Choosing the right Masters Degree in Management

Understanding MIM vs MBA vs MSc - An article from Edvisory.in

As per the recently published reports by various Immigration agencies, around a whopping 81% of students studying abroad from India, go for Masters programs. While we all wish, it was that simple to understand, to our surprise there could be numerous Masters programs. Hence it becomes essential for every individual to choose the right program and hence understand the differences clearly.

In this article, we analyze the key differences between the most revered and chosen management programs across the globe.?

A management Masters in India, can easily be referred to as an MBA or a PGDM, while some 1 year programs are also known as the PGP, they all pretty much mean the same thing and for similar audiences, except for the Executive MBA. When it comes to studying abroad, there are 3 major kinds of programs. Let’s discuss each one of them separately and then compare them.

MIM - Masters in Management

It's a general management course. In most cases, it takes 2 years to complete but sometimes some universities come up with internships in between because of which it can stretch to 3 years. This degree is predominantly seen across Europe. Talking about prerequisites, GMAT, and IELTS scores are mandatory. And students who have less than 3 years of work experience can apply for this program. The fees charged are pretty high and so is the salary, averaging at nearly 50-60k in Europe. Moreover, it is a worldwide recognized degree.

MBA - Master of Business Administration

It's a general management course. It depends on the institution but generally, it takes between 1- 2 years to complete. This degree is highly known across the globe. Talking about prerequisites, GMAT, and IELTS scores are mandatory. And students should have at least 2 - 5 years of work experience to apply for this program. The fees charged are pretty high and so is the salary, to as high as 100k in Europe. It is also a worldwide recognized degree.

MSc - Master of Science

It's a specialization course, meaning, only the subject which is chosen, is taught throughout the program. Generally, it takes 1 year to complete but mostly for students having a 3-year bachelor’s degree, it takes 2 years. This degree is predominantly seen across Europe. Talking about prerequisites, the GMAT score is not mandatory in most cases and IELTS scores are needed except in France (If the applicant's previous degree has been completely taught in English) .? And there’s no bar on work experience to apply for this program. Freshers, as well as highly experienced professionals, can apply. The fees charged are affordable and the salary depends on the job profile but starts at 40k in Europe. It is also a worldwide recognized degree.

Note:?

1. Salaries are mentioned in INR above for the convenience of understanding, we do not recommend converting salaries in INR and making a decision based on the conversions since it may look flashy at the beginning but then expenses are also in the local currencies. For example, a Samosa in Paris can be as expensive as 500 INR (6 Euros)

2. Duration, Acceptance criteria, Eligibility, Fees, Salaries are mentioned as per standard observations and can vary across countries, schools

Eg: Mannheim Business School offers a 1 year MBA and is ranked as the best school for ROI in the world, Harvard is not in the top 30

At KEDGE Business School, my alma mater, you can find all of these programs with dozens of MSc programs, one MIM and an MBA for senior executives!

In the end, it all comes down to one thing, 'what do we really wanna do and why'