MBA is certainly the most popular choice for students who wish to pursue a degree in management. There are however other alternatives available too, such as a Master in Management (MiM) or Master in Engineering Management (MEM). As the name suggests, the Master in Engineering Management is exclusively for those who have an engineering background while an MBA is open to students of diverse academic backgrounds. If you are interested in Engineering and Management it is advisable to explore both these degrees and understand their similarities and differences.
Keep reading to gain more insights into these two promising programs.
MBA- What is it and who is it for?
MBA stands for Master of Business Administration, which is a postgraduate degree program that focuses on various aspects of business management such as finance, accounting, marketing, operations, human resources, and strategy. The MBA curriculum is designed to develop analytical, problem-solving, leadership, and communication skills among students and prepare them for management roles in various industries. MBA provides a holistic education that goes beyond just teaching business theories and management practices. It is designed to develop students’ overall knowledge and skills, preparing them for leadership roles in various industries.
MBA programs are usually two years long and for the first year, you can explore different areas through the core courses offered. In the second year, you can specialize in your desired elective. An MBA is suitable for anyone who has an interest in Management or any of its specializations. A bachelor’s degree in any field will make you eligible to apply for this degree.
MEM- What is it and who is it for?
MEM stands for Master of Engineering Management, which is a postgraduate degree program that combines engineering and business education. In today’s tech-driven world, there is a growing demand for leaders who possess expertise in both engineering and business management and a MEM is aimed at bridging the gap between the two. This degree allows students to develop management and leadership skills and enhance their understanding of technology and engineering.
The core curriculum of a MEM program generally encompasses the following subjects, among others:
| Engineering Operations Management | Product Design and Development |
| Project Management | Technology Strategy |
| Data Science | Finance and Accounting |
| Supply chain management | Applied machine learning |
| Economics | Intellectual management |
| Manufacturing management | Marketing |
The MEM program is designed for engineers who want to develop their technical expertise while also gaining knowledge and skills in management and improving their overall business acumen. An undergraduate degree in Engineering will make you suitable to apply for this degree.
Career Scope for MBA vs MEM
An MBA degree is a versatile and valuable degree that can lead to numerous career opportunities across different industries. With an MBA degree, graduates can pursue career paths such as management consulting, investment banking, marketing management, financial analysis, operations management, human resources management, entrepreneurship, and business development management.
MBA graduates can expect to have access to high-paying jobs. The degree offers a competitive edge in the job market, as employers value the analytical, leadership, and problem-solving skills that are developed during the program.
The average cost for MBA in India from top colleges would be 10 lakhs-23 lakhs
The average cost for MBA from the USA would be $50,000-60,000 per year and for
UK it would range from INR 29.5 Lakhs to INR 48 Lakhs.
MBA graduates from India can expect an average starting salary that ranges between INR 12 lakhs p.a – INR 22 lakhs p.a depending on their work experience and the university they enroll in. The average annual salary for MBA graduates in the UK ranges from $65,000 to $85,000, while in the USA, the average salary for MBA graduates falls between $80,000 and $120,000.
Graduates with a Master’s in Engineering Management can pursue careers as automation engineers, firmware engineers, data analysts, project managers, operations managers, technical product managers, supply chain managers, and process improvement specialists in a range of industries.
The demand for professionals with an engineering management background is growing rapidly, as companies increasingly need individuals who can understand and manage the complexities of technical projects while ensuring that they meet business goals.
The average tuition fee for admission to a Master in Engineering Management in the USA is 47,000 USD (38.33 lakhs INR) per year but with living expenses too the total cost could be $50,000 to $105,000.
The tuition fee for the Master in Engineering Management course in the UK is in the range of £14,000 – £29,500 per year.
The average expected salary for a MEM graduate from the US is in the range of $70K to $90k annually.
Following is a list of universities that one can consider for an MBA:
HEC Paris
IE Business School
Kellogg School of Management
INSEAD
Harvard Business School, Harvard University
IESE Business School
Stanford Graduate School of Business
MIT Sloan
The Wharton School, University of Pennsylvania
The University of Chicago Booth School of Business
Haas School of Business, University of California Berkeley
London School of Business
Following is a list of universities that one can consider for MEM:
Purdue University, USA
Duke University, USA
Massachusetts Institute of Technology, USA
Tufts University, USA
Cornell University, USA
Johns Hopkins University, USA
University of Southern California, USA
Northwestern University, USA
Pennsylvania State University, USA
Dartmouth College, USA
University College London, UK
Brunel University London, UK
McGill University, Canada
University of Ottawa, Canada
RMIT, Australia
University of Melbourne, Australia
The University of Auckland, New Zealand
RWTH Aachen, Germany
So, MEM or MBA?
Choosing between a MEM and an MBA can be a daunting task, and it primarily depends on your long-term career objectives and core interests. Do you aspire to specialize in engineering and technology or explore a more comprehensive management career? This is a crucial question to ask yourself before deciding which program to pursue.
-It is worth noting that while an MBA is open to graduates from all disciplines, an MEM is only available to engineering graduates. Furthermore, an MBA covers a diverse range of topics, and its curriculum does not focus on technology, whereas a MEM emphasizes technology-related courses.
-It is generally more expensive to pursue an MBA than a MEM. However, good universities for MBA programs are available in India and abroad, while MEM programs are more prevalent overseas, especially in the United States. As a result, the cost of living expenses may make pursuing a MEM more expensive.
-While both programs are desirable for candidates with work experience, a MEM may be pursued with minimal experience, and some universities do not require any experience at all.
-As mentioned before a MEM is more popular in the USA. While this entails a higher cost, it falls under the STEM category for most universities, potentially leading to an extended visa.
Thus, you must review the program specifics provided by different universities and reach out to students, faculty members, alumni, and other relevant parties for additional insights before finalizing your choice.
Now that we’ve compared the MBA and MEM programs, you’re equipped with the knowledge to choose the path that best suits your career goals and interests. Remember, the sky’s the limit!