Is the Masters in Management (MiM) degree worth it?

Is the Masters in Management (MiM) degree worth it?

There’s an allure to MBA degrees; they’re well-recognised across the globe. But, MBAs aren’t the only option for graduate-level business degrees. There is an array of choices. Another business degree, such as a Masters in Management (MiM) may be a better fit for you.

At the very least, it’s worth taking a look at the pros and cons of a MiM before you rule it out of your career plan.
 

Is the Masters in Management (MiM) degree worth it?

Consider these pros and cons to decide if the MiM is a good degree

 

MiMs are on the rise

Previously, Masters in Management degrees were offered primarily in European universities and business schools. As such, it’s easy to equate the development of this Masters degree with the growth in one-year MBAs seen on the European continent. And, similarly, the popularity of both degrees is on the rise. It’s a worldwide trend – and hardly limited to regionally prominent European schools.

Today, schools topping the MBA lists, such as London Business School and the Ross School of Business at the University of Michigan, offer Masters in Management programmes too.
 

 
LBS MiM Careers - Margaret O’Neill, Margaret O’Neill, MiM Programme Lead, Degree Education & Career Centre at the London Business School explains the career impact of the degree.

She says, “Students come to the LBS Masters in Management (MiM) in order to accelerate their careers. Upon graduation from the programme, 76% of the MiM2016 class went into coveted roles in the banking and consulting sectors.”

“According to the masters rankings of the Financial Times, LBS MiM graduates see an average rise in salary of 34% in the three years following their graduation. The FT also confirmed that 93% of MiM alumni surveyed three years after they graduated had achieved the aims they had set themselves when choosing the LBS programme.”

 
So why would you choose an MIM programme over an MBA? It all boils down to the differences – and the similarities.
 

Key differences between MBA and MiM degrees

There are plenty of similarities between MBA and MiM degrees. They’re both graduate-level courses in business. They both offer career growth, the opportunity for international experience, develop business networks, and the content significantly overlaps.

Within the differences between the degrees, it’s easier to spot the pros and cons.

Age –Masters in Management candidates tend to be younger than MBA students. Generally speaking, MBAs tend to be closer to 30 than 20, though it’s not a rule. The average age of MiM students is around 23 years of age. If you’re older than 26 or 27, you might want to start thinking about the MBA rather than the MiM.

Work experience –As you would guess from the average age of MiMs, work experience is less important for these programmes. MBAs typically call for several years in a job (or jobs, as the case may be) and the MBA curriculum relies heavily on students’ career experiences, whereas MiMs often complete their undergraduate degree and move straight onto grad school. If you’re already at a mid-point in your career, an MBA or another Masters degree may be more suitable given your experience.

Goals and expectations– Age and work experiences go hand-in-hand with post-graduate goals. The MiM degree is seen as a way to kick-start a business career. Grads often take entry-level positions while MBAs, who tend to have more experience beforehand, are usually recruited into mid-level positions. Either way, companies are excited to hire talented candidates from the pool of MiM and MBA graduates.

Admissions process– If you were waiting for good news – you may not need to take the GMAT. Top schools will require it, as competition is fierce; but there are still plenty of programmes that don’t require it. But no matter what graduate-level programme you apply to, you’ll need to put together a stellar application; there’s no skirting the work there.

Curriculum – The Masters in Management degree is technically a Masters of Science degree as opposed to the MBA which is a professional business degree. Since MBA students have longer work experience, MBA programmes are more geared towards practical experience.
 

Masters in Management: Cost of attendance

Perhaps the biggest difference between the MBA and the MiM – at least from the university’s perspective – is the cost of attendance. Whether it’s because the MiM attracts younger students (without much in the way of savings) or because the degree is still growing in popularity, these programmes are often significantly cheaper than an MBA.
 

 
Of course, tuition is hardly the only factor in the total cost of attendance, but it would be tough for the other variables to cost significantly more than they do for MBAs.

Imagine for a moment that all other costs are equal between post-grad business degrees, that £45,200 educational price tag difference for a London Business School education might just sway you towards that MiM.
 

Is the Masters in Management a good degree for you?

The cost of education is a huge factor when considering an international education, but it’s not the only one.

Everything from age to career goals should play a role in the degree you choose. If you’re working on your undergraduate degree, your options are wide open. You can consider whether you want to head back to school or get into the work game first. You’ll need to weigh those pros and cons yourself – and the easiest way to do that is to work through the return on investment (ROI) across several different paths. (The calculators and formulas here will help immensely.)

Just to make things a little more complicated, however, you should probably not limit yourself to thinking about the differences between MBA and MiM degrees. There are plenty of other options available at schools across Europe and North America. There are also Masters in Finance, Masters in Business Analytics, and similar programmes to consider.

What are the top questions that you should ask yourself to determine if it is the right degree for you?

 
LBS Early Career Programmes Admissions - Lisa MortiniLisa Mortini, Recruitment and Admissions Manager – North America, South America, India, Africa, Middle-East, Early Career Programmes at LBS has some tips to share.

Choosing if, where, and when to go to business school is both a life-changing and complex decision. Candidates to the LBS Masters in Management (MiM) should consider asking themselves the following questions before they apply:

Why am I doing this and why now?

If you want to acquire relevant knowledge in an exciting environment to build your confidence and start your career in the right direction at an early stage then you may consider the MiM programme. Do think about what drives you to pursue graduate studies shortly after your first degree, what you hope to accomplish, how you wish to challenge yourself, why this experience is important to YOU. Think about the “intangibles” as well: while your future post-masters salary is important so are the network you will build, the soft skills you gain, the ways you grow as a person.

Is this programme in line with my academic, personal, and professional aspirations?

Researching hard data and collecting anecdotal evidence will help you understand which programme matches your motivations best. Go further than just browsing the school’s website and when possible, do attend events, talk to student ambassadors, connect with alumni, reach out to the admissions staff, or visit the campus. Taking the time and investing energy into exploring the details of the school’s academics, career support, and community in more depth will help you make a more confident choice.

What can I bring to the class and offer the community?

Reflect on your existing profile and do ask yourself:

  • What value can I add this programme, at this stage of my career? Do my undergraduate grades provide strong evidence of my academic ability?
  • Have I done interesting internships and built specific experience I’d like to share in class?
  • Am I passionate about a variety of topics I want to explore further on campus, via student club engagement or event organising?
  • In a nutshell: do my background and sense of commitment match the school’s expectations of their MiM students?

 
There are pros and cons to each one of these degrees. Finding the right one for you requires you to look at every single option according to your priorities and your budget.

Prodigy Finance supports many MiM programmes at the top Business Schools. Please see this list of Prodigy Finance supported Business Schools.

Learn more about education loans from Prodigy Finance: Edu Loan FAQs | Blog | Get a Loan
 

Image credit: LBS MiM


Rishabh GoelAuthor Bio: Rishabh Goel is an Associate Relationship Manager at Prodigy Finance. He studied Economics & Engineering at BITS and did his Masters in Management at London Business School. He has helped Indians excel at GMAT/GRE and mentored students to attend top schools globally.

This article is part of CrystalConnect, an outreach initiative by MBA Crystal Ball.


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13 Comments

  1. Tanmay Saxena says:

    Dear Team,

    Many Thanks for running this blog.

    Please note that I have completed a dual course MBA (in Finance) and Btech (IT) from NMIMS in 2015.

    From June 2015, I have been working and I am keen to settle abroad. Ideally I wanted to do an MBA but that would require additional work ex as well as it is way more costlier (plus 1 Year stay compared to STEM restrictions).

    I am keen to study and settle in Canada/Australia/ Europe (Non – UK).

    Would an MIM or MIB degree give me an appropriate edge??

    Also every university has a different criterion. For eg: some request a GRE/GMAT while some only need an IELTS. So where do i get clarity on the same.

    I am based out of Mumbai so any clarity on the same will immensely help me.

    • Rishabh Goel says:

      Hi Tanmay,

      Thank you for your interest.

      A Masters in Management or Masters in Business degree will provide you with the opportunities to enhance your skills and recruit internationally. The post-masters recruitment varies for each school and the schools usually publish employment statistics – please take a look at them for detailed information.

      If you are looking to apply, most Masters degree look for applicants with one or two year work experience. GRE/GMAT is advisable.

      Best wishes,
      Rishabh Goel

  2. mohit says:

    Hello. I got offers from sydney business school and ebs germany. can you please suggest me which is the better school for mim in terms of employment in the respective places after the course and living condition given that i dont have any preference for the country.

    • Rishabh Goel says:

      Hi Mohit,

      Thank you for your interest.

      Congratulations on your admits! They are both great schools. Regarding the employment, please see the career statistics or employment reports published by the school.

      Best wishes,
      Rishabh Goel

  3. Pramod Garg says:

    I have done my MBA in 2010 with marketing and I have 4+ experience in corporate sector. So plz suggest me after mba what type of course suitable for me.

    • Rishabh Goel says:

      Hi Mohit,

      Thank you for your interest.

      Masters in Management is a pre-experience Business degree for young professionals. With your experience, you could look at Executive MBA or other Leadership programmes at Business Schools.

      Best wishes,
      Rishabh Goel

  4. Rup says:

    Dear team,

    Thanks for running this blog.

    Please note that I have studied law from school of law, Christ university, Bangalore and graduated in 2016. I have been working at Accenture as a contract Associate and planning to work for at least one more year so that I have at least two years of work experience. My willingness to gain work experience of two years has nothing to do with the work experience requirement laid down by various top business schools across the globe. I think it will be worth while to stick to this company for such duration as I will learn something out of it.

    Just like millions of students,I have had interest in pursuing my masters in business management from a well reputed college Abroad.i recently came across a counsellor who suggested me to go for Masters in management considering I will have only two years of work experience and my work experience will mostly be about legal work and not management. Please note that I have used the word mostly because my work has been of a paralegal and I have been exposed to a bit of management work if not full time.

    What I really would want to know is if I should stick with the option of going for MIM rather an MBA? If No, what else I could look for being a law graduate who wants to learn about the unexplored areas of leadership and management.If MBA would be a good option then which type of MBA shall I go for.

    Thanks in advance.

  5. Neha Tewari says:

    Hello, i have recently completed a master’s degree in chemistry from Hansraj College, Delhi University. I do not wish to pursue PhD and am keen to enter the corporate world. I am keen in a course that’s provides good communication skills because I think k I will be able to pull that off. Could you enlighten me with a few courses?

  6. Dharmesh says:

    Is there a difference between MIM and MBA by syllabus curriculum?? If not, then would doing MBA after 2 year job or getting an idea of job using internships and then doing MIM be much different??

  7. Shivani Chauhan says:

    Hi
    I am currently studying BMM(bachelor in mass media) im in the final year
    And I wish to study MIM after my graduation
    However I would like to know the returns after the completion of this course

    Would firms prefer students with MIM degrees or MBA degrees and do they get paid as much as students who persue MBA?

    In what position will students who persue MIM be working in a firm?

    What is the employment percentage of students who study MIM does it assure 100% employment

    And what is the difference between MIM and MBA by syllabus

  8. apeksha says:

    I am doing engineering . I dont want to work in an IT firm . But MBA requires minimum work experience of 3 years . Can I pursue MIM and then go for MBA ?

  9. Mithila Pawar says:

    Hi,
    I have done my bsc in biotechnology and then done my post graduate diploma management in marketing. I am currently working with a pharma co with 5years of experience in product management.
    I am more keen on taking startegic management as a career and i dont want to restrict myself to just one industry.
    Do you think Mim would be a good career choice for me

  10. Rohan says:

    Hi Rishabh,
    I completed my BE in 2016, I wanted to pursue further studies there after,but was not clear which filed I should choose. As masters/PG is THE turning point in career we should be clear about our strengths and passion before applying for further studies. Considering my passion ,I like being creative ,innovative in doing things and moreover want to enter into entrepreneur / business field , where I could use my strengths and excel in the same. I came to know about MIM from my friend who got selected in ESMT Berlin . So taking the advice from you who has actually completed the course will be much helpful.
    Does MIM provides that kind of environment where you can get the overall knowledge and exposure for startup or any business?Will it help me to pursue my passion ?
    I gave GRE and scored 302,will I need to give GMAT or GRE (again) for getting into MIM course?

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