Master in Management programs have gained a lot of popularity in recent years due to their relaxed eligibility criteria for admission as well as the solid career prospects after graduation. In this article, we cover the most common questions facing candidates about pursuing a Master in Management program.
Here is a brief outline of the article:
- What is a Master in Management program?
- What are the key differences between an MiM and MBA programs?
- What are the careers prospects and salaries after completing a Master in Management?
- Tuition Fees and Programs costs of the top Master in Management Programs
- Scholarships for Master in Management Programs
- A note about CEMS MiM programs
What is a Masters in Management (MiM) Program?
A Master in Management, or MiM, is a post graduate degree in general management similar to an MBA program. However, that is where the similarities end.
While MBA programs are oriented towards candidates with 3-5 years of work experience, MiM programs are targeted towards fresh graduates with little or less than 2 years of full-time work experience.
An MiM program provides candidates with a solid theoretical foundation in all business disciplines such as accounting, finance and strategy. It also provides a practical set of skills and frameworks for entry level management and leadership roles in leading organizations.
Thus, an MiM degree serves as a solid first step for young candidates into the world of business and graduate management education.
Key differences between MiM and MBA programs
In the following table, we have summarized the key differences between MiM and MBA programs:
|Key Difference||MiM Programs||MBA Programs|
|Work experience||Suitable for fresh graduates with little or no work experience||At least 3-5 years of work experience at matriculation.|
|Average age||23 years||27 years|
|Course Duration||10 – 24 months (Depends on the specific program)||2 Years (U.S Programs)
1 year or more for European programs
|Tuition Cost||$28,000 – $50,000 (Top 10 Programs)||$100,000 – $150,000 (Top 10 Programs)|
|Salary (Top 10 Programs)||$75,000 – $114,000||$150,000 – $195,000|
To learn more about the differences between MiM vs MBA programs and how to choose between the two, read this article.
Masters in Management Career Prospects and Salaries
A Master in Management degree provides many of the same career opportunities as MBA programs albeit in roles at a junior management level. Master in Management graduates are recruited by top organizations in industries ranging from consulting, finance, technology, and consumer products.
For e.g. top employers of LBS MiM graduates include Boston Consulting Group, McKinsey & Company, Amazon, Barclays, and Facebook. Similarly, some of the top recruiters of HEC Paris MiM program are A.T Kearney, Deutsche Bank, Google, and Goldman Sachs.
An MBA degree is still the king of the hill when it comes to salaries. According to the Financial Times 2019 MBA rankings, the weighted salary of MBA graduates from the top 10 programs ranges between $169,000 – $228,000. For MiM programs the range of weighted salaries is $68,000 – $106,000.
To summarize, Master in Management programs offer a solid range of career opportunities in entry-level and junior management roles across industries and organizations. Though starting salaries may seem weaker in comparison to MBA salaries, however, you should also consider the cost of tuition and opportunity cost due to foregoing your salary while in the program to effectively determine the return on your investment.
Read our article on 2019 – 2020 MiM application deadlines to learn more about the different rounds of application to MiM programs
Following are the average weighted salaries to the top 10 MiM programs according to the Financial Times:
|Rank||School Name||Country||Weighted Salary|
|1||The University of St. Gallen||Switzerland||108,621|
|3||London Business School||UK||89,801|
|4||ESSEC Business School||France/Singapore||93,461|
|7||University College Dublin: Smurfit||Ireland||68,400|
|8||Rotterdam School of Management (Erasmus)||Netherlands||78,922|
|9||CEMS Global Alliance||–||80,200|
|10||IE Business School||Spain||79,784|
Masters In Management: Tuition and Program Costs
Following are the tuition costs at the top 10 MiM programs:
|Sr. No||University Name||Country||Program Duration||Tuition (USD)|
|1||The University of St. Gallen||Switzerland||3 Semesters (Minimum)||$10,000|
|2||HEC Paris||France||2 Years (Gap year optional)||$45,000|
|3||London Business School||UK||3 Terms (4th Term Optional)||$40,000 – $50,000|
|4||ESSEC Business School||France/Singapore||2 Years||41,000|
|5||ESCP Europe||France/UK/Italy||2 Years||$48,000|
|6||Universita Bocconi||Italy||2 Years||$32,000|
|7||University College Dublin: Smurfit||Ireland||16 months||$22,000|
|8||Rotterdam School of Management (Erasmus)||Netherlands||12 – 18 months||$30,000|
|9||IE Business School||Spain||10 months||$43,000|
Masters in Management Program: Scholarships
While MiM programs are traditionally less expensive than their MBA counterparts, it is still a significant investment. Master in Management scholarships helps ease the financial burden of pursuing an MiM degree program. The good news is that there quite a number of scholarships available for students at leading MiM programs.
A note about the CEMS Masters in International Management
CEMS (formerly known as the Community of European Management Schools), now known as CEMS – The global alliance in management education is a cooperation of leading business schools and universities with multinational companies and NGOs.
The CEMS Global Alliance has grown to include 32 academic institutions on 5 continents and nearly 70 corporate partners.
The CEMS MiM is a prestigious supranational business designation that prepares its candidates for a global career. The CEMS Masters in International Management (MiM) is offered to select group of talented and driven students enrolled in MSc programs at partner business school.
Students who chose to enroll in a CEMS MiM program receive two highly ranked qualification i.e. your home university degree as well as the CEMS MiM certificate. They also benefit from the enhanced career prospects offered by the 70+ corporate partners.
You can learn more about the benefits of the CEMS MiM at this link.
We hope this article helps you in understanding all about Master in Management programs. A 700+ GMAT score will greatly improve your chances of getting into a top MiM program. Sign up for a free trial and kick-start your GMAT preparation with the most highly reviewed GMAT test preparation company on GMAT Club with 1850+ reviews. Looking for further motivation? Here is the GMAt preparation journey of Teseo, an e-GMAT student who scored a GMAT 750 and recieved an admit to HEC Paris MiM program.