Masters in Management – MiM Degree
Requirements, costs, salaries, top programs and best MiM essay consultants
MiM, or Masters in Management, is a graduate degree in business and related specializations. It is a far more theoretical approach to business education than an MBA degree. It lays the foundation of the various concepts, takes young fresh undergraduates, or recent professionals, along a structured path towards business concepts.
Though originally a European phenomenon (read Best Business Schools in Europe), there has been a growing number of North American schools embracing the idea of this taste of management studies.
What is MiM degree?
To sum up the intention of the program, while what we mentioned before stands true, it is also a sort of formal introduction to the field of business management. Much like other MS or M.Sc degrees, it is not designed with practical education in the flavour MBA is familiar with.
The courses are fundamental with the option of specializations in your interested area of business function – marketing, consulting, finance, and so on. This course, also otherwise known as Master of Science in Management in some parts of the world, is often a gateway into entry-level jobs in business management that require less experience.
Nevertheless, it has high demand among recruiters, provides opportunities to study and work abroad, is a networking goldmine given the faculty and industry exposure as part of the curriculum, and is designed to train its students to build enough momentum to start a promising management career, running and far ahead.
What is the Eligibility and Requirement for MiM?
Unlike MBA, MiM doesn’t need its applicants to have work experience with substantial accomplishments to show for, professionally. Most MiM programs require students to have an undergraduate degree in any field. In practice, most MiM programs have students who have less than two years of work experience.
Like MBA though, it does require GMAT/GRE or other standardized tests to evaluate applicants on a common baseline. TOEFL or other English proficiency tests are needed to ensure international student class participation.
What is the duration of MiM Programs?
Master in Management is a flexible program. While a considerable number of European business schools have the curriculum divided into two years – core, electives and specializations – there is the option to extend the time to include internships, as in HEC Paris. There is also typically an allotted time to get involved in research, working closely with professionals in the field.
A few MiM programs are also designed in a condensed format to be completed within a year. The table below, showing the top school for MiM, summarizes the duration of some of the top b-schools.
What kind of courses and syllabus comprise MiM degrees?
The years, or semesters, are dedicated to first laying a foundation for management sciences and other related concepts – intercultural management, management, statistical methods, analytical skills, and more. The second phase provides students with various specializations through electives – Accounting, Analytics, Economics, Finance, Marketing, Strategy, etc.
MiM degrees offer incredible opportunities to customize the training based on the student’s interests. Depending on the b-school, many of these electives become part of either exchange programs or dual degrees that provide the added advantage of further global exposure. Foreign Language is also a big part of the training that goes into the global experience.
The essential takeaway is that while job is a key outcome in the dreams and hopes of MiM students, at large, a significant number of them choose to continue in academia. With the heavily research oriented curriculum, students are trained towards thinking as potential researchers, adept with the skills to analyse information and use various research methodologies for independent endeavours.
Having said that, schools do incorporate real-world application training in the mix, for employment. Thus, internships can become a part of the MiM training, especially if the duration of the degree allows for sufficient time to accommodate one.
Students are either mandated to take up internship opportunities in set scheduled period, during the degree, or are given a flexible option to opt for a gap year/semester, for interning in one or many organizations, and specializations, if they so choose to do.
What are the job prospects after MiM?
Here is a snippet of the hiring projections, among MiM graduates, as per GMAC Corporate Recruiters Survey from 2017. The survey, which was based on nearly 1,000 employers representing about 630 companies, including 22% Fortune Global 500s, across 51 countries, shows a very positive response to these Master’s graduates.
Through their years of surveys, GMAC found that the MiM hiring projections were up from 49% in 2012 to 59% in 2017. Though slightly subdued in the US, at 48%, as compared to the other continents – Asia Pacific (86%), Europe (74%) and Latin America (76%) – the trend is in the right direction.
Breaking down further, as expected, larger companies (with greater than 1,000 employees) are more likely to hire (73%) MiM graduates as compared to smaller (36%). Even Start-ups are showing an increased interest in these young and vibrant business wizards. The table below sums up the industry wise hiring scenario, as per the survey.
|Product & Services||55%|
As far as internships are concerned, US companies are less likely to offer internship positions to Business Master’s students, including MiM. They stood at about 24% in USA as compared to 32% in Asia Pacific and 52% in Europe, in 2017.
This is not surprising as Europe is the pioneering continent in Masters in Management, with the rest of the world now slowly realizing its value and playing a bit of catch up. As with jobs, larger companies are more likely to offer internships and also more likely to hire interns full-time.
As mentioned before, the cohort of students, their age and experience, accounts for the job level grads are usually hired into. For instance, MBAs, with experience, are usually hired into mid-level positions.
In comparison, the average age of MiM classes is about 22 years and they usually have none to less than a couple of years of work experience. It is typically noted that MiM grads find entry-level positions albeit in reputable companies and with competitive salaries.
Average MiM Salaries
According to the GMAC recruiter survey, the median starting salary of MBA grads is about $110,000 whereas for MiM grads it is $92,500. Of course, the salaries are dependent on the role and industry with Consulting and Finance typically being the highest payers.
According to Financial Times’ Master in Management rankings, MiM graduates from the top business schools can fetch up to nearly $110,000 a year.
What are the top Master in Management programs in the world?
Master in Management, and its avatars – MA in Strategy and International Management, MSc in Management, MSc in International Management, Post Graduate Program in Management et al – have a significantly different list of business schools topping the ranking charts as compared to the MBA rankings. This is primarily because of the European dominance in the degree. About 87% of the Financial Times top 100 rankings in MiM are European business schools. Less than 5% are North American, and over 7% are Asian (more if you were to take collaborations into consideration).
In comparison, here is a list of top MBA schools in the world (Financial Times).
- Stanford GSB (USA)
- INSEAD (France/Singapore)
- Wharton (USA)
- London Business School (UK)
- Harvard Business School (USA)
- University of Chicago, Booth (USA)
- Columbia Business School (USA)
Over 50% (among top 100) are North American, 31% European and about 17% are from Asia-Pacific.
The table below gives us a glimpse of some of the top Master in Management programs in the world, their duration, and tuition.
Top MiM Programs in the world
|Business School||Country||Program Name||Duration||Tuition (USD)|
|University of St Gallen||Switzerland||Strategy and International Management (SIM)||3 semesters||$10k|
|HEC Paris||France||MSc in Management||2 years + optional gap year||$45k|
|London Business School||UK||Masters in Management||9 months + 3 months optional||$40k|
|Essec Business School||France/Singapore/Morocco||MSc in Management||2 years||$46k|
|ESCP Europe||France/UK/Denmark/Spain/Italy||MiM||2 years||$23k|
|Bocconi University||Italy||MSc in International Management||2 years||$32k|
|University College Dublin, Smurfit||Ireland||MSc in International Management||1 year full-time and 2 years part-time||$22k|
|Rotterdam School of Management, Erasmus||Netherlands||MSc in International Management/CEMS||18 months||$20k per year|
|IE Business School||Spain||MiM||10 months||$42k|
|ESADE||Spain||MSc in International Management||1 year||$32k|
Other well-known MiM programs are offered as part of the CEMS (30 member schools across 30 countries), and universities/institutes like the University of Mannheim, Shanghai Jia Tong University at Antai, Indian Institute of Management at Ahmedabad, University of Economics at Prague, Indian Institute of Management at Calcutta, HHL Leipzig, Queen’s Smith School of Business, and more. A full ranking can be found here: MiM Ranking.
Is MiM degree worth it?
Your foot needs to fit the glass sandal. It is good to have options not limited to the glamourous and pricey graduate management program like the MBA. There are good reasons to pursue the MiM degree just as there are certain deterrents that may mire the experience for the future. Of course, the good or bad taste is completely subject to the requirements and expectations of the individual students.
While MBA is the popular kin, it also caters to the exclusive crowd of experienced professionals, with outstanding achievements, who are willing to shell out money for the heavy cost of attendance. MiM is cheaper, is open to fresh (under)graduates from any field and is somewhat easier to finance (Read List of MiM Scholarships), geared towards a theoretical understanding of the field with an option of real-world training. Also, it saves precious years by providing an accelerated learning program to help graduates get an edge, early on. Most MiM programs don’t face the usual steep competition that is synonymous with international MBA admissions.
The relative lack of work experience may also imply that students are not well prepared to make an informed choice about their career in business, or business specialization. Most MBA students already have a specific post-MBA goal, complete with specialization interests chalked out even before they begin the program. However, in MiM, as with most early-career MBA programs as well, there is a significant chance of buyer’s remorse whereby graduates realize that the degree is not for them, unfortunately after having already committed the time and money into it. All because of the lack of career clarity at such an early stage in their life.
Eventually, the decision on the worth of a Master in Management degree is really dependent on how individual candidates perceive their future career. For further information on this, we recommend you read our article – Is the Masters in Management (MiM) degree worth it? It is also good to explore other business Master’s programs like Master in Finance, Master in Accounting, Master of Science in Business Analytics, and more. Each has a specialized flavour that may speak to you more than the generalist approach.
Best MiM Admission Consultants
For MiM essay reviews, MBA Crystal Ball is considered among the best MiM application consultants. We’ve helped MiM applicants like you get into their dream colleges. Here’s an MiM consulting review by a London Business School MiM student.
We work on a virtual model. So it doesn’t matter if you are based in Delhi / NCR, Mumbai, Bangalore, Hyderabad, Pune or any other city in India or the rest of the world. Our top MiM essay consultants can help you improve your chances of getting into the best MiM programs (Read MiM Essay Review Services – Best MiM Essay Consultants in India).
Send us an email: info at mbacrystalball dot com
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