Master's in Management (MIM) 101
While the MBA degree always have been and continues to be a well-established option for many to advance their careers, there’s a new player on the block, which has quietly been changing mindsets and approaches for young professionals across the world. Today we introduce you to the Masters in Management program, and tell you all the reasons why it might be the best step you can take!
What is a Masters in Management program, and who is it for?
Masters in Management programs are a relatively new entrant in the world of post-graduate programs for general management. They have gained significant popularity since the 2000s, especially in Europe, as they present a viable alternative to candidates who want to make their careers in the management domain!
MiMs are targeted towards ‘early career professionals’ (as opposed to MBAs which are typically for mid-career professionals). This means the students who attend MiM programs either join immediately after their undergraduate studies, or with work experience of up to 2 years. Since the students attending MiM programs do not have significant work experience behind them, internships and practical experience are a key part of most MiM programs, sometimes even extending up to one year.
Since these programs help develop leadership and managerial skills in young students, many MiM graduates typically land management trainee roles in top companies, or even join graduate tracks, which are often the best way to progress quickly in many global organizations.
MBA vs MIM
While both degrees can be incredibly valuable, there are typically some clear distinctions between these programs,
Age/Experience: As mentioned earlier, MiM programs are for young graduates looking to land roles in the management space and as such have much younger cohorts, often having an average age of 23-25. MBA students on the other hand typically have 4-6 years of experience with school’s having an average age of 27-30.
Cost: Another major benefit the MiM provides is that it is significantly more affordable than MBA degrees. For a similar comparison, the MBA program at London Business School costs £87,900 while the MiM at the school costs £33,600.
Location: While both MBAs and MiM are available throughout the world, there is a difference in the general trend. The MBA is an American concept which is why it is no surprise that a large majority of the top schools are still based in the US. The MiM on the other hand is much more renowned in Europe, which is why we see most top MiM programs in countries like France, Germany, UK, Spain, Switzerland etc.
Benefits of an MIM
Start your career on the front foot: A vast majority of students who begin working immediately after their undergraduate studies are forced to settle for jobs which don’t quite live up to their exceptions, in one way or the other. This could be in terms of target companies, pay, responsibilities and so on. Getting an MiM degree opens up more diverse and exciting doors for every students and allows them to start their career with a bang!
Early exposure to global mindsets: Most MiM programs (especially those based in Europe) have incredibly diverse and global cohorts. Take St Gallen’s SIM program, the number one MiM in the world, which has representation from an incredible 27 countries in a class of just 57! Being in such a multicultural environment early in one’s life makes them very open minded and aware, which are key attributes to succeed in an increasingly globalized economy.
Gives the opportunity to make career shifts later in life: A management degree is often seen is the best way for someone to switch industries and sectors, and it indeed is. But what happens if you do your MBA early and realize that the role you switched to isn’t what you wanted either? Doing a second MBA to make another change while not impossible, does become highly impractical.
An MiM not only kick starts your career but also keeps the door open for you to do an MBA or a post-experience specialized Master’s program later in your career, whether to switch fields or become a specialist in one.
Top MIM Schools
Alright now that you’re sold on all the amazing benefits of the MiM program, the next obvious question is which schools and countries have the best programs?
Unlike the MBA, where the US always has been a powerhouse, the MiM is very much a European concept which is why it is no surprise that most of the top programs are located there. France is arguably the hub for the most top MiM programs, with schools like Insead, HEC Paris, Essec, Edhec, and many others. The top 5 schools as per the FT Rankings for 2020 were
University of St. Gallen – Switzerland
HEC Paris – France
Essec Busines School – France