Find out all you need to know about the Masters in Business Administration and Masters in Management programmes. This video by MiM Essay, describes the 11 differences between the two programmes:
Who are the programmes for?
The MBA is suitable for experienced professionals who have between 3 and 8 years of work experience.
The Masters in Management is for recent graduates or professionals who haven’t worked in the industry or have up to 2 years of work experience.
Goals of applicants
The MBA applicant strives for career development. His main goals may be to move up in the career ladder, to get a higher salary or change his field of work.
The Masters in Management applicants want to kick start their career. Their goals are to break into top companies and begin their business career.
Age of applicants
The average age for MBA candidates ranges from 25-32 years old.
For MiM candidates the average age is between 21-25 years old.
MBA programmes make use of more workable teaching practices. The main methods are case studies to teach the application of business techniques.
The MiM programmes have a more theoretical focus. They also use case studies, team projects and lectures to teach theoretical fundamentals of business.
The MBA curriculum is focused on acquiring specialised knowledge. It contains a slew of specialisations and a number of elective courses. The programme allows you to explore a particular business area in depth.
The MiM, on the other hand, builds a foundation of knowledge through a set of courses aimed towards building a business foundation. It has limited electives, preventing a deep dive into specifics.
The cost of an MBA can range up to 100,000$.
The MiM is a bit more cost efficient with an average price of 40,000$.
Check out: How do you finance an MBA and Masters?
The MBA is the most popular and desirable business degree in the world.
The Masters in Management started around 20 years ago and has its roots mostly in European countries. Now it’s cropping up worldwide.
The MBA is 1 or 2 years long and a MiM takes around 10 months, but some courses can be 2 years.
Post-graduation opportunities and Salaries
The MBA graduate is hired on a Mid-level Position and receives around 100,000$.
The MiM, on the other hand, is in an Entry Level Position and his salary is 50,000$ on average.
Reception by companies
The MBA degree is well known among HRs, which makes the MBA applicants highly valued.
The MiM is growing fast in popularity. However, sometimes you may be required to explain the fundamentals of the degree.