MBA is popular for students willing to set their careers in business or management. While MBA was making an impact, MIM makes a sudden stir and sets the current trend for the students to choose the course. How MIM has gained sudden popularity in comparison with the MBA is the topic for discussion in this blog.
Work experience and age
MBA degree usually targets the working professionals of age ranging from 27-32 while MIM requires no work experience. MIM usually targets young graduates of 22-24 from all fields of education. There is no mandate requirements for only business related undergraduate degree to take up the course.
Universities require GMAT score for both MBA and MIM admissions. The score range varies with universities. Some universities accept GRE scores for admission.
Some universities even consider work experience for MBA admissions. While universities take consideration of academic excellence, co-curricular activities, interview performance for MIM admission process.
In MBA, course is structured in a way to train a manager in all aspects of business. They are given a complete understanding of marketing, strategic planning, accounting and finance and other areas.
For MIM, the course is structured to train the students on one of the business specializations. The students have a broad knowledge on the specialization from the basics. They are trained theoretically and some universities offer internship programs along with the classroom lectures.
The full time or executive MBA course lasts for 2 full years whereas MIM course is offered for a maximum of 18 months. Some universities even offer MIM for 10 months. There is an option in certain universities to extend the course period for students willing to take up internships.
The tuition fee of MBA and MIM is compared widely for choosing MIM over MBA. The tuition fee for MIM ranges between $10000-$20000 per academic year while for MBA it ranges from $40000-$100000. Many universities even offer scholarships and grants to help the students to reduce their debts.
Career Options and Salary
The career options for both MIM and MBA is management roles or entrepreneurship. While MBA graduates are taken for Managerial and leadership roles, MIM graduates are offered entry level roles. The package for MBA graduates is higher than MIM graduates. It ranges between $95000-$1000000 per annum for MBA graduates and $50000 per annum for MIM graduates. But with the knowledge gained from a specialization MIM graduates can easily get promoted to next levels and their growth scale in an organization is faster.
The comparison between the two management degree gives a large vision to choose the suitable course for masters. Both of the courses are widely chosen by people in paying keen attention on their goals and their financial aspects.