A majority of students wonder what their "Next Big Move" should be. While pursuing their Bachelor's Degree, they often ask themselves one or more of the following questions: What should I do after my degree? Should I work? Should I continue studying? What industry do I wish to work in? How do I get a higher pay package? Is MBA the best option? Can I do an MBA now as a fresher? If you find yourself asking any of the above questions, then this blog will help you come one step closer to planning your career trajectory.
MiM or Masters in Management is a graduate degree in business and related specializations. MiM, which began in Europe, has gained popularity all over the world and goes by different names - Master of Science (MSc) in Management, MA in Strategy and International Management, MSc in International Management, Post Graduate Program in Management and so on. If you are fresh out of college or a recent working professional - with a work experience of less than two years - and plan to get a higher degree, then MiM could be your ticket. MiM will give you a better understanding of the business world and an opportunity to work at some of the top companies in the world.
MiM is a master's degree that acts as a formal introduction to the business world. Unlike an MBA, an MiM is more theoretical. However, some of the top business schools provide internship opportunities to their students in order to help them get a more practical taste of the current business world. By doing this program, one opens the gateway to entry level jobs that lucrative pay packages. Whether you wish to work in consulting (or any other industry) but have no formal knowledge or relevant work experience in the field, or whether you simply wish to enhance your current knowledge of a specific function, a specialization in MiM could help you. Common specializations offered through an MiM or an MS in management include finance, accounting, data analytics, information systems, and marketing. An MiM gives students an opportunity to study and work abroad, to build their network, and to start their professional career - with a promising growth trajectory.
Pretty much everybody! The leading business schools in Europe - such as LBS, HEC Paris, Insead, ESMT Germany, Mannheim Business School, IESE Spain - all offer an MiM program in some or all of the possible specializations. Some of the schools also offer a general MiM that is not specialized in any function and is focused on improving your skills as a generalist - along the same lines as an MBA program does.
In the US, MiM programs are called MS in management programs and are again typically offered by all the top US business schools. You can choose to do an MS that is industry-specific (MS in healthcare management or in sports management are examples) or you can do a function-specific one (MS in data analytics and MS in finance are the most popular choices)
Now that you know what an MiM is and how it could help you in your professional life, you may be wondering how to apply for this degree. Or to be more specific, asking yourself "Am I eligible for this super cool degree".
Generally, an MiM is offered to those who have less than two years of work experience. This is in sharp contrast to most European and American MBA programs that require a minimum of two years of work experience. If you are a fresher, then you can very well apply for this degree.
When deciding to apply to a particular MiM program, keep certain key factors in mind. Students are advised to check the university platforms to see the required GPA that acts as a filter in the application process. Along with a GPA, students are also required to take the GMAT, GRE, or a standardized test offered by the university. This test score allows the university to compare the applicants on an equal footing. Given that work-experience isn't a major factor, the universities give a higher weightage to these test scores.
Checking the class profile of your target programs will give you a good idea of the average GPA and average GMAT / GRE score of the previous classes. Try and benchmark your GPA and test score to the same - if you have an around-average or higher-than-average score, then there is a greater chance of getting an admit - along with a nice scholarship! . Some universities may also ask the students to take the TOEFL or IELTS to ensure international student class participation.
Here are some more details about how the MiM or MS in management programs are typically structured - so that you can make an informed decision.
An MiM could be a one-year program, generally without any internship opportunities or a two-year program, generally with an internship or relevant work experience opportunities. Some universities may extend the program to give their students a better understanding of the specific industries or even offer dual degrees in some of the common, yet important, functions - Accounting, Analytics, Economics, Finance, Marketing, and Strategy or even dual degrees in industries - such as media, advertisement, and real estate.
One of the major reasons for pursuing a degree is to get a job that fulfills your personal and professional goals.
Since MiM began in Europe, it is not shocking to see a high demand of MiM students in the EU companies. Big companies are more inclined than small companies at offering internships to MiM students. It is also very common to see these students convert their internships to a full-time job opportunity based on their performance. Start-ups too are now showing a keen interest in these MiM graduates.
However, unlike an MBA, an MiM student may get a lower pay-package. Why? An MBA graduate is a generalist who has, with a combination of prior work experience and academic training, developed superior skills in strategizing and decision-making for a company and is usually recruited at a higher rung on the corporate ladder. An MiM graduate is thought of more as a specialist who has the technical know-how in a certain field but not the more 'worldly' experience or leadership skills.
Having said that, recent surveys have shown that in the next 3-5 years of achieving an MiM, students scale up to positions that are very lucrative and are almost at par with the positions taken up by the MBA students. So one could say that the difference between an MiM and an MBA is the time in their career that they upskill with a masters degree and that in the long term, an MiM graduate will have opportunities at par with an MBA grad as they both evolve into more strategic roles.
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