If we think of management studies the first word that comes to our mind is the MBA.
And for right reasons, the MBA has long been the go to degree for people who want to get into the business field, but on the flip side top business schools require years of work experience and have high tuition fees.
This has left a large segment of recent graduates who know they want to do an MBA but don’t want to wait all that time for it, and it is this segment that the Maters in Management is targeting.
In short, Masters in Management or MiM is a premium post-graduate degree targeted towards individuals who have just graduated or are young professionals.
It is specifically designed for people who
- Are interested in pursuing a management career but don’t have a management background
- Are desperately racking years of work experience to get a shot at a top B-school
- Are young guns who wants to work with some of the top companies and want to quickly climb the corporate ladder
If you can relate to any of this, the Masters in Management is for you
The degree has been around for some time in Europe, but recently is gaining immense popularity across the globe, with top universities like Duke, Stanford, NUS & MIT Sloan offering it under their banner.
Its uniqueness lies in the fact that it targets a very specific age group of 21-25 who have less than 2 years’ experience. Some schools even have strict requirements barring people with more than one year of work experience to apply.
On the course curriculum side, the Masters in Management is very comprehensive and can share up to 60% of the curriculum with that taught in an MBA school. While some schools are fast paced with 1 year courses focused on helping you build a foundation in management, other courses offer 2 year courses with one year giving you an understanding of the core concepts while the 2nd year offering you to specialize in a field of your choice. Specializations range from Consulting to Finance and Marketing.
The jobs that Masters in Management graduates get are mostly entry level positions with salaries anywhere between 50,000 to 70,000 Dollars. But graduates have plenty of choices, from securing a job at the top Consulting firms to becoming a trader at Goldman Sachs, the top MIM schools have strong industry connections and allow you to enter diverse fields.
As per LBS Mim 2015 Employment report LBS Graduates have found jobs in Boston Consulting group, PwC, Goldman Sachs, McKinsey & Co to name a few. Similarly, at Duke Fuqua EY, Accenture & Bank of America are some companies that have hired their graduates.
Another thing that works in favor of MiM grads is that the fee for the course is one-third to half the fee for MBA courses, which makes the Return on investment very highly attractive.
For example, in Duke Fuqua the first year tuition fee for the 2-year program is around $63,000 while the Master’s program which is around 10 months’ costs about $49,000.
Also in case of HEC Paris the fees come to be around 56,000 Euros while that for 18-month master program is about 37,000 Euros.
The Masters in Management course also encourages internships, helping build, consolidate and enlarge the practical skills of its students and preparing them for their career ahead. Also many a times these internships lead to full time jobs.
Now that you know what the Masters in Management is all about. We can have look at rankings provided by the Financial Times to determine which are the tops schools that offer this degree. The Rankings account for Factors such as Average salary, quality of exchange program, internships and also value for money, hence can provide a good rule of thumb. Here are the rankings for 2016
1.University of St. Gallen (Switzerland)
2.HEC Paris (France)
4.ESCP Europe (France)
5.Rotterdam School of Management (Nederland)
6.London Business School (UK)
7.IE Business School (Spain)
8.WU Vienna University of Economics & Business (Austria)
9.WHU Business School (Germany)
10.Università Bocconi (Italy)
As you can see, currently the rankings are dominated by European schools which have been offering the degree for several years now, but other countries are catching up.
The main reasons US schools have not made a strong show here is that the programs of schools such as Duke, Michigan, Kellogg are still very young and the FT does not rank schools unless they have successfully graduated 4 batches of students.
So after reviewing all the above is the Masters in Management a passing trend or is it here to stay?
As per GMAC report, Master in Management programs showed an increase in number for applicants for the 6th consecutive year. Further GMAC supplemented these findings from participating B-schools and correlated it with the number of GMAT score reports sent to MiM programs, and it showed a strong positive trend. Hence we can safely conclude the Masters in Management is here to stay. So keep an eye out for it.
Interested in knowing more about the Masters in Management?
Check out this infographic on the 11 factors which differentiate the MBA from an MiM
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