We have talked about the pros and cons of earning an MBA on this site. Obviously the connections and education are major pros but the time and money that are needed to earn this degree can be major cons for people and can stop them from pursuing one altogether. As part of our effort to provide you with as many options as possible for advancing your career we thought you could use some info on the MIM or Masters in Management degree which could be viewed as a very good alternative to an MBA for people right out of college.
The MIM is a new form of accelerated business graduate degrees in the U.S. (they have been popular in Europe for many years). The degree helps recent college graduates complement their existing undergraduate knowledge with a basic business foundation and acquire real-world skills that can immediately be put into practice in a professional environment, said Amy Hillman, executive dean at the W. P. Carey School of Business at Arizona State University, which offers the MIM. Other schools that offer this degree include Wake Forest, University of Florida, Pepperdine, Harvard, University of Virginia, University of Phoenix, Kaplan and Thunderbird.
Hillman told The Grindstone, “If you’ve been in the work force for a handful of years and want to pursue an eventual C-level position, then an MBA degree may be right for you. However, if you’re a college senior or graduated within the past two years and have little to no business experience, a MIM is a better fit. Time and cost also factor into the decision. The W. P. Carey School’s MIM degree takes nine months versus a typical two-year MBA program. Also, tuition for a MIM degree costs (Arizona charges around$36,000 for out of state residents) approximately half that of an MBA degree. ”
Many people who go to business school do this with the intention of being able to start their own company or business when they get out. Is the MIM helpful for aspiring entrepreneurs? With more and more young college students starting businesses while they are still attending school (that is how Mark Zuckerberg started Facebook) this could be a great way to get some formal training. Hillman said young entrepreneurs and aspiring entrepreneurs will get a strong set of fundamentals in nine months with a master’s in management.
“They get accounting, finance, project management, strategy and marketing knowledge to help their ideas become successful ventures. In addition, they get leadership development and important soft skills needed to manage people and engage stakeholders. They also get their feet wet by applying their knowledge to a real business problem in their capstone project. These projects involve companies of all sizes, so aspiring entrepreneurs are able to work with their team on a project for a new venture and see inside without having to put their own skin in the game,” she said.
The MIM should definitely not be looked at as an alternative to an MBA but it should be looked at as a viable opportunity for young people who are having trouble getting a job.