A Master in Management, or MIM, is a postgraduate programme that provides advanced general management knowledge for Business Bachelor’s graduates, whether they have studied Business before or not. You will graduate a MIM programme with either a Master of Science (M.Sc) or a Master of Arts (M.A.) degree.
Management degrees were mainly created as a cheaper alternative and they are often considered the precursor of MBA (Master of Business Administration) degrees, providing introductory knowledge on entrepreneurship and leadership. So why should you study a Master’s in Management vs. an MBA degree?
A Master’s in Management has many advantages. For example, it doesn’t require you to have years of work experience as part of the admission. MIM degree students develop plenty of leadership and managerial skills and participate in either internship opportunities or practical experiences.
Depending on the university or college offering the programme and the specific curriculum provided, MIMs may be found under different names, including M.Sc in Management, M.Sc. in International Business, Master in Business and Economics, M.Sc in General Management, or Master in International Management.
So, what are the 7 benefits of studying a Master's in Management?
1. Masters in Management are internationally oriented
In the past years, MIM degrees 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.
The rising popularity is also supported by the fact that most MIM degrees are designed for an international student audience, with courses offered in English. Some of the main subjects discussed during classes are management theory, organisational behaviour, and other aspects of the business world.
Here are a few popular countries where you can follow an English-taught Master's in Management programme:
- MIM degrees in France
- MIM degrees in the UK
- MIM degrees in the U.S.
- MIM degrees in Germany
- MIM degrees in Poland
According to the 2016 GMAC Applications Trends Survey, following the interest in business studies, the application volume for European MIM programmes has increased by 58% in 2016; half of the MIM programmes from the U.S. have also recorded an increased application volume of 36%.
Out of all MIM degree courses worldwide, 29% of applicants are non-business undergraduates and the largest number of international MIM graduates come from China, India, Germany and Italy.
2. Little or no work experience required at admission
One of the greatest advantages a Master's in Management provides is that it offers a way to advance your business knowledge immediately after graduating a Bachelor’s programme. Classic Business degrees, such as an MBA degree, usually require a considerable amount of initial work experience to be admitted – somewhere between 3 to 5 years of work. A lot of MIMs do not have work experience requirements or expect a maximum of one year of previous employment.
Masters in Management provide the basis for a great career start and assist fresh graduates in finding a good job in an increasingly young job market filled with high expectations.
3. Get a versatile study experience
Originally a Master of Science (M.Sc.) degree, the Master’s in Management is designed as a programme offering in-depth theoretical classes and a great learning environment. In addition, you can also choose from a wide range of interesting electives such as the psychology of money, e-commerce, business ethics, etc. Within some MIM degrees, you will even learn a second language, which may be an exit requirement of the programme.
However, many business schools are starting to include practical experiences, thus making MIMs more versatile, in line with the needs of the current global employment market. Coupled with guest lectures from leading organisations, internship opportunities, practical classes answer the need for the real-world experience of aspiring business professionals. Partner examples include McKinsey, P&G, L'Oréal and Google, which are always looking for young talents with managerial skills.
4. Capture insights from business leaders worldwide
Due to worldwide partnerships between top business schools and corporations, some Master’s in Management programmes will also provide the opportunity to gain international experience and travel to several different countries to gain insights from leading global experts.
Worldwide universities that offer Masters in Management:
- Masaryk University
- BI Norwegian Business School
- ESC Clermont Graduate School of Management
- Maastricht School of Management
- PSB - Paris Business School
- HEC Paris
- Izmir University of Economics
- Università Bocconi
5. Develop a complete set of managerial skills
The field of Management requires a diverse amount of knowledge of many related subjects. Masters in Management try to answer this need by including classes on a diverse set of topics.
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.
Mainly, a MIM degree will help you develop great interpersonal skills, be a quick problem solver and overall, you will know how to apply managerial theory to the real world of business. You will have a clear understanding of how a business operates considering the socio-economic environment and you will be able to manage the challenges of global affairs.
6. Acquire leadership knowledge at an affordable price
Masters of Management are generally much cheaper than other more popular and sought-after Business programmes, such as Masters of Business Administration. The yearly MIM study fee can range from 2,000 to 30,000 EUR depending on the university, specialisation, and even the location. MIM courses provided by business schools from the UK and the U.S. usually have higher tuition fees, but even the maximum possible tuition is usually half of the price of an MBA programme offered by any school worldwide.
7. Open to experienced students and newcomers alike
Another important benefit of taking a Master's in Management is that more than half of the programmes offered worldwide do not require a degree in Business or Economics. This is a great opportunity for students who have completed a Bachelor's in a different field but are looking for a career change.
Besides the Bachelor’s diploma, you will have to provide proof of language skills and will usually have to take a GMAT or a GRE test.