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From what I've heard, LSE seems to be a lot more theoretical than LBS. It's a much bigger school and (arguably) more widely recognized worldwide (or maybe just in the US?)
Does anyone have any insights? Any input would be appreciated, thank you!
LSE is a quite large and very well known institution offering both undergraduate and graduate programmes. In contrast, LBS is rather small and has, in the past, only offered graduate programmes for persons with work experience (MBA, EMBA, MiF). Hence, LBS in widely unknown to the "mass" of undergraduate students and the general public. The MiM programme is LBS' first programme targeted at recent graduates and therefore the first one to "compete" with MSc programmes at other institutions (LSE, Oxbridge, ...)
You can be assured that LBS is very well known in the business world - every HR person in a bigger company will know about the school - in Europe, in Asia and the US.
I too had an offer from LSE (MSc in Management and Strategy), but chose LBS because of the more applied, vocational approach. I spoke to several LSE students and they pointed out the theoretical approach at LSE quite clearly. Since my first degree was quite theoretical I went for LBS - and it turned out to be a good choice.
Both universities are great, but have pros and cons (courses, campus community, class, applied/theoretical, network, ...).