MiM vs MBA - making sense of the finances
- Written by UnivAdmitHelp
- Category: Admission Application
- Published on 21 Aug 2019
Why pursuing an MiM is a financially viable option
What is MiM
An MiM or Master’s in Management is a post-graduate master’s degree awarded to students who normally complete a one- to two-year program of graduate level coursework in business management at an accredited academic institution. It has come up as an alternative to the evergreen MBA. The following programs have consistently topped the lists of the best MiM prorgams globally over the last decade or so.
- University of St. Gallens
- HEC, Paris
- LBS, MiM
- Bocconi University, Milan
- IE Business School, Madrid
- Esade, Spain
An MiM or its equivalent is usually the preferred choice for many young applicants because of many reasons, chief of which could be the financial aspect.
To start with, the duration of a typical MiM could vary between 10 to 24 months.
The cost of any top MiM like ESADE or LBS could vary between €30-50,000. Additionally, the longer the course, the higher the cost of living, which could touch €1000/month in any European location. Contrasted with the MBA, which is at least 24 months, the MiM often offers a more cost-effective alternative.
The average age of a student at MiM is 23 years. The eligibility criteria for admission requires 0-3 years of work experience. This means that most of the students are usually straight out of college. This target audience doesn't have that much spending power, so the courses are priced accordingly. The schools and colleges that offer MiM’s also offer many scholarships and other financial aid for the students who are fresh out of school and do not have years of work ex behind them.
On the other hand, the typical MiM student is young and energetic. The course is more conceptual. Analytical and quantitative courses are taught via case studies, team projects, and lectures. Most MiM’s have a set of core courses aimed at building a business. It is more suitable for recent graduates who want to kickstart their career.
What is MBA
The Master of Business Administration degree originated in the United States in the early 20th century when the country industrialized and companies sought scientific approaches to management.
Topmost expensive MBA colleges in the USA:
The colleges declare at the outset that the courses are intensive, that they are a long term investment, and that it is not at all recommended to take on a part time job to finance the studies. They go further and say, “To avoid taking on excessive levels of debt, students should save income from work, reduce consumer debt, and plan to use personal resources, gifts, loans from family and friends, and external scholarships or sponsorships in addition to educational loans to cover the cost of attendance.”
The duration is usually two years. The course is intensive. The tuition fee is really high. These courses are designed for professionals who have 3-7 years of work ex, and a corresponding bank balance. People who can pay for the courses as they are seen as a “long term investment.” the colleges do not recommend part time jobs to finance the course and do not offer significant scholarships nor aids.
MBA IN INDIA: (Essentially similar to MiM programs in Europe)
What do you need to join MBA:
A recognized bachelor’s degree of minimum three years duration, with at least 50% marks or equivalent CGPA and an entrance test. For Example:
For IIM - A: In the first step, candidates are short-listed for Analytical Writing Test (AWT) and Personal Interview (PI) from among the candidates who have a valid CAT-2019 score, who have applied to the programme and who satisfy the eligibility criteria for the programme.
For XLRI: They conduct the online Xavier Aptitude Test in January every year. The online exam is conducted all over India in 72 cities.
The intake however is very selective. “We are in a position to accommodate less than 0.1 per cent of the PGP applicants. basis of their CAT scores, past academic performance and performance in the interviews” (IIM-A)
The fees varies between 10 - 25 lakhs INR per annum for Indian students. Compare this to the $114000 per annum cost for an international MBA. It’s approximately 80-90Lakhs for one year, versus 25Lakhs for an IIM MBA for two years.
The relatively new entrant for the MBA aspirant is the MiM - approximately 20 years ago. At a typical cost of €50,000 plus living costs at the most, this tallies up to a bare 50% of the international MBA cost. Not only is this more cost effective, but this also seems to be able to put the aspirant on a track to kick-start a good career within 18 months of finishing college.
After the MiM, you are presented with two choices: stay, or return. Since most of the best MiM’s are in Europe (though the global trends seem to be catching up), there will be options to take up work immediately after the course in the same country. You could possibly expect to work abroad as a global professional and earn upto $60-90K. If you do decide to return, you can expect salaries in the range of 20-30Lakh INR (as compared to the 5-6 Lakhs that were on the plate minus the MiM). All in all, it’s a good start. After the 5-7 year work experience that you will gain after the MiM, you are eligible for an M7 admission application. Not only are you eligible, but you are better suited than before!
- M7: It’s the informal super elite group of seven private business schools generally considered to have the world’s best MBA programs. If you’re in business, you know their names: Harvard, Stanford, Wharton, Kellogg, Booth, Columbia, and MIT Sloan.
- Ivy League: Ivy League colleges are often viewed as the gold standard of colleges in the US and worldwide.
- MiM: Master’s in Management. It’s also sometimes interchanged with MSc in Marketing at a few colleges