If you chose Masters in Management – read these 7 factors before getting admission
A Master in Management program is the best post-graduate program for fresh graduates looking to transition into the management domain. The design of the MIM program follows a general business and management concept for students irrespective of their undergraduate background. What’s more, MIM students would be able to graduate with either a Master of Science (MSc) or a Master of Arts degree (MA) degree.
Most notably, the Masters in Management program has gained the title of a precursor or an alternative to an MBA program due to many similarities in its overall program structure. However, there is one massive difference between both the programs, which lies in the duration of the program itself. Henceforth, the MBA program generally lasts for two months, while the MIM program is designed to last for only 10 months to 12 months. Here, we will focus on highlighting all the advantages of pursuing a MIM program. So, let’s quickly dive right into the benefits of a MIM program:
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1. Internationally oriented Masters in Management
One significant aspect of the MIM programs in recent years is the upward trend in their popularity. Earlier, when the MIM program was still in the infancy stage, it was restricted to only European countries. However, with evolving higher education, the popularity of MIM became rampant in other Asian countries, Canada and Australia.
Moreover, the main target students for MIM program are international students, wherein the medium of instruction is English. As a result, the popularity of the MIM program has soared amongst aspirants from all over the world. According to the GMAC survey in 2016, it was observed that the volume of the applications for the MIM programs has increased up to 58% in Europe and a 36% increase in the U.S. The most surprising fact about this program is that most of its application comes from China, Germany, Italy, and India.
2. Little to no work experience required
One of the most striking features of a masters in management program is the opportunity it provides to fresh graduates. The requirement cites no prior work experience or up to a maximum of 2 years of professional experience. Because the MIM program is built on the same framework of an MBA program, this offer is like a blessing for students who want to make a career in the business world without the added burden of fulfilling the professional requirements of an MBA program. However, many MIM programs require no work experience, while some expect a maximum of 1 year of employment.
3. Obtain a versatile study experience through masters in management
The MIM program is curated with a heavy emphasis on the theoretical aspects of business and its subsidiary elements. In addition, there are diverse electives that a student can choose from, including e-commerce and the psychology of money. Remarkably, many masters in management programs are now transitioning into a more practical based learning. Several top Business schools follow this trend, for instance, HEC Paris and INSEAD, where they have included practical experiences as part of their course structure. Thus, with the fast-paced changes in the global market, a sudden demand for career-oriented programs is taking shape. Moreover, guest lectures from distinguished entrepreneurs and internships opportunities have levelled up the demand for the MIM program. All in all, these features cumulatively make MIM a versatile program that is in sync with the current trends.
4. Gain insights from business leaders worldwide
Another unique aspect about most MIM programs is their partnership with other top Business schools and corporations. This perfect amalgamation of academic and corporate partners, allows the students to gain international exposure and knowledge from global leaders. Keeping this in mind, several masters in management programs out there provide exchange programs to their students. For instance, HEC Paris has ties with almost 123 exchange partners. Most notably, Asia China Europe International Business school, ESADE Business School, Chicago Booth of the University of Chicago, to name a few.
5. Develop managerial and interpersonal skills
Evident from the name itself, masters in management program provides in-depth knowledge and learnings in management and other associated fields. Besides, you will also prepare how to handle complex business topics and discussions smoothly. Another critical thing to remember is the emphasis the MIM program lays on the development of interpersonal skills. For instance, your leadership, problem-solving, and teamwork skills are some of the most valued components of the MIM course structure. In addition to this, you would also learn how to apply managerial concepts in practical contexts.
6. Acquire profound knowledge in the management field at an affordable price
The low tuition fees of the MIM program is the most rewarding part of this program when the most rewarding part of pursuing a MIM is the program’s low tuition fees compared to other sought after business programs like MBA. In other words, you could expect the MIM fees to range between 2000 Euro and 30000 Euro. However, the MIM fees of business schools based in the U.S. and U.K. are a bit more expensive but still half the price of an MBA program anywhere in the world. Above all, you can also take the assistance of various scholarships to reduce the financial burden further.
7. Open to Business and non-business study bachelor’s students
Another factor that plays a massive role in the decision-making process for a MIM program is its flexibility and inclusivity to offer admission to aspirants from both business and non-business study backgrounds. In other words, if you are from a history, hotel management, or science background, you are still eligible to apply for a MIM program. Therefore, students who have completed their bachelor’s in a different background but want to switch to the management field and pursue a successful career.
In conclusion, you can consider these factors before applying to the masters in management program to clear out any inhibitions you may have related to the program. Moreover, it is best to have a thorough research about the benefits and cons of a program. However, in this case, the benefits can easily undermine the cons. Therefore, it is a great opportunity for fresh graduates to take advantage of this program for a promising career in management.
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