What is Masters in Management?

One may wonder What is Masters in Management? MiM, or Masters in Management, is a premium post-graduate degree targeted towards graduates or young professionals individuals. It is a degree providing comprehensive knowledge about varied management streams such as Finance, Marketing, Consulting, and 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 Masters 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.

Understanding the Masters in Management Program

A Masters in Management, or MiM, is a postgraduate program that provides advanced general management knowledge for students or recent graduates with little or no work experience. While the exact structure and focus may vary depending on the institution, the program is designed to equip future leaders with a broad understanding of the key aspects of business. Here's a deeper dive into what the program entails.

Core Subjects

The program covers a comprehensive range of management-related subjects in its core curriculum. Each of these subjects builds a critical piece of the management knowledge base. The idea is to build a solid foundation of business principles to prepare students for leadership roles.

• Financial Accounting: This MiM course lays the foundation of how to record, analyze, and report financial transactions. It equips students with the skills to prepare key financial statements and to make decisions based on financial data.
• Managerial Economics: This MiM course applies economic theory to business scenarios. It explores how demand, supply, cost, and market structures can affect decisions related to pricing, production, and investments.
• Organizational Behavior: This MiM course studies individual and group behavior within organizations. It covers elements like leadership, motivation, team dynamics, and change management to foster a productive work environment.
• Marketing: This module introduces the fundamentals of marketing, including product development, pricing, promotion, and distribution. It also highlights the importance of understanding consumer behavior and market research.
• Business Ethics: This subject highlights the importance of ethical decision-making in business. It covers topics like corporate social responsibility, governance, and sustainability, aiming to guide students in managing ethical dilemmas.
• Human Resource Management: This MiM course is about managing people in an organization. It covers key HR functions, including recruitment, training, performance management, and employee relations.
• Business Strategy: This MiM course focuses on the formulation and implementation of business strategies. It involves analyzing competition, defining organizational strategy, and exploring different business models for a competitive edge.

Elective Subjects

Electives are courses that the students can elect (or choose) to study apart from the core courses that are a 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.

What is Masters in Management? And What Electives it offers? 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.

• Entrepreneurship: This elective delves into the life cycle of a business, from idea conception to launch and growth. It's ideal for those interested in starting a business.
• Data Analytics: This course equips students with the skills to leverage data in decision-making processes. It covers data mining, predictive modeling, and visualization techniques.
• Supply Chain Management: This course covers how goods and services move within an organization. It helps students understand how to improve efficiency and customer satisfaction while reducing costs.
• Digital Marketing: This elective delves into marketing strategies for the digital world. Topics include SEO, social media marketing, email marketing, and digital analytics.
• International Business: This course gives students an understanding of global business dynamics. It covers international trade, cross-cultural management, and global finance.
• Project Management: This elective focuses on successfully managing projects, covering project planning, risk management, and project evaluation.
• Sustainability in Business: This course is about integrating sustainable practices into business strategies. It covers sustainable operations, corporate social responsibility, and sustainable supply chains.

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.

Top MiM Schools in The World

What is Masters in Management? And what are the Top Shools offering it? Since MiM is the most popular in Europe, all the top 10 schools of the degree are on this continent. Many reputed journals annually publish rankings for Masters in Management 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 2022 report for World’s Best Business Schools by the leading journal Financial Times:

1. London Business School (LBS): LBS MiM program has students from around the world come together, creating a rich mix of backgrounds and cultures. Their MiM program gives you the basics of business and lets you pick and choose more specific courses and projects to suit your interests.
2. HEC Paris: HEC Paris MiM is known for its tough, high-quality courses and its large network of past students, who can help you in your future career. You can choose from 20 specializations in their MiM program, so you can focus on what you're most interested in.
3. ESSEC Business School: ESSEC MIM program has schools in Europe, Asia, and Africa, so students get to see business from different global viewpoints. Their MiM program mixes learning in classrooms with real-world experience, like internships.
4. ESCP Europe: As the first business school in the world, ESCP MIM course has a lot of experience teaching business. You'll get to study in at least two different countries during their MiM program, which is a fantastic way to learn about different cultures.
5. University of St. Gallen: The University of St. Gallen is well-known for its excellent courses and the high number of students who get jobs after graduating. Their MiM program includes mandatory overseas experience and hands-on projects, which are great ways to learn about global business.
6. IE Business School: IE is a creative and forward-thinking school. IE MiM program focuses on starting your own business and staying ahead in the digital world. You'll even get to develop your own startup ideas in their "Venture Lab".
7. WHU - Otto Beisheim School of Management: WHU has strong connections with businesses and great teachers. WHU MiM program includes a special "practice term," which is an internship where you get to apply what you've learned in a real business setting.
8. CEMS - Global Alliance in Management Education: The CEMS MiM program isn't tied to just one school. You'll need to do international internships and spend a semester at a partner school abroad, which means you'll get a unique view of the business world.
9. Rotterdam School of Management, Erasmus University (RSM): RSM is famous for its research and its close connections with big companies. They also focus on sustainability in their MiM program, teaching students to become responsible leaders.
10. University College Dublin: Smurfit Graduate Business School: As the top business school in Ireland, UCD Smurfit focuses on business in Europe and has strong connections with global companies. You can also join international study tours and exchange programs, where you can learn in different countries.

Is Master in Management for You?

What is Masters in Management? Is it for you? A common query for young aspirants or professionals seeking the best possible option to grab for enhancing their business and management potential. Well, it won’t do you any harm plus it’s only the best option available to you along with MBA. Plus more, it is offered by the most prestigious institutions all over the world. With a perspective of delivering excitedly what you need. So strap-up!

Post-graduation prospects

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 PhD programs but most MiM graduates prefer to get employed upon graduation. PhD is good when you want to move ahead in your research or to gain a deep understanding of the field and how it works. But the most suitable prospect is to try yourself in industry and see what you can achieve.

The average salary of a MiM graduate comes out to be around €50,000 per year.

To get an in-depth insight, you can check out our blog on Jobs After MiM In Europe

Average Masters in Management graduate salary estimated from various institutes

 
What is Masters in Management career prospects and salaries? A Masters in Management 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. 

Examples of entry-level positions taken up by MiM graduates are- analyst, graduate trainee (eg. entry level management trainee).

Check out our comprehensive article to show how the career of a typical MiM student progresses to get more insight into the same: Masters in Management Career Progression

MIM Course Fees

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.

After getting the answer to What is Masters in Management? One may think of tuition fee involved. 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 universities. 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 the exchange, dual degrees, and CEMS joint degree.

Internships 

When students wonder about What is Masters in Management? They also tend to wonder about the internships possibilities in the MIM course. 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 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. 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 scenarios 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.

Importance of Masters in Management

In today's highly competitive job market, a Masters in Management (MiM) degree has become increasingly important for individuals seeking to enhance their career prospects and stand out in the business world. Here are some key reasons why pursuing a MiM can be a valuable investment:

Watch this Video on why choose Masters in Management to clear all your doubts about the program

• Global Experience: MiM offers you opportunities to work on projects for real companies in its study pattern. Students get to study abroad and learn a global perspective of the industry. Nowadays, a global perspective is how important one need not explain.
• Versatility: In this dynamic industry, one can not be sure of future prospects of a field. Even jobs are changing roles. Rapid changes in business and technology are creating issues to be concerned about. Through MiM, you gain business generalist experience, you learn how to adopt and take necessary initiatives for changes, skills which are becoming more and more important these days to have.
• Entrepreneurship: You can work and earn decently or even great as a job person, but you would not be able to see the changes in your field just by working every day and earning. Entrepreneurship does not mean only being a boss, it means implementing your ideas and initiatives into the very field to make significant or even a small change. A Master's in Management in USA will give you proper insight and learning to develop your entrepreneur within yourself.
• Expanding Network: A MiM and an MBA program are meant to develop your network in the professional world for further opportunities. Your network is the aspect that will decide the amount of possibilities in your career. In business and management, working without a wide network is like cooking without salt!
• Specialization and Customization: MiM programs often offer a range of elective courses and specialization options, allowing students to tailor their degree based on their specific interests and career goals. This flexibility enables individuals to gain in-depth knowledge in areas such as entrepreneurship, finance, marketing, or sustainability, enhancing their expertise in a particular field.
• International Exposure and Networking Opportunities: Many MiM programs emphasize global perspectives, offering opportunities for international study trips, exchanges with partner universities, or multicultural classrooms. This exposure to diverse cultures and business environments fosters a global mindset and cross-cultural communication skills, which are highly valued in today's interconnected world.

Conclusion

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 Master in Management and MBA 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.

A Masters in Management is a prestigious degree that offers a pathway to Masters in Management Career Progression and personal growth. It equips students with a comprehensive business education, specialization opportunities, a global perspective, networking advantages, and increased employability. Whether you are a recent graduate or a professional seeking to enhance your management skills, pursuing a MiM can be a transformative step towards a successful and fulfilling career in the world of business.

We hope that now, you are having no doubts about “What MiM is” & who it is suitable for. 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.