All you need to know about Masters in Management
Masters in Management programs are popular among recent graduates and early-career professionals who want to advance their careers in business and management. According to the Graduate Management Admission Council’s (GMAC) Prospective Students Survey, 85 percent of MiM applicants are under the age of 24. According to GMAC, these candidates prioritize overseas study and employment prospects, as well as the opportunity to obtain managerial skills, as their top reasons for pursuing a MiM. There is no clear winner between an MBA and MiM, but you can opt for the respective programs according to your requirements and career goals.
The MiM is gaining popularity and with prestigious universities such as the London Business School, HEC Paris, London School of Economics, Duke Fuqua & Bocconi offering MiM as a flagship degree, it has gained high demand. Depending on the college, the master’s degree programs in management might span anywhere from 10 months to two years.
MiM typically offers a wide range of electives, allowing you to customize your course to fit your needs. Masters in Management is a degree that covers a wide range of management topics, including finance, marketing, consulting, and entrepreneurship, among others. It’s an excellent degree to get, especially if you want to change careers early in life or work in a managerial role.
Advantages of studying a Master’s in Management:
- Seek insights from corporate leaders all over the world:
Some Master’s in Management programs also provide a chance to seek professional exposure and travel to several other locations to gain insights from leading global experts, thanks to the global connections between top business schools and organizations.
- Little or no work experience is required:
A significant benefit of a Master’s in Management is that it allows you to expand your leadership skills immediately after graduating from a Bachelor’s degree program. Traditional business degrees, such as an MBA, typically require a significant amount of prior job experience to be admitted – typically between 3 and 5 years. Many MIMs have no job experience requirements or only require one year of previous work experience.
- Get a diverse learning experience:
The Master’s in Management, which began as a Master of Science (M.Sc.) degree, is a program that combines in-depth theoretical coursework with a positive learning atmosphere. You can also choose from a variety of interesting electives, such as money psychology, e-commerce, business ethics, and so on.
Acquire leadership knowledge at an affordable price:
Masters in Management degrees are typically less expensive than other popular business degrees, such as a Master of Business Administration. Depending on the university, specialization, and even location, the annual MIM study fee might range from 2,000 to 30,000 EUR. MIM courses offered by business schools in the United Kingdom and the United States typically have higher tuition rates, yet even the highest available tuition range is usually half the cost of an MBA program.
Careers after the program
After the MiM, you’ll have excellent chances of getting a job and even continuing your further education. Graduates can pursue PhD studies, but the majority of MiM graduates choose to work immediately after graduation. A MiM graduate can expect to earn approximately €50,000 per year on an average.
The MiM degree is well-suited to management positions. Finance, Consulting, Marketing, Business Development, Corporate Strategy, Business Intelligence, Accounting, Sales, Sustainability, and many other profiles, including entrepreneurial ones, are available to MiM graduates.
- Most schools accept Bachelors’ and diplomas as your undergraduate degree, but some schools can accept other degrees as well.
- Most schools do not require work experience, but guidelines can vary.
- Usually, TOEFL and IELTS are accepted widely. But, some business schools also accept other test results, such as the Cambridge English: Proficiency (CPE) and the Cambridge English: Advanced (CAE), while some schools have their own tests.
- To apply to a Masters in Management programme, some universities require applicants to take the GMAT or GRE. Many institutions require a minimum of 600 points. Whereas those seeking to qualify for merit-based scholarships should aim for scores of 650 and above.
Let’s look at the best institutions providing MiM. Because MiM is the most popular degree in Europe, all of the top ten schools that offer it are located in Europe. Many reputable publications provide annual rankings for Masters in Management based on many criteria such as recent graduate employment, business school location, tuition fee, the weighted average pay of graduates, and so on. According to those rankings, the top 10 schools for Masters in Management are:
- The University of St. Gallen
- IE Business School
- HEC Paris
- ESSEC Business School
- London Business School
- ESCP Europe
- WHU Beisheim
- Università Bocconi
- ESADE Business School
If you are planning to pursue your post-graduation from abroad, MentorMpact provides the best guidance you can ever get! MentorMpact works with the students and for the students. We value the trust you put in us and we creatively partner with you to accomplish your dream school admission. Our approach resonates with true mentorship. And we ensure the best for our clients. For more information, visit MentorMpact.