Master in Management (MiM) Degree
Many incorrectly assume that an MiM degree
is an alternative to an MBA degree. There are some similarities between the two,
but many differences as well – when it comes to the entry requirements, costs, program
format, jobs and salaries. That’s what we’ll try to cover in this video. Masters in Management, or MiM in short, is a graduate degree in business and related
specializations. It is also known by other names in different parts of the world. It takes young fresh undergraduates, or recent professionals, and gives them a formal introduction
to the field of business management. Its approach to business education is more
theoretical compared to the mainstream MBA degree.
Though originally a European phenomenon, there has been a growing number of North American
schools embracing this idea. The MiM degree is often a gateway into entry-level
jobs in business management that require less experience.
MiM courses offer specializations in business functions you might be interested in – such
as marketing, consulting or finance. It provides opportunities to study and work
abroad, has a high demand among recruiters, is a fantastic networking opportunity 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. Unlike the MBA, MiM doesn’t need its applicants to have work experience or substantial professional
accomplishments to show for. Most MiM programs require students to have
an undergraduate degree in any field. Typically MiM students have less than two
years of work experience. Like an MBA, it does require GMAT, GRE or other
standardized tests to evaluate applicants on a common baseline.
English proficiency test scores such as TOEFL and IELTS are also needed to ensure international
student class participation. MiM is a flexible program.
While a considerable number of European business schools divide the curriculum into two years
– covering the core, electives and specializations – some like HEC Paris offer the option to
extend the time to include internships. There may also be some 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 1
year. The years, or semesters, are dedicated to
first laying a foundation for management sciences and other related concepts such as these: The second phase provides students with various
specializations through electives 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. While getting a job is an important expectation
for many MiM students, several choose to continue in the academic field.
With the heavily research-oriented curriculum, students are trained towards thinking as potential
researchers. Having said that, schools do incorporate real-world
application training in the mix, for employment. So, internships can become a part of the MiM
training, especially if the duration of the degree can accommodate one.
Students have the option of taking up internship opportunities during the degree, or they are
given a flexible option to opt for a gap year or semester, for interning in one or many
organizations and specializations, if they choose to do so. The hiring projections among MiM graduates
look quite positive. Here’s a snapshot from a recent survey. Though slightly subdued in the US, as compared
to the other continents, the trend is in the right direction Larger companies, with more than a 1,000 employees,
are more likely to hire MiM graduates as compared to the smaller ones. Even start-ups are showing an increased interest
in hiring MiM grads. Here’s the industry-wise hiring scenario,
as per the survey. US companies are less likely to offer internship
positions to Business Master’s students, including MiM. 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 for full-time positions. In any degree, the age and experience influences
the job levels that 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 zero to less than a couple of years of work experience. Though MiM grads find entry-level positions, they are often in reputable companies and
with competitive salaries. According to the GMAC recruiter survey, the median starting salary of MBA grads is about $110,000 whereas for MiM grads it is about $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. MiM degrees have a significantly different
list of business schools topping the ranking charts as compared to the MBA rankings. 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.
Have a look at some of the top Masters in Management programs in the world, their duration,
and tuition. Is an MiM degree worth it? It is good to have options that go beyond the glamorous but pricey management degrees
like the MBA. Let’s look at some pros and cons of MiM
degree. An MBA degree might be highly popular. But
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. In contrast, an MiM is cheaper, open to fresh undergraduates from any field and somewhat
easier to finance. It is predominantly a theoretical understanding
of the field with an option for real-world training. It also saves you precious years by providing an accelerated learning program to help graduates
get an edge, early on in their careers. Most MiM programs don’t face the usual steep
competition that is synonymous with international MBA admissions. Let’s look at the cons.
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.
In contrast, many MBA students already have a specific post-MBA goal, complete with specialization
interests chalked out even before they begin the program. However, in MiM programs, as with most early-career MBA programs as well, there is a significant
chance of buyer’s remorse when graduates realize that the degree is not for them.
Unfortunately, the realization happens after having already committed the time and money.
All because of the lack of career clarity at such an early stage in their life.
However, these pros and cons are very subjective and it depends a lot on the candidate who’s
applying for MiM programs to decide what works and what does not.
It’s also a good idea to explore other business Master’s programs like the 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. For MiM essay reviews, MBA Crystal Ball is
considered among the best MiM application consultants. Our top MiM essay consultants can help you improve your chances of getting into the best
MiM programs in the world. Send us an email if you need professional
help. Good luck!