Applying to business school is an extremely competitive process. Top schools such as Harvard Business School, Stanford Graduate School of Business, and Wharton hold...
For years the MBA has built up its reputation as the go to degree for individuals wanting to make a move into the management field.
What's more, it has fared exceptionally well by equipping various graduates with skills to move forward and enter prestigious positions in MNC's or create organizations of their own.
However, with all the rewards that accompany an MBA, it’s a well-known fact that top schools are extremely choosy and applicants need to meet several prerequisites to meet selection standards.
One such pre-imperative is the work experience required.
With the average age of applicants around 27-28 years, one can't consider taking up this degree before he has 4-5 years of experience securely added to his profile.
This race to gain significant work experience is especially troublesome for people who know they want to change to a management role however to get to there, struggle to collect those lucrative years of work experience, at times in deadlocked occupations.
But times are changing.
In the last few years, the situation is changing and a suitable alternative is rising.
The Masters in Management, generally called MiM, is a degree which started in Europe and is at present making its presence felt as a feasible alternative to the MBA.
Candidates for Masters in Management programs are generally 21-25 years of age and involve people who have recently graduated or have under 2 years of work experience, consequently making the endeavour of changing fields a great deal quicker.
Masters in Management additionally incorporates Gap semesters, Exchange projects and International Internships to help its students increase their business proficiency and multi-cultural experience, and prepare them to confront the corporate jungle.
The gap between the theory and practical learning is further bridged by the flexible educational modules which consist of several projects and case studies.
In addition, with associations from McKinsey and Bain to EY and Google selecting from top Masters in Management schools, this degree is making a reputation for itself as a lucrative choice for graduates. MiM grads are often placed in sectors such as consulting, marketing and finance.
Additionally, the Masters in Management tuition costs are usually half of what a traditional MBA costs, and with graduates accepting compensations in the range of 40,000 to 60,000 euros it is providing a lucrative Return on Investment.
Thus, it is nothing unexpected that schools all over the world from NUS in Singapore to Kellogg in the USA are offering the Masters in Management in their degree portfolios.
So is the MiM giving the MBA a run for its crown?
Though it may look so, the MiM is not an immediate contender to the MBA, as both concentrate on a different target bunch, and have various other differences.
The accompanying infographic will give you an understanding of the 11 factors which separate the MBA from the MiM, and permit you to figure out which side of the MBA versus MiM battle should you be on.
Abhyank Srinet holds a Masters in Management degree from ESCP Europe & has an engineering degree with a specialization in Instrumentation & Control.
His interest in the digital landscape motivated him to create an online start up for Masters in Management application consulting (MiM-Essay.com), focused on spreading quality information about the MiM degree & performing application consulting services for clients.
He takes care of Business Development and Digital Marketing side of the company, and is very passionate about writing and Marketing.