If you plan to be a part of the management domain and looking out for options to make a career in the same, then a budding course that can take your career to new heights is Masters in Management. Just like MBA, MIM is also becoming a popular choice among students looking out 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 the 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.
This Blog Includes:
- What is a MIM Course?
- MIM vs MBA: What to Study in 2021?
- Eligibility Criteria for MIM
- Best Masters in Management Programs
- MIM Abroad VS. MIM in India
- Top Universities to Pursue MIM
- Exams Required to Study MIM Abroad
- Country-Wise Average Fees for MIM Abroad
- Scholarships to Study MIM Abroad
- MIM Program Structure
- Is MIM a Good Degree?
- Job Prospects after MIM
- HEC Paris MiM Explained
- FAQs Related to MIM
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 plans 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
- Problem Solving
- Analytical Skills
- Communication Skills
- Adaptability to Change
- Hands-on Practical Experience
MIM vs MBA: What to Study in 2021?
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:
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.
The tuition fee to study an MBA degree is much higher than the Masters in Management program giving students an 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.
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.
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.
Best Masters in Management Programs
MIM courses are readily available in colleges abroad, however, one has to make sure whether they want to pursue MS, MA or MBA degree in Management. All three degrees fall under the postgraduate studies and provide Management as 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 having 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 Masters 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 students life, here are some leading choices for students in the field of management:
|University||Location||Course||QS World University Rankings: Masters in Management Rankings 2021|
|HEC Paris||Jouy-en-Josas, France||MSc Strategic Management||1|
|London School Of Business And Finance||London, UK||Masters in Management||2|
|Essec Business School||Cergy, France||MSc in Strategy Management & Management of International Business||3|
|ESAD||Barcelona, Spain||MSc in International Management||4|
|Copenhagen Business School||Frederiksberg, Denmark||Master in International Management||5|
|IE Business School||Madrid, Spain||Master in Management||6|
|ESCP Europe||Berlin, Germany||Master in Management||7|
|Imperial College Business School||London, England||MSc in Management||8|
|Bocconi University||Milan, Italy||Master of Science in International Management||9|
|EMLYON Business School||Lyon, France||MSc in Management||10=|
|Vienna University of Economics and Business||Vienna, Austria||MSc Strategy, Innovation & Management Control||10=|
|ESCADE Business School||Barcelona, Spain||MSc in Global Strategic Management||12|
|London School of Economics||London, United Kingdom||MSc in Management & Strategy||13|
|EDHEC Business School||Lille, France||MSc in Global & Sustainable Business||14|
|Ross School of Business, University of Michigan||Ann Arbor, Michigan||Master in Management||15|
|CEMS||Multiple Locations||Master in International Management||16|
|WHU Otto Beisheim School of Management||Vallendar, Germany||Master of Science in Management||17|
|University of St. Gallen||Gallen, Switzerland||Master in Business Management||18|
|Warwick Business School- The University of Warwick||England||MSc Management||19|
|Duke’s Fuqua School of Business||North Carolina, USA||Masters of Management Studies||20|
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.
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.
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 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
|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.
|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:
- Business Ethics
- Corporate and Business Strategy
- Operations Management
- Engineering Management
- 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
Must 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:
|Risk Manager||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 security, safety, profitability and reputation of a company. As the job is challenging and full of responsibilities, candidates get lucrative salaries.|
|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 most sort-after career option after completing a management degree is that of a Management Consultant. There are professionals working under big business houses and organisations to make optimum uses of resources and work together with management specific teams or department. Moreover, the consultants also observe the overall growth of the company.|
|Entrepreneur||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 dream come true.|
Other Management Careers
Other popular jobs for people willing to work after completing Masters of Management (MIM) are listed below:
- Human Resource Manager
- Forensic Accountant
- Sales Manager
- Finance Manager
- Bank Manager
- Store Manager
HEC Paris MiM Explained
Here are some frequently asked questions regarding the Masters in Management course:
Most of the universities abroad accept GRE for admissions in Masters in Management. If candidates are applying to top business schools, then GMAT is also acceptable. To know whether GMAT or GRE will be a valid proficiency exam, one must consult the university guidelines.
MBA or MIM is a personal choice, saying one course is better than the other would depend on the career goal and requirements of the candidate. Seeking help from an overseas consultant is an excellent choice in such a situation.
Some of the top countries to study Masters in Management are USA, Canada, UK, Germany and France. Depending upon the finances and course type, one can pick any of the mentioned countries.
Generally, there is no work experience required to pursue a MIM course as it is considered a pre-experience degree. Further, having a little professional experience can make your profile highlight from the pile of other candidates.
MIM graduates can explore varied entry-level managerial roles in the corporate sector. Usually, those completing MIM, enter the industry as a management trainee and then with some experience, you can choose from prominent profiles such as Advertising Manager, Human Resource Manager, Bank Manager, Sales Manager, amongst others.
Hopefully, this blog has covered different aspects pertaining to the Masters in Management (MIM) course. If you are someone who appeared for CAT and couldn’t perform well, do think about studying a similar course from universities 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.