If you are set on a career in business management, there are two obvious choices you can make: a Masters in Management (MIM) or a Masters in Business Administration (MBA). These two courses might look similar, but are as different as chalk and cheese. To help aspirants, we break down the key differences between the two courses.
| MIM | MBA | Significance | |
| Full form | Masters in Management or alternatively Masters in Business Management. | Masters in Business Administration | – |
| Aliases | The abbreviation MIM does not represent an official degree such as an MBA or MSc. However the umbrella brand is being used by business schools who abbreviate their Masters in Management with ‘MIM’. Depending on different University traditions, marketing strategies or different curriculum and course designs, the actual degree name may differ.In India for instance, the MIM is known by the name PGP or PGDM. Other names you may come across – MSc in Management, MSc in International Business, Master in Business and Economics, MSc in General Management | No known aliases in USA, Europe. In India, different B-schools use different names for the full time MBA course. These include: PGPX (Post Graduate Programme for Executives), EPGP (Executive Post Graduate Programme), IPMX (International Programme in Management for Executives), PGPEX (Post Graduate Programme in Management for Executives), PGPM (Post Graduate Programme in Management), One year PGP (Post Graduate Programme). (Despite the misleading names these courses are not be confused with Executive MBAs which are part-time programmes. Read this for more on this branding faux pas unique to India: Executive MBA? No. India’s first globally accredited MBA? Yes! | – |
| Popular courses | Popular MIM courses include those offered by B-schools such as St. Gallen, Oxford, Hult, Indian Institute of Managements (PGP/ PGDM), IE Business School. | Popular courses can be one year or two year in duration. Some top one year full time MBA courses are those offered by INSEAD, IMD, IIMs, ISB, Cornell, Kellogg. Some top two-year full time MBA courses are those offered by Harvard, Kellogg, Wharton, MIT, Stanford. | – |
| Who is it for? | Fresh graduates or recent graduates with minimal work experience ranging between 0 to 3 years | Experienced professionals with minimum of 3 years of work experience and above. Average work experience in an MBA class is usually 5-7 years. | Impacts your eligibility. You will have to gain substantial work experience if you have your sights set on an MBA. |
| Typical age group of participants | 23 years | 27 to 32 | – |
| Average work experience of participants | 0 to 3 yrs (25% of MIM students have 0 yrs of work experience) | 3 to 12 years | – |
| The goal of the degree | To help fresh graduates gain a grounding in business management | To help experienced professionals transition to leadership roles | Don’t head into an MIM expecting managerial slots. Most MIM graduates land assignments as Management Trainees. |
| 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, full time MIM programs take 18 months to complete. | Most European MBAs take about one year to complete and North American MBAs about two years. In India the MBA programme is of one year duration. Across Asia and Australia, many MBA prorammes are of one year duration. | – |
| Tuition fee | Typically an MIM programme is 63 percent cheaper than an MBA. Average fee EUR 12550 in Europe. Highest – and EUR 30000 .Fee in India for PGP/ PGDM programmes ranges between 2 lakh and 14 lakh depending on the institute. | Higher fee. Average fee in Europe for One year MBA programmes EUR 33750. Highest – EUR 70700. Average fee in USA for a One year MBA $ 100000 and for two year MBA – $111000. | An MIM is considerably cheaper than an MBA. But the salary on graduation are similarly far lesser than what you would make after an MBA. If you are touching the 2 to 2.5 years work experience level, you might be better off pursuing an MBA after crossing the 3 years work experience threshold. |
| Career path – on graduation | Graduates join companies in entry level slots such as Management Trainee | Graduates join companies in lateral management slots such as Senior Manager, General Manager, Vice president & CEO | – |
| Career path – lifetime | Some organisations may prefer MBAs for top management slots. | MBA is the established degree required for top office | Depends on maturity of economy and regulatory framework. In USA and UK, an MBA might be preferred for top managerial slots since it is the established degree. In India, B-schools have traditionally produced MIMs albeit branded as MBAs by virtue of accreditation granted by local bodies AIU and AICTE. Global accreditation awarded by AMBA, UK classifies these programmes as MIMs. Read about the accreditation at these links – (http://bit.ly/iimlaccreditation), (http://bit.ly/spjainaccreditation) & (http://bit.ly/mdiaccreditation) and the recent MBA accreditation granted to PGPEX at IIM C: PGPEX awarded MBA accreditation by AMBA. Only prog. at IIM C to make the cut.The industry in India is beginning to understand the value of true blue MBAs and with time might give preference to MBAs for top slots. |
| Geographies the course is popular in | European countries and India. In India the 2 year PGDM/ PGP courses are extremely popular. | Across the world | – |
| Eligibility | Fewer eligibility criteria. For instance MIM courses do not require prior work experience. The primary entry requirements are a bachelor degree, proof of language skills, sometimes the GMAT or comparable tests, such as the GRE, and academic achievements during the undergraduate degree. About two thirds of theMIM programs worldwide accept graduates from all types of undergraduate programs whereas one third requires a business or economics degree. | Higher number of eligibility criteria. Most B-schools require GMAT, a minimum of 3 years of work-experience and largely accept candidates with 5+ years of work experience. Some B-schools in India specify a certain age for aspirants, such as IIM A which requires aspirants to be at least 27 years of age. | – |
| GMAT Requirements | 40 percent of MIM programs need a GMAT Score. Average GMAT Score of MIM Students is 610. In India, CAT is the exam used for admission to 2 year PGP/ PGDM programmes and the admission process is primarily score based unlike admission process in countries such as UK, USA and France which are more broad based. | GMAT is a requirement at most B-schools. Average score of MBA students worldwide is 650. Average scores at top 10 B-schools in Europe, USA, India hovers around 700-720. | |
| The curriculum | Theoretical grounding in general managerial concepts. Eg. How to design a consumer research study or how to create a profit and loss statement from a balance sheet.A lot of learning happens on the job after graduation. | Practical application of general management concepts useful for a manager as MBAs are expected to hit the ground running. Course focuses on analysis and application of concepts rather than theory of how to do it: consistent with managerial job.Eg. How to analyse research findings and how to analyse a balance sheet and profit and loss statement to chart strategy. | – |
| Reputation (The programmes don’t compete per say as they are meant for different groups of students) | Primarily known in Europe and India but the concept is catching up in other continents. | Traditional management degree. The exception is India, where MBA courses gained traction in 2001 prior to which only MIM courses were on offer. In general, MBA courses are more popular among HR Managers worldwide. | |
| Job Level & Salary | Average earnings – 55000 EUR per year. Average PGDM/ PGP salaries at top B-schools in India range between 8 lakh and 17 lakh. Roles on offer – Management Trainee, Assistant Manager | Salaries in USA ranges between $60,000 and $300,000. Average salary hovers around $100,000 across B-schools. In India, average MBA salaries at IIMs, ISB, XLRI etc range between 18 lakh and 33 lakh. Highest reported domestic salary in India stands at 1 crore domestic at IIM B.Roles on offer – Senior Manager, AGM, DGM, CEO, VP |
Top 35 MIM Programmes in the world as per Financial Times, UK MIM Ranking 2013
| Rank in 2013 | 3 yr. rank | School name | Country | Weighted sal. ($) | Value | Employment |
|---|---|---|---|---|---|---|
| 1 | 1 | University of St Gallen | Switzerland | 80,081 | 1 | 100 (71) |
| 2 | 2 | ESCP Europe | France, UK, Germany, Spain, Italy | 64,800 | 32 | 88 (62) |
| 3 | – | WHU Beisheim | Germany | 97,050 | 7 | 95 (94) |
| 4 | 4 | HEC Paris | France | 76,130 | 24 | 96 (47) |
| 5 | 7 | Rotterdam School of Management, Erasmus University | Netherlands | 68,452 | 5 | 89 (100) |
| 5 | – | IE Business School | Spain | 79,076 | 16 | 94 (88) |
| 7 | 4 | Cems | See table note | 62,672 | 3 | 88 (47) |
| 8 | 7 | Essec Business School | France | 73,424 | 21 | 92 (71) |
| 9 | 13 | HHL Leipzig Graduate School of Management | Germany | 88,402 | 20 | 95 (100) |
| 10 | 10 | Esade Business School | Spain | 66,240 | 10 | 92 (92) |
| 11 | 8 | EMLyon Business School | France | 55,159 | 48 | 95 (78) |
| 12 | 13 | Imperial College Business School | UK | 60,557 | 60 | 82 (82) |
| 13 | 12 | Grenoble Graduate School of Business | France | 56,216 | 49 | 89 (74) |
| 14 | 14 | Edhec Business School | France | 56,580 | 54 | 96 (92) |
| 14 | 16 | City University: Cass | UK | 56,133 | 38 | 72 (90) |
| 16 | 14 | Mannheim Business School | Germany | 75,970 | 2 | 93 (78) |
| 17 | 22 | Università Bocconi | Italy | 58,539 | 57 | 96 (62) |
| 18 | 12 | Indian Institute of Management, Ahmedabad | India | 94,313 | 69 | 100 (100) |
| 19 | – | Indian Institute of Management, Calcutta | India | 81,650 | 68 | 100 (100) |
| 20 | 29 | Eada Business School Barcelona | Spain | 54,861 | 40 | 89 (88) |
| 20 | – | London School of Economics and Political Science | UK | 69,628 | 70 | 92 (50) |
| 22 | 21 | WU (Vienna University of Economics and Business) | Austria | 55,180 | 11 | 98 (96) |
| 23 | 19 | Stockholm School of Economics | Sweden | 59,889 | 14 | 100 (73) |
| 24 | – | Iéseg School of Management | France | 48,104 | 52 | 78 (91) |
| 25 | 29 | Kozminski University | Poland | 53,580 | 28 | 91 (84) |
| 26 | 22 | Toulouse Business School | France | 49,010 | 51 | 88 (45) |
| 27 | 23 | HEC Lausanne | Switzerland | 54,159 | 15 | 57 (72) |
| 28 | 26 | Louvain School of Management | Belgium | 50,658 | 23 | 95 (65) |
| 29 | 29 | Skema Business School | France, US, China | 47,555 | 58 | 84 (75) |
| 29 | 32 | Vlerick Business School | Belgium | 58,682 | 8 | 95 (96) |
| 31 | 25 | Audencia Nantes | France | 52,878 | 47 | 91 (81) |
| 31 | 27 | Solvay Brussels School of Economics and Management | Belgium | 53,440 | 19 | 99 (90) |
| 33 | 32 | University of Strathclyde Business School | UK | 47,038 | 46 | 93 (71) |
| 34 | – | Télécom Business School | France | 50,942 | 35 | 93 (64) |
| 35 | 34 | Aston Business School | UK | 51,716 | 42 | 88 (65) |
Top 35 MBA Programmes in the world as per Financial Times, UK MBA Ranking 2013
| Rank ’13 | 3 yr. rank | School name | Country | Weighted sal. ($) | Salary inc. (%) |
|---|---|---|---|---|---|
| 1 | 2 | Harvard Business School | US | 187,223 | 121 |
| 2 | 2 | Stanford Graduate School of Business | US | 194,645 | 115 |
| 3 | 2 | University of Pennsylvania: Wharton | US | 180,772 | 121 |
| 4 | 3 | London Business School | UK | 160,988 | 124 |
| 5 | 6 | Columbia Business School | US | 174,347 | 123 |
| 6 | 5 | Insead | France / Singapore | 153,992 | 96 |
| 7 | 8 | Iese Business School | Spain | 146,049 | 141 |
| 8 | 8 | Hong Kong UST Business School | China | 132,685 | 153 |
| 9 | 8 | MIT: Sloan | US | 160,414 | 117 |
| 10 | 11 | University of Chicago: Booth | US | 162,363 | 108 |
| 11 | 9 | IE Business School | Spain | 157,054 | 117 |
| 12 | 17 | University of California at Berkeley: Haas | US | 151,952 | 98 |
| 13 | 17 | Northwestern University: Kellogg | US | 161,269 | 99 |
| 14 | 16 | Yale School of Management | US | 159,370 | 118 |
| 15 | 19 | Ceibs | China | 131,362 | 157 |
| 16 | 18 | Dartmouth College: Tuck | US | 156,765 | 117 |
| 16 | 23 | University of Cambridge: Judge | UK | 145,169 | 98 |
| 18 | 18 | Duke University: Fuqua | US | 145,147 | 108 |
| 19 | 15 | IMD | Switzerland | 147,380 | 65 |
| 19 | 17 | New York University: Stern | US | 144,586 | 106 |
| 21 | 19 | HEC Paris | France | 123,571 | 109 |
| 22 | 25 | Esade Business School | Spain | 126,699 | 118 |
| 23 | 29 | UCLA: Anderson | US | 147,125 | 115 |
| 24 | 24 | University of Oxford: Saïd | UK | 136,609 | 95 |
| 24 | 26 | Cornell University: Johnson | US | 147,799 | 112 |
| 26 | 16 | Indian Institute of Management, Ahmedabad | India | 171,188 | 110 |
| 27 | – | CUHK Business School | China | 103,423 | 153 |
| 28 | 38 | Warwick Business School | UK | 120,111 | 89 |
| 29 | 30 | Manchester Business School | UK | 114,769 | 111 |
| 30 | 28 | University of Michigan: Ross | US | 140,195 | 97 |
| 31 | – | University of Hong Kong | China | 114,119 | 114 |
| 32 | 33 | Nanyang Business School | Singapore | 102,683 | 132 |
| 33 | 33 | Rotterdam School of Management, Erasmus University | Netherlands | 105,546 | 103 |
| 34 | 22 | Indian School of Business | India | 123,470 | 152 |
| 35 | 38 | University of Virginia: Darden | US | 142,657 | 110 |
Final word
The Masters programme is for talented and ambitious young people with limited (if any work) work experience who would like to start a career in business. It is also more theory-oriented in terms of teaching style and more specialized in terms of content.
The MBA is usually for those who have already started their careers and want or need new knowledge, analysis tools and networking opportunities in order to change their line of business or secure a promotion.
Your career aspirations should decide your decision on which course to pursue. An MIM graduate will be hard pressed to find a managerial position upon graduating from B-school. MIM students lack the c.v. of their MBA counterparts and their work experience is limited. MIM graduate can expect entry level positions rather than managerial jobs. MBA graduates on the other hand are considered ‘experienced hires’, since they have been in business for several years prior to their MBA degree – consequently they are eligible to bag leadership or management positions.
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Though a lots of knowledge is given in this article but still can't decide to choose which one , as I am a civil engineering student of last semester and in a dilemma to choose one of other . According to present scenario I don't think I will like working for3-5 yr with a starting sal of 10 -15k because as I looking forward to do management I am not sitting in p.s.u's to get a good govt. Job and good salary. Plz could you tell me that doing M.I.M will be worthwhile for me and to be clear I don't want to work for 5 years ..so what do you say.???
Hi siddharth,
You have raised a pertinent point-
Why go for a MBA instead of an MIM? From a real world perspective, does it make a difference? In our view it does.
And most of the difference lies in the learning you gain - an aspect which is mostly ignored as students are often focused on placements alone. Learning gained in an MBA should stand you in good stead over the long run.
First and foremost the learning you gain in an MBA course is valuable - you learn alongside people with 5-10 years experience in diverse fields. Learning with experienced folk prepares you for interactions in senior roles in corporate life and trains you to analyse problems from different perspectives.
Second as a professional with some experience on your side, you will relate to the learning taught in class and be able to absorb concepts better as well as apply them immediately on the job after the MBA.
For instance most case studies taught in PGP/ PGDM as well as one year MBA classes are published by Harvard, Wharton etc who have experienced folk in class and hence their cases mostly deal with situations faced by senior management - the MBA class in the Indian context with work experience on their side are equipped to relate to a situation faced by a General Manager, use past knowledge to solve the case study and absorb learning which they can then apply in their next job.
Gaining work experience also gives one clarity on what career one is really interested in. Often our choices change with time. For all you know a few years later you may realize you don't want to do an MBA at all!
These are just some of the reasons you may want to explore life for a few years, pursue your interests and gain some valuable work experience.
That said, if you feel you restricted by the options available to you after graduation and are certain on your career path after an MIM (pgp/pgdm), by all means go ahead and pursue the course.
Hello Sir
Sir currently i am in my final year of my graduation and already placed at infosys
currently i am preparing for GRE ,my question to you is that whether should i apply immediately after graduation for mim program or have work experience of 2 years and then apply for MBA
Hi Ankish, depends on your preference. If you are sure you want do go into a certain field, an MIM is ok. If you want to dabble in somethings before you zoom in on a certain career, a proper globally certified MBA will give you time to do that. Just know that in India, with lax accreditation norms all management courses are being sold as MBA and consequently most see both pre-experience and post-experience MBAs as same courses when they are not. This however may change as there is more awareness of the difference between an MBA (one-year courses in India) and pre-experience MIM (two year PGP/PGDM)
Thank you sir for such a prompt reply , as i told you earlier i am a civil engineering student and certainly
i have decided to pursue m.i.m but unfortunately the problem is that i can't decide to pursue which course
in master degree as there are many option like master in finance , masters in consultancy ,master in international business , master in management and i have no knowledge about any of these feilds cuz all i have studied about is engineering till now.
1. So could you suggest me which feild suits to my profile ..
2. And if i do choose feild like finance will i have to leave my undergraduate
3. Switch feids is like this is good for me or not..
4. last thing i want to know is that after doing m.i.m and taking 5 yr experience can i do mba also if i like ..
Hi Siddharth,
the answer completely depends upon your own interests. If you want to remain in the civil engineering field, look at a programme that asists you in the journey ahead. Maybe a degree in operations for instance. In fact, Adani institute of Management has a One year MBA in Infrastructure management which you may want to check out. The programme requires lesser work experience than most one year MBAs. Some requirements:
(a) A Bachelor’s Degree in any discipline.
(b) Work experience of more than 18 months after the completion of Bachelor’s Degree
(c) GMAT score
Or
(c) CAT score
Check details here: http://bit.ly/1kYhc1l
You are young and you should be more worried about pursuing your interests rather than worrying about continuity in your studies at this stage unless there is a financial reason which is pushing you to settle down at the earliest etc.
MBA can be done after MIM. Though since the content between the two overlaps by almost 30% you should evaluate basis your circumstances after 5 years if you would like to and need to pursue the course.
Regards.
ADMIN you are ultimate :D
Nicely explained everything but in addition i would like to ask one question actually i am looking for MIM but i didn't appear for GMAT and neither prepared yet so far as i thought its not required for MIM but when i was checking the criteria its there for almost every college and their deadline are very nearby so i want your opinion for two things.
1-Should i go for a OK OK college by taking MIM course who are not asking for GMAT or should i give Gmat and go for next session (you seems to have very profound knowledge about all this please help)
2-Which place is best for MIM UK,France,Canada or any other ? Can u prioritise it please
Hi SB,
Thanks for your positive feedback!
The answer to your question depends to a large extent on your aims. Are you seeing the MIM as a stop-gap and do you intend to pursue an MBA later? Or is the MIM degree important for you and do you plan to base your career on it? If its the first case and you are really determined to join a course this session, you could look at a tier-2 course.
However, we won't recommend this approach. Since this is a post grad degree that one doesn't pursue everyday, we would suggest you take a shot at the GMAT and then take a considered decision with all options open to you.
2. The Financial Times MIM ranking reproduced above is fairly exhaustive in terms of parameters it considers and schools in the Top 10 of course enjoy the best reputation. The Geography is important primarily from the angle of your future aims. If you intend to work in France/ Europe then an MIM in France/ UK would make sense. If instead Canada is where you want to build a career, aim for a school there.
Regards.
Thanks for replying so fast :)
What i have decided is to study MIM then work for some time in foreign only then MBA in future.
I have 3+ years experience so i guess one more option is there to work for one more year then Apply for MBA with GMAT score.
1- What do u think admin ? Does MIM course is worthy? Or one should go directly go for MBA ? Although by ur impressive blog i know the difference between both.
2. I was thinking to study MIM from London but i don't want to get stuck with this thing that okay now i will have to work in London only.Is it so that u don't get placements outside that particular country from where u r studying ur course.
Hi Sb,
1. An MIM course is a perfectly ok option, but since you have 3 years work experience you may find placements at the end of the course not in sync with your
aspirations.
With 3 + years of work ex, you are eligible for MBA at ISB in India. Also B-schools in USA such as Harvard, Stanford accept students with 3+ years of work experience. You are also eligible for schools in Europe.
The only thing to keep in mind is that the average work experience in the classroom of B-schools in Europe and USA is typically 5 years. So the chances of admission go up when you come closer to the class average.
2. You can very well get placements in a country different from the one you study in, but the percentage of international offers will always be a small fraction of domestic offers. So if you identify the geography you want to work in then preferably go for a school in that geography.
3. Regarding your query on Tier 2 schools - tier 2 refers to schools that are ranked lower than the premier B-schools.
Regards.
Admin,One more request to u is please explain what did u mean by saying Tier 2 courses ??
Oh my god,Thank you so much :D Admin.You have been great help.
This website and your blogs are phenomenal.Keep it up.
Thanks SB,
All the best for your MBA journey.
Admin
I hv just finished my btech in electronics
I wish to do a master's .. I have my GMAT score of 640 .. thru dat I applied to Australia for MBA ..
But I am confused whether I will get my return on investment or not as I dont have any work experience .. what do u suggest me to do for my career .. I have interest in IT sector as well
Your guidance would be appreciated
Hi Karan,
Hard to comment without knowing the School - what the Fee is and what placements you get on graduation determine the immediate ROI of the course. The school's brand and alumni network will decide the long term ROI. Share more details and we'll get back with our view.
Regards.
Hi sir I am thinking about University of technology Sydney (UTS) .. they have mba in IT .. fees is about 30 lakhs (tuition fee ) for entire course ?
Hi Karan,
UTS is a respected university and their MBA is ranked among the Top 10 in Australia as per some Australian rankings. However the school is not as well known internationally as some of the other B-schools in Australia such as Melbourne Business School. Factor this into your calculations if you plan to work outside Australia.
Now, to answer whether you can derive value from the programme. An MBA is always recommended after gaining some real world experience and we would any day advise you to go for an MBA after gaining work experience to derive the maximum value from your education.
PS - UTS is one of the few programmes in the world that accept students without work experience to their MBA programme and so while the B-school is AACSB accredited, it is not AMBA, UK accredited (AMBA accredits courses, AASCB accredits the institution).
Thank u for your valuable inputs .. I will keep this in mind while deciding .
In that case can u suggest courses or universities abroad which are respectable for MBA and suitable for my score
ps I want to pursue master's as soon as possible .. what are options if I apply next year with 1 year of work ex .. I am open to all options anywhere in Australia or canada
Admin :
i m in final year of my B-tech in Computer Science domain ....i wants to see myself at an senior managerial post in coming 6-8 years .Before knowing about the MIM course , i was clear about my coming 5 years plan that first i will be gaining 3 years expereince in IT sector then i will go for an US-MBA or UK-MBA ....as these ranked top among the world ,but now i m confused with MIM or MBA as MIM is getting popular every year in Europe and north america ,the recruiters are focusing more on MIM candidates rather than MBAians ...
the first question is :
1.which degree would make an impact in my career, MIM or MBA?.
2. the aftergrowth in an industry ,which would be preferenced more an MIMian or an MBAian?.
3. gaining few years experience now and then going for an MBA or enrolling now for an MIM/MBA .....which would be more benefited for any individual hoping for a career in Management .?
Hi Prashant, the MIM programme is certainly gaining in popularity. Not so sure about recruiters focusing on MIM candidates over MBA candidates - in case you know of specific cases, do share.
1. Both are good options - which is the one for you, would depend on the career path/ geography/ sector you are looking at. If its IT, check with the HR of a few dream companies on what degree holds more value for them.
2. An MBA is the standard management degree and some companies require you to specifically have an MBA before they consider you for certain leadership slots. Again this changes from sector to sector/ geography to geography.