"What is Masters in Management"??
MiM or Master in Management is a premium post-graduate degree targeted towards individuals who have just graduated or are young professionals. It is a degree providing comprehensive knowledge about varied management streams such as Finance, Marketing, Consulting, Entrepreneurship among many others. It is a splendid degree, especially if you want to switch streams early in life, or want to foray into the management field. Let us take you through some interesting and prominent aspects of the popular degree to help you understand the question "What is Masters in Management".
The first question that people often have is.....
Why haven't I heard about it before?
The Masters in Management or MiM is a relatively new phenomenon compared to the old and tested MBA concept; but this, in no way, undermines its importance as a first class degree. There is no clear winner in Masters in Management studies vs MBA because both of these have their own strong plus points. With well-known colleges such as London Business School, HEC Paris, ESCP Europe, London School of Economics, Duke Fuqua & Bocconi offering it as their flagship degrees, the MiM is here to stay and will soon be a real force to contend with.
Though the MiM is majorly a European phenomenon, colleges in the USA have started taking notice with many well-ranked colleges such as Duke Fuqua, Michigan and Kellogg offering their own versions of the MiM. Often they name it Masters of Science in Management (MSc) or Masters in International Management. Also, the PGDM offered by India's esteemed IIMs are equal to the MiM degree.
The Master in Management degree programs may last between 10 months to two years, depending on the college. MiM usually offers a comprehensive array of electives, allowing you to tailor your course to follow the subjects you love.
To have a detailed first-hand knowledge of difference between MS in management and MBA, go through the detailed information here.
Is the MiM for you??
The first question following "What is Masters in Management" is how are the job prospects?
Well the prospects of both jobs and further studies are pretty good after the MiM. The graduates can pursue Ph.D. programs but most MiM graduates prefer to get employed upon graduation.
The average salary of a MiM graduate comes out to be around €50,000 per year.
MiM degree is well-suited for managerial roles. The fields open for its graduates are numerous – Finance, Consulting, Marketing, Business Development, Corporate Strategy, Business Intelligence, Accounting, Sales, Sustainability and much more including those of entrepreneurial nature. Due to its overwhelming similarity and frequent comparison with the MBA, the students of MiM face competition from MBA graduates and up to some extent- vice versa. (MBA vs MiM)
Examples of entry-level positions taken up by MiM graduates are- analyst, graduate trainee (eg. entry level management trainee).
Electives and Specializations
The vast number of fields open for MiM graduates can be owed to the numerous electives or specializations offered in this program by Business Schools. Though different schools have their own format and names for such detailed courses, typically popular electives are Finance, Marketing, Accounting, Entrepreneurship, Consulting, International Business and Strategy. For example, the ESCP Europe Business School has 6 campuses in Europe and has a unique feature of allowing students to choose their preferred specializations in the campus they desire. This school offers many specializations in more than one languages as well. For example- the Paris campus of ESCP Europe teaches Finance specialization in both French and English. Such creative features of the Masters in Management program in different business schools make it even more attractive.
Electives are courses that the students can elect (or choose) to study apart from the core courses that are must. For example, a student doing a specialization in Marketing may be interested to know more about Law. In this case, he or she can choose the entrepreneurship elective and quench the knowledge-thirst in law while specializing in marketing- a completely different subject. Thus, the choice of electives depends on the students, who choose based on their interests, evaluation of future prospects and career plans. Most Business Schools offer a truly diverse range of electives in the fields of Human Resources, Finance, Marketing, Management, Sustainability, Marketing and so on. Therefore, it is safe to say that the customization of the MiM program is extensive. Students get the full opportunity to exploit the resources at their disposal and carve out the perfect career for themselves.
Another important question following "What is MiM" is how much does it cost?
Well this answer will surely please you.
While the average salary of a MiM graduate is around half of that of an MBA graduate, the average tuition fee is around one-third of an MBA program of similar reputation. This makes the Return on Investment (ROI) amazingly attractive.
The average tuition fee of the top MiM programs is generally significantly more for non-EU students than for EU students. The average comes out at around 37,000 Euro for non-EU students and around 30,000 Euro for EU students.
For example, the fees in ESSEC is €38,000 for non-EU students and €31,000 for EU students. The tuition fees in RSM is €25,496 for non-EU students and a mere €2,976 for EU students.
Dual Degree and Exchange Programs
How about getting admitted to 1 Business School and coming out with 2 great degrees? Yes! This is possible with MiM. The MiM dual degree programs allow the students to apply for a dual degree program with one of their parent school’s partner university. Apart from providing one more accredited degree certificate, the additional degree from one more country establishes you deeper into the job market of that country! The renowned HEC has a total of 15 Dual Degree programs.
The exchange programs, on the other hand, do not provide the students with another degree. Nevertheless, an exchange from a highly esteemed university may more than seldom be equally effective. Studying in a country, understanding its culture and professional life also makes an immense difference. The HR departments of companies are smart enough to not just go by the number of degrees you have, but also analyze the real personality and professional development you have gone through by studying in partner universities.
The exchanges offered by top MiM programs are very rich and enable the student to expand their horizon to more social & work cultures. Personal development thus results as one goes by this degree. London Business School (LBS) has 34 exchange partners.
CEMS MiM is a highly renowned joint degree by 29 esteemed colleges throughout the world. The 29 colleges award a degree which is identified with each and every one of them. This makes CEMS MiM have a very broad outreach. HEC has a total of 114 partnerships as exchange, dual degrees, and CEMS joint degree.
The MiM program is theoretical as compared to its counterpart MBA. Therefore, internships, apprenticeships are an innate part of MiM degrees, just like exchange and dual degree programs. They provide the required exposure to students professionally and socially.
In most of the top MiM programs, internships are a mandatory part of the course. These requirements can be fulfilled by the students either during vacations or by taking gap semesters and gap years. This flexibility in the duration of the MiM program induced by the choice of gap semesters/years helps students take control of their plans and ponder on how they wish to go about their graduation. As a result, the generally 2-year MiM program can be extended to 3 or 4 years and the students can do internships while maintaining their status as students. Irrespective of the duration of the program, the tuition fees of the MiM is only charged for the original 2 years of studies.
Various European countries have different scenario in the internship field, for example- Berlin in Germany has good start up opportunities and is more accepting of English speakers, in France. The students are free to apply for internships all over the world but the relative popularity of MiM in Europe results in most students applying within the continent.
The top MiM schools in the world
Now, after knowing the important aspects of MiM, let us know the best schools in the program. Since MiM is the most popular in Europe, all the top 10 schools of the degree are in this continent. Many reputed journals annually publish rankings for MiM based on various criteria like employment of recent graduates, the location of Business Schools, the tuition fee, the weighted average salary of graduates etc.
Below is the 2015 report for World’s best Business Schools by the leading journal Financial Times-
- University of St. Gallen
- HEC Paris
- CEMS, (*see note below)
- Rotterdam School of Management
- London Business School
- ESCP Europe
- WHU Beisheim
- Università Bocconi
- IE Business School
*CEMS is a joint program hosted by Business Schools of 29 countries.
Now that you know the answer to "What is Masters in Management", are you wondering if you should opt for it? Well, the choice shall vary with every individual situation. You may have to first ponder over the difference between MS in management and MBA ( check out this blog by this Yale grad) and then between different schools. But, the one thing we are sure of is that MiM is a fabulous degree, and you can expect a fast track career path with it.
You can also try our FREE Profile evaluation to get a realistic assessment of your profile and the Master in Management colleges you can aim for. We would also provide you with a personalized report on how you can further improve your profile and increase your chances at top colleges. Our student team of MiM consultants would be happy to resolve any question you may have.
We hope that now, you are having no doubts about "What is MiM" & who it is suitable for.