5 KEY Factors why Masters in Engineering Management is the next BIG THING
Masters in Engineering Management
A Masters in Engineering Management (MEM) is a postgraduate program designed for students who have completed a degree in Science, Technology, Engineering, or Math (STEM) discipline. But this program also focuses on teaching much-needed management and leadership abilities to engineering students looking forward to advancing their careers in the technological field.
Engineering graduates possess immense technical knowledge in their field of expertise but usually lack management domain knowledge. However, in recent times, there is a desperate requirement for engineers as managers. That is why the Masters in Management program is focused on preparing engineers and tech experts to take over managerial responsibilities to help the organisation. As a result, they can learn how to manage projects, take crucial organisational decisions, analyse business and technical risk, and delegate duties among coordinates. Moreover, it is a leadership program with a focus on engineering specialities that combines business and engineering.
In short, a Masters in Engineering Management (MEM) is the next big thing, and today we will discuss why it will witness an upward trajectory in the coming years.
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Admission requirements for MEM
Before moving forward, it is important to understand that a MEM is a postgraduate degree intended specifically for engineering graduates. As a result, there are specific criteria for admission to this program. But in most universities, the admission requirements for Engineering Management are nearly the same.
- English proficiency tests, a valid TOEFL or IELTS score
- A bachelor’s degree in engineering or a STEM discipline
- GMAT or GRE scores
- Letters of Recommendations
- Statement of Purpose and Essay Questions
Meanwhile, it is recommended to check out the school website for any other additional information relating to the admissions process.
Why choose masters in engineering management?
Postgraduate Degree with Professional Expertise
As you can see from the admission requirements for MEM, it is a special kind of program, selecting the best lot of students, that too from specific STEM backgrounds. In other words, it is a degree that separates its students from the rest. Much like any other master’s degree, this program will instil you with expert knowledge about the crucial subjects. Above all, the MEM degree gives an excellent mix of deep technical knowledge and skills, management principles, and business understanding. This program offers to deliver the best of both worlds for engineers aiming to pursue an advanced degree. That is to say, it can help you improve your leadership and business management skills, allowing you to advance your career and reach senior management positions in the tech-related space. Moreover, the MEM degree is internationally recognised, and its graduates enjoy a unique position in the global business world.
Future Prospects for Engineering Students
In the last few decades, the technological industry has only seen an upward trend in its popularity. With more and more people getting access to information technology, its popularity will only grow further in the coming years. As a result, many tech companies have established themselves as some of the most valuable companies in the world. Furthermore, this industry is up to solving some of the most complex problems that are unimaginable to human beings. These organisations are spending millions of dollars on their future projects, and a chunk of their investment is spent on hiring the right person to lead their team. So yes, a Masters in Engineering Management (MEM) will help you work in the ever-expanding tech industry. Moreover, top IT companies constantly seek graduates with a MEM degree, and in future, many others will realise the importance of this program.
With the onset of inventions like cryptocurrency, drone technology, artificial intelligence and automated vehicles, the tech business is ever-evolving and not slowing down anytime soon.
Career Opportunities in Engineering Management
Not only the tech industry, but the integration of technology in other sectors means that the career scope for a MEM graduate is endless. In addition, learning all the business management skills from this program will open doors for several opportunities. Among many other topics, MEM students are taught subjects like operations and supply chain management, technological strategy, product design and marketing, entrepreneurship, and finance. Therefore, you can work in various industries and functions, including the likes of healthcare, finance, manufacturing, consumer goods, and energy. Moreover, you will be associated with job positions like data analyst, business analyst, database engineer, system analyst, associate etc. It would help if you found out where your interest lies and what are your long term goals. Moreover, there might also be a possibility that you will launch your own business with a fresh billion-dollar idea (just like every other tech giant).
The Duration and Cost for the Program
Much like an MBA degree, the MEM is also considered a management degree, but for the engineers. So, it’s safe to mention that there are numerous comparisons drawn between the two degrees. Meanwhile, MEM is also a professional management degree, just like MBA, and thus share some similarities with the program. That is why MEM is the next big thing. The average course duration for a MEM program will range from 12 months to 24 months, depending on the course and the institution, similar to the MBA program. Likewise, the MEM curriculum includes some of the most in-demand subjects widely taught in an MBA program.
However, a MEM program is significantly cheaper than an MBA course. For example, the tuition fees for a MEM program from a top university will range from $50,000 to $80,000 compared to a full-time MBA, which can cost you $100,000 or above.
Tuition & Costs of MEM
In addition, here is an estimated cost for a Masters in Engineering Management (MEM) degree program from top universities.
|University||Location||Tuition Fees||Cost of Living|
|Cornell University||New York, USA||$56,550||$30,326|
|Dartmouth College||New Hampshire, USA||$74,140||$10,560|
|Duke Fuqua||Durham, North Carolina, USA||$56,664||$8,752|
|John Hopkins||Baltimore, Maryland, USA||$55,350||$21,000|
|University of Windsor||Ontario, Canada||$18,640||$12,000|
|Concordia University||Montreal, Quebec, Canada||$6,989||$32,760|
|Northwestern University||Illinois, USA||$64,548||$32,000|
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Salary Packages for MEM Students
Now that we know the cost of MEM, it is time to discuss the lucrative salary packages that a MEM graduate gets when they start working. Although it is a STEM disciplinary course, it does open doors for all kinds of profiles. For example, A MEM graduate can earn a handsome salary while working in Product, Design, System, Technical Consulting or Architecture etc. Even though Engineering Management is a booming field, the salary package of a MEM graduate is much higher than most of the master’s programs. MEM graduates earn an average income of $78,000 to $110,000. However, these salaries can go upward of $180,000 a year, depending on various factors like the firm, job profile and location. Consequently, MEM is getting popular nowadays because of its ROI factor.
Engineering Management is quickly becoming one of the most popular graduate programmes. With so many students studying engineering as a bachelor’s degree, they typically pursue MEM as a master’s degree. Meanwhile, the program recognises that managerial skills are in high demand, and it can be inferred from the following points mentioned above. In addition, the tech industry will only expand further and create more opportunities for the MEM graduates. Therefore, it’s recommended that you must go for a Masters in Engineering Management degree. It gives you a distinct advantage over other technical job applicants.