Why Pursue a Masters in Management Program (MiM)?
MiM or Masters in Management Programs is an eminent post-graduation degree aimed at persons who recently graduated or are young professionals for now. It provides an outline of a variety of management streams, including consultation, entrepreneurship, finance, and many more.
Let's see in detail the meaning of a masters degree in management, here are the considerable aspects of the program:
What is the Difference between MBA and MiM
The key difference between MBA and MiM programmes is that the former is typically for individuals with a few years of work experience, while the latter is a start for students with little to no work experience and who are recent graduates, while both programmes cover a wide range of syllabus and general business principles.
Criteria and Application Process
Business schools have a set of criteria for the admission procedure into the MiM program, below is a list of all the checkpoints to look after before applying for it:
An Undergraduate Degree is Mandate
To achieve a seat in the MiM course, the individual has to obtain an undergraduate degree from a recognized university. In some cases, a diploma is also accepted. One must also check whether the institute you are applying for, requires applicants to have studied a particular subject at graduation level. However, Masters in Management Programs are generally open to all individuals with different academic backgrounds.
Though work experience is not compulsory for MiM courses, some B-schools may ask for one, say a little work experience of two years or less.
Need for GMAT or GRE Scores
To apply for a Masters in Management Programs, some universities require candidates to take the GMAT or GRE tests or they may even require your IELTS scores. There are no guidelines on the scores. Some of the schools keep a score of 500, while others keep a score of around 600-800.
Mostly schools expect at least 600 points, with a good score of 650 is expected to qualify for a Merit-Based stipend . A score below 600 does not imply that you won't be accepted, you may need to highlight other assets, such as your high grades in the undergraduate degree, or eminent extracurricular achievements.
You would certainly need to submit letters of recommendation or references to qualify for a Masters in Management programs. Depending on the programs you're applying to, you may have to send two or three different letters. Often business schools have specifications for who will write the letters, you will have to send two letters, one from a former professor and one from a non-family member who knows you.
Benefits of MiM
Masters in Management program can be beneficial to boost your career in numerous ways, some of these are:
For the past few years, MiM has gained a lot of popularity globally, from Europe, Australia to Canada, and Asia. The growing popularity is also reinforced by the fact that the majority of MIM courses have been developed to attract an international student audience.
No to Little Work Experience
One of the key benefits of a master's degree in management is that it provides the ability to develop your business skills immediately after your bachelor's degree. Traditional degrees like an MBA require a significant degree of initial work experience, typically between 2 to 5 years, whereas MIMs have no requirements for work experience or might expect a maximum of one year in the previous job.
Expand your Managerial Skills
A MIM degree will primarily allow you to develop outstanding interpersonal human behaviour, solve problems quickly and you will be able to apply management theory in the business world. You can know how clearly an organisation deals with the social and economical world and can handle the problems of global affairs.
Affordable and Highly paid program
Masters in Management Programs are typically inexpensive than most of the major business courses. Depending on the popularity of the university, your specialization and the location, the annual MiM study fee may vary between 3,000 to 40,000 Euro.
Pay Scales of MiM passouts are quite higher than other simple management graduates.
MiM holders' salaries in countries like the US are about $61 thousand for those with less than one year's experience and around $68 thousand with 4 to 9 years of experience.
Top International Colleges offering Masters in Management
Below is the list of the top institutes offering MiM, choose wisely :
London Business School
Imperial College London
IE Business School
London School of Economics
University of Copenhagen, Denmark
ESCP Europe Business School