Ever wonder what the differences was between a Master’s in Management (MIM) and a Master’s in Business Administration (MBA)? The MIM is basically an MBA for people with no work experience, or for liberal arts majors or non-business majors to transition into the world of business and to work in a business function instead of their current jobs.
While many people know that an MBA is the most prestigious management degree one can get, they do not know whether the MIM is worth it. There is no major ranking for MIM programs, and this is a relatively new format of instruction. In fact, only a few top schools in the US offer this program – only Duke and Northwestern offer this program and are in the top 10 US Business schools. In the UK, LBS and LSE offer MIM programs. In short, the MIM is worth it if one wants to repackage themselves in order to sell one's personal brand and skillets to employers who traditionally would not hire them.
Who usually takes MIMs? Students in their final year of college who go straight to a MIM, likely because their major does not cover essential business topics. However, a great deal of people who get a MIM have a foreign degree in business and hope to get a MIM in the US or the UK to better position themselves in the increasingly competitive market. In summary, a MIM is extremely useful and effective for those young students straight out or a few years out of college who are unable to find a job they want.
A MIM, in its simplest form is a glorified 5th year of college. The best exit opportunities for MIM are pretty much analyst level jobs that one can get in college. However, demand for these top jobs (investment banking analyst, strategy consultant, etc.) is far greater than the supply, so the MIM is a good avenue to get ahead in the job search, at least as far as entry level positions are concerned.
Is a MIM equal to an MBA? No, the MBA is for either mid-level professionals or executives (of course there are outliers – students who get into MBA programs with barely any work experience) and has average salaries more than double the starting salaries of MIM candidates, generally speaking.
At GoFurther, our specialty happens to be MIMs, and we have placed students in Duke and LBS – top MIM programs in the world. Find out how we can help and reach us at firstname.lastname@example.org.