The world of business is constantly evolving. A business degree will prepare you with all the concepts and methods necessary to succeed in this field.
The main difference between a Master of Business Administration(MBA) and a Master of Management(MiM) is that an MBA degree is often aimed at those already working in the business world and have a lot of experience.
On the other hand, the Master in Management is for people who don't have much work experience but are interested in developing the skills they'll need in the workplace.
Here are some of the basics to help you comprehend the distinction.
#1: Career Aspirations
MBA is often designed for people who have some job experience. The MBA is seen as a lifelong accelerator or a tool for career advancement or transition.
The MiM provides a career jump-start for students who recently graduated from college with little or no work experience.
Compared to the MBA, the MiM attracts a younger crowd, with most MiM applicants in their early twenties.
MiM graduates are more likely to pursue section-level posts, but MBA graduates are more likely to pursue mid or senior-level positions. They'll look for a better option.
MiM and MBA degrees are postgraduate management degrees; however, their curriculums differ significantly.
The MiM is prone to accumulating more hypothetical data from top to bottom, and it can even become research-oriented. MiM focuses on providing generic information rather than strategy and application. MiM programs are very similar across the board, regardless of which college you attend.
MBAs focus on real-world business case studies. While general information is pretty broad, MBAs have always been more involved in teamwork, hands-on experience, and case studies. MBA programs primarily focus on developing critical thinking skills, allowing students to find practical solutions to various business problems.
#3: Cost of the program
One of the most notable differences between MiM and MBA is the cost of the program, with Masters in Management programs costing less than half of two-year MBA programs.
The costs of attending one of the top ten MiM schools globally range from $28,000 to $50,000.
The comparable for premier MBA programs around the world, on the other hand, range from $40,000 to $130,000.
#4: Value and Recognition
MBA is the most well-known and conventional postgraduate management degree. As a result, it's crucial, especially among multinational corporations, and the value of an MBA is primarily influenced by the quality of the business school you attended.
Some HR professionals may be skeptical of MiM graduates' abilities because the Master of Management is relatively new and youthful. Companies are becoming more aware of future graduates' capabilities, and range of talents as the market for MiM programs expands.
Whether you choose MiM or MBA, it would help if you kept in mind that both need a lot of effort in the application process. A good GMAT score is always helpful in bolstering your application.