In our previous blog, we talked about the major differences between MIM and MBA degrees, their target audience and the type of jobs that the graduates from the different programs usually get. To get a full overview of their differences, you can check out the blog here.
Both, MIM and MBA, present very lucrative opportunities for the prospective candidates. They are both widely accepted degrees, with excellent reputation among the employers, and with vast potential for a brilliant career growth and creating strong networks. Given all these benefits it is quite understandable why many candidates get confused between the two degrees when it comes to choosing between them.
One of the most important parts of any application for higher management education is your long-term goals and how you see the future for yourself.
Through this post we will present to you some simple points that you can check for, and which will help you easily decide which degree suits your needs best!
Work Experience: If you have less than 2 years of work experience, you are ineligible to apply for most international MBA programs. That basically leaves you with the option for MIM. Instead, if you have experience of 4-5 or more years, MIM is NOT the degree for you and leaves you with the option for MBA. Now, what to do if you are in the middle with 2-3 years of experience - let’s read on.
Your Long-Term Goal: One of the most important parts of any application for higher management education is your long-term goals and how you see the future for yourself. If you want to get into the corporate world and become a business leader, both the programs can be amazing choices for you. However, if you feel that you have an inclination towards research, and could see yourself as an academician in the future, MIM could be the way to go.
Location: All of the top 10 MIM programs are located in Europe, while a major chunk of the Top 50 MBA programs are in the US. The location factor could also help you decide which sort of program you would like to apply to. If you want to go to the US, then it’s worthwhile to wait until you have 4-5 years of experience and then go for an MBA degree - while if you see yourself exploring Europe, then you could apply for either degree at some of the best schools in the world.
Tuition Fees: Of course, work experience, long-term goals and location could help you decide if you would want to go for an MIM or an MBA, but another point which becomes quite important while considering these options, especially if you are in the early stages of your career, is the potential cost of the degree. MIM tuition fees are much lower than an MBA program from some of the top schools - which makes it all the more attractive in terms of potential return on investments!
If you want to go to the US, then it’s worthwhile to wait until you have 4-5 years of experience and then go for an MBA degree.
If you are still confused about which type of program will suit you best, you should consider getting in touch with professional admission consultants. With their experience and knowledge, they can help suggest you some nice options for your career, and maybe even direct you towards some new opportunities.
Do you think we missed any points above? Let us know your thoughts in the comments below.
In case you are wondering if you should apply to the best MIM programs, then get in touch with us at contact@managementmasters.in.
Piyush Ranjan is the chief consultant for Management Masters. He did his undergrad from IIT-BHU, and then studied at the SIM program of the University of St. Gallen. He has helped multiple students get admission calls from HEC Paris, ESSEC Business School, and other top Business schools worldwide.