Master in Management vs MBA: What’s the difference?
Key Takeaways
- The teaching content of MBA and MiM degrees is broadly similar. Both programs teach you the business fundamentals together with a range of soft skills such as communication, negotiation, and leadership
- The main difference between the two is that MBAs are targeted at older, more experienced professionals looking to advance to senior-level roles in their company. A MiM is targeted at younger students with little to no work experience
- Which one you choose will likely depend on your age, years of work experience, and career plans
If you're planning a career in business, you've probably considered going to business school.
To gain the management skills, knowledge, and network often required to progress, you’re faced with the choice of studying either a Master in Management (MiM) or a Master of Business Administration (MBA) degree.
Both are generalist management degrees, which means they give you the broad business and leadership skills to succeed in a management career. However, there are some key differences that make a Master in Management or MBA program suitable for different professionals.
So, what is the difference between a MiM and an MBA?
Master in Management vs MBA degree: Class profile
When figuring out how to choose between a MiM or an MBA, it helps to understand the make-up of the typical cohort of each program.
Age and experience
If you're an undergraduate student or recent graduate pursuing a business career, a MiM could be for you. The degree typically attracts younger candidates with zero to one year of work experience.
In contrast, the MBA program attracts older candidates with established careers and a good number of years of work experience—anywhere from two or three up to more than 10 for most Executive MBAs (EMBAs).
According to our most recent Prospective Students Survey, students aged 23 to 24 are most likely to say they're considering a Master in Management, while the most likely demographic to consider the two-year, full time MBA is aged 25-30.
Our Application Trends Survey highlights this difference in age and experience even further. The most recent survey found that over half of Master in Management applicants (54%) had no work experience at all, compared to just 9 percent of applicants to the traditional two-year MBA program.
Career goals
Among two-year full time MBA candidates, 43% said their main post-GME career goal is to get a raise/salary increase. A total of 37% said they want to manage people, while 36 percent said they want to study an MBA to start managing projects.
Other candidates choose to pursue a full time MBA program to obtain senior-level positions in organizations and to change career paths.
Master in Management candidates have different priorities, which reflect their status as early-career working professionals. While the most popular career goal for MiM candidates is to manage projects (50%), the second-most popular goal (43%) is to work for a company where they can travel internationally.
Additionally, 43% of MiM candidates say their goal is to manage people, 36% want to live outside their country of citizenship, and 32% want to earn a better salary.
Preferred destination
The top graduate management program among applicants wishing to study in the US or Canada is the two-year full time MBA. That's largely due to the renowned strength of the program in the US, where the MBA was born, launched by Harvard Business School at the beginning of the 20th century.
The Master in Management degree, meanwhile, is more popular in Europe, particularly among business school candidates from Western Europe, Latin America, and East and Southeast Asia. Indeed, European business schools dominate the Financial Times Masters in Management ranking—nine of the top 10 programs are at schools in Europe.
Some European programs allow students to study on multiple campuses across Europe. For instance, the European Triple Degree Master in Management at emlyon business school takes students to France, the UK, and Germany.
“You get different perspectives, from different professors, from the three different universities," explains Leonardo Deschaseaux, a graduate from the emlyon program.
MiM vs MBA: Syllabus
The key difference between a Master in Management and an MBA degree is that a MiM equips early-career students with the business skills and knowledge they need to launch their business career, while the MBA helps students to accelerate or change their career.
Both degrees equip you with generalist business knowledge and begin with core courses in general business topics such as:
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Finance
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Business Analytics
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Accounting
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Marketing
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Strategy
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Micro/Macroeconomics
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Human Resources
For both degree types, you can choose several elective courses that will allow you to dive deep and specialize in a particular business area.
Likewise, for both a Master in Management and an MBA degree, you'll likely have the opportunity to travel overseas for immersive business trips. These field trips will give you an understanding of how business differs across cultures, how different locations adopt different business models, and how they pivot towards differing consumer bases.
These two degrees adopt the case study approach; this teaching method helps you build your business skills and critical thinking by examining how certain businesses approach and overcome industry challenges.
You'll have opportunities to apply what you learn in class to real-life scenarios through company projects that will see you test your practical skills in independent and group projects.
For full-time MBA programs that last for two years, you'll also likely have a summer internship in between your first and second year.
An internship may also be integrated into a Master in Management program, likely at the end of your degree. However, it's considered a core part of an MBA curriculum, allowing professionals to gain targeted experience in a new industry or function.
Some MiM degrees, such as the INSEAD Master in Management, offer solid practical training. The INSEAD MiM finishes with a four-to-six-month professional exposure module, where you work as an intern or full-time employee at a company.
“When it comes to doing, which is what recruiters want, this method forces you to apply what you have learned," explains Thibault Seguret, program director for the INSEAD Master in Management. “You then get young people who get actual work experience, which is what they need most.”
MiM vs. MBA: Cost
While both a Master in Management and an MBA program are significant financial investments, a MiM is typically cheaper than an MBA.
On average, a top-ranked Master in Management program will total US$30,000 to US$50,000 in tuition fees. Although tuition fees for an MBA program vary depending on where you choose to study, they can reach US$165,500 for a two-year full-time program.
For example, the London Business School MiM costs £52,950 (US$72,000, whereas the school's MBA program will set you back £123,950 (US$170,000).
But MiM degrees can vary in cost. One of the best MiMs in the world is offered at HEC Paris and costs €57,700 (US$68,500), while an equivalent degree at the top-ranked University of St. Gallen costs around CHF 10,000 (US$13,000) for international students .
The price of an MBA also varies. In Europe, a top degree will typically cost you between US$60,000 and US$130,000. In the US, you could pay upwards of US$160,000 for the best two-year MBA programs.
MiM vs MBA: Salary & job prospects
After graduation, both Master in Management and MBA students see a strong return on investment on their business programs.
Recent graduates from the best Master in Management programs in the world earn between US$100,000 and US$130,000 three years after graduating business school, according to the Financial Times Masters in Management Ranking.
MBA graduates from the top business schools in the world see a bigger salary spike, as MBA students are typically targeting more senior job roles than Master in Management students. According to the Financial Times Global MBA Ranking, the average weighted salary of the world’s top 100 programs ranges from $96,000 at Audencia (France) to $260,000 at Harvard (USA).
Master in Management careers
Whether in marketing, finance, tech, or consulting, the MiM curriculum provides a foundation for grads to enter diverse industries thanks to their strong foundation of management and business knowledge.
The degree can also be a stepping stone to more senior careers in lucrative industries like technology and as a basis for pursuing a career in entrepreneurship.
Typical job titles for MiM graduates include:
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Associate consultant
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Business analyst
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Data analyst
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Investment banking analyst
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Investment associate
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Marketing analyst
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Project manager
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Marketing manager
MBA careers
MBA programs are designed to accelerate and fast-track professionals into more senior leadership roles.
The MBA degree is also fabled for its so-called triple jump, which sees grads change geographical location, industry, and function. MBA graduates command huge salaries and often go on to lead teams for some of the biggest companies in the world.
Typical jobs for MBA graduates include:
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Management consultant
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Investment banking associate
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Finance manager
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Portfolio manager
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Operations manager
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Product manager
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Marketing manager
Companies that hire MBA and MiM grads are similar, although the latter will be hired into more junior roles. At Bain & Company, for example, Master's graduates will be hired into associate consultant roles, whereas MBAs will come in as consultants.
Some of the employers that hire the most MBAs and MiM grads include Microsoft, Accenture, Deloitte, Google, Amazon, Bain & Company, the Boston Consulting Group, and McKinsey.
MiM vs MBA program: Which should you choose?
Getting a Master in Management doesn't mean you can't later study an MBA. Some professionals obtain both graduate programs in their careers, depending on their priorities at a particular time.
A MiM can give you a strong base to launch your business career, and then an MBA can accelerate you into senior leadership roles or allow you to pivot your career entirely.
However, if you're on the younger side—under 24—and have recently graduated from college, or have less than two year's professional experience, a MiM degree is typically the best fit for you.
If you're a career professional with three or more years of experience, and are aged between 24 and 30, targeting MBA programs is a more common option. It's also the degree for you if you're looking to fast-track into a senior leadership role or change your career focus.
When choosing the right business administration program, research class profiles, speak to alumni, and visit school campuses if possible. If you're applying for an MBA course, there are also GMAT scores to consider—the exam is one of the core MBA admission requirements to the world's top business schools.
Remember that you don't have to study a MiM or MBA program full-time. Many part-time MBA programs are available, and online and hybrid business school degrees are also becoming more popular.
So, think about what stage you're at in your career and what you want from your degree, and you'll be well on your way to figuring out whether a MiM or an MBA is the best fit for you.