Is Masters in Management Worth It?
The buzz of MiM has been around for a while. So, Is the masters in management program really worth it after all?
Find out here!
While the concept of MBA revolutionized business education in the 1980s, the last decade has ushered in an era of “ Re-Thinking The MBA”.
High tuition costs, several years of work experience and the need for a fast-track entry in the business world are the dominant reasons for the decline of the MBA, and the simultaneous rise of cheaper and more specialized graduate degrees.
With the concept of ‘Masters in Management’, B-Schools across the globe have opened their doors to undergraduates with little or no work experience.
Yet, considering that MiM is the new player on the block compared to the age-old MBA, applicants often wonder if it will a Masters in Management will be worth it in the long run.
The below post explores the features, the economic pay-off and career progressions prospects of an MiM degree, which will help prospective applicants in figuring out if the Masters in Management will be worth their time and money.
The Steady Rise Of MiM : What makes the Masters in Management Program Worth A Thought
Did you know that several employers, including McKinsey& Company, Deutsche and Siemens favour the Masters in Management degree?
After surveying after studying 55 MiM Schools from 29 Countries, it has been observed that the demand for MiM graduates has increased by:
- 75% in Asia & and the Middle East
- 64% in Europe
- 63% in Africa
- 59% in Latin America
- 50% in North America
- 26% in Australia and the Pacific region
The growing demand for MiM has even captured the attention of Ivey League Colleges, prompting Cornell to start a specialized masters programme in accounting.
Updates that will make you realize why masters in management program is worth your Investment
1. According to Financial Times’s latest report, the Masters in Management program is enjoying a faster growth than the MBA.
2. About 1/3rd of GMAT takers use their scores to apply for MiM instead of MBA, which is a definitive indicator of the program’s global popularity.
3. Iowa’s Tippie College of Business, ranked in the Global Top 50 B-Schools,is ending its 2 year MBA program to concentrate on its Masters in Management program.
4. HEC Paris’s MiM program is known to receive more applications than Harvard’s MBA
Is Masters in Management Worth It ? Check Out How it is Different From the MBA
Here are 4 unique features of MiM that makes it different from the MBA
Value for Money
On an average, an MiM is 45% more economical than an MBA!
While the average work experience required for an MBA is 3- 5 years, an applicant with 0-2 years of work experience is eligible for an MiM.
Globally, the average work experience for an MiM is 1.9 years.
Did you know that you can convert an MBA into an MiM by pursuing a dual degree?
Apart from an integrated degree, several B-Schools have alliances with universities across the globe to award a double degree to deserving candidates.
Fast Track Entry In Business Roles
While the MBA is a 2 year degree, an MiM can be completed in 9, 12 or 18 months depending upon the program and the B-School.
For more details about the difference between the 2 degrees, check out our detailed post on MBA V/S MiM.
The Economic Pay-Off -What Makes the Masters in Management Program Worth your money
Economic fee structure is not the only benefit of the masters in management degree.
Here’s the crowd-pulling feature of the MiM degree : It has an amazing Return on Investment!
Student debt is a growing concern in the current economy.
The average student debt involved in graduate programs like MBA have hit a record high of $80k!
While an MBA graduate will take around 3 to 4 years to recoup his or her monetary investment, it will take you only a year and half to recover the tuition fees as well as the living costs of your MiM degree.
In fact, at LBS, a student of the one-year, £25,700 MiM earned £69,000 during his placement!
The high ROI of Masters in Management is what makes it worth your investment.
Still Worried if a Masters in Management will be worth it?
Check out the Masters in Management Placement And Salary Details!
Did you know that the weighted salaries of MiM graduates from Top B-Schools is as high as $99,145?
Here are some key findings that will interest you:
- According to Financial Times, MiM is going head to head with MBA in terms of salary benefits.
- An MiM graduate will be able to increase his/her salary by $30,000 after an year of obtaining the degree. This MATCHES the salary hike enjoyed by an MBA in the same period
Here’s some data about the salary stats post an MiM degree:
Europe: $68,000 to $98,000
At top MiM schools across the globe, majority of the MiM graduates are placed within 3 months of their graduation, and receive a minimum of 3 job offers.
Recruiting Companies for MiM graduates:
- McKinsey & Company
- Goldman Sachs
- Credit Susie
Sectors you can get post an MiM degree:
- Financial Services
- Consumer and Luxury Goods
- IT and Telecommunication
- Media/ Entertainment
- Public Sector
Why Employers feel that the Masters in Management is worth it
Companies want employees who are mobile, self-driven and possess the acumen to handle international business challenges.
The Masters is Management program has an interesting learning pedagogy which combines sound theoretical knowledge with practical experience. As a result, MiM graduates come out as great project leaders with a strong understanding of the global economy.
It is not surprising why employers want to tap into fresh, young talent whom they can mould according to their corporate values.
Hear it from the recruiters themselves:
“MiM programmes offer a very valuable add-on to a bachelors degree.They provide management know how for students with strong analytical skills. The combination of a previous degree in engineering or physical science with a MiM can be very attractive.” - Frank Mattren, MD McKinsey
Source : FT
Masters in Management - Influential Alumni
By now, you should be convinced that the Masters in Management program is worth your time and investment.
In case you need more reassurance, check out a few of the influential MiM alumni.
You could be one of them in a few years!
Who Should Go For An MiM
Wondering about the academic and professional background of an MiM student?
Here’s a summary of the average Masters in Management class profile :
|Average Work Experience||1.9 years|
|No.of Languages spoken by a student||3|
The GMAT/GRE score varies with respect to the university.
For top-ranked B-Schools, a GMAT of 700+ and a GRE score of 325+ is considered to be competitive.
To know more about the average CGPA, academic background and cultural diversity,check out our detailed article on MiM student profile here : https://www.mim-essay.com/blog/mim-student-profile/
Timing of the MiM Application
Remember the old adage,Timing is everything?
MiM can be used to boost your career at different stages of your life.
Below are the 3 primary stages where candidates decide to opt for a Masters in Management:
Kickstarting a business career
It is no secret that MiM is custom tailored for freshers who want to kick-start a career in business.
Majority of the MiM graduates are offered entry level positions in diverse industries.You can expect to start off an an analyst or a management trainee and then make your way up to senior-level positions.
Due to academic inflation, a bachelor's degree is almost obsolete in the market.
According to Fast Company, about ( ⅓)rd of American employers are upgrading the minimum Educational requirements to a masters degree.
A masters in management will equip you with the necessary skills and acumen to climb the career ladder quicker.
With Tier 1 B-Schools like LBS, Duke and HEC offering the degree, the brand name attached with studying at these schools goes a long way to improve your future prospects.
Did you know that just 27% of the college grads in U.S. hold a job that is related to their major?
In case you are interested in management but are stuck in a field that you don’t like, a Master’s program is the stepping stone to make a career switch.
For majority of the MiM degrees, it is not mandatory to have a prior background in business. The curriculum is designed to suit business and non- business graduates alike, so be assured that you won’t be missing out on anything.
In fact, most of the B-Schools have pre-cursor programs in business for students with non-business academic backgrounds.
To put it in simple words, if you are an ambitious person, wanting to make a mark in the business world at an early age, MiM is for you.
It is an excellent program which has abundant opportunities in terms of networking, career progression and international exposure.
The competition is tough and you might have to invest several hours in creating the ideal application. But in terms of the exposure, opportunities and pay-off, the masters in management program will be completely worth it!