition fees, the Master in Management programs are cheaper than MBA programs. Whereas the most expensive fulltime MBA program in Europe – offered by the London Business School – sums up to € 60,000 the most expensive MiM programs cost only about half of that. This may have to do with the different target groups: young people who have not yet been able to earn and save much money on the MiM side and experienced people in or aiming at leadership positions on the MBA side.
4. Curriculum
As for the curriculum, Master in Management and MBA programs seem to overlap to a large degree depending on the respective program. Both offer a general management masters degree, integrated team work, case studies, and a practical oriented approach.
- The Master in Management (MIM), however, focuses more on the theoretical side of the management field than the MBA. You may find subjects that require strongly your mathematical or analytical skills and your final dissertation may be research-oriented. This is particlulary the case for Master of Science in Management programs that require a first degree in business or economics. The MIM thus provides you also with theoretical fundamentals of Management Research and may even qualify you for a PhD in Management later on.
- In contrast, MBA programs emphasize primarily the practical side. In an MBA program, for instance, you may never ask for the origins of a certain accounting technique such as the EVA (Economic Value Added, (c) Stern Stewart) but rather focus on its appliance. After having the core subjects on managerial functions such as Finance or Cost Accounting behind you you will concentrate on more integrative courses and analyse business cases from the practical position of a manager. Finally, instead of a final dissertation you may present a consultancy project rooted in real-world businesses and by that demonstrate what you have learnt throughout the program.
5. Admissions criteria
As for the admissions criteria, for MBA programs business schools generally attach great importance to Graduate Management Admission Test (GMAT) scores and professional experience no matter what academic background the prospective students have. About one third of the Master in Management programs, however, require a first degree in business or economics.
6. Reputation
The MBA is the traditional degree for postgraduate studies in Management. Therefore it is still more known among HR managers than the MIM. Nevertheless, with the profileration of Masters in Management also the popularity of MIM-programs will increase over time. As for the reputation of the two programs two points can be made at the moment:
- First, the MIM is primarily a European phenomenon (even though US business schools such as Thunderbird are catching up) and presumably most US firms will assess the MBA as more valuable than the MIM.
- Second and maybe more important, MBA and MIM are degrees for different target groups - the former for young professionals and professionals, the latter for graduates. Hence, it seems to be very likely that HR managers do not perceive MBA and MIM in competition to each other but as different degrees for different target groups who apply for different positions.
7. Career Perspectives
The Master in Management (MIM) is a degree for graduates without or with only little professional experience. Hence, Master in Management graduates start their first job after the MIM. In other words, they apply for entry positions. In contrast, the MBA is for people who are in business already for several years. Hence, they will become "experienced hires" for companies and apply for more advanced positions, for example leadership or management positions.
MIM - MBA: Which degree to choose?
Overall, the difference between Master in Management and MBA is important to consider. The Master in Management (MIM) is a further qualification for young talented and ambitious people who perceive their bachelor degree as not sufficient for their early career plans. MBA students on the other side usually have started their careers already and want or need new knowledge, analysis tools, and networking opportunities for example to change their function or line of business or to meet the challenges of a promotion.
- MIM vs MBA Masters degree in Management in a nutshell: The Master of Management (MiM) helps graduates to start a career while the Master of Business Administration (MBA) helps young professionals and professionals to enhance and develop their management career.
Links to MBA websites
Further links to MBA-related websites
- Master the GMAT for MiM, MBA, and other Master Degree programs
- Article in The Indepdendent: Master in Management and MBA
- The e-fellows.net MBA Day: Event to inform about the MBA, Executive MBA, or Part-time MBA, MBA scholarships and MBA careers
- TOEFL - test of English as a Foreign Language: How to pass it and its relation to the MBA and the Master in Management
- TOEFL - test of English as a Foreign Language: preparation test appointment
- Financial Aid for Management Masters such as Master in Management or Master of Business Administration (MBA)
- Financial Times Rankings for the Master in Management and the Master in Finance
- MIM Community: Here you can ask questions to topics such as the Master in Management, specialized Masters, or the Master of Business Administration
How to assess the Quality of Management programs
An interesting aspect when searching for Master in Management programs such as MIM and MBA may also be the question of how to assess the quality of the program? Here are some tips:
- Check the accreditations: AMBA certifies Management Programs, EQUIS and AACSB certify institutions. Once an institution has the EQUIS or AACSB accreditation all programs are automatically accredited too.
- Check the relevant Rankings: the Financial Times Master in Management Ranking, the Financial Times Global MBA, Distance MBA, and Executive MBA Rankings, the Financial Times European Business School Rankings and also the Business Week MBA Ranking and the MBA Ranking of the Economist. In addition, make yourself familiar with the criteria by which the rankings are made. You can find these criteria in special reports published on the respective website.
- Talk to your potential future employers: Do they know the school of your interest? Do they have experience with graduates from there? Do they actively recruit on campus? Which career paths do they offer with a MSc or MBA from that school?
- Talk to Alumni of the program that you are interested in: Ask the Admissions department to bring you in contact with alumni with a minimum of one year after graduation. Ask them if they would do the program again and how they benefitted from it.
