6 Reasons Why a Master's in Business Management Could be a Better Option for You than an MBA
The master of business administration or MBA has become commonplace. That has undermined its value as a mark of distinction on your CV. This has also led to a proliferation of specialised MBA degrees. Yet there are alternative master’s degrees that provide similar value to the MBA while letting you stand out from the crowd. One example would be the master in management or MIM. Here are 6 reasons why a master’s in business management could be a better option for you than an MBA.
It Is Easier to Get into the Program
The average MIM or master’s in management program doesn’t require you to have significant work experience to apply. This is in contrast to MBA programs requiring at least three to five years of work experience to even be considered. The MIM programs plan on cultivating leadership and managerial skills in their students through internships or practical experience.
A side benefit of MIM programs is that you don’t have to have a business background to succeed in the program. Nearly a third of MIM applicants are non-business undergraduates.
It Is Internationally Recognised
The MBA is widely known, but the MIM is internationally oriented. It caters to international students and teaches you how to work in an increasingly globalised era.
This means that a MIM is more likely to be recognised by multinational firms and is preferred by them relative to an MBA. The MIM is increasingly preferred by European firms, thanks to changes due to the Bologna process. Depending on the program you choose, you may be forced to become proficient in a second language. In these cases, taking a given number of second language classes is necessary to graduate.
Another benefit of MIM programs is the diversity of the student body. Since these classes are internationally oriented, they also tend to attract many international students. It also attracts many people from fields that are not related to business, like healthcare, for instance.
As a matter of fact, it was estimated that out of all applicants, 29% were non-business undergraduates according to a GMAT application trends survey conducted in 2016. It was also found that the majority of MIM graduates came from China, India, Italy, and Germany.
This means that you will get a very diverse experience and have the chance to learn from people from different fields and parts of the world. This could give you a chance to network and get job opportunities or discover needs in markets you didn’t know existed. Or you might find out countries with great work conditions and life quality who are in dire need of people with these credentials. Having connections in this country could help you find positions and get situated if you do decide to make the move.
It Balances Theory with Experience
The master's in management degree was originally a master of science degree like the MSc in Finance that has likewise become increasingly popular. The master of science foundation made the MIM more theoretical than practical. MIM programs now offer a greater range of practical courses like eCommerce in addition to business ethics and the psychology of money. There are case studies to read, but you're going to also hear guest lectures from business leaders.
It Is Cost Competitive
Masters in Management degrees are generally cheaper than MBA programs. The cost will, of course, depend on the university and your specialisation. Yet you'll see a salary boost similar to that of someone with an MBA. This is because a MIM can tighten up management skills you already have or give you the necessary skills to launch your own business, though it may not give you the in-depth training in soft skills an MBA can provide.
One point in favour of Masters in Management programs is that it transfers very well to an online format. We suggest you check out Aston University’s MSc Management online course and the options they offer through their distance learning programs.
Online classes have many benefits, especially for working professionals. It allows them to get their credentials while they keep their current position and use some of the principles they learn in their work so they can become better administrators as they go. They’re also a great option for business owners who want to get or further their education but may not have the time to do so.
You Can Still Specialise
A MIM degree gives you many of the skills you need to succeed in business. It allows you to learn about cutting-edge technologies and their application in the workplace. You can learn about data science, marketing, finance, and sustainability.
On the other hand, the MBA is a much more general degree. Earning an MBA may force you to spend time in classes covering supply chain management, social responsibility, or human resources that are of no interest or value to you. Depending on the MBA program, this could force you to spend several more months in school to earn the degree relative to a MIM.
You Have the Same Networking Opportunities as MBAs
MIM programs are home to many future business leaders. That is why a MIM is just as good as an MBA program for networking with peers. On the other hand, the lower average cost of a MIM explains why a larger share of graduates doesn't work in corporate positions. That means that the MIM can prepare you to work in non-profit management as well as corporate management.
When you have a MIM degree, you'll be able to ask your professors questions as you develop your business plan and network with alumni from the school. You will also be able to take advantage of the school's career centre to find your next job.
The business world is constantly changing, and a MIM can help you keep up. A master's degree in management science can also prepare you for a new career path if you choose the right program.