What is Masters Of Business Administration (MBA)?
With a Masters in Business Administration, one can learn technical skills as well as skills in management and leadership. It is a general business degree for graduates. Earning it would equip students with valuable skills and information and help increase the size of their professional network while also creating a large number of novel opportunities. It helps students in transitioning to a completely new industry, creates opportunities for aspiring entrepreneurs and increases the rate of success in their career.
What is a Masters in Business Management (MiM)?
A Masters in Business Management is a postgraduate degree which targets individuals who have recently graduated or young professionals. It equips students with information about a variety of streams in management. These include streams like finance, marketing, entrepreneurship and so on. It is a perfect degree for people looking and aspiring to work in a management field. It also gives leverage to people who wish to change from one stream to another early on.
What Are the Differences Between MBA and Business Management?
In top MBA Universities, there are a large number of criteria and high requirements that their students must reach in order to get in. These include job experience, professional achievements, academic achievements, and so on. Even though this raises the quality of applicants for an MBA course, it also leaves a large number of younger and smarter students behind.
One of the major differences between a Masters in Business Administration and a Masters in Business Management is work experience. When we talk of a Masters in Business Management, work experience is not as important even though appreciated, solely because of the nature of the degree. Hence it does not play a very important role in the eligibility of a candidate for the degree.
As mentioned above, even though work experience is not important at all when it comes to being eligible for a management degree, work experience of even six months is appreciated. If one has collected more work experience than this, it is suggested that they apply for an MBA. A large number of institutions create a cut off of one year for work experience when considering management applicants.
MBA, on the other hand, looks for a job experience of three or more years. Fresh graduates and candidates holding lesser than two years of job experience are urged to apply for a Masters in Business Management. By taking a Business Management an applicant would be able to have a stronghold on the information required to start their business career.
The various other differences between the two are listed below:
- Due to the years of work experience, the average age of applicants for an MBA is 27 and ranges between 25-32 years of age. On the other hand, Masters of Business Management applicants have an average age of 23 with an age range of 21-25 years of age.
- The teaching methods vary as well with MBA using a practical orientation method involving case studies and thus deepening the learning experience for applicants. It also focuses on equipping students with knowledge about the application of various business techniques. For those taking a Masters of Business Management course, however, uses a more theoretical approach involving group projects and lectures focusing on the theoretical basics of business.
- Another difference is the duration of each course. It one or two years for MBA courses and around ten months for a Business Management course.
- MBA students tend to earn more than management students later on.
- People with an MBA degree tend to occupy mid-level positions in a company while MiM (Business) students tend to occupy entry-level positions.