MiM vs MBA in USA & Europe: Duration, Curriculum, Eligibility, Fees and Average Salaries
What is MIM? How is MIM different from MBA? Is it just another business degree with a fancy name? This article will address some commonly asked questions about MIM and MBA.
One of the most asked questions on social media about MBA is,’I have no work experience or I have worked for a year, so what should I do to get myself an admit from the top B schools abroad’.
Masters in Management or MSc International management /Master of Science in business administration (Masters in Management is called by different names as per universities) is a management degree that is focused to train fresh graduates or individuals having fewer years of work experience with all aspects of general management and business administration.
MBA (Masters of Business administration) is a management program from candidates with professional experience in a varied field.
This article is going to discuss the two formats in details:
MiM vs MBA: Program Duration
The Location and the university play a very important role when it comes to the duration of your program be it MBA or MIM.
For example, an MBA in the States or Canada is usually of two years’ duration whereas a European MBA is one year.
Likewise, the duration of Masters in Management (MIM) varies according to geography and university. For example in the Netherlands masters in management (MIM) from Erasmus University is of 18 months and almost the same program from TIAS Business School (which is also in the Netherlands) is one year.
MiM vs MBA: Curriculum
The basic difference in curriculum between the two masters program is MIM is research-oriented compared to MBA.
To make my point more clear let me sight the example of an MBA and MScBA from TIAS Business school in the Netherlands. The basic difference between the curriculum is that at the end of the last semester the MBA students do a project on the job site in collab with a company.
The MSCBA students in the last semester have to write a thesis of 14000 words based on the subject of their specialization or any subject they studied during the masters.
So, students wanting to pursue research could also consider doing masters, as their master’s project could be a stepping stone to their research and development work.
In European format, an internship is not mandatory for both the MBA and Masters (MIM). However, it is seen that many students do an internship after graduation as it helps that to get a feel of the work culture of the country and serves as a stepping stone in the industry.
In the US, the MBA format is two years and internship is mandatory. The salary earned through internship helps students to meet their expenses to some extent.
Takeaway: the structure/ curriculum of your MBA will also determine your expenses to some extent.
MiM vs MBA: Eligibility and Class Profile
MBA: The class profile is very senior with at least 5 years of work experience. The average age is anything between 25 to 35 years.
GMAT or GRE score is a must. All B schools accept GMAT scores but not all accept the GRE score, though the number of business schools accepting the GRE score is increasing day by day.
Also, the minimum GRE/GMAT score accepted varies according to the business school you apply but most high ranking Business schools will expect you to score at least near to 700 on GMAT or a score of above 321 in GRE.
In case you decide to take GRE it is important to check if your targeted school accepts GRE score and talk to the program manager to find out the GMAT equivalent GRE score they are accepting.
For MIM the class profile is relatively young. Students with less (mostly less than 3) or no work experience at all.
The required GRE/GMAT score is also lower than the MBA profile.
Some business schools also have their institutional exam for the MIM program.
MiM vs MBA: Fees Structure
The MBA program is more expensive than the MIM program.
In Europe, the typical fee structure for MBA is starting from around 50 k Euro and varies upwards.
For example, An MBA from the Rotterdam School of Management(RSM) costs around 54000 Euros.
The Masters in Management from the same university (Erasmus) is around 18, 000 euros per year.
Now here comes the most important catch: Do not think that the tuition fees are the only expense. Your accommodation, food, and lodging cover a huge amount of your expenditure.
Another important aspect to consider that people often miss:
Unlike India, B schools abroad do not have on college recruitments. So it usually takes 3 to 6 months after graduation to look for a job. So, this duration has to be planned well in advance.
Jobs and Average Salaries
In looking for jobs and internships, “the search year visa” plays a role. The duration of this visa depends on the country. For example, in the Netherlands, the search year visa for both MBA and MIM is one year.
However, a German MBA will grant you a search year visa for 18 months.
After graduation, it usually takes three to six months to get an offer letter.
As MIM is done mostly by fresh graduate the expected salary is lower than MBA graduates who are normally professionals with years of experience in their trade.
Accepted-salary depends on the job sector and geography to a great extent.
For example, the MBA average salary is $ 76,594 for the year 2019 for an MBA graduate from the Rotterdam School of Management.
(Data Source: RSM website)
The average salary for a MiM student is around $50,000 in Europe.
You can read about the employment details of the MIM program of one of the top business schools in the Netherlands here.
According to Payscale, the salaries of MiM degree holders in the US are around $61,000 for those with less than a year’s experience.
There is a significant difference between the salaries offered by companies in the US and Europe.
Top MiM Programs
If you have MIM in your mind here is the list of top 10 MIM courses.
According to the FT’s Master in Management Rankings 2019, the top ten schools for MiM are:
1 University of St Gallen Switzerland MA in Strategy and International Management.
2 HEC Paris France Master in Management
3 London Business School UK Masters in Management
3 Essec Business School France / Singapore / Morocco Master in Management.
5 ESCP Business School France / UK / Germany / Spain / Italy ESCP Europe Master in Management
6 Rotterdam School of Management, Erasmus University Netherlands MSc International Management
7 University College Dublin: Smurfit Ireland MSc International Management
8 Cems Global Alliance France Cems Master’s International Management
9 WU (Vienna University of Economics and Business) Austria Master in International Management
10 Università Bocconi/SDA Bocconi Italy MSc in International Management.
Related Article: MBA vs MiM – Which is Better for Me?
Featured Image Source: CrackVerbal
Author: Amrita Deb
Amrita completed her Engineering in 2010 and worked in the Information Technology sector for 5 years. She worked as a Pre-sales consultant handling clients like ITC, ACL, IFB, PWC. She also worked with high-profile government clients like CAG (Comptroller and Auditor General of India). In 2016 she moved to the Netherlands to pursue her masters and started working for Atos. Currently based in the Netherlands, she is guiding students and professionals to help them make the right decisions in terms of their career goals or choosing universities and business schools. She also coaches people on personality career development and Change Management.
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