The Masters in Management (MiM) is an amazing degree for fresh graduates or people with upto 2-3 years of work experience.
It is especially useful if you would like to change fields (get into management from sciences, for example) or want to add some extra teeth to your undergraduate (UG) business degree.
The masters in management program (MIM) is definitely one of the most popular programs in Europe, Asia and internationally.
This program would be only good for you if you have about 2 years of experience or if you have recently graduated your university.
Brand Names Graduate Schools
With excellent schools such as HEC, Duke, LBS, Kellogg offering the degree, the brand name attached with studying at these schools goes a long way to improve your future prospects.
So if you are a ambitious young guy, wanting to make it big in the business field, at an early age, well MiM is the degree for you.
I have found the education provided via this degree to be especially top notch, the curriculum is created on the lines of the MBA and most of the courses in the MiM are similar to that taught in the MBA.
The teaching methods are also the same with a lot of emphasis on developing leadership and teamwork skills.
So from the education point of view, the MiM is a fabulous degree to gain expertise in various management fields at a young age. You can specialize in Marketing, Finance, Consulting, Operations and can find suitable jobs in the field of your choice.
Post-Graduation Prospects of a Masters in Management
Well the MiM has an excellent reputation and is frequented by top companies from all sectors may it be Finance, banking, consulting, marketing etc.
These companies actively recruit from the ranks of MiM students for entry level or mid level jobs. The salaries are also pretty decent and average around 45000 – 50000 euros. All in all it offers a good ROI.
Of course some souls are picked up for much higher packages also, but that is directly proportional to the amount of work you put in while at school.
One thing to know here is that most of the positions you would be recruited for would be entry level positions or analyst positions, but never the less they are paid well.
Another reason to pursue MiM is that, it is an excellent portal to get into the top of the top companies in your field may it be Google, McKinsey, Goldman Sachs or P&G .
Most MiM schools are in important cities such as London, Paris, Berlin. This gives you an excellent launchpad to discover the thriving business centers of the world and opt for a job there.
Big names from every industry such as
- BCG, Mckinsey or Strategy& in Consulting
- L’Oreal , LVMH, P&G in Marketing
- BNP Paribas, KPMG, EY in Finance
The above companies are recruiting MiM graduates because of the multi-disciplinary skills they attain during their course.
In this way the MiM is offering heavy competition to MBA graduates, as these MiM students are developed to take up roles which earlier would have been reserved for MBA students.
This way the companies can develop managers who are aligned to their companies values and do not have to go through the trouble of training new people for upper management jobs.
Now the job prospects could be great but if you compare them to the job prospects after an MBA. Usually the entry level positions such as analysts are filled up by MIM graduates.
So if you’re one of those candidates who doesn’t want to wait too long, give it a try.
BUT, make sure you ONLY select the top schools because this is a degree where pedigree matters quite a bit. If i were you,
i’d go international and try for London Business School. They have one of the best programs for MIM. Its a truly diverse program.
What is a Masters in Management?
Internationally, Masters in Management Programs prefer candidates who are recent graduates (students with less than two years of work experience) .
To give you an analogy of how good these programs are – the flagship programs offered by IIM A, B C are considered Masters in Management Programs internationally and figure on the FT Masters in Management Ranking.
You can check the ranking on ft.comBusiness school rankings from the Financial Times
Some of the best programs on this list include (Not in order of any ranking):
- HEC Paris
- EM Lyon
American schools have also begun getting on the Masters in Management bandwagon. Some top programs in the US that offer a Masters in Management degree include:
- Northwestern University
- Duke University
- University of Michigan at Ann Arbor
- University of Arizona
Closer home in Asia, the National University of Singapore also provides a Masters in Management Program.
Most universities around the world offer a 1-year masters degree in management, some of which are affiliated by the CEMS group of universities.
Some good universities for an MiM program include:
- National University of Singapore, Singapore
- The University of Melbourne, Australia
- HEC Paris, France
- University of Toronto, Canada
- The University of Sydney, Australia
- London Business School, UK
- London School of Economics, UK
- Singapore Management University, Singapore
Most universities in the United States do not offer MiM programs, because of the fact that almost all masters programs in the US are for a duration of 2 years.
Is it worth taking for a professional career?
Also there are several other points which i think a student can profit from:
- Excellent networking opportunities both with fellow MiM students and other MBA students
- Getting an opportunity to discover various career options by in depth interactions with companies and also 3-6 month internship programs. These help students discover whether a specific field is of interest to them, before they take the plunge and take up a job in it
- A highly diverse class and study atmosphere. The MiM has done wonders in terms of changing my though process and outlook towards different cultures. Going abroad to study is one of the best things to develop a more open mind and outgoing personality.
- Most MiM schools are in important cities such as London, Paris, Berlin. This gives you an excellent launchpad to discover the thriving business centers of the world and opt for a job there.
A MSc in Management has its up- and downsides, whereas I have to say that in my opinion the pros clearly outweigh the cons.
Arguments in favor of a Master in Management would include:
Statistically proven that holders of a MSc degree earn more in the long-term than students who solely did a BSc
One builds and strengthens a great network in the field of business by connecting to and socializing with classmates and other fellow students
It ads credibility
Depending on the MSc and the particular specialization it adds knowledge, which might become crucial in later jop applications and work situations
In case you graduated with a good GPA but your schools name just wasn’t prestigious enough to get you interview offers, the MSc gives you the chance to add a new “brand name” to your CV
Downsides would obviously include:
For good universities one easily pays up to 20.000 Euro per year
In case the GPA and the university where you did your BSc are good enough, one might not need the MSc to land interview offers for IB, Consulting or any blue-chip company one wishes to get into
Quite a few companies do not really distinguish between BSc. and MSc. graduates, however there is a clear distinction between MBA and the aforementioned
Many MSc’s in Management do not add that much to your knowledge base in case you already did a BSc in the field of Business or Management. Most of the time its merely a more in depth experience of the Marketing/Finance/Strategy and Accounting courses you already had during your BSc.
Ultimately, it both depends where you do the MSc and where you want to work later on. It really depends on what line of work you’re wanting to get into/what your goals are in life.
For some, a masters is a necessity, where they can’t reach their life goals without them.
I would just say to not fall into the study trap, where you spend your entire life at school, not actually learning real-world things. It is sometimes the “easy way out”, but really challenging yourself to find an awesome career will be so much more beneficial.
To my knowledge is it quite common in the US to work after your BSc and add a MBA later in your work life, whereas in Europe the MSc track is far more popular.
If you have the chance to do a Master in Management at one of Europe’s leading institutions I would strongly encourage you to do so.