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First of all no a 4 year graduation is not necessary, even a 3 year course would qualify you. Also it is always a good idea to just mail the college and get the doubt cleared from them directly. They are usually happy to help.
As for which is better MBA or MiM.
Well i struggled through this dilemma when i was just graduating out of engineering college in 2012. I had heard about the MiM at that time, found the degree to be really interesting but then somehow in the rush of placements and the charm of a new job, forgot all about it.
Fast forward 2013, after about 1.5 years of working in a well respected company doing a core engineering job, i was utterly frustrated and really wanted to switch into a management role, as lets face it.that is the way to go right.engineering and then the MBA. That's how things have always been. Somehow by luck i came upon this batch mate of mine who had joined ESCP's MiM program in 2013 and was doing really well( currently interning in a bank in Germany). This got me thinking and i started some REAL research into the MiM degree, and well here is what i found:
1) Popularity: Granted the MiM is a relatively new degree, BUT it has been pretty popular in European circles for the past 20 years. Many colleges offer it as their flagship degrees and it is very very popular in Europe with many US colleges such as Duke Fuqua, Kellog, Cornell & MIT also offering it, so yes MiM is coming up strong.
2) Course Material: I have been a student now at ESCP for one year and i can truly say, it has been the best experience of my life. The courses are amazing, the school is great, faculty is well educated and you have tons of opportunities to get into any field. Compared to MBA in India, there are hardly any differences. If you did not know, the PGDM offered by the IIM's are very much similar to the MiM, and they are ranked with the MiM degrees in Financial Times rankings.
I have cousins in XLRI, a number of friends in IIM's and as far as i can see, the course material has hardly any difference. You study almost the same subjects, yes of course most of these subjects have a more European focus.
3) Work Experience : An MBA in the west is only for people with a hefty amount of work experience (4-5 years plus). The average MBA age is 28 years in many colleges. Also for a number of big companies, high quality management education provided is of much more value that just the MBA tag. We have all top companies may it be McKinsey, BCG, P&G

Hi Rahul,
A student who has earned a degree or diploma in hotel management can work in the below mentioned sectors:
Club Management.
Hotels and Restaurants.
Hospital Administration and Catering.
Airline Catering and Cabin Services.
Guest Houses.
Cruise Ship Hotel Management.
Forest Lodges.
Hotel & Catering Institutes. etc
All this is possible if you have studied from premier institute only. Although such is a difficult task but i would suggest you one name. It's LOVELY PROFESSIONAL UNIVERSITY, JALANDHAR, PUNJAB. They offer versatility in their courses of hospitality and catering technology. Multi storey word class kitchen infrastructure and lavishing hotel inside the campus for the daily practice of there students. Totally vegetarian restaurant where students practice to cook only a vegetarian cuisine. At LPU these courses are meant for students who are looking for specialised hospitality degree with global recognition that can lead to the leadership. Although, this year LPU has relaxed their eligibility where they have exempted the candidates from LPU NEST exam. Those who are willing to take admission in the university, can take a direct admission now without qualifying entrance exam conducted by the University still a candidate must have at least 50% aggregate marks in the graduation and English must be studied as a subject. Best thing of the LPU is that they very good Industry Tie-ups which results in usual guest lectures by an Industry Experts. Students work on various Projects in collaboration with Industry. LPU provides an internships to engage deeply in hands on real-life situations. If you are studying at LPU placements are not at all a problem because they says that "we provide 100% placements to all the eligible candidates or placements aspiring candidates. Online Admissions are already open, one can search their website. All the best.