To MiM or not to MiM- that is the question.
Masters in management (MiM) programs are postgraduate business degree programs. They are typically more classroom-based than the MBA, focusing more on theoretical knowledge. However, about 30% of MBA and MiM curricula overlap.
Over 67% of all MiM programs are offered in Europe, where the demand for MiM graduates has always been really high. However, over the last six years, there has been a proliferation of MiM programs in North America, Latin America, and Asia-Pacific. In fact, many elite business schools, such as Kellogg, Tuck, and MIT Sloan, offer MiMs.
Should you MiM? If the following points resonate with you, then maybe a MiM is something to consider.
a) Destination Europe, Asia- Pacific, South America, Africa
There is a growing demand for MiM graduates in Asia-Pacific, South America, and Africa; however, a MiM might hamper your prospects with American firms: Data from the 2015 GMAC report showed that 57% of European firms said they would hire a MiM graduate this year compared to just 25% of American firms. Why? One possible reason is that MiMs do not have as much visibility in the US, so US recruiters are less familiar with the qualification. If you are thinking of a career in the US, it is important to take this into consideration.
Although still a financial investment, MiMs are less expensive than MBAs. The average annual cost of an MBA, including room and board, at a top business school is $100,000. The MiM, on the other hand, is half as costly, and can be completed in one year. However, some MiM graduates do later decide to pursue an MBA, so the MiM might not be the less expensive option for such graduates in the long run.
c) Work experience
Most MBA application require at least three years of work experience, so it comes as no surprise that the average age of an MBA applicant is 29. MiMs, however, aren’t heavy on work experience; in fact, many of them do not require any professional experience at all, making them excellent options for recent graduates who might have less than a year or two of work experience under their belts.