MIM vs MBA 2024: Salary, Difference, Which is Better

Choosing between MIM and MBA is one of the most difficult choices for international students planning to pursue a career in the field of business. The full form of MIM is Master in Management and the full form of MBA is Master in Business Management. Both degrees are quite similar and prepare students for a career in business, finance or management. This article covers the key differences between MIM vs MBA, including their requirements, career opportunities, fees, and more.

This Story also Contains

1. MIM vs MBA: Overview
2. MIM vs MBA: What is MIM?
3. MIM vs MBA: What is MBA?
4. Top Universities Offering MIM and MBA
5. MIM vs MBA: Who Can Apply?
6. MBA Requirements for Indian Students
7. Difference Between MIM and MBA
8. MIM vs MBA: Which is Better for Indian Students?

MIM is an entry level programme that prepares students for a career in business, and provide career opportunities as a manager, consultant, analyst or more. MIM is majorly chosen by younger students between the ages of 22–24, as it is not required to have a mandatory work experience requirement.

An MBA, on the other hand, is a graduate degree that prepares students for careers in leadership and management. The MBA degree covers regular business topics such as finance, marketing, operations, and leadership. According to statistics, MBA graduates can expect to see a 100% salary boost in three years.

According to media estimates, students' salaries increased by about 130% on average after three years of completing their MBA. The average salary of MBA in the United States is around USD 106,000 after graduation, but MBA salary vary by location. Ultimately, both degrees can lead to rewarding and meaningful careers. The decision should be based on your career objectives, hobbies, and the type of employment that you find most rewarding.

MIM vs MBA: Overview

Although both courses seem similar, there are key differences between Masters in Management and Business Management. Here is a table demonstrating the differences between MIM and MBA.

MIM vs MBA: What is MIM?

MIM also known as Masters in Management is a 1-2 year postgraduate programme in the field of business and management. The degree is most popular in Europe, among which London is the popular choice followed by France, Germany, and Netherlands. MIM graduates can explore various career opportunities including consulting, finance, human resources, operations, and supply chain management.

MIM vs MBA: What is MBA?

MBA also known as Masters in Business Administration, provides a thorough understanding of business management. International students planning to pursue a career in business management can complete their MBA degree in 1-2 years. MBA colleges provide an excellent ROI in the world. MBA graduates can study in a variety of specialisations, including finance, marketing, operations, and human resources.

Top Universities Offering MIM and MBA

The QS Global Business Master's Rankings 2024 has listed several universities to pursue a career in MIM abroad. HEC Paris is ranked first globally for its Master’s in Management programme. A list of the top 10 MIM universities in the world is mentioned below.

Top 10 MIM Universities in the World 2024

The QS Global MBA Rankings 2024 list 315 schools worldwide as top MBA universities abroad. Stanford Graduate School of Business is ranked first globally for its MBA programme. A list of the top 10 MBA universities in the world is mentioned below.

Top 10 MBA Universities in the World 2024

MIM vs MBA: Who Can Apply?

All international students who want to pursue a career in the field of business, finance, and management can apply for MIM and MBA courses. There are several course requirements that one must meet before applying to universities abroad.

MIM Requirements for Indian Students

• All Indian students must have passed a bachelor’s degree (3-4 years) with a high GPA in the relevant field or equivalent.

• Candidates must have a work experience of 0–2 years.

• Students are required to meet the English language proficiency and must provide proof by submitting valid IELTS / TOEFL scores.

• Some universities might require French / German language proficiencies as well.

• Applicants should have valid standardised GMAT or GRE scores.

• They must meet other course requirements specified by the university.

MBA Requirements for Indian Students

• All Indian students must have passed a 3-4 years bachelor’s degree with a high GPA in the relevant field or equivalent.

• Candidates must have a work experience of 2–3 years.

• Students must demonstrate English language proficiency by submitting valid IELTS / TOEFL scores.

• Some universities might require local language proficiency in French or German languages.

• Applicants should have valid standardised test scores (GRE / GMAT).

• Students are also required to meet certain university-specific course requirements.

Difference Between MIM and MBA

Every year, thousands of students plan to pursue a career in the field of management abroad. MBA programme has been one of the top choices for students planning to study overseas, however, MIM was introduced to students approximately 20 years ago. Although both the courses are similar, here are some of the primary differences between the MIM and MBA degrees:

Age and work experience: Both MIM and MBA programmes are designed to provide education in the fields of business, finance, and management. However, the key difference between the two is that MBA is a professional-level course, and it requires a mandatory work experience of 2 to 3 years to get admission to top MBA colleges in the world.

Whereas, the MIM programme is generally for younger candidates with entry-level experience. Both courses have similar application procedures, syllabus, and admission requirements, however, the MIM course lays less emphasis on the work experience of prospective students.

Popular destination: MIM programme is generally taken in European countries and only 10% of students seek admission to US universities. However, the majority of MBA programmes are offered in USA followed by Canada.

Career goals: According to GMAC, most graduates planning to seek a career in MBA have a goal or target of increasing their salary, among which 39% want to manage people and 36% want to be in a senior position.

On the other hand, MIM graduates want to manage projects and travel internationally. Among MIM graduates, 52% are interested in working for a company and travel abroad, 39% want to live outside their native country, 37% want to manage projects and 36% want to manage people.

MIM vs MBA: Syllabus: Both degrees provide general business knowledge and includes the following topics:

• Finance

• Business Analytics

• Accounting

• Marketing

• Strategy

• Micro/Macroeconomics

• People Management

Both MIM and MBA degrees allow students to travel internationally, kickstart their careers, and provide knowledge on how business works in different countries and cultures. MIM degree from INSEAD also provides practical training, preparing students for real-world experiences by helping them find internships and full-time opportunities.

MIM vs MBA: Cost: The MIM programme is usually cheaper than an MBA degree. The average MBA fees for top universities range from Rs 50 to 90 lakhs, however, the cost of tuition for top MIM universities is usually from Rs 18 to Rs 50 lakhs. Apart from tuition fees, students also need to manage the cost of living in that particular country.

MIM vs MBA: Salary and Job Opportunities: Both MBA and MIM programmes have an excellent ROI in the world. Graduates can expect a salary of approximately USD 90,000 for both programmes. There are numerous career opportunities for MIM and MBA graduates, some of these job opportunities are mentioned below.

Also read:

• MBA ROI in USA

• Best ROI MBA Colleges in World

MIM vs MBA: Which is Better for Indian Students?

Both MBA and MIM degrees provide excellent career opportunities for international students. Candidates can plan a career in both fields, as the MIM programme will provide students with a strong knowledge of business careers. On the other hand, an MBA degree will accelerate your career into senior management positions.

Young professionals aged between 22-24 are best suited for the MIM degree, however, older students (24-30) with a work experience of around three years should opt for an MBA programme. Both MIM and MBA have similar admission requirements, except that work experience is mandatory for MBA but not for MIM. Indian students planning to seek admission to these business programmes, must thoroughly research their career prospects, course requirements, and other criteria.