Master in Management vs MBA: What’s The Difference?

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 MBA programs (EMBAs).

According to the Graduate Management Admission Council's (GMAC) most recent Prospective Students Survey, students aged 22 or under are most likely to say they're considering a Master in Management—29 percent of this age range say it's their preferred program type. In contrast, the most likely demographic to consider the two-year, full time MBA is aged 25-30.

Just 10 percent of business school candidates aged between 31-39 say they're considering a Master in Management, while 46 percent consider pursuing an MBA degree. 

GMAC's Application Trends Survey highlights this difference in age and experience even further. The 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, 40 percent said their main post-GME career goal is to get a raise/salary increase. Thirty-eight percent each want to obtain a senior level position in an organization or manage projects.

Other candidates choose to pursue a full time MBA program to target executive-level roles in organizations and to directly manage people and projects.

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 (45%), the second-most popular goal (43%) is to work for a company where they can travel internationally.

Additionally, 40 percent of MiM candidates say their goal is to manage people, 38 percent want to live outside their country of citizenship, and 37 percent want to work outside their country of citizenship. 

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 likely because of 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 out of the top 10 programs are at schools in Europe. 

Some European programs allow students to study on multiple campuses across Europe. 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 an MiM equips early-career students with the business skills and knowledge they need to kickstart their business career, while the MBA provides most students with the basis for career acceleration or a career change (including starting their own business.) 

Both degrees equip you with generalist business knowledge and begin with core courses in general business topics such as:

• Finance

• Business Analytics

• Accounting

• Marketing

• Strategy

• Micro/Macroeconomics

• 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 Séguret, program director for the INSEAD Master in Management. “You then get young people who get actual work experience, which is what they need most.”

Want to explore different business Masters degrees? Download the BusinessBecause Which Business Masters guide now. 

FREE GUIDE

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 massively 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 just over US$50,000, whereas the school's MBA program will set you back close to US$130,000.

But Masters in Management degrees can vary in cost. The best Master in Management in the world at HEC Paris costs US$61,500, while a Masters at the top-ranked University of St. Gallen costs around US$11,700 for international candidates.

The price of an MBA varies, too. In Europe, a top degree will typically cost you between US$60,000 and the US$130,000. In the US, you could pay upwards of US$176,000 for the best two-year MBA programs.

When you factor in total cost, including fees and living costs, during your degree, the MBA program at Stanford Graduate School of Management is the world's most expensive, with a total cost of over US$260,000, according to the BusinessBecause Cost of MBA Report.

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 have earned 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 higher salary spike, as MBA students are typically targeting more senior job roles than Master in Management students. 

So, the average salary for MBA graduates ranges between US$186,000 and US$245,000 three years after completing their degree, according to the Financial Times Global MBA Ranking.

Master in Management careers

Whether in marketing, finance, tech, or consulting, the MiM provides a foundation for grads to enter diverse industries thanks to their strong base of management and global 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 jobs for MiM graduates include:

• Associate Consultant

• Business Analyst

• Investment Banking Analyst

• Marketing Analyst

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:

• Management Consultant

• Investment Banker

• Finance Manager

• Operations 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 Master in Management can give you a strong base to launch your business career, and then later, 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 around three or more years of experience, and are between 24 and 30, or older, then we recommend you target MBA programs. It's also the degree for you if you're looking to fast-track into a senior leadership role or change your career entirely.

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—this 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.

Ready to apply to b-school? Read the BusinessBecause guide to acing your MBA application.

FREE GUIDE