Master in Management or MBA

Many a times, students ask, is Masters in Management an alternative for MBA? In plain and simple terms, No. Though there are striking resemblances between the two programs and the study topics are pretty similar, both these programs cater to very dissimilar audiences.

First and foremost, how many years of work you have?

Unlike India, most of the reputed foreign universities require about 3 to 5 years of previous work experience for admission to their MBA programs.

Programs that offer masters in management require students to have only one or two years of previous work experience. Therefore, candidates having a couple of years of work experience can apply for masters in management and enhance their chances of moving up the corporate ladder within short time.

What is your age?

MiM candidates are generally younger than their MBA counterparts. Students can apply for masters in management right after their graduation. . Owing to this difference, the average age of MiM and MBA students differs significantly. MiM students generally belong to the age group of 20 to 25 years, whereas, the age of MBA students ranges from about 25to 35 years.

What kind of knowledge can you bring to the classroom?

Masters in management is said to offer more of theoretical knowledge, where you can look forward to in-depth understanding of business management. MBA study methodologies, however, rely heavily on the varied nature of experiences that students bring to the classroom. Thus, it becomes more practical-oriented, and students get to understand the finer nuances of business management.

How much can you shell out for further education?

You will have to pay about US$ 60 to 80 thousand for some of the reputed overseas MBA programs. However, even for the most expensive MiM program, you will have to shell out only half as much.

When and where do you want to study?

MiM is basically offered by European universities. Around 85-90% educational institutes that offer masters in management are in Europe. So if you are fancying the US as your educational destination, MiM is not for you!

On the other hand, if you go for MiM you will be younger and thus, much more easily adaptable to foreign culture and language. So if you are looking forward to getting that kind of international exposure while you are still in your early twenties, MiM is a good choice.

What kind of career you are looking for once you graduate?

When it comes to job opportunities, experience counts, perhaps the most. No wonder then, that job opportunities for MiM and MBA grads are way too different from each other. MiM grads do have an edge over other candidates while seeking job opportunities. But they will still be hired for entry positions, owing to their lack of prior work experience. It is not the case with MBA candidates. They have the degree, and they also have the experience. Obviously, they are considered for positions with more responsibility and significantly higher compensation packages.