What To Do After Engineering?

Do you know what you want to do once you’re done with engineering?

If you are reading this article, chances are, you don’t. Or you have a slight idea on what you want to do, but you’re not confident about your choice.

A lot of students are currently facing the same dilemma.

Should I get a job? Or do I work on the startup idea that’s been bugging me for quite sometime now? Or even better, do I pursue a graduate degree? If yes, then which one? MS, MBA, MIM, etc?

How about an M.tech then? Should I pursue it in my own country or go abroad?

Arghh! So many options!

 

 

These are a few options that engineering students opt for once they’re done with their undergraduate degree. They -

A) They get a job. Some join MNCs, others join startups. The benefit of working right after college is that you get additional time to dwell over your career choices.

Also, a few tend to work on their startup ideas. If you feel you’re one of the select few who has the potential to build a profitable company, then this option is for you.

B) They pursue a business degree like MiM, MBA. Getting a master’s degree in business is one of the safest and highest roi generating option among these bunch.If you have always felt stuck in engineering and felt attracted towards the business side of things, then this option is for you.

C) They get a MS/Mtech/MIS degree. This is a good idea for someone who always had a passion for engineering and in future, wanted to pursue research and/or get hired for technical position in a well reputed company.

Apart from these options, some students decide to study for civil services exams while a few decide follow their passion. To an engineer, the sky is the limit!

Fun fact: Only 30% of engineers are interested in a technical job in their core field.

The remaining 70% begin to get interested in other sectors like finance, marketing, management by applying to various internships, taking part in extra curricular or by working on a side project while still in college.

And with this number rising further, more and more engineering graduates are pursuing a business degree to change careers.

 

So what are the benefits of pursuing a business degree right after engineering?

  • Benefit 1: Having a business degree with an engineering undergrad degree opens the door to many opportunities.These days employers expect more from engineers. Engineers have also been tasked with taking care of management related tasks apart from technical assignments. Engineers who possess key management skills are sought after by employers. This is where the Business degree comes to rescue.
  • Benefit 2: If you’re a people person with a passion for business and felt stuck in a core technical job, it makes sense to pursue a business degree and shift your focus to more people-centric domain like Marketing, Advertising, etc.
  • Benefit 3: It is easier to create a bigger impact in a business domain than it is by working in a core technical job.

Whatever your reason might be, no one can deny that once you’re done with your masters degree you have access to more job opportunities in the field you like. Plus getting a substantially higher package never hurts.

 

After going through this guidebook, you’ll get to know -

1) What are the 4 popular Master's degrees in Business?

2) Information on each degree

  • Introduction
  • Eligibility
  • Best colleges to target
  • Job prospects

 

Before we check out these Top 4 Business Degrees to pursue in 2017, why don't you take the quiz given below to find out which degree would be the ideal fit for you?


 


 

 

The Master of Business Administration (MBA) is an internationally-recognized degree designed to develop the skills required for careers in business and management.

Most MBA programs include a curriculum of subjects like accounting, economics, finance and marketing, and as well as a few elective subjects so that people can pursue that personal or professional interests.

Quality business schools generally require that candidates have at least a few years of professional work experience before starting an MBA program. However, there are plenty of good schools in US and UK that offer 'MBA without Work Experience' programs. Find them here.

Note that though work ex is not mandatory for these schools, it is highly appreciated.

Students of MBA programs study the theory and application of business and management principles. This type of study equips students with knowledge that can be applied to a variety of real world business industries and situations.

 

Eligibility

  • First and foremost, you need to have a bachelor’s degree to pursue MBA. It could be a Bachelor’s degree in Engineering (B.E.), B.Sc, B.Com, B.A or in any other field.
  • Work experience of atleast 4-5 years is required to get into the top universities. However, some universities are willing to consider exceptional applicants with no prior work experience.
  • If you’re planning to study abroad, You have to take either of the two, GRE or GMAT. Traditionally GRE was more popular among MS applicants and GMAT was the de facto standard for MBA courses. However, things are changing and many MBA universities have also started accepting GRE scores.
  • To test your language proficiency, many international business schools across the world accept IELTS and TOEFL scores.

Indians and the Chinese are the top two contenders when it comes to pursuing masters from abroad.

 

 

If you’re planning to pursue MBA from India, you’ll have access to top schools like IIMs, IIFT, NMIMS and many more. To apply to those college, you have to give their respective entrance exams like CAT for IIMs, XAT for Xavier's, SNAP for Symbiosis, NMAT for Narsee Monjee, IIFT for Indian Institute of Foreign Trade to get into the respective universities.

Besides these, you’ll have go through each university’s application process on their official website for any specific requirements.

If selected, you also have to go through the university’s AdCom interview process which is usually the final round to secure admission.

Top Universities

According to QS World University Rankings 2016, the top universities for business & management studies are,

  1. Harvard University
  2. London Business School
  3. INSEAD
  4. Stanford University
  5. University of Pennsylvania
  6. Massachusetts Institute of Technology (MIT)
  7. University of Cambridge
  8. University of Oxford
  9. London School of Economics and Political Science (LSE)
  10. Bocconi University

You can find the entire list here.

 

 

Job Prospects

More than 13,000 full-time students sought employment before graduating from 131 ranked graduate business schools in 2016, according to data submitted to U.S. News in an annual survey. Eighty-eight percent of those students were employed within three months of graduating.

At Top 15 ranked institutions, 95 to 100 percent of recent alumni were able to find employment within three months.

The following job opportunities present themselves once you get the MBA tag.

Consultancy

Typically, a consultant will work along companies and suggest ways in which they can improve performance. A consultant’s job is one of the most sought opportunities that you can get after completing your MBA. And it pays really well.

Management

Management careers for MBA graduates can come in a number of disciplines like Operations, Finance, Brand, etc. You are required to show strategic leadership, decision making and cope with major changes in your department.

Project Manager

A Project Manager is responsible for an assigned specific project. He has to plan, execute and deliver results on his project. This position might be within one company or span through multiple organisations.

Entrepreneur

Some choose the path to entrepreneurship. These individuals usually start their own consultancy firms, startup ventures or pursue freelance project management opportunities.

For a starting MBA graduate, one can expect at the low end of the scale around $39,000 with an absolute high end being closer to $186,000 a year.

 

MBA NicheLower RangeHigher Range
Marketing$39,000$186,000
Finance$48,000$170,000
Operations$52,000$176,000
Technology$68,000$130,000

 


Looking forward to pursue MBA from Top B Schools but not sure how to go about it? Find out how a Deferred MBA Program can help.


 

 

Masters in Management is a postgraduate degree targeted towards people who have just graduated or are young professionals. It’s ideal for people who want to pursue masters from abroad immediately after they are done with their engineering.

You can do MiM in Finance, Marketing, Consulting, Entrepreneurship among many others. Basically, it’s a great idea to pursue MiM if you want to switch streams early in life, or want to foray into the management field.

Evidently, the MIM degree is compared with MBA all the time.

There’s no winner in this comparison, as each degree has it’s pros and cons.

Despite MIM being a relatively new phenomenon, with well-known colleges such as London Business School, HEC Paris, ESCP Europe, London School of Economics, Duke Fuqua & Bocconi offering the MiM degree, we all know that the MiM is here to stay.

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 MiM degree may last somewhere between 10 months and 2 years, depending on the college.

 

 

Eligibility

Not everyone can gain a place to study a Master in Management (MIM). Business schools have certain admission requirements, and usually the higher their position in the rankings, the more selective they are.

  • MiM schools usually require their students have a bachelor’s degree, though some schools also accept diploma programs.
  • Most MIM programs do not require professional experience at all, while some may require applicants to have a small amount of professional experience – usually two years or less is sufficient.
  • To test your language proficiency, many international business schools across the world accept IELTS and TOEFL scores.
  • Most universities require applicants to take the GMAT or GRE in order to apply to a Master in Management program.

 

Top Universities

Since MIM is an European Phenomenon, all the top 10 MiM universities are from Europe. These ranking are based on different factors like the location of Business Schools, the weighted average salary of graduates, the tuition fee, employment of recent graduates etc.

Below is the 2016 report for World’s best Business Schools by the leading journal Financial Times-

  1. University of St. Gallen
  2. HEC Paris
  3. ESSEC
  4. ESCP Europe
  5. Rotterdam School of Management
  6. London Business School
  7. IE Business School
  8. WU (Vienna University of Economics and Business)
  9. WHU Beisheim & Esade Business School
  10. Università Bocconi

Want the entire list? You can find it here.

Apart from the colleges mentioned in the above list, there are many more top universities worldwide who provide MiM programs. Some of them being:

  • Kellogg School of Management
  • Duke University
  • University of Michigan's Ross School of Business
  • Ivey Business School,
  • The UBC Sauder School of Business
  • NUS Business School
  • SMU’s Cox School of Business
  • The Australian National University

 

 

Job prospects

What’s the job market like, for an MIM graduate?

Well, the prospects of both jobs and further studies are pretty good after MiM. MiM graduates can pursue Ph.D. programs but most MiM graduates prefer to get employed upon graduation.

MiM degree is well-suited for managerial roles.

You can work as Advertising Manager, General Operations, Human Resources Manager, Public Relations Manager, Sales Manager, Marketing Manager and Training Manager.

You also have ample opportunities in Finance, Consulting, Marketing, Business Development, Corporate Strategy, Business Intelligence and much more including those of entrepreneurial nature.

Companies also hire MiM graduates for lucrative entry-level positions like analyst and graduate trainee (eg. entry level management trainee) in many blue chip companies.

The average salary of a MiM grad is around €50,000 per year but varies from one specialization to another. The starting salary for a MiM Marketing graduate will be around €45,000 while that of a person graduated in Finance should be close to €60,000.


Find out more information on Post-Graduation prospects, Tution fees at Top MiM Schools, Internship opportunities


 

 

Masters in Engineering Management, abbreviated as MEM is a specially designed degree for the engineering graduates to build the link between engineering, technology and management.

‘Engineering Management’ is the name used as the course is mainly related to managing and optimizing the output of engineering processes using the tools of business management.

The degree is associated with management of engineering process, thus making a good use of the engineering knowledge of the students. The core curriculum for Masters in Engineering Management covers marketing finance, intellectual management and management law.

The degree helps the candidate to acquire perfect blend of engineering and management skills.

MEM is popular among the engineering graduates who want to get a higher management role in their company’s hierarchy.

It’s also a great platform for those young or experienced engineering graduates who want to take technical management and leadership role in the big technical firms.

 

 

Eligibility

Known famously as the ‘Engineer’s MBA’, the MEM degree is the perfect match for the engineering graduates who want to give a jump to their monotonously moving career. Eligibility requirements include -

  • You need to have a bachelor’s degree in Engineering or STEM discipline to pursue MEM
  • Applicant should be fluent in English and should hold a valid TOEFL or IELTS score for non-native students
  • Some schools demand GMAT or GRE scores while they are waived in case of candidates with hefty work experience.

 

Top Universities

The course is offered in several top universities across the globe and that makes it difficult to determine the ranking of the business schools for this course. Here is a list of the top universities offering MEM.

  1. Massachusetts Institute of Technology
  2. Stanford University
  3. University College London
  4. National University of Singapore
  5. Cornell University
  6. Kings College London
  7. University of Manchester
  8. Columbia University
  9. Tshingua University
  10. Duke University

 

 

Job prospects

After completing the MEM degree, the candidate can be hired as a Application Engineer, Associate Marketing Manager, Automation Engineer, Business Analyst, Client Services Analyst, Clinical Specialist, Director of Business Strategy etc.

Some of the companies hiring MEMs are:

  • Consulting Firms : Accenture, Deloitte, Capital One
  • Tech Giants : Google, Microsoft, Cisco, Apple
  • Financial Service sector: BNP Paribas, Citi Bank, Goldman Sachs, HSBC, State Street Corporation

The average salary for the students from some top Business Schools after completing the MEM degree ranging from $64,000 to $90,000 per annum.


Looking for more information on Post-Graduation prospects, Tution fees at Top MEM Schools, Internship opportunities?


 

 
The market for specialized master’s programs in marketing, finance, and a number of other business disciplines has never been stronger.

One of the many reasons specialized masters programs are getting so popular is the fact that students do not necessarily require work experience to be enrolled to any of its programs.

Also, starting salaries are higher than those offered to individuals with only undergraduate degrees and in some cases, the salaries offered are comparable to those earned by a MBA graduate.

Some of the best programs in specialized masters are -

  • Master of Science in Data Analytics
  • Master of Science in Finance
  • Master of Science in Marketing
  • Master of Science in Entreprenuership
  • Master of Science in Supply Chain Management

 

 

A growing number of business schools, from the University of Maryland’s Smith School of Business to Michigan State University’s Broad Graduate School of Management, are riding on that wave of interest.

They’re creating a whole new suite of MS degrees, sometimes as many as half a dozen or more, in response to a new generation of students, the vast majority of whom are either straight out of college or just a year or two out of school.

Most B-schools use a combination of interactive lectures and seminars along with loads of team-projects to provide a rather non-monotonic and non-theoretic approach to the curriculum.

“Case Studies”, “Real-life Company Issues” as well as “Simulation Strategy” exercises all form a part of their rather exciting coursework.

The MS students are hungry for the specialized knowledge these programs offer and are looking to distinguish themselves in an increasingly competitive job market.

 

Eligibility

The Admission requirements for these masters, is more or less, generic for all schools, with slight variation from one school to another.

For most of the MSc Programmes you need to fulfill the following criteria:

  • Management Aptitude Test- GRE/GMAT (Please note, this requirement, however, is also waived by certain schools and thereby is optional for many of the programmes)
  • Well rounded, internationally Recognised Undergraduate Degree in a relevant field & transcripts
  • English Language Proficiency Test- IELTS/TOEFL/TOEIC. (Several Schools provide waivers to its students, provided they have English as their mother tongue, is a native speaker or has done their bachelor degree from an English-medium university)
  • Not all programmes have mandatory criteria regarding work-ex. So while some like ESADE accepts fresh graduates into their programme, CRANFIELD needs an average of 5 years of work-ex

 

Top Universities

MSc in Finance is one of the most sought after Specialized Master's degrees and a lot of top universities have started offering it owing to it’s popularity.

The MSc in Finance Rankings per Financial Times for the year 2016 are as follows -

  1. HEC Paris
  2. ESCP Europe
  3. IE Business School
  4. Edhec Business School
  5. MIT: Sloan
  6. Esade Business School
  7. Essec Business School
  8. University of St Gallen
  9. Università Bocconi
  10. Skema Business School

You can also check out the list of Top 50 Business Schools offering MSc in Finance, Average MSc in Finance Salary and Class Profile here.

 

 

Job prospects

A student graduating from MSc in Finance can get can expect jobs mainly in Banking, Financial service sectors, Audit to name a few.

After graduating with a Finance degree, one can get a job as financial analyst, financial manager, personal financial adviser, securities and commodities agent.

While having a MSc in Marketing can help you get a job as Brand Marketing/Manager, Business Development Executive, Client Servicing/Media Associate, Digital Marketing Specialist, Innovation Manager, Market Analyst to name a few.

 

 

Some of the top employers hiring from Masters in Finance are AIG, Citi, Bank of China, Moody's Cooperation, Flint Capital, Landmark Partners. For Marketing, the top employers include E-BAY, Danone, LVMH, LinkedIn, Henkel, Google, Sanofi, Lafarge, Dropbox, P&G, Apple, Microsoft, Christian Dior, HP, Coca-Cola, etc.

For the year 2015, an MSc in Finance graduates from top B-School starting average salary was 88,000 Euros with graduates finding the job all over the world while that for an MSc in Marketing graduate was 38,000 Euros (Base Salary).

 

 

Conclusion

Pursuing a business degree after engineering is still debated by most, but no one can deny the fact that having a business degree does open up new career opportunities and plenty of benefits to the average person.

If you’re still confused about whether to pursue a business degree and need help in coming up with a informed decision, feel free to contact us info@mim-essay.com