Can programmes such as the Master in Management (MiM) be considered as an alternative to an MBA Master? What is the difference between a MiM Program and an MBA? Certainly MiM and Master MBA have common characteristics – both are post-graduate programs – but they differ in many respects. Here are the main ones:
What is the Master in Management?
1. Student age Management Masters (MIM and MBA)
MiM programmes usually do not require professional experience, although they are open to young people with work experience of up to one year. As a result, students of a MiM are generally much younger than full-time MBA Master students. In some schools, the average age is 23 years (from 20 to 27 years), compared to the average age of the students of an MBA Master, between 27 and 32 years.
2. Professional experience
Consistently, the professional experience of MiM students does not play an important role during the course of studies, while an MBA Master programme draws much from previous work experience, especially during class participation. In summary, MiM Master programs are designed for talented young people during the beginning of their professional experience, immediately after graduation or after one year of work experience.
3. Entry fees
MiM programs are cheaper than MBA programs in terms of tuition fees. While the most expensive MBA programs in Europe – offered by LBS – are around 60,000 euros, MiM programs cost on average half. This is probably due to the different target group: young people who have not yet been able to earn and save money on the side of the MiM Masters, and experienced professionals or the willingness to occupy leadership roles on the side of the MBA Masters.
4. MBA Master and Master in Management (MIM): Curriculum
As regards the curriculum, there are also overlaps between the MiM and MBA programmes. Both offer general management courses, group work, business cases, and a general practical approach. The traditional MiM course Master, however, focuses more on the theoretical approach than an MBA. A MiM student may encounter subjects that require strong mathematical bases or analytical skills and the final thesis may be oriented to the world of research. On the contrary, an MBA programme places more emphasis on the practical part. For example, in an MBA Master programme a student might be required to have a practical application of EVA (Economic Value Added, (c) Stern Stewart) rather than its theoretical formulation. In addition, instead of a final dissertation, the student may be asked for a real-world consulting project and so on to demonstrate what they have learned during their course of study.
5. MBA Master and Master in Management (MIM): Eligibility criteria
With regard to admission criteria, business schools for MBA programs prefer the Graduate Management Admission Test (GMAT) rating and professional experience, without attaching too much importance to the academic training of candidates. About a third of MiM’s programmes, however, require a degree in administration or economics.