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Have you ever wondered about MIM? MIM stands for Masters in Management, a prestigious post-graduate degree designed for recent graduates or young professionals. This degree offers a deep understanding of diverse management disciplines, including Finance, Marketing, Consulting, and Entrepreneurship, among others.
MIM is an excellent choice, particularly if you're considering switching career paths early on or aiming to enter the management arena. Here, we'll delve into some intriguing and significant aspects of this sought-after degree to provide clarity on the subject.
What is a Masters in Management?
A Masters in Management (MiM) is a postgraduate degree designed to equip students with essential business management skills, making it ideal for those seeking to jumpstart their careers. Typically pursued by recent graduates, this program covers diverse topics such as finance, marketing, strategy, and leadership.
The degree is popular among students aiming to enter the business world without prior work experience, providing invaluable networking opportunities and practical skills. Graduates benefit from global exposure and a robust professional foundation, making them highly attractive to top employers.
| MIM Colleges Abroad | Program Duration | MIM Tuition Fees | Full-Time MIM Average Salary | Average GMAT | QS Rankings |
| Cornell University MPS in Management | 10 months | $29,500 | $88,720 | No minimum score requirement | 13 |
| Chicago Booth MIM | 10 months | $65,000 | - | No minimum score requirement | 8 |
| University of Michigan Master of Management | 10 months | $53,615 | $70,000 | 690 | 12 |
| Duke Fuqua Masters of Management | 10 Months | $62,200 | $85,000 | 620-757 | 13 |
| Kellogg MIM | 10 Months | $64,842 | $164,000 | 6 | |
| London Business School Master in Management | 12-16 Months | £47,500 | £70,000 | 681 | - |
| Cambridge MPhil in Management | 9 months | £36,744 | £96,429 | 960 | 2 |
| London School of Economics and Political Science Master's in Management | 12 Months | £ 35,480 | £38,100 | 680 | 45 |
| Imperial MSc International Management | 12 Months | £34,400 | £51,966 | 650 | 6 |
| UCL MSc Management | 12 Months | £38,300 | £36,000 | 700 | - |
| Ivey MSc Management | 12 Months | CAD 97,079 | CAD 1,04,062 | 710 | - |
| York Schulich Masters in Management | 12 Months | CAD 140,385 | CAD 109,005 | 700+ | - |
| Queen’s University Management MSc | 12 Months | CAD 19,702 | CAD 1,01,434 | 670 | - |
| UBC Sauder Masters in Management (MIM) | 9 Months | CAD 55,273 | CAD 87,651 | 670 | - |
| HEC Montréal MIM | 16-24 months | $23,800 | - | - | 26 |
| TUM Masters in Mangement | 24 Months | €26,557 | €118,000 | 670 | -- |
| FSFM MIM | 24 Months | €33,000 | €56,464 | 640 | - |
| Mannheim Masters in Management | 24 Months | €20,430 | €96,048 | 600 | - |
| WHU Master in Management Program (MIM) | 21 Months | $37,200 | $101,100 | 600 | - |
| ESMT Berlin MIM | 24 Months | €32,000 | €55,641 | - |
What are MIM Eligibility and Requirements?
To meet the eligibility criteria for a Master in Management (MIM) program, candidates typically need a bachelor's degree from a recognized institution, proficiency in English or German depending on the program's language, and may be required to submit GMAT/GRE scores. There are many other requirements. Delve deeper into what the program entails.
| Requirement | Description |
| Bachelor's Degree | Bachelor's degree from an accredited institution, typically requiring 3-4 years of study |
| Minimum Percentage | 50% in undergraduate degree for most programs |
| English Proficiency | Non-native English speakers need to pass language proficiency tests like IELTS, TOEFL, or PTE with required scores. |
| Standardized Tests | Depending on the university, applicants may need to submit GRE or GMAT scores. |
| Letters of Recommendation | Two letters of recommendation from academic or professional sources are typically required. |
| Interview | MIM interviews are integral to securing admission to business schools. They provide candidates with the ideal platform to impress the admissions committee by showcasing their professionalism and suitability for the Master in Management program. |
| Work Experience | Some universities might ask for a minimum work experience of 0–3 years. |
Fees & Expenses in MIM
When exploring a Master in Management (MiM) program, it's essential to consider the tuition and associated costs, as they constitute a substantial investment in your career development. The expenses for a MiM program can differ greatly based on aspects such as geographic location, the program's reputation, and whether it is offered on a full-time or part-time basis.
| Country | Fees Range | Living Expenses | Total Estimated Cost |
| Australia | AUD$52,512 for the first year, totalling around AUD$107,649 for the academic year | AU$1,707 per month or AU$20,290 per year | AUD$128,799 to AUD$127,939 per year |
| UK | £38,300 per academic year | £7,600 to £17,200+ (accommodation, food, transportation, utilities) | £45,900 to £55,500 per year |
| Singapore | USD 15,345-USD 59,961 (INR 11.9-46.5 lakh) per year | USD 12,898 to 38,694 (INR 30,00,000 to 10,00,000) per year | USD 28,243 to 98,655 (INR 41,90,000 to 56,50,000) per year |
Note: The fees and living expenses mentioned are approximate and may vary depending on the institution and location.
What are the different types of Masters in Management?
Since you have come this far, it is also necessary for you to understand the different types of MIM. Below, you will find bifurcation for these.
One-year Masters in Management
Most MIM degrees are one-year, in-person programs. These are perfect for candidates looking to enhance their employment prospects or those with some prior work experience, as they allow for faster graduation and quicker application of newly acquired skills. Some of the top B-schools that provide a one-year MIM program are:
| School | Fees |
| London Business School | INR 50,27,887.02 |
| University College Dublin: Smurfit | INR 20,42,936.44 |
| Imperial College | INR 39,15,385.25 |
| London School of Economics | INR 40,71,991.19 |
| University of Michigan | INR 48,80,580.91 |
Two-year Masters in Management
Two-year Master in Management programs are for those students seeking to specialize in specific subjects and gain extensive international exposure or work experience.
| School | Fees |
| Bocconi | INR 29,04,676.08 |
| HHL Leipzig | INR 32,37,892.80 |
| SKEMA | INR 31,56,930.00 |
| ESCP Europe | INR 23,27,082.60 |
| Frankfurt School of Business | INR 32,01,887.00 |
Specializations in MIM program
What is MIM specializations? A Master in Management (MIM) program typically offers a range of specializations that allow students to tailor their education to their interests and career goals. Common specializations include Finance, Marketing, Operations Management, Entrepreneurship, and International business.
For example, HEC Paris offers over 20 specializations such as International Finance, Strategic Management, Marketing, and Quantitative Economics and Finance. The University of Windsor's Master of Management program provides specializations in Business Data Analytics, Human Resources Management, International Accounting and Finance, and Logistics and Supply Chain Management. These specialized tracks equip students with in-depth knowledge and skills in their chosen field, enhancing their employability and career prospects upon graduation.
What are the career aspects after MIM?
Pursuing a MiM (Master in Management) degree abroad offers Indian students a broad spectrum of career opportunities across diverse industries and sectors. Below are some principal areas and career trajectories where MiM graduates can discover lucrative employment possibilities:
| Job Titles | Average Salary Per Year (USD) |
| Risk Manager | $60,000 |
| Financial Risk Analyst | $85,000 |
| Investment Analyst | $88,000 |
| Management Consultants | $60,000 |
| Social Media Manager | $115,000 |
What is MIM ROI?
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When considering pursuing a Masters in Management (MIM) degree, one of the key questions to ask is: What kind of return on investment (ROI) can I expect? After all, earning a master's degree is a significant investment of both time and money. To determine if an MIM program is worth it from a financial perspective, it's important to carefully evaluate the potential career opportunities and salary boost it may provide compared to the cost of the program. The below comparison would help you get an idea of the average salary and fees. If not, you can also visit the official websites of various MIM schools to get a better idea or reach out to an education consultancy.
MIM Average salary
What are Masters in Management career prospects and salaries? this 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 an 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. The MIM salary reported for graduates around the globe is more than impressive.
MIM average salary: $50,000 - $120,000
Average fees
While the average salary of a MIM graduate is around half of that of an MBA graduate, the MIM cost is around one-third of an MBA Cost of a similar reputation. This makes the Return on Investment (ROI) amazingly attractive.
After getting the answer to What is a Master in Management? One may think of the 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 30,000 Euro for non-EU students and over 30,000 (generally exceding fees for international students).
For example, the fees in ESSEC are €38,000 for non-EU students and €31,000 for EU students. The tuition fees in RSM are €25,496 for non-EU students and a mere €2,976 for EU students.
MIM average fees: $30,000 - $60,000
Conclusion
Now that you know; What is MIM, have you made a decision to pursue the same? Well, the choice shall vary with every individual situation. You may have to first ponder over the difference between a master's in Management and an MBA and then between different schools.
A MIM degree is prestigious, offering a pathway to significant professional & 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 toward something new yet successful.
