Confused? Not after this article..
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.
Let's simplify it more!
Attributes | MIM | MBA | MSc |
Course | General Management | General Management | Specialization |
Duration | 2-3 years | 2 years (mostly) | 1-2 years |
Work Experience | 0-3 years | 2+ years | Not mandatory |
GMAT | Yes | Yes | May be |
Avg Fees | 25+ lacs | 40+ lacs | 15+ lacs |
Avg Salaries | 40+ lacs | 60+ lacs | 30+ lacs |
Top Schools | HEC, LBS, St Gallen | Harvard, INSEAD, NUS | HEC, EDHEC, Imperial |
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 For more information, we are just a consultation away!