Salaries and Salary Growth after MiM
Why to go for MiM
What do the majority of graduates do these days? After completion of their studies, they aspire to get a job in a reputed company with a high paycheck. Some even get into top MNCs. There one gets all the perks. But to get to the top of the corporate ladder, one needs to have a few years of managerial experience and an MBA. But is this the only way forward, or is there a way through which you can fast-track the process? Masters in Management is the answer to this question. Currently, many of the MiM graduates are doing their jobs in Europe, Australia and all around the world. Masters in Management, still a new degree, is on an exponential rise and many big firms have MiM graduates in their radars. Majority of schools offering MiM are in Europe with a very high standard of education being offered. Until recently if one wanted to have a degree which can give him/her the managerial or leadership experience, MBA was the only resort. But MiM offers the same opportunities to grow with a less demand of experience and much more exposure. If you are someone who wants to switch the field after your graduation, may it be going from Engineering to Finance or Business Analytics or anything else, MiM is for you. It is a perfect degree for someone who wants to add an extra dimension to their Undergraduate degree. With such reputed schools offering the degree, the kind of push one’s profile gets after graduating from here is huge. Some notable MiM alumni are-So, if you are someone who wants to make it big and cannot wait much, MiM is for you.
Why MiM from a top College
If you’re planning to pursue MiM, it makes sense to pursue it from a top ranking college. One can get a pretty good idea about the nature of the school by a look at their rankings since the rankings are based on metrics which students value such as Average Salary, previous rankings, Class strength, Program length etc The latest Masters in Management (MiM) Rankings by the Financial times are as follows:
As written in the above table, the weighted annual starting salaries of students from the world’s top ten schools ranged between $75,423 (Università Bocconi) and $114,449 (St. Gallen). Now consider this MiM graduates have somewhere between 0-2 years of work experience, the pay is pretty good for a fresher. But do you know what does ‘weighted salary’ exactly mean? According to FT Business School Rankings, Weighted Salary stands for ‘The average alumnus salary three years after graduation, US$ PPP equivalent, with adjustment for variations between sectors. Includes data for the current year and the one or two preceding years where available.’ For the year 2017, an MSc in Management graduates from top B-School starting average salary was 68000 Euros with graduates finding the job all over the world. Average Salary after 3 years of graduation is more than $98000. The employment rate is around 97% within 4 months of graduation and 65% have more than 2 job offers to choose from. Employers look for young and insightful recruits since they can be moulded into an asset for the company more easily. Young employees tend to be much more energetic, and eager to apply their knowledge in a business construct. They also learn fast, are more adaptive, and less hesitant to take risks. Seeing these qualities combined with a passion in business, companies are more likely to invest in them and hire them. If you observe the demographic of a MiM classroom, the first thing you will notice is that an average MiM student has very little work experience. This is no coincidence, as the Masters in Management is targeted at students with 0-2 years of work experience, looking to start a career in the field of Management. This is the primary difference between the aim of the MiM and MBA degree, as one joins the MBA to shift careers, aiming to enter the field of management after gaining experience in other industries.
Different Career Options after MiM
When it comes to choosing a specialization in MiM, options are at galore like Marketing, Finance, Strategy, Entrepreneurship, Accounting, among many others. One of the best offerings MiM has is the exposure to the workplace which starts even before the completion of the program. Programs are integrated with internship opportunities, which give students an opportunity to get an overview of the outside world and build up their profile. You can then experiment and find out your true interests. A Masters in Management Career can start off with you as a Management Trainee, Financial Services Analyst, Graduate research analyst, etc. in mainly Consulting, Finance/Accounting, Sales/Marketing, Operations/Logistics in that order. MiM graduates mostly enter the Consumer Goods, Consulting or Financial Services/Banking Industry.
Jobs after MiM
Consulting (37%) and finance (24%) are the two main sectors that employ MiM degree holders, according to an employment statistics study from 2014 quoted on the HEC’s website. The next big sectors are high technology (8%), consumer goods and food (7%), industries and utilities (6%), and media, leisure, and tourism (5%). Supervisory positions are also being filled by MiM Graduates. The fundamental principles of most disciples of management are taught in the program, which makes the student an ideal fit for such a role, as he/she can easily relate. For example, the program teaches managers how to resolve team conflicts, improve teamwork, and how to participate in ethical processes. MiM Graduates also tend to work with people from different cultures, ethnicities, and backgrounds. This helps them adapt to situations better and can enable them to think from multiple perspectives, valuable qualities to have while working in a Multi-National Corporation. There are many options for pursuing MiM in Asia too. China, Singapore, India and Japan have great options for MiM. Schools like Singapore University of Technology and Design, Singapore Institute of Technology, IIM Ahmedabad, Shanghai Jiao Tong University, HKUST are very reputed in Asia and around the world, with IIM Ahmedabad coming in FT top 20 B Schools rankings.
Many reputed European B Schools like LBS, DUKE, ESSEC have exchange programs or dual degree structures where you can split your time between studies in Europe and getting an immersive experience in China/ S.E Asia. These Universities are frequented by esteemed companies such as General Electric, Accenture, Nestlé, Oliver Wyman, American Express, GlaxoSmithKline, Oracle, Apple, Goldman Sachs, PricewaterhouseCoopers, Ernst & Young, McKinsey & Company, DBS Bank, L’Oréal, Coca-Cola, KPMG, IBM, and BNP Paribas.
After completion of MiM, graduates get to have a plethora of job opportunities in many sectors. In Banking Sector: Deutsche Bank, HSBC, Bank of America, Wells Fargo, Citibank, Chase, and Barclays have a high number of MiM Graduates as employees. In the last two years, an MSc in Management graduates from top B-School had a starting average salary of 68000 Euros with graduates finding the job all over the world. Average Salary after 3 years of graduation is more than $98000. For the students interested in setting up their own business, MiM has great offerings for them too. MiM is not only for those who want to make it big Courses like Masters in Entrepreneurship provide students with the opportunity to work on real business models with prospective customers, collectively interview the customers, and pitch new ideas. The courses are academically challenging, require research work and essays, and reading important texts. Throughout the program, the students get to connect with highly experienced mentors who share their wisdom and first-hand experiences which are really helpful for the budding CEOs and leaders. Thus, this course can be the first stepping stone in the path to creating your business empire