If you’re a B-school aspirant, or even remotely interested in the field of business, you know what an MBA is. But, if you have been living under a rock until now, here’s a crash course for you. The MBA, or the Masters in Business Administration, is a postgraduate level degree which covers a wide range of business topics like finance, accounting and management.

But, this part has already been talked about often. The novelty course which has been grabbing Indian eyeballs of late is the Masters in Management, or the Masters in Science of Management (abbreviated as MIM or MSM). This course refers to a special type of postgraduate program that provides general management knowledge for graduates who have only little or no work experience.

So, how is it really different from an MBA? According to the Global MIM Survey 2012, although both provide an overview of general management topics, the MBA and MIM degrees overlap by only 30 percent. So there’s still quite a bit of difference between the two.

Here are 10 things you need to know about the MIM:

1. Location: Over 68 percent of the MIM programs are offeredin Europe, with top universities like HEC Paris, St. Gallens, London Business School, and Hult International Business School featuring it in their prominent programmes. The course is however, just emerging in the US, in contrast to MBA which is one of their most established management programmes. So Europe, here I come!
    
2.  No Work Ex: While the MBA programme prefers students who have minimum 2-3 years of work experience, the MIM is designed for young talented individuals who have little or no experience. So, for all the kids impatiently waiting to get into the field right away, MIM is the way to go!
    
3. Theoretical: The reason B-schools look for experienced candidates for the MBA program is to enroll students who know how the business world works. They can share their experiences with others and train in a more application-based environment. Conversely, the MIM approach is more theoretical.
    
4. Entry Age: In the MIM, students are typically 24 years old and in some programs the average age is as low as 21. So you won’t feel like you’re 50 after you’re finally done with your post graduation.
    
5. Reasonable Fees: On an average, a fulltime MIM program costs EUR 12,550 in tuition fees. In contrast, MBA programs offered by the same institutions cost about EUR 33,750. Time for our wallets to cry out in joy!
    
6. Entry Requirements: The entry requirements for the MIM program are often not subject-specific. Only about a third of all fulltime MIM programs require a first degree in business or economics. Since many students do not have a formal education of the topics taught in the MIM, often, an intensive, pre-sessional course starts a few weeks before the program. Only 40 percent of the fulltime MIM programs require the GMAT and the average GMAT score to get into the program is 610.
    
7. Careers: Career options for MIM graduates are of course, many. They range from general management to management consultancy to academic management careers.
    
8. Return on Investment: 90 percent of the fulltime MIM graduates find a job within three months of graduating. Commonly, they earn EUR 42500 per year in their first job.
    
9. Duration:The duration of an MIM can be one or two years depending on the country, institution and particular program, but about 80 percent of the programs are primarily offered as fulltime programs. The reason for this emphasis on fulltime courses is because the course is esigned for recent graduates and not professionals.
    
10. MBA Friendly: Still confused which program is right for you? Well, here’s a bit of good news. The MIM programs can sometimes be used as a precursor to an MBA, with some MBA programs even allowing MIM graduates to skip the first year of the MBA.