Should You Invest Time and Money into Top MIM Programs?
You might have heard about MIM programs. A MIM is a Master in Management. A course you can take after graduation or when you have gotten a couple of years of work experience after graduating. Often you can attend a MIM in Europe but they are also elsewhere in great colleges all around the globe. You might be wondering though if it is worth your time and money and what value it adds to your CV. Here is a closer look.
Facts about top MIM programs
When you are talking about the best MIM programs these are comparable to getting a PGDM (Post Graduate Diploma in Management) from one of the best IIMs (Indian Institutes of Management). IIM-A, IIM-B and so on. Knowing that should make it more understandable why choosing to get a MIM is a good plan. Some other facts you should know about MIM programs are as follows;
● Choosing a MIM instead of a PGDM is better because you get better exposure to the international business world than you would going to an IIM.
● MIM programs have much higher rates of selection so you are with the best in the world.
● Passing this program could take only a year of your time.
● MIMs are more expensive, costing somewhere between Rs. 30-50 lacs whereas IIMs are somewhere closer to Rs 20 lacs.
● A lot of the top institutes in Europe that offer MIMs are more geared towards practical application.
● If you want to have the opportunity to work elsewhere in the world or for an international business, then MIMs offer you that kind of chance. However, going to an IIM is more likely to open up opportunities in the Indian market. Working internationally you could earn an income that is two or even three times what you might make in India.
Comparing IIM and MIM quality of learning
While there is nothing knocking the best IIMs it is a fact that the quality of learning and education with the top MIM programs is superior. Faculty are more experienced and motivated, students are more diverse and the additional practical application beats any IIM.
Comparing IIM and MIM costs
When it comes to cost, IIMs have MIMs beat since the latter are more expensive. But when you take into the far better income you can achieve with an MIM and you might be able to reduce the study time to one year, this makes the cost a long term investment. There are scholarships and loans you can investigate to help with costs.
Comparing IIM and MIM selection process
It is actually harder to get into an IIM then to a top MIM institute. Perhaps because a lot of graduates do not want to leave India and are worried about internation study. As long as you have a good application you have higher chances of getting into a MIM program.
Comparing IIM and MIM work opportunities
As mentioned with MIM you are getting opportunities to work globally. But you may need to time it so that it is at a time when international jobs are more available. The job market changes nationally as well as internationally after all.
If you are wanting to expand your horizons, make new connections, have an opportunity for international study and work then MIMs are the best option. They are a great way to get a good foundation in management and business and there are a lot of ways they are better than attending an IIM!