What Is Masters in Management?
MiM, or Masters in Management, is a postgraduate degree targeted towards recent graduates seeking comprehensive knowledge in various management streams such as Finance, Marketing, Consulting, and Entrepreneurship among many others along with general management principles like a traditional MBA. Master in Management in disguise – Many institutes offer MiM but with different names like – MSc in Management, Masters in International Management, MA in Strategy and International Management (University of St. Gallen), International Masters in Management (Nova School of Business and Economic), Postgraduate Program in Management (IIM), and other similar variations.
Why Choose Masters in Management?
Between GMAT testing years 2007 and 2011, the number of unique examinees sending GMAT score reports to MiM programs grew from 6,407 to 14,594. (Source – GMAC) This begs the question why are so many people going for Masters in management? The answer is unlike MBA, for MiM less is more! MiM is ideal for people with 0-2 years of experience, and it’s substantially cheaper than MBA with great ROI.
With a Masters in management degree, you can easily find a high paying entry-level job in reputable companies as the employers are eager to hire MiM graduates. They find young MiM graduates who are well-trained, dedicated, ambitious and easily moldable into ideal employees.
They also believe that MiM graduates tend to stick around longer in a company. They work hard to climb their way up the corporate hierarchy which makes the employers more open to investing in them.
A Brief Overview – origin and expansion.
Unlike the classic MBA, Masters in Management is relatively new but make no mistake as with the demand of MiM, the number of MiM programs are also growing. Prestigious Business Schools such as HEC Paris, University of St. Gallen, ESSEC Business school, London Business school and so on are offering well-structured MiM programs. Masters in management was first popularized in Europe.
According to the 2013 GMAC Applications Trends Survey on interest in business education, application volume for European MiM programs has increased by 73% for the 2013-14 class. MiM’s huge popularity in Europe has made the MBA-focused markets of the United States and Asia-Pacific to catch up.
As a result, institutes such as Northwestern Kellogg, Michigan Ross, Babson College in the US and The Nucb Business school, PHBS in Asia-Pacific are coming up with various MiM programs.
About The Program
1-2 Years (depending on the institution, country and the program)
How does it work?
The Masters in management program is divided into two parts, regardless of the duration. As the MiM students come from a diverse background, it has two parts.
The first part is focused on cultivating core analytical skills and you will study subjects like – Foundations of Management, Introduction to accounting/Economics, Analysis in Management, Business culture, Business Strategy, Entrepreneurship, Leadership and Motivation, Managerial Economics, Public Relations, Organizational Behaviour, and research skills.
In the second part, the students choose their specializations according to their interest.
Electives & Specializations
Accounting, Corporate, Communications, Economics, Finance, Human Resources, Information Systems, International Business, Logistics, Marketing Management, Operations Management, Statistics, Strategic Management, and Sustainability and Social Responsibility.
In a competitive world where your resume can be just another paper in a pile of many, you need more than educational qualifications to make you stand out. An exchange program can be that edge. It’s as easy to discard as to say that you are ‘adaptive, driven, and a problem-solver with strong communication skills’ if you have nothing to back it up.
With international experience, your potential employer sees these traits and much more in you. Studying in a different culture requires courage, tolerance, drive, initiative, and self-reliability. When an employer knows that you have international experience, it will make you more likely to get hired than your peers. Not to forget, you get to travel, and experience a whole new culture!
Why choose one, when you can have, well, more than one?
By holding a dual degree you are declaring to the world that you are master of more than one trade, literally. If you are a hard worker who wants to master another specialization while developing your managerial skills, this dual degree is for you.
Customize your degree by choosing among many MiM dual degree options such as MiM with Master of Laws, Mim with Masters in International relations, MiM with Master in Visual and Digital Media.
A double degree is exactly what the name suggests – two degrees offered by two institutions. The student is rewarded with two master degrees – one from the main institute and other from the partner institute – after completion of the required curriculum of both schools.
A double degree is a unique opportunity to broaden your knowledge, and in some programs, it even becomes your chance to gain international experience.
With Certificate programmes, you can learn different skills and stay ahead of the pack. Not only do certificates let you gain practical business skills but they also show employers your desire to grow. Here are some of the options – Digital Entrepreneurship, Energy and Finance, Mergers and Acquisitions. Check out other HEC Paris certificate programs.
In most of the top MiM programs, internships are mandatory and give you the much-needed professional exposure. MiM programs allow you to do your internship during vacation or if you want you can take a gap year or gap semester, the choice is yours. This flexibility allows you to do internships while maintaining your status as a student.
Consequently, the duration can extend from the original two years to more (while being charged just for the two years!).
Who Is It For?
Recent graduates – Unlike MBA, work experience is not a major deciding factor for MiM. In fact, MiM is targeted towards ‘pre-experience’ candidates (with 0-2 years of work experience). While experience is not a prerequisite in most colleges.
Please note that some colleges do encourage the experience of 6 months or so.
Career Switch – High unemployment rate, lack of interest, or need for a higher paying job – whatever the cause of your need to switch careers, MiM is your solution. If MiM fits your needs of interest, you can be a part of a field with a high scope that only continues to grow.
Fast-track your way up the career ladder – Going up the career ladder can be tedious. Instead of toiling away for years at an uninteresting job in the name of gathering experience, with a degree in MiM you can accelerate this process. You can easily start with entry-level positions and move upwards.
Economical – One of the reasons why MiM is such a sought-out degree is its cheaper cost, especially, compared to the popular but highly expensive MBA degrees.
Less work experience – Many people see Masters in management as an alternative to the MBA. In reality, both degrees are targeted towards different demographics. While MBA is for professionals with 3-12 years of experience who want to take the next step in their career, MiM is for young professionals with less than 2 years of experience who want to kick-start their career.
High salary – ESSEC Business School report the starting salary of their Masters in management graduates as 65,00o€ while HEC Paris reports the same for their MiM graduates as 57,000€. While the numbers may vary for MiM graduates, it still gives an idea of the high salary that MiM graduates enjoy, and don’t forget that this is just the beginning!
According to London Business school 2017 Masters in management Employment report – 96% of their MiM graduates secured employment within 3 months of graduating, while ESSEC Business School reports 98.2% employability rate which suggests high employment rate for MiM graduates. According to the Financial Times, this is what the employment rate for MiM graduates is –
Top Industries – Marketing, Sales, Finance, Accounting, Consulting, Operations/ Logistics, General Management, Human Resources, IT/ MIS, Consumer, and luxury goods, Manufacturing, Entrepreneurship, Advertising, Healthcare, Telecommunication, Construction, Media/ Entertainment, Travel, Transportation and Public Sector.
Finance – Bloomberg, Barclays, BNP Paribas, UBS, KPMG, PwC, Societe Generale, Bank of America Merrill Lynch, Goldman Sachs.
Consulting – McKinsey, BCG, Accenture, Roland Berger, Strategy Consultants, Accuracy, Deloitte, A.T. Kearney.
Corporate Sectors – Google, LVMH, L’Oreal, Dropbox, P&G, R&B, Coca-Cola, GE, L’Oreal, LVMH, Unilever, Rocket Internet
In the Financial Times, the weighted salary for the Masters in management graduates of top 95 institutes ranges between the highest $114,449 to the lowest $32,316. To give you a better picture here’s the weighted salary of the MiM graduates of the top 10 institutes ranked by Financial Times.
Since its inception, Masters in management graduates have gone on to do amazing things, fulfilling many roles. If you are exploring on the internet for all things MiM, you must have come across several names in the MiM alumni section of various business school sites with inspiring career trajectories. Among many names, here are three –
Sit back, take a deep breath, put on your thinking hat and consider your options. While Masters in management itself is an amazing degree, think about your interests, career goals, and if you are in the right place in your career to go for MiM.
Don’t get blinded by shiny salary statistics and high employment rate, from the application process to the curriculum itself, hard work is required. But if it fits you, explore the amazing and diverse world of Masters in management! With so many options, there has to be a MiM degree which is just right for you.