Around a whopping 81% of students studying abroad from India go for Master’s programs, according to recently published reports by various immigration agencies. It’s 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 Master’s in India can easily be referred to as an MBA or a PGDM, while some 1-year programs are also known as the PGP. 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 – Master in Management
The Master in Management is a general management course. In most cases, it takes 2 years to complete but some universities may offer internships in the middle which can stretch the program to 3 years. This degree is predominantly seen across Europe. Talking about admissions requirements, submitting test scores such as GMAT and IELTS may be mandatory. Students who have less than 3 years of work experience can apply for this program. The fees charged at the top-ranked programs may seem steep, but so is the post-graduation salary, averaging at nearly 50-60k in Europe. Moreover, the Master in Management is a worldwide recognized degree.
MBA – Master of Business Administration
The MBA is 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. When it comes to admissions requirements, GMAT and IELTS scores are almost always mandatory. Students should have at least 2-5 years of work experience to apply for this program format. The tuition fees can be a significant investment, but bear in mind that the average post-MBA salary in Europe can go as high as 100k. The MBA is also a worldwide recognized degree.
MSc – Master of Science
The Master of Science is a specialization course, meaning only the subject which is chosen is taught throughout the program. Generally, it takes 1-2 years to complete. This degree is predominantly seen across Europe. The GMAT score is not mandatory in most cases, while 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 usually more affordable compared to MiM or MBA degrees. The salary depends on the job profile but starts at 40k in Europe. The Master of Science is also a worldwide recognized degree.
| 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 | Maybe |
| 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 and schools.
E.g.: 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.
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