From the very beginning, we are told that a sure-shot way to work with big brands and earn big bucks is by pursuing an MBA, preferrably from one of the top IIMs. While a fantastic ambition to have, the process of getting admitted to a top management institute in India is hyper-competitive, with a very small percentage of students actually making it to top B-schools. In our obsession (for the lack of a better word) of getting into top Indian B-schools, we fail to take cognizance of various other alternatives to an MBA that exist in the world; one such alternative being Masters in Management, or MiM.
What is Masters in Management (MiM)?
Masters in Management, or MiM, is a relatively new phenomenon that first came up in Europe but has now been taken cognizance of by certain North American universities as well. The course, the duration of which ranges from 10 months to 18+ months, is essentially a management programme designed to equip you with skills essential for managing a business. Usually, this programme is preferred by those with < 2 years of work experience, with more experienced professionals opting for an MBA.
An MiM programme, also marketed as MA in Strategy and International Management, MSc. in Management, or Masters in International Management, is comparable to the PGP programmes offered by IIMs. In fact, IIMs Ahmedabad, Calcutta, and Bangalore are amongst the top-30 institutes offering degrees equivalent to MiMs. The curriculum of an MiM programme is similar to that of an MBA, though an MiM course is largely focussed on the theoretical aspect of business management.
How is Masters in Management (MiM) different from an MBA?
To get one thing absolutely clear - an MiM programme is not a substitute for an MBA, and there are significant differences between the two programmes, with an MBA coming out on top in terms of career opportunities and compensation. Here are some key differences between an MBA and a Masters in Management.
|MBA||Masters in Management|
|A generic management degree that targets a holistic understanding of all domains pertinent to business and enterprise management.||A specialised management degree that targets specific domains such as Marketing, Operations, Accounting etc.|
|Most B-schools abroad offering MBA degrees require a minimum of 2 years of work experience in order to be eligible for the programme.||Freshers can apply for this programme at business schools abroad.|
|This programme is ideal for experienced professionals looking to advance in their careers and take up leadership roles.||This programme is ideal for those looking to start their careers in a management and leadership position, without gaining corporate experience|
|The learning process is more application oriented and less theoretical.||The learning process is more theoretical and less application-oriented.|
|MBA graduates compete for higher-level roles as compared to MiM graduates.||The type of job roles that MiM graduates compete for is not at the same level as that of their MBA counter-parts.|
|The average MBA salaries are higher than the average MiM salaries.||MiM graduates’ salaries, while handsome, are not at the same level as that of an MBA graduate.|
|MBA graduates earn significantly more than MiM graduates in Europe and the US.||MiM graduates earn salaries equal to or more than experienced MBA graduates in Asia-Pacific and Latin American countries.|
|The demand for MBA graduates is higher than MiM graduates in the US.||The demand for MiM graduates is higher than MBAs outside of the United States.|
|Globally, companies are more likely to bring in MBA interns as compared to MiM interns.||Globally, companies are less likely to bring in MiM interns as compared to MBA interns.|
|4 in 5 companies across the globe are likely to hire MBA graduates. Overall, larger companies are more likely to hire MBA graduates, especially in Asia-Pacific and the United States.||Fortune 100 and Fortune 500 companies are looking to increase their hiring of MiM graduates. Overall, larger companies are more likely to hire MiM graduates, especially in Asia-Pacific and Europe.|
|Most Fortune 500 and Fortune 100 global companies are more likely to offer internships to MBA students.||Smaller companies (less than 100 employees) are more likely to hire MiM interns as compared to MBA interns.|
|MBA graduates are more likely to be placed in Strategic roles as compared to MiM graduates. MBA graduates are more likely to be hired in specialist roles than generalist roles.||MiM graduates are more likely to be placed in specialised roles than generalist roles, but are less preferred for strategic roles when compared to MBAs.|
How much do Masters in Management (MiM) graduates get paid?
The compensation that MiM graduates receive various region-wise.
In Europe, fresh MiM graduates earn a median salary of $35,000 (approximately Rs. 24 lakhs) per annum, while in the United States, the median salary stands at $80,000 (approximately Rs. 56 lakhs) per annum. In Asia-Pacific, fresh MiM graduates earn a median salary of $35,000 (approximately Rs. 24 lakhs) per annum, while in South America, they earn a median salary of $45,000 (approximately Rs. 31 lakhs) per annum.
Source - GMAC
The compensation figures also differ based on the institute you graduate from. Mentioned below are the weighted salaries (i.e., average of salaries 3 years after graduation) of the top-20 business schools offering MiM or equivalent degrees:
|1||University of St. Gallen||$108,620|
|3||London Business School||$89,801|
|4||ESSEC Business School||$93,461|
|6||Universita Bocconi SDA Bocconi||$77,452|
|7||University College Dublin: Smurfit||$68,400|
|8||Rotterdam School of Management||$78,922|
|10||IE Business School||$79,784|
|11||ESADE Business School||$81,615|
|12||Stockholm School of Economics||$75,792|
|13||Vienna University of Economics and Business||$67,695|
|14||University of Mannheim||$89,425|
|15||Imperial College Business School||$67,477|
|16||Otto Beisheim School of Management||$101,304|
|17||Edhec Business School||$68,866|
|18||Shanghai Jiao Tong University||$73,245|
Source - FT MiM Rankings - 2018
What roles do Masters in Management (MiM) graduates end up working in?
The following are the top-5 job functions that companies plan to hire MiM graduates for:
- Finance/Accounting - Finance, Client relationship management, business intelligence.
- Consulting - Consulting, Business Intelligence, Strategy.
- Health Care - Marketing, Market Research, Project Management.
- Technology - Project Management, Business Intelligence, Strategy.
- Manufacturing - Operations, Accounting, Business Development.
Bigger companies, such as the Fortune 500 companies, are more likely to hire MiM graduates than smaller companies. The demand for MiM graduates is the highest in Consulting, products/services, and manufacturing industries.
What are the selection criteria to enrol for a Masters in Management (MiM) programme in Europe/US?
In order to be eligible for MiM programmes offered by top business schools, the following are the requirements that must be fulfilled in order to be eligible for admissions:
- A valid GMAT/GRE score - You must have a valid GMAT/GRE score in order to apply to the MiM programme at top institutes. It is important that you also look at the average GMAT/GRE score of the most recent batch at the B-school you aspire to join to get a brief idea of your target score. Also, please bear in mind that while most B-schools will accept GMAT scores, it may be that GRE scores may not be valid for admissions for some B-schools. Please be careful of this. Read more about how you can get 320 in GRE in just two months!
- A valid TOEFL/IELTS score - You must have valid English proficiency test scores in order to be eligible for MiM programmes. Usually, institutes require a score of 100+ in order to be eligible, but some institutes may require a score in excess of 110. Follow these tips to score 110+ in TOEFL in just a week!
- Application Form - This is one of the most crucial elements of your application, and is inclusive of your essays and letters of recommendations that will give the admissions team a glimpse of whether or not you are a right fit for the B-school. Learn more about the admissions process here.
These three aspects are the most important amongst many other components that are looked at by the admissions team of a B-school. Arguably, the application form is the most important component of the admissions process, so pay close attention to this.
While there is a lot more to understand about an MiM such as the scope of jobs in India with an MiM degree, as well as the comparison of the value of a PGP from an IIM and an MiM from a top-5 European management institute, this information should be enough to point you in the right direction and get you thinking of a very lucrative alternative to an MBA!
Do any US universities offer Masters in Management programmes?
At least 30 universities in the United States offer a Masters in Management or an equivalent programme to students at the beginning of their careers. Included in these are Duke University's Fuqua Business School, the Kellogg School of Business at Northwestern, Sloan School of Management at MIT, and Ross School of Business at the University of Michigan amongst other top institutes.
In the US, MiM programmes, owing to their rising popularity in Europe and among employers, have recently been started by universities to offer fresh graduates and less experienced professionals an opportunity to enter the field of management.
Is Masters in Management a STEM degree?
Unfortunately, the Masters in Management programmes offered in the United States are not STEM (Science, Technology, Engineering, Mathematics) degrees and therefore you are not eligible for an extension of your Optional Practical Training period of 1 year to an additional 2 years. However, the University of Rochester's Simon Business School does provide a STEM MBA programme, so you might want to look into it.
I hope that this guide was of some help in delineating why an MiM, though not a substitute for an MBA, is a good alternative option to have should you not make it to the top B-schools of India (or your home country) for an MBA, or are not willing to wait for 3-4 years for an MBA abroad. It must also be noted that you need not exclusively choose between an MBA in India or an MiM abroad. In fact, you should target GMAT/GRE as well as CAT, XAT, IIFT, NMAT and SNAP to increase your chances of making it to a top business school in India or abroad.
In this series on Masters in Management, I will also be covering the costs associated with the programme, and will also explain more about the top B-schools offering such programmes in Europe and the United States.
Till then, here are some articles that might interest you if you're considering an MBA or an MiM in the near future: