Masters in Management vs MBA: What’s the Difference?
If you’re interested in going to business school, you may have heard of a Masters of Business Administration (MBA) and Masters in Management (MiM). Both are postgraduate degrees that many people seek in an effort to propel their careers.
But what’s the difference between these two master’s programs and how do you decide which one is for you? In this guide, we’ll answer these questions, list the top schools for each program, and provide tips to help you choose the right business school program for you.
What Is a Masters in Management?
A MiM is a postgraduate degree in general business management designed for students who are interested in entering business management roles. As it’s a Master of Science, MiMs provide in-depth theoretical knowledge. It can even become quite research-oriented depending on the program.
MiM is a fundamental course with varied specializations with the most common being:
- Accounting
- Marketing
- Analytics
- Finance
- Economics
- Entrepreneurship
- Corporate and Business Strategy
- Business Ethics
- Operations Management
- Engineering Management
- Financial Management
- Management Theory
- Supply Chain Management
- Organizational Behavior
- Human Resources Management
- Management Information Systems
The MiM is a relatively young program. However, more and more people are becoming aware of it and the capabilities of graduates of these programs.
What Is a MBA?
A MBA is a postgraduate degree focused on business administration. It covers a range of core business topics, such as finance, accounting, micro/macroeconomics, business analytics, marketing, strategy, and people management. There are some MBA programs with concentrations.
These programs are often based on hands-on experience with real-life business case studies and integrated teamwork. MBAs also generally focus on developing problem-solving skills and enabling students to find innovative solutions for a range of business issues.
MBAs are the most traditional postgraduate degree for general management, making it well-known among international firms.
The Main Differences Between a MiM and MBA
While there are some overlaps between MBA and MiM programs, there are a few major differences, including varying entry requirements, tuition fees, and curriculum.
Work Experience
MBAs tend to have a minimum work experience required, while MiMs have a maximum work experience allowed. MiMs normally ask for between 0 to 3 years of experience, while most MBAs ask for 3+ or even 5+ years of experience for some schools.
Because of this, Masters in Management are usually designed for students with less professional experience who want to develop their business skills. On the other hand, MBAs are designed for business professionals looking to advance their careers.
Additionally, MBAs are more oriented to help students develop managerial skills, whether they are currently managers or are ready to take the next step in their career. After graduation, there is a large percentage of students who focus on consulting roles, while MiMs are used for a wider range of roles.
This makes a MiM best for those who have recently graduated with a bachelor’s degree or with a couple years of professional experience, while a MBA is best for those with several years of business experience looking to elevate their career.
Tuition Fees
When looking at tuition fees, MiM programs are usually cheaper than MBA programs. Some are even two to three times cheaper than the average MBA program. However, tuition fees do vary among different business schools, and there can be different finance and scholarship options available.
Curriculum
As the two programs are designed for different levels of experience, this makes the curriculum of the two programs vary. A MiM provides foundational business knowledge with a focus on management, while a MBA covers more advanced business topics.
It’s common for MiMs to have different specializations or a specific focus, such as in analytics or marketing. In general, these programs are more specific in certain subjects compared to a MBA.
How to Decide If a MiM or MBA Is for You
To decide whether a MiM or MBA is best for you depends on what your work experience, career prospects, professional goals, and interests are. It’s important to figure out whether a MiM or MBA will better support these considerations.
MiMs provide graduates with a foundation to enter a number of industries, including finance, consulting, marketing, and tech. It allows students to build a strong base of global business and management knowledge. Typical jobs for graduates of MiM programs include being a marketing analyst, business analyst, investment banking analyst, or associate consultant.
MBAs are designed to accelerate and fast-track graduates into more senior leadership positions. Some of the most common jobs graduates of these programs get include a finance manager, operations manager, investment banker, and management consultant.
Some professionals even obtain both a MiM and MBA throughout their career as a MiM can provide a strong base to launch your business career, while a MBA can later accelerate you into more leadership roles or even allow you pivot your career.
If you’re unsure about which one is right for you at this point in time, it could be helpful to talk to a career or college counselor.
Top Universities for MiMs
The Financial Times has highlighted the top universities for Masters in Management. Here’s the 10 best schools across the globe.
1. University of St Gallen
2. HEC Paris
3. University College Dublin: Smurfit
4. London Business School
5. Rotterdam School of Management, Erasmus University
6. Essec Business School
7. ESCP Business School
8. Stockholm School of Economics
9. Edhec Business School
10. Imperial College Business School
Best Universities for MBAs
The Financial Times has also ranked the top MBA programs globally. Here’s its top 10.
1. University of Pennsylvania: Wharton
2. Columbia Business School
3. Insead
4. Harvard Business School
5. Northwestern University, Kellogg School of Management
6. Stanford Graduate School of Business
7. University of Chicago: Booth
8. London Business School
9. Yale School of Management
10. Iese Business School
Finding & Applying to the Right Business School Program
It’s important to figure out which business program is for you, your experience, interests, and professional goals.
We can help you find the right business school program. Sign up to Unify to search for MiM and MBA programs across the world, and you can even get matched with programs based on your background, preferences, and goals.
You can also get in touch with our team of experienced counselors to help you with the entire admissions process and get hands-on advice to improve your business school application.