MIM or Master in Management, is a postgraduate business program aimed at providing advanced general management knowledge to graduates, irrespective of their earlier fields of study. These business management programs are aimed at students with little to no work experience who are keen to move into managerial roles. There is a wide range of courses available, with varying degrees of specialization and international experience. The program is tailored to help you learn and master the key management areas like finance, marketing, strategy, operations, and business communication.
Depending on the university or college, MIM programs can be found under different names like M.Sc in Management, M.Sc. in International Business, Master in Business and Economics, MA in Business, MA in Management, M.Sc in General Management, or Master in International Management. Let’s have a look at few appealing features of MIM programs.
1. International Focus
Recent years have seen a huge rise in popularity of MIM programs, not only in Europe, but across the globe. Predominantly being a European phenomenon, 65% of all worldwide Masters in Management courses are offered in Europe. Most of the MIM degrees are structured to attract an international student audience, with courses taught in English. Such has been the increase in awareness and value of European MIM programs that the number of applications rose by 58% in recent times. For all MIM programs, the largest number of international MIM graduates come from China, India, Germany and Italy.
2. Little or No Work Experience Required
Designed for those at the beginning of their careers, MIM courses are taken by students with no or very low (upto 3 years) work experience. Average age of of a MIM program is 23, about 60% of MiM students have no prior work experience and 30% have less than two years of professional experience. One of the greatest advantages a Master's in Management holds is that it does not expect you to have any business knowledge and starts from the basic fundamentals of management advancing your business knowledge immediately after completing your Bachelor’s study. It indeed is a great choice for fresh graduates seeking a kickstart in their career and finding a good employment in a world looking to hire smart, talented and skilled future managers.
3. Versatile Study Experience
Originally an intensive business management theory program, the Master’s in Management offers in-depth theoretical classes and a great learning environment. However, considering the requirements of the job market, Business schools have made several innovative structural changes in their programs, thus making them more versatile and competitive. Some of Business schools have even started offering specialisations in particular fields of business. Inclusion of lectures from top tier managers of leading organisations, exchange programs, innovation workshops, internship opportunities and dual degrees have made MIM programs extremely useful and a bridge between the requirements of aspiring business professionals and potential employers.
4. Industry Insights
Business schools have partnered with big corporations of the world to provide their students with an opportunity not only to gain international experience but to travel to several different countries to gain insights from leading global experts. This also provides students a hand on job experience with internship programs, majorly paid, opening doors to network themselves and prove them as a professional asset for the organization leading to job offers.
5. Develop Managerial Skills
The field of Management not only requires knowledge of many related subjects but also essential skills to succeed in a highly competitive business world. MIMs address this need with a significant focus on leadership skills and personal development. Teamwork exercises are an essential ingredient of MIM programs. A MIM degree will help you learn excellent interpersonal skills, and overall develop yourself as a leader who have a clear understanding of the challenges of global affairs and knows how a business operates under diverse socio-economic environment. Leadership, team work, Decision making, Analytcal thinking, Problem solving and Negotiation are few important skills that students get to develop in a MIM program.
MIM is budget friendly than other more popular business programs, such as MBA. The yearly MIM tuition averages to 32,000 Euro whereas average tuition fee for a MBA program is 54,000 Euro, a difference of 65% in tuition fee. Isn’t that huge?
7. Open to Students From All Fields
MiM programs are targeted at people fresh out of university and are considered as the precursor of MBA, helping young talents learn fundamentals of entrepreneurship and leadership. Most of the MIM programs delivered worldwide do not require their students to have a graduate degree in Business or Economics. This is a great platform for students who are from a different field but are looking for a career in business management.
8. Dual Degrees and Exchange Programs
The dual degrees offered by MIM programs provide an excellent opportunity for students to get an additional degree from a different university in another country in addition to their parent school’s affiliated university. The additional degree from a different country helps you explore the job market niche of that country.
If you are a young graduate or are at the very early stage of your career looking to dive deeper into global labor market of business management, MIM offers an excellent platform to learn fundamentals of business, leadership and innovation. Irrespective of your earlier field of study you must opt for MIM if you are looking give your career a global thrust.
Ms Chinu Vasudeva is highly acclaimed and one of the finest GMAT experts world-wide. She has more than 14 years of Industry experience. Being an alumnus of prestigious institutes like Lady Shri Ram College & St. Stephens’s, she could have easily chosen lucrative corporate path, but she found her passion in mentoring & guiding students on to a better career path. She has been in leadership roles in academics & study abroad programs in various organizations such as The Princeton Review, CL Educate, Veritas Prep, Educomp etc. An avid blogger, she likes to share her knowledge across all platforms via her blogs & articles. Driven down by her passion to provide quality platform for students who are seeking higher goals & wondrous careers in life she started Doyen-Ed.