The terms MIM and MBA mean Master in Management and Master of Business administration respectively. There is confusion between these two management courses among the student community.
In the following article on MIM vs MBA, we will try to clear some of the confusion related to the same. The key differences between the courses include:
1. The average age of the students is one of the factors that are different among students pursuing MBA and MIM courses. The MIM courses are opted by young students who had been working or have a work experience of about a year. Thus the students are much younger having an age of around 22 years. But students opting for MBA are much older having an average age of around 27 years.
2. MBA programs are for students with professional experience in the field. However, the MIM programs do not require any professional experience, and individuals or recently passed out graduates can opt for the same. Thus, it may be stated that experience in the field is given due importance in MBA courses but the same is not required for MIM courses.
3. MBA programs are known for being extremely expensive. The tuition fees are extremely high due to their demand among the student population. In comparison to the MBA program, MIM programs are relatively cheaper. Recent graduates with a minimal amount to spare generally go for a MIM, but experienced persons with money can opt for an MBA program.
4. MIM programs are generally theoretical with regards to the syllabus to be followed mainly concentrating on quantitative aptitude. They give importance to increasing your theoretical knowledge in the field. Only the final dissertation to be submitted at the end of the course is research-oriented and a complete study needs to be done, the rest of the course focuses on the theoretical understanding of the field.
MBA programs rather study the applications of the knowledge already gathered, the practicality, and the use of the same in recent situations. Real business is to be analyzed to have an idea of the real-life problems that are to be solved during the process. Some courses also require to work with a company and understand its workings.
5. MBAs, in general, are 1-2 years duration in contrast to MIMs which are short-term and are usually 10 months in duration. But there are some schools which offer MIM courses of 1-2 years duration.
6. The selection criteria for an MBA problem are GMAT. The persons clearing the same get admission to prestigious colleges. MIM programs do not require GMAT, but some schools consider the score for admission.
7. MBA graduates tend to get a high-level post after completion of the course, in contrast to a MIM graduate who gets an entry-level post following graduation. As MBAs are experienced and have already worked for a few years they are much preferred than MIM graduates. MBA graduates are thus highly paid in contrast to the MIM graduates.
The type of course you choose after your graduation depends on the resources available like time, money, experience and it differs from person to person. Thus, depending on the same one needs to choose the best suitable course applicable to you.