Last year, the Find MBA Blog interviewed Thomas Graf, the director of the website Master in Management Compass, about the differences between Master in Management (MiM) programs and traditional MBAs.
Graf noted that MiM programs tend to draw younger candidates with less work experience. They’re also generally cheaper, and carry less reputation than their better known MBA counterparts. Interestingly, Graf noted that there is not much difference in the range of their respective curriculums:
Some students I talk to think there are no differences at all. I think this is probably too strong to say, but overall the differences in terms of content are not that big. Both offer general management courses, integrated team work, case studies, and a practical-oriented approach.
So, if the curriculum is about the same – how do the differences play out in the real, post-graduation world?
Read the FIND MBA article: Master in Management Programs vs. MBAs
We spoke to Thomas Graf, director of the recently launched website Master in Management Compass, about the pros and cons of doing an Master in Management (MiM) program versus an MBA.
How is the MiM different from the MBA?
In my opinion, there are three key differences: age of students, their professional experience, and program tuition fees.
MiM programs are designed for people in the early stages of their career – right after their undergraduate degree or after about a year on the job. As a result, MiM students are typically younger than MBA students: 23 years on average (with a range from 20 to about 27) compared to the 27-32 average age for MBA programs.
Accordingly, the MiM students have no or only a little bit of professional experience. Most business schools, actually, do not require professional experience at all for their MiM programs. In contrast, MBA program are designed for people with about three to five years of being in the job. A diversity of different professional backgrounds is one of the key benefits that you may get from an MBA program because you may profit not only from books or professors, but also from your fellow students.
As for the tuition fees, the MiM programs are cheaper than MBA programs. Whereas tuitions at the most expensive full-time MBA programs can reach as high as €60,000, the most expensive MiM programs cost only about half of that.