Masters in Management Studies: An Overview
Say you are a fresh graduate, with a tech background, and now thinking about a career in the management domain in an international destination like the US or Europe. What options do you have? MBA from a reputed school is the general idea which pops up! However, most US and European MBA programs would require you to have work experience north of 4 years. What other options do you have?
One option is- Master in Management Studies (MiM). This program is perfect for someone who recently graduated, does not have the threshold work experience to join conventional MBA programs and is planning to start his or her career with entry-level management roles. This program provides you with the platform necessary to change your career trajectory at a relatively early stage in your professional career.
MiM programs are quite popular education options in Europe for students looking to invest in upskilling themselves to change track in the career relatively early. There the programs are generally for one year, can extend up to 1.5 years as well. The program is slowly gaining traction in US as well. The proportion of applications to this program is increasing year on year, with an observable popularity amongst female candidates. This program is also marketed keeping international students in mind. Why shouldn’t it be? The program essentially comes with features which are drawbacks for conventional MBA program.
No or very less work experience: This program is open to freshers or someone with up to 2 years of experience. Conventional MBA programs limit applications from freshers as they have a stringent requirement of having work experience in the range of 4 and can go upto 8 years. MiM solves this problem for early starters while setting up the work experience bar lower compared to the MBA programs.
Curriculum: The program covers a wide spectrum of topics like finance, human resources, marketing, accounting, operations, strategy and many more. You can consider this as a program precursor to MBA program. While MBA programs deep dive into such topics, MiM gives you a basic understanding of vast range of topics. The curriculum is flexible with many electives. The faculties generally overlap between MBA and MiM, so you have opportunity to learn from the best as well as to network. The programs also have lucrative components like exchanges and internships, providing you with ample networking opportunities. The GMAT scores requirement for the program is relatively less compared to MBA programs.
Cost: The average cost of the top 32 programs is about $56,000. This is very much affordable compared to MBA programs. While calculating ROI, please include living expenses, any other opportunity cost involved. Given this program is predominantly for freshers, one can exclude the pre-program salary from the total cost while calculating ROI which can result in better return on the investment.
Post job scenario: Universities in US are creating awareness among the employers for the program. Given its untapped potential, universities would want the program to be successful and hence would put in extra efforts in marketing, collaborations with corporations, placements. Kellogg’s MiM program 97% of the class received job offers within 3 months of graduation. You can get into roles like management consultants, business analysts, marketing managers, financial analysts. It is for someone who is looking for entry level jobs in management and leadership roles. If you are planning to start your career or want to pivot, this could be faster way to get into these domains, given the work experience requirement is less for this program. You can always do an executive MBA if your personal circumstances allow after gaining some experience in the industry. According to Payscale, average salary of a MiM graduate ranges from $60,000 to $90,000.
Expert says that this program has huge potential in US markets and there is a need of awareness among the employers in US about the benefits of the program. Universities are promoting this program and collaborating with corporations in this direction.
