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A Detailed Guide To The Masters in Management Degree

A Detailed Guide To The Masters in Management Degree

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MiM is a relatively new degree, which helps you to elevate your management career to the next level. Learn about the various aspects of this degree in this blog

GyanDhan
Aishwarya Bhatt
Updated on:  01 Nov 2023  | Reviewed By: 
Aman 
| 5.64K | 8  min read
  1. list items Whom is MiM Degree Meant For?
  2. list items What are the Prospects Like?
  3. list items What are the Job Prospects After Getting a MiM Degree?
  4. list items What is Included in a MiM Curriculum?
  5. list items What is the Return on Investment After the MiM Degree?
  6. list items Which are the Top Schools for Masters in Management?
  7. list items Is It Easy To Get an Education Loan for MiM?
  8. list items Can I Get Help in Admissions in a MiM Degree Course?

The Masters in Management is a one-of-its-kind postgraduate degree that specifically targets young professionals who have zero or very little work experience. With the curriculum emphasizing on entrepreneurship, consulting, marketing and finance; this is a fitting degree for people who want to switch their stream to management without spending a considerable amount of time preparing and waiting for the MBA. For an in-depth understanding of this degree, let’s move a little deeper into this blog.

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The first question popping up in a prospective student’s mind would be: How come I do not know about the MiM degree?

The question is pertinent in the sense that this degree is still nascent and is in its most prominent form in Europe.  Further, it has only just started stretching its roots into the United States of America with many of the top business schools introducing the MiM as an early career progression degree. While London Business School, HEC, ESCP Europe et al are popular institutes for MiM in Europe, it is offered in the US by Duke Fuqua, Michigan Ross, and Kellogg amongst many others. 

'In India, the IIMs offer the PGDM program, which is considered the equivalent of the MiM. The point is, this degree is particularly famous in Europe and is only just coming to other places in the world, which justifies its not-so-profound popularity in South Asia.

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Whom is MiM Degree Meant For?

As mentioned, the degree is for young professionals looking to give that much-needed leap to their careers. If you are someone who fits any of the following criteria, you may find yourself a haven in the MiM classroom:

  • list items Are you looking to take a giant step in your current job?
  • list items Are you looking to study in a diverse environment?
  • list items Are you interested in management, but your technical background is bothering you?
  • list items Do consulting, finance and/or marketing pique your interest?
  • list items Are you tired of waiting to make it through to a top MBA school?

If we entangled you in the above questions for more than 3 seconds, it is time for you to consider the MiM without further delay. For the MiM, you would require a valid GMAT/GRE score but there are many schools which exempt the applicants from this criterion.

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What are the Prospects Like?

The most important question associated with any degree in this world is the question of the career prospects. At first, you might think that a MiM degree might not sound as promising to you like the MBA. This is broadly due to the fact that MiM and MBA target different type of candidates. MBA is more for people with 5-6 years of experience in managerial roles who want to get into C-level roles, while MiM is more for early career candidates who are looking for entry level job roles.

Read more about: MBA vs. MIM: A Complete Analysis

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What are the Job Prospects After Getting a MiM Degree?

Well, the Masters in Management offers a plethora of postgraduate opportunities. After MiM, some graduates do look forward to Ph.D. but most of them prefer to go into the corporate sector after graduation. As a testimony, the average salary for a graduate turns out to be around EUR 50,000 which is competent to any high-paying job. But where would you find yourself after 2-3 years?  There are abundant opportunities waiting for you on the other side of a MiM degree in the fields of finance, consulting, marketing, business development, corporate strategy, business intelligence, accounting, sales, sustainability and so on.  On the other hand, the MBA requires a commitment of 2 years while the MiM can be completed anywhere between 9 and 18 months depending on the curriculum being offered by different schools. To give you further information, we also have worked up some statistics. As we said that the MiM is a new phenomenon, it has also witnessed a steady rise in demand for MiM graduates as is evident from the following:

  • list items 75% in Asia and the Middle East
  • list items 64% in Europe
  • list items 63% in Africa
  • list items 59% in Latin America
  • list items 50% in North America
  • list items 26% in Australia and the Pacific region

Read more about: Guide to study MIM in Canada

Read more about: Guide to study MIM in UK

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What is Included in a MiM Curriculum?

We should reiterate that the MiM is open to graduates from all fields. Many MiM schools offer a range of electives that the applicants can choose from. The common threads among them are finance, marketing, accounting, entrepreneurship, consulting, international business and strategy. Moreover, schools like ESCP, which has multiple campuses and allows students to choose their specialization in the campus they desire, make way for quite an intriguing customization.

Apart from this, there are stellar exchange programs that allow you to gain invaluable international experience. For instance, HEC has a cohort of 114 partnerships alongside the CEMS membership, which allow you to spend a semester or two in a different school and country altogether. Such experiences can provide an edge to you over other candidates as the HRs value an overall personality and a global outlook. Some schools also make it mandatory for students to take up internships during their term. For this, a student can pick up internships during vacation or during the optional gap semesters or gap years allowed by the schools. As such, it is possible to extend the MiM program from 2 years to 3-4 years without the need to pay extra tuition fee.

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What is the Return on Investment After the MiM Degree?

What makes the MiM more lucrative is the fact that the average tuition fee is about a third that of an MBA program. While the average salary is about half of that of an MBA graduate, it still makes for a worthy investment. Having already stated the average salary, the average tuition fee for a MiM program is up to 37,000 EUR for non-EU students while it is 30,000 EUR for the EU students. As such, the question of ROI has been effectively answered.

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Which are the Top Schools for Masters in Management?

Owing to the popularity of the Masters in Management in Europe, most of the top schools are confined within the continent. According to the 2018 rankings, following is the list of 10 best schools for the MiM:

  1. list items University of St. Gallen
  2. list items HEC Paris
  3. list items IE Business School
  4. list items London Business School
  5. list items ESSEC Business School
  6. list items ESCP Europe
  7. list items WHU Beisheim
  8. list items ESADE Business School
  9. list items CEMS (a joint program organized by 30 business schools from all around the globe)
  10. list items Universita Bocconi

While the rankings are an important aspect of judgment, there are various other things that the different schools offer, which make them unique such as exchange programs and dual degrees. In such cases, there is no way to compare them side-by-side, but the students have to choose the school that best suits their needs. MiM Vs MS: 

The Master of Science degree is generally a two-year program with a full-time commitment. The usual subjects on which the degree is based on include technology, engineering, medicine, and mathematics.  A bachelor’s degree remains the defining prerequisite with no necessary work experience. While the MiM program can be one year as well two-year program and accepts graduates from all fields. MiM has a more flexible curriculum with an exchange, internship and gap year options. Most of the MS schools make it compulsory for the applicants to present valid GMAT/GRE scores prior to admission.
Apart from that, the tuition fee for the entire program ranges between 45,000 to 60,000 USD which is a tad higher than that of MiM (roughly 42,000 USD).
While the MiM has the primary focus on business-related courses with some deviations here or there in certain cases, the MS program is focused entirely on specializing the candidate in a particular field. Some of the fields are:

  • list items Computer Science
  • list items Finance/Financial Analysis
  • list items Information Systems 
  • list items Data Science

Many MS graduates also go on to pursue doctoral and further post-doctoral programs right after completing the degree. The top schools for the MS are:

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Is It Easy To Get an Education Loan for MiM?

Getting an education loan can be a tedious and complicated task for students. There are many hindrances and you can make your journey a lot easier with GyanDhan. We can help you get an education loan for MiM with very little effort. We have partnered with SBI, Bank of Baroda, and several NBFCs to render you the best deals on education loans for MiM degree. Our education loan counselors are available round the clock to help you get an education loan. Request a callback from us and get free personalized help in MiM education loan.

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Can I Get Help in Admissions in a MiM Degree Course?

GyanDhan can help you in getting admissions in MiM degree course through experts in admission counseling. We ensure that you get the best help in every step of the admissions process right from the beginning. Our study abroad consultant partner will be in your assistance from the very beginning till the end- from shortlisting the suitable universities for your MiM degree, reviewing your SOPs, to helping you apply for universities and getting the visa. Click here to get first-rate admission counseling for MiM degree course.

The Verdict

The Masters in Management is a unique degree in itself. Even though it has certain similarities with a number of other postgraduate degrees, some aspects such as the focus on shifting the career to management early on remain unique. While the choice of pursuing a master’s degree in a particular field is a subjective matter, a MiM is a good choice, if you are looking for an early career progression into the realm of management.  

We have summed up an overview of the Masters in Management here. For more information and an in-depth analysis of everything that concerns an applicant before they consider the degree, you can refer to What is Masters in Management.
 

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