Master in Management (MIM) programs were first introduced as an alternative to a Master of Business Administrations (MBA) degree. Now, however, it has become much more than just an alternative. Doing an MBA can cost you a lot of money. We know how many qualifications you need for top MBAs from the best business schools globally. In fact, how many students are leaving out on a Master of Business Administration to do a Master in Management degree?
It was years before when MIM programs were not available in all corners of the world. With passing time, all major educational countries have adapted to the trend of MIM programs. Many universities in the USA now are offering quality MIM courses. First offered by a few European and Canadian universities, MIM programs are a significant choice among students for a business and management career.
10 Reasons to Choose MIM over MBA
The reasons are numerous for choosing a MIM over an MBA degree. The benefits do not limit to affordability but career-wise as well. With no doubt that an MBA has more career prospects, but that is not always the requirement. Different students have different interests from masters. Here are 10 reasons why Masters in Management (MIM) are the best alternative to an MBA
1. Better for Early-Career
If you have just graduated and are looking for a master’s in business and management, a MIM program is the way to go. It is specially designed for young graduates looking to kick-start their careers in the business industry. The curriculum of a MIM course is set with foundational and specialized knowledge to aid students in their early careers.
2. Variety in Courses
A MIM program is now more than a usual thing. Instead, it is one of the most picked masters by international students. In current times you can find all kinds of specialized MIM programs in all countries. Whether you prefer to go with a core management discipline or a MIM degree in tech, healthcare, psychology, etc., you have options in MIM. Plus, countries like the USA and Canada are availing even more MIM courses to attract Indian students.
3. It Has Many Career Options
Pursuing a MIM degree abroad can give you countless career options. You can opt from various sectors to work with despite a business career. This goes for an MBA, but a MIM degree can join different paths more easily. With an early business degree, you can plan your career path accordingly. In some ways, it gives you more career options than an MBA.
4. Further Options for Education
By doing a MIM instead of an MBA, you can have further options for education and career. For example, you are more likely to invest in a postgraduate course with a MIM degree than an MBA. A MIM degree is not necessarily among the final education step in your career. You have more possibilities to do a Ph.D. or even an MBA if you prefer after graduation with a MIM program.
5. Affordable Alternative to an MBA
Compared to an MBA degree, MIM programs are relatively cheap. The topmost expensive MIM degree in the world goes around INR 40 lakhs. But when it comes to an MBA, it goes beyond INR 60 lakhs. Moreover, the average cost of a MIM degree is far less than an MBA. You can save a ton on your finances that can be invested later in your career.
6. Highly Recognized in Europe
A MIM program is the idlest way to go for aspirants looking to pursue a business career in European countries. Even if you are looking to settle down and start your business in Europe, MIM courses are the fastest and most affordable option. European countries consider MIM degrees on a large scale, and it can help you land a job more efficiently.
7. Versatile Study Experience
Designed initially as an MSc degree, a MIM is designed to offer in-depth theoretical knowledge. With many electives available and a different learning experience than an MBA, you get a versatile study experience with a MIM. With implemented business foundation and management applications, you also get to experience the academic part. It is an overall experiential business and management degree.
8. Develops Managerial Skill-Sets
Unlike an MBA, usually, a MIM course builds a set of managerial skills. Even the specialized MIM programs that are core-centric, the skillsets you develop in a MIM are management-based. This allows you to get a managerial job position after your graduation. Students interested in working with a specific field with quality jobs choose a MIM degree over any other option. It is the primary objective most students desire from a MIM anyway.
9. Little/No Work Experience Requirement
A MIM program is not much involved with work experience requirements. The program is designed for young undergraduates, and it does not ask you for top qualifications. If you choose an MBA program, you must submit some quality records and work expertise. In contrast, many MIM programs do not require work experience or a little.
10. Available to Young Ones and Veterans
Respective of where you’re in your career, a MIM program can be beneficial in given situations. It does it matter if you are a professional in your mid-career. A MIM course can still enhance your managerial qualifications. It is not entirely new for veteran students with multiple degrees to pick a MIM program. From young undergraduates to working professionals, a MIM degree benefits all.
The reasons can be immense for choosing a MIM as an alternative to an MBA. But the fact remains that it best fits you according to your needs. You may not be able to aim for an MBA after your undergraduate. But in the case of a MIM degree, it is available at the stage and in any situation.
Author Bio: Abhyank Srinet is a passionate digital entrepreneur who holds a Masters in Management degree from ESCP Europe. He started his first company while he was still studying at ESCP, and managed to scale it up by 400% in just 2 years.
Being a B-School Alumni, he recognized the need for a one-stop solution for B-School to get in touch with schools and get their application queries resolved. This prompted him to create Mentr Me, a one-of-a-kind portal with cutting-edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School Updates.