Is MIM really worth it?
- Written by UnivAdmitHelp
- Category: Insights & Information
- Published on 26 Mar 2018
I know about MIM programs – they are like MBAs, often taken by fresh graduates or people who have 1-2 years of experience, many of them are in Europe….
What I really need to know is whether they are really worth it?
The top MIM programs are really like doing a PGDM from a top IIM in India (Consider A, B, C, L or I) or other top notch B Schools like ISB, MDI, SP Jain, etc. The moment you start considering them that way, suddenly the entire landscape starts to make sense and decision making becomes easier. There are few points to consider –
- MIM programs are like PGDM programs offered by IIMs
- MIM programs offer you the luxury of higher selection rates ~ 10-15% as opposed to IIMs where the acceptance rates are much lower
- MIM programs tend to cost around Rs. 30-50 lacs, as opposed to IIMs which cost around Rs 20 lacs.
- MIMs programs could potentially be done in shorter time frames ~ 1 year. The only good equivalent option in India is ISB
- MIMs from top institutes in Europe (HEC, LSB, IE Business School, etc.) tend to be more practical and application oriented
- MIMs owing to a better international mix of students and location in Europe tend to offer better exposure compared to Indian Business Schools
- MIMs offer you global job opportunities. On the flip side, your ability to crack the Indian job market diminishes a bit! You get paid similar amounts in parity terms; in nominal terms your salary tends to be around 2-3 times that of what you could potentially get in India.
Once you take the above points in consideration, it gives you a few lenses to evaluate your MIM choices.
Selection: Getting into an IIM is much tougher than getting into a top MIM college. In fact, if you have covered your bases well and have a decent application, you almost are sure to get into a great MIM program. So, if getting into IIMs is giving you blues, then you must focus on getting into great MIM programs.
Economic: The economic logic of an MIM program is mixed. MIM programs are about 2-3 times more expensive than IIMs, but offer you an opportunity to earn 2-3 times more salaries and often save you one year of studies thereby returning you the opportunity cost of that one year. Of course, you can get educational-loans (and some scholarships/ aid as well) to finance your studies at a top MIM college. On the balance, over a 2-3 year time horizon, it seems that economic rationale of an MIM program is sound. If, upfront costs are your concern, then definitely look at domestic programs.
Potential Opportunities: MIM offers you global opportunities. However, given the anti-immigration wave going round the world, sometimes it could get difficult for students to find international jobs. In that case you may have to come to India and look for jobs (Which you would invariably find – though may not realize the kind of salaries that you would have expected internationally.)
Education Quality: This is one area where top MIM programs beat IIMs hand down. Driven by international experience, practical and applied nature of these courses and a much more diverse bunch of students and motivated faculty, the quality of education at top MIM programs is way better than what you would get at any corresponding IIM.
While the overall decision is usually a mix of the above factors, once you start weighing an MIM decision with respect to an IIM decision, it becomes an easier decision to make.
Often, people apply to MIM programs after IIM results have creeped in and (if not selected) then start out a hectic process of taking the GMAT and applying into the respective schools. It might be a good idea to take the GMAT upfront (maybe along with CAT) and start applying to these MIM programs soon after taking the CAT exams. Otherwise, you run the risk of applying too late (and thereby reducing your chances of MIM selection as well).
MIMs are really a great way to kick-start your career. They are cost-effective and are focused to give you a good grounding in business and management. Comparing them with IIMs is a way to give you a decision-making framework to help you decide better.
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