If you’re looking to boost your income potential over the course of your career in business, most people recommend an MBA. After all, it’s universally understood and has been shown to help increase earning potential by as much as 20 percent, even in an entry-level job.
But what if there was another degree that taught you just as much, that only cost a fraction of the price of an MBA? Here’s some info to help you decide between an MBA and an MBM.
What’s the Difference Between an MBM Degree and MBA Degree?
There several differences between an MBA (Master of Business Administration) and MBM (Master of Business in Management).
They’re both graduate-level programs and are targeted at people working in the private sector who want to be considered for higher-paying managerial jobs after they graduate. However, the MBA is much more well known and is targeted to people who already have at least two years of experience in their chosen field. The MBM — also known as a MIM or Master in Management — is a graduate-level degree that offers management courses to students who have just graduated from an undergraduate program. Typically, students do not have to have completed a management undergraduate program in order to study for an MBM. This degree has been popular in Europe for many years and has recently started becoming more popular in North America.
MBM vs. MBA: Entrance Requirements
The entrance requirements for an MBA are generally quite similar but will vary depending on which schools you’re applying to. MBA applicants are asked to submit their undergraduate transcript, as well as their GMAT results. Applicants may also be asked to submit a personal essay and letters of reference from mentors or supervisors. Typically, most MBA programs want to see at least two to five years of experience in a business-related field before they will consider admittance. For some executive MBA programs, five to 10 years of managerial experience is the norm.
In contrast to the MBA, most MBM programs are intended to appeal to people who are coming right from an undergraduate program. Many of them do not have very much experience in a professional setting and will not have any managerial experience. Instead, applicants are assessed on their undergraduate grades, their current resume, and their potential to succeed in a managerial setting. Typically, students entering an MBM program are not required to take any standardized test like the GMAT or GRE.
MBM vs. MBA: Program Formats
There are a variety of different formats that are offered by MBA programs. The traditional format is a two-year, full-time program that operates year-round, rather than following an academic calendar. Students in a full-time MBA program should expect to be in courses or studying for the majority of their week. There are also part-time and executive MBAs, both of which typically offer classes at night and on weekends on an accelerated schedule. These accelerated programs allow students to graduate in 18 months or less. Many schools now offer MBA courses partially or fully online, so students can earn their degree regardless of where they’re living. These part-time and online options are designed to appeal to students who are already in the workforce and have a nine-to-five job.
There are several different options for MBM programs around the United States. Most of them follow a full-time academic schedule since they’re geared towards people who have not yet entered the workforce. However, it is possible to find part-time and online programs at schools like Colorado Technical University and DePaul University.
MBM vs. MBA: Course Details
The major differences between an MBA degree and MBM degree are their course material and the way that instructors teach students.
An MBA degree is designed for students who are already in the workforce and have prior business or management experience. The goal at the end of an MBA degree program is for the student to have gained specialized knowledge that they already know how to put into practice. Courses teach through case studies and by inviting the students to work together so they can learn from each other’s work experience. Course instructors put a high value on experiential learning through lab courses and internships.
In an MBM degree, students are either at the beginning of their career or have not yet entered the workforce. They won’t have as much experience to share with their peers, which is why MBM curriculum typically focuses on lectures and theoretical knowledge rather than learning through practical experience. Since students often come from very different educational backgrounds, the first part of an MBM degree focuses on teaching business fundamentals. Students take courses like Professional Evaluation, Organization Theory, and Communication & Investigation before moving on to more detailed topics. The typical MBM program is only around 10 to 12 months in length. The goal of an MBM program is to teach students the management and leadership skills required of managers and executives in their chosen field. These fields are often quite varied since MBM students tend to have a much more diverse educational background than MBA students.
MBM vs. MBA: Career Opportunities
Many students are drawn to MBA programs because they have heard about the many financial advantages of having these three letters at the end of their name. Graduates earn 20 percent more on average than their peers who have just as much work experience but didn’t earn an MBA degree. An MBA degree also gives graduates a leg up for promotions and career advancement into leadership roles as companies prize the leadership, analytical, and communication skills taught in an MBA program. Attending an MBA program is also a great way for people to boost their network connections since they’re exposed to different companies through case studies, internships, and networking events. Through these opportunities, students can make high-level connections in their industry.
After they’ve graduated with a bachelor’s degree or even a master’s degree in a field like science or engineering, many people choose to enter an MBM program to prepare themselves for future leadership. Even though they have this education in leadership, not many MBM grads have a lot of work experience, so they’ll typically take entry-level jobs with the goal of working their way up. The starting salary for an MBM graduate is around $50,000.
The biggest difference between an MBA and MBM program are the students.
MBAs are geared towards people who are early to mid-career and want to be eligible for future promotions and advancement. Typically, MBA students already have at least two years of work experience and are willing to pay up to $100,000 for a degree that will give them a competitive edge in their industry. MBM students are generally younger and usually come straight from an undergraduate program. Their goal is to build a theoretical foundation of business knowledge that they can take into their budding career. MBM programs are much more reasonably priced than MBA programs as tuition averages around $40,000.
Whether you choose an MBA or MBM, the knowledge you gain will definitely improve your career prospects long-term.
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