MIM or MBA?
An MIM Program usually follows 3 simple criteria:
- It is a postgraduate program
- It teaches General Management
- It is open to recent graduates
|Average Age of students||23 years||27 to 32 years|
|Work Experience||3 to 5 yrs (25% of MIM students have 0 yrs of work experience)||3 to 5 yrs|
|Tuition Fees||63 percent cheaper than MBA||
|Most Expensive Program costs||€ 30,000||€ 70,700|
|Average fee of Program||€12,550||€33,750|
|Geographical spread of Programs||68 percent of the MIM programs worldwide are offered in Europe, 17 percent in North America, 14 percent in Asia-Pacific, and 1 percent in Latin America.||40% in North America, 28% in Europe. More or less equally distributed in other continents|
|Course Curriculum||Focuses more on the theoretical side of Mgmt, you can even pursue a PhD later on. Your dissertation in the MIM may be research oriented.||More focus on Application and Integrative Courses. You analyze business cases. Final dissertation may include consultancy on a real business problem.|
|Program Length||40 percent of MIM programs take up to a year to complete; 58 percent take more than a year but no more than two years. On average, fulltime MIM programs take 18 months to complete.||Most European MBAs take about one year to complete and North American MBAs about two years.|
|Eligibility Criteria||About 33 percent of MIM programs worldwide need a first class degree in business or Economics. 67 percent do not require such a degree. Business graduates have the opportunity to choose an MIM program that is designed specifically for their knowledge level.||GMAT Score and work experience is compulsory.|
|GMAT Requirements||40 percent of MIM programs need a GMAT Score. Average GMAT Score of MIM Students is 610.||GMAT Score of MBA Students is 650.|
|Reputation (No competition between the 2 programs as they are meant for different groups of students)||Primarily known in Europe, but the concept is catching up in other continents.||Traditional degree (more popular among HR Managers).|
|Job Level & Salary||Average earnings – 55000 EUR per year.||Experienced or lateral level hiring.|
On average, 90 percent of the fulltime MIM students find a job within three months of graduating. In half of the programs, between 80 and 100 percent of the students find a job within three months.
- Students from programs that hire students with a Business or Economics degree receive 76% higher salary and 13% more students land a job within 3 months after graduation in comparison to students having a degree from another discipline.
- A high GMAT Score and MIM Programs accredited with an EQUIS, AACSB, AMBA yield better placement opportunities.
The average salary after graduating from an MIM Program is EUR 29,950 or 2.4 times higher than the average tuition fee. Students who pursue an MIM Program from reputed schools like London Business School get absorbed in Entry level management positions and do not find the need to pursue an MBA later on as they embark on a very successful career.