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Masters in Management (MiM) Programs – All You Need to Know

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.

Masters in Management Program - All You Need to Know (1)

Here is a brief outline of the article:

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.

Here are the top 10 MiM programs in the world

Key differences between MiM and MBA programsMasters in management - Difference between MiM and MBA

In the following table, we have summarized the key differences between MiM and MBA programs:

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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

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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 SalariesMasters in Management -Tuition and Program costs

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:

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Rank School Name Country Weighted Salary
1 The University of St. Gallen Switzerland 108,621
2 HEC Paris France 96,249
3 London Business School UK 89,801
4 ESSEC Business School France/Singapore 93,461
5 ESCP Europe France/UK/Italy 80,346
6 Universita Bocconi Italy 77,452
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

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Masters In Management: Tuition and Program Costs

Masters in Management - Career prospects and Salary

Following are the tuition costs at the top 10 MiM programs:

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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
10 ESADE Spain 2 years $47,000

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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.

We have covered MiM Scholarships available and how to research other funding options in another article, read more here.

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.

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