24 Nov Top 5 Insights about the Masters in Management Program
Masters in Management or MIM or Masters in Business Management is a higher degree aimed at individuals with 0-3 years of work experience. The Masters in Management program is primarily a European phenomenon. It aims to educate students with the fundamental concepts in Management, for instance, Strategy, Finance, Operations and above all, gives an opportunity to specialize in a particular field in the second year of the program.
It is quite different from the traditional MBA program, which is mainly aimed at people with at least 2-3 years of work experience.
Expenses
The tuition fee for the masters in management program can range from 10,000 to 40,000 EUROS, depending on the length of the program. However, there are various scholarship options (merit and need-based, can be offered by either the school or the country).
A good parallel to Masters in Management Proram would be the IPL ( Indian Premier League). Similar to IPL, MIM gives students with limited work experience access to exciting opportunities in investment banking, consulting, digital marketing and a number of other fields.
FAQs about MiM program:
1. What is the common structure of a MIM program?
The masters is management program is about 2 years long on average. In other words, 1-3 years is the most common duration of the program. The first year primarily involves understanding management concepts. For example operations, marketing, finance, etc. To conclude the first year, some schools offer a concept of gap year.
After that, the gap year enables you to do multiple internships in different fields and gain practical exposure to the theoretical concepts studied in the first year.
Consequently, in the second year students can choose from a wide range of specialisations like digital marketing, finance, internet of things, business analytics, etc.
Some schools also offer the opportunity to do an exchange semester or the full second year in another partner university (Imagine doing your first year in ESCP Europe and going to MIT USA for the second year. Sounds exciting, right??) This will definitely add a lot of exposure to your profile and strengthen the job opportunities post your graduation.
2. Is MIM right for me?
Masters in Management is a well suited degree for people who are:
– Looking to change domains. ( e.g. engineering to management)
– Planning to change roles in the current domain. (e.g. Finance, IT, Retail)
– Aiming for an entrepreneurial opportunity. (MIM encourages networking and global exposure with specializations in entrepreneurship)
– Handling your family business after the course. (Good work experience and immersive global exposure give a new perspective for an already established business)
3. How do I qualify for MIM?
An outstanding profile is important to get admission to a top-ranked Masters in Management Program. “Profile” is the keyword here.
Firstly, GMAT/GRE score is an important part of the profile. For more details about the typical class profile click here. (Different B schools have different cut-offs for GMAT). Secondly, MIM is great for fresh college graduates who have no work experience. The MIM needs 0-3 years of work experience. If you have 1-2 years of work experience, it adds on your profile. Moreover, it will upgrade the chances of acquiring scholarships as well.
Some colleges (especially in the UK) require TOEFL/IELTS results for English proficiency. People from varied graduation backgrounds can apply. (eg engineering, hotel management, commerce, law etc). But keep in mind that some colleges are restricted to only business background students such as BCom, BBA. Therefore, one should be very careful while selecting colleges.
4. How does my future look like after I graduate with a MIM degree?
Bright is the short answer. College graduates from top-ranked schools can easily get good jobs. Mostly so, if they have internships during their Masters. Job prospects also depend on the country you choose. Different countries have different stay back periods, student VISA regulations etc. It can be a little tricky to figure this out at once. We suggest that proper research about the logistics of the country should be done.
5. What colleges and countries should I aim for?
The best Masters in Management programs are in the EU. USA and Canada also have begun to provide MIM degrees. in addition to that, some universities in Singapore and China have great MIM programs too. Check out the rankings for the program here
– In conclusion, the choice is yours. It would be a good idea to keep in mind your future goals for making that choice.
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