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Masters in Management (MIM) is a perfect alternative to the MBAEveryone knows about the hallowed MBA. But an equally viable alternative is the Masters in Management or MIM programs. Let’s find out why and how.

The MBA continues to be the most sought-after degree in the world – and for good reason. It offers you a truly international experience,  enables you to switch job functions and industries, and gives you the opportunity to get a leg-up in your current domain.

However MBA programs typically require candidates who already have professional  work experience. A full-time MBA typically requires a minimum of 2-years work experience, and the average MBA student has about 3 to 5 years of experience.

This is where the MIM degree comes in – the MIM is a postgraduate degree in Management aimed at students who are currently pursuing their graduation or the recent graduates.

Who is the typical MIM candidate?

Professional Profile: The typical  MIM candidate is usually just out of undergraduate school. Work experience is not essential for MIM candidates, who are usually at the start of or at an early stage in their career. In a nutshell: Masters in Management programs are primarily designed for graduating students or candidates in the early stages of their career, right after their graduation degree. In fact MIM programs do not accept candidates who have more than a year of work experience.

Age Demographic: The average age of students seeking their Masters in Management is 23 years (with a range from 20 to about 25 years), compared to 27 to 32 for MBA programs.

Academic Demographic: MBA programs are open for graduates (with work experience) from any academic background. MIM programs are similar but different. About one third explicitly targets graduates with an academic background in business or economics. The other two third can be split into three groups: one group is open for people with a business or economics degree and also for people from some other (often social sciences) disciplines that have a strong methodological education (psychology, physics, sociology etc.); the second group is open for graduates from all academic areas; and the last group explicitly targets graduates without a degree in business or economics.

Benefits of a Masters in Management Degree

  • No work experience required: One of the greatest advantages a Master in Management provides is that it offers a way to advance your business knowledge immediately after a Bachelor’s program. Classic international MBA programs usually require a considerable amount of initial work experience to be admitted – somewhere between 3 and 5 years of work. The Masters in Management provides the basis for a great career start and assists fresh graduates in finding a lucrative job.
  • International orientation: In the last few years, MIMs have been rising in popularity in Europe, but also in Asia, Australia, and Canada. 85% of all worldwide Masters in Management are offered in Europe, especially thanks to the changes brought by the implementation of the Bologna process. According to the 2015 GMAC Applications Trends Survey, following the interest in business studies, the application volume for European MIM programs has increased 73% in application year 2015 (statistics for application year 2016 will be released by late autumn of 2016)
  • Versatile teaching:  Masters in Management Programs offer a combination of theoretical and experiential learning with in-class projects and internships. The field of management requires a diverse amount of knowledge of many related subjects. A Masters in Management program tries to answer this need by including classes on a diverse set of topics, including marketing, project management, human resources management, IT management, innovation management, and more. Future managers are prepared to understand the complex interrelation between relevant business topics and to be able to contribute to relevant discussions. MIMs usually feature a significant focus on leadership skills and personal development. In many cases, teamwork exercises are an important component of MIM courses and seminars. These features make the pedagogy at Masters in Management programes more versatile, in line with the needs of the current global employment market. Coupled with possible internship opportunities, practical classes answer the need for the real-world experience of aspiring business professionals.

Placements following MIM programs

An indicative table of sector-wise hiring across the top 70 MIM programs is given below:

 

Sector % employed in that Sector Median Salary in Euros Median Signing Bonus in Euros
Management Consulting 31% 70,000 10,000
Finance 24% 82,000 10,000
Marketing 19% 60,000 4000
General Management 12% 52,000 6000
Operations & Supply Chain 3% 50,000 NA
Others 11% 45,000 NA

Top recruiters

Typical companies hiring at MIM programs include:

  • The Boston Consulting Group
  • Goldman Sachs
  • McKinsey & Company
  • Oliver Wyman
  • Accenture
  • Deloitte
  • T. Kearney
  • Bain & Company
  • Credit Suisse
  • Deutsche Bank
  • KPMG
  • Morgan Stanley
  • Nomura
  • PwC
  • Amazon
  • Google

In conclusion, the Masters in Management program is for talented and ambitious recent graduates with limited work experience who would like to venture into a career in business. So what are you waiting for? Start your journey now!

 

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