MIM (Masters in Management)

If you plan to be a part of the management domain and looking for options to make a career in the same, then a budding course that can take your career to new heights is a master’s in Management. Just like the MBA, MIM is also becoming a popular choice among students looking for excellent job opportunities. It empowers the young generation as agile thinkers, well-rounded innovative individuals who are determined to bring a positive change in the business management sector of society. Studying the program from top business schools around the globe can help you build a strong foundation and give you exposure to the international angle of the management sector. In this blog, we will be decoding the entire course for prospective students.

What is a MIM Course? 

Masters in Management (MIM) is a postgraduate-level degree program that lasts for a duration of 1 or 2-year depending upon the country and university one plan to join. Like other management degrees, MIM concentrates on Marketing, Finance, Entrepreneurship, Consulting and related fields. Below are the prime factors that can help you understand the benefits of pursuing this degree course:

• Excellent for those looking for postgraduate courses with a good ROI.
• Working professionals can upgrade their position at work by opting for higher studies. 
• Students with a knack for Finance, Marketing and Management realms can opt for MIM courses.
• Applicants looking for management courses apart from MBA can consider MIM as a great option.

To excel in any area, students must exhibit the kind of skills required to do justice to their profession. Based on this fact, we have curated a list of skills that are necessary for candidates willing to pursue MIM: 

• Result Oriented Attitude
• Time Management 
• Academic Excellence 
• Leadership Qualities 
• Excellent Multitasking Skills
• Teamwork
• Problem Solving 
• Analytical Skills
• Communication Skills
• Adaptability to Change
• Hands-on Practical Experience 

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MIM vs MBA: What to Study in 2024?

A Masters in Management (MIM) is becoming a popular replacement for an MBA for a lot of students. While making a choice, one must comprehend the differences between both the degrees. Based on the course structure and curriculum of both the programs, we have formulated some key distinctions in order to understand MBA vs MIM: 

Professional Experience 

To pursue an MBA course from top universities across the globe, students need to have a few years of professional experience before starting the actual application process. This process is time-consuming, thus, many applicants go for MIM as it can be easily pursued with no to less experience. 

Tuition Fees

The tuition fee to study an MBA degree is much higher than the Master in Management program giving students equivalent exposure at an affordable cost of studying. Thus, fresh graduates or working professionals with less than 2 years of experience can choose to pursue MIM abroad.

Curriculum

MIM concentrates on the theoretical side of the management skills, whereas, MBA focuses on the practical aspects. The course curriculum of MBA is designed in a way to provide rigorous training to students on the working of organisations. 

Also read: MBA in Entrepreneurship

Eligibility Criteria for MIM

Candidates should check the prerequisites to study a course before starting their application process. The eligibility criteria to pursue a Masters in Management (MIM) is listed below:

• Students must have a bachelors degree from a recognized university. Some universities have a minimum GPA requirement, candidates must check that closely. 
• Candidate should clear the English-language proficiency test such as IELTS, TOEFL or PTE with the required score.
• A valid GRE or GMAT score as per the university requirement.
• 2 Letters of Recommendation (LORs)
• Some universities might ask for a minimum work experience of 2-3 years.

Note: These are general eligibility requirements, any specific or additional details can be checked either on the university website or simply contact the career experts at Leverage Edu to all everything related to the MIM course at the concerned university.

Also Read: London Business School Eligibility for Indian Students

Best Masters in Management Programs

MIM courses are readily available in colleges abroad, however, one has to make sure whether they want to pursue an MS, MA or MBA degree in Management. All three degrees fall under postgraduate studies and provide Management as a specialization. Enlisted below are some of the prominent MIM courses that students can choose to pursue:

• Master of Arts in Strategy and International Management
• Master of Science in Management
• MSc in International Management
• Master’s in International Management 
• MSc Management
• Master in Business Economics and Management
• MSc in Economics & Business Administration – International Business
• Master of Science in Management-Engineering
• Masters in General Management
• Master of Global Management
• Master of Management – Early Career Masters (MM-ECM)
• Masters in Business Engineering
• MSc Supply Chain Management
• Master of Applied Economic Sciences: Business Economics
• Master of Science in Economics and Business Administration

Also Read: MBA vs MS

MIM Abroad VS. MIM in India

Indian students interested in taking this course frequently question how different it is to take it in India vs a foreign nation. The distinction is made based on

• The educational quality,
• The exposure, 
• Possibilities for post-study work,
• As well as the experience they gain.

Candidates who have overseas experience are generally preferred by potential employers over those who do not. It’s also conceivable that you won’t be able to discover the top faculty for your chosen specialization in your immediate area. Curriculum and teaching methods might also change somewhat from one country to the next. When you relocate overseas for a higher education degree, you will also have the opportunity to immerse yourself in a new culture. Students in India believe that these are sufficient reasons to travel abroad for this study.

Top Universities to Pursue MIM

To excel in a career and explore great opportunities to work just after completing a Master’s in Management, one must study in a reputed educational institute. Choosing a top university will not only frame your career but also give you excellent exposure to advanced techniques and business practices. Considering the importance of colleges in a student’s life, here are some leading choices for students in the field of management: 

Name of the University	Courses	QS World University Rankings: Masters in Management Rankings 2023
HEC Paris	MSc Strategic Management	1
ESSEC Business School	MSc in Strategy & Management of International Business	2
London Business School	Masters in Management	3
IE Business School	Masters in Management	4
INSEAD	MBA	5
Esade Business School	MSc in International Management	6
Esade/UVA/McIntire/Lingnan	MSc in Global Strategic Management	7
ESCP Europe	Master in Management (Grande Ecole)	8
Copenhagen Business School	MSc in Economics and Business Administration	9
WU Vienna	MSc Strategy, Innovation & Management Control	10
Bocconi University	MSc in International Management	11
CEMS	Master in International Management	=12
EMlyon Business School	MSc in Management (Grande Ecole)	=12
Imperial College Business	MSc in Management	14
EDHEC Business School	MSc in Global & Sustainable Business	15

Also Read: MIM in Europe: Courses & Universities

Exams Required to Study MIM Abroad

To enroll in a MIM program in the United Kingdom, France, Germany, Australia, Canada, or any other nation, you must pass three tests.

GMAT 

The Graduate Management Admission Test, or GMAT, is a multiple-choice computer-based test. It’s made to put future management students through a standardized test. It does so by assessing applicants’ understanding of arithmetic, algebra, geometry, multi-source data processing, and language. The leading colleges that offer the degree course usually desire a GMAT score of between 650 and 700.

GRE 

The Graduate Record Examination, or GRE, follows the same format as the GMAT. For a period of five years, your GRE score is valid. You have the option of taking the GRE at least five times during a 12-month period. The GRE score that is necessary varies per university. Top colleges, on the other hand, require a score of 320 or above. With a GRE score of 310-315, you have a good chance of getting in.

Language Proficiency Tests 

You must pass a language competence exam in order to study in any other country. The most extensively used LPT is IELTS, or the International English Language Testing System. An IELTS score of 6.5 or 7 is typically accepted by the top universities that offer MIM.

Country-Wise Average Fees for MIM Abroad

Following are the country-wise average fees for studying MIM abroad 

Country	Average Fees
USA	(INR 16.3 Lakh – 20.8 Lakh)
Germany	(INR 12.7 Lakh – 16.9 Lakh)
Australia	(INR 14.6 Lakh – 21.6 Lakh)
UK	(INR 18.35 Lakh – 28.55 Lakh)
Canada	(INR 16.3 Lakh – 20.8 Lakh)

Scholarships to Study MIM Abroad

The popularity of MIM has risen in recent years. MIM and MBA are now being compared by students who desire to pursue a career in management. However, obtaining a MIM degree is still beyond reach for most people. Students interested in pursuing MIM can apply for a variety of scholarships.

Scholarship	University	Expenses
HSG Foundation Global Shapers Scholarship	University of St. Gallen (HSG)	$3,300/semester(INR 2,45,140)
HEC Foundation Excellence Scholarships	HEC Paris, France	$45,000 (INR 33,42,825)
Masters in Management Merit Scholarship	London Business School, UK	$8,000 (INR 5,94,280)

MIM Program Structure

The overall curriculum of the Masters in Management program varies from university to university. Even though there are so many differences among the available options, we can still draw some proximities among all of them. Given below are some core subjects that are a major part of the MIM degree: 

• Finance 
• Business Ethics 
• Corporate and Business Strategy 
• Economics 
• Entrepreneurship 
• Finance
• Operations Management 
• Engineering Management 
• Marketing 
• Management Theory 
• Financial Management
• Managerial Accounting 
• Human Resources Management 
• Organizational Behavior
• Protected Area Management
• Marketing Management 
• Management Information Systems
• Supply Chain Management
•  Personal student dissertation (Thesis)

Note: Based on the kind of program a student is enrolled in, the coursework may have some additional electives or internship programs. 

Is MIM a Good Degree?

A person with a Masters in Management (MIM) has the potential to work in any business house at a managerial position. The degree equips individuals with all that is needed to become a successful professional. Consulting and finance firms take the maximum number of MIM graduates, other big sectors like consumer services, media, hospitality, leisure, food, etc. also recruit MIM degree holders. Candidates can also start a venture of their own, white some students further go into academics by opting for a research project, teaching job or doctoral program in the same domain. Some of the prominent PhD courses can be: 

• PhD in Business Management 
• PhD in Management 
• PhD in Business 
• PhD in Marketing 

Also Read: All You Need to Know About MIM in Canada

Job Prospects after MIM

Like MBA, MIM is also a professional degree that trains students with no fewer skills. There are ample job opportunities for graduate students to make a bright career. Enlisted below are some of the most popular job opportunities:

Job Profile	Description
Risk Manager	With a degree in Management, one will be perfectly equipped to start a venture of their own. It would become easier for individuals to combine their skills, interests and education to make their dreams come true.
Social Media Manager	In this era of digitalization and social media, every organisation ensures to maintain their profiles on various social networking platforms like Facebook, LinkedIn, Google Plus, etc. The role of the Social Media Manager is to keep a tab on what’s going live and to look after all the relatable tasks.
Project Manager	From drafting a project outline to budgeting the cost and later completing the objectives, a Project Manager has to do it all. Every company involved in providing a product or service to consumers, need to hire project managers to look after these matters.
Management Consultants	The job of a Risk Manager in an organisation is to evaluate the associated uncertainty to a certain event using appropriate tools and skills. These professionals maintain the security, safety, profitability and reputation of a company. As the job is challenging and full of responsibilities, candidates get lucrative salaries.
Entrepreneur	The job of a Risk Manager in an organisation is to evaluate the associated uncertainty of a certain event using appropriate tools and skills. These professionals maintain the security, safety, profitability and reputation of a company. As the job is challenging and full of responsibilities, candidates get lucrative salaries.

Other Management Careers

Other popular jobs for people willing to work after completing Master of Management (MIM) are listed below: 

• Human Resource Manager
• Accountant 
• Forensic Accountant 
• Sales Manager 
• Finance Manager 
• Banker 
• Bank Manager 
• Store Manager 
• Entrepreneur

Also Read: 5 Career Path for an Entrepreneur

HEC Paris MiM Explained

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FAQs

Hopefully, this blog has covered different aspects of the Masters in Management (MIM) course. If you are someone who appeared for the CAT and couldn’t perform well, do think about studying a similar course from a university abroad. Through GMAT you can apply to multiple business schools overseas with the help of Leverage Edu. Our AI tool will help you in selecting a well-suited course and guide you to draft a perfect application to make your dream come true.