MiM, or Masters in Management, is a graduate degree in business and related specializations. It is a far more theoretical approach to business education than an MBA degree. It lays the foundation of the various concepts, takes young fresh undergraduates, or recent professionals, along a structured path towards business concepts.
Though originally a European phenomenon, there has been a growing number of North American schools embracing the idea of this taste of management studies.
What is MiM degree?
To sum up the intention of the program, while what we mentioned before stands true, it is also a sort of formal introduction to the field of business management. Much like other MS or M.Sc degrees, it is not designed with practical education in the flavour MBA is familiar with.
The courses are fundamental with the option of specializations in your interested area of business function – marketing, consulting, finance, and so on. This course, also otherwise known as Master of Science in Management in some parts of the world, is often a gateway into entry-level jobs in business management that require less experience.
Nevertheless, it has high demand among recruiters, provides opportunities to study and work abroad, is a networking goldmine given the faculty and industry exposure as part of the curriculum, and is designed to train its students to build enough momentum to start a promising management career, running and far ahead.
What is the Eligibility and Requirement for MiM?
Unlike MBA, MiM doesn’t need its applicants to have work experience with substantial accomplishments to show for, professionally. Most MiM programs require students to have an undergraduate degree in any field. In practice, most MiM programs have students who have less than two years of work experience.
Like MBA though, it does require GMAT/GRE or other standardized tests to evaluate applicants on a common baseline. TOEFL or other English proficiency tests are needed to ensure international student class participation.
What is the duration of MiM Programs?
Master in Management is a flexible program. While a considerable number of European business schools have the curriculum divided into two years – core, electives and specializations – there is the option to extend the time to include internships, as in HEC Paris. There is also typically an allotted time to get involved in research, working closely with professionals in the field.
A few MiM programs are also designed in a condensed format to be completed within a year. The table below, showing the top school for MiM, summarizes the duration of some of the top b-schools.
What kind of courses and syllabus comprise MiM degrees?
The years, or semesters, are dedicated to first laying a foundation for management sciences and other related concepts – intercultural management, management, statistical methods, analytical skills, and more. The second phase provides students with various specializations through electives – Accounting, Analytics, Economics, Finance, Marketing, Strategy, etc.
MiM degrees offer incredible opportunities to customize the training based on the student’s interests. Depending on the b-school, many of these electives become part of either exchange programs or dual degrees that provide the added advantage of further global exposure. Foreign Language is also a big part of the training that goes into the global experience.
The essential takeaway is that while job is a key outcome in the dreams and hopes of MiM students, at large, a significant number of them choose to continue in academia. With the heavily research oriented curriculum, students are trained towards thinking as potential researchers, adept with the skills to analyze information and use various research methodologies for independent endeavors.
Having said that, schools do incorporate real-world application training in the mix, for employment. Thus, internships can become a part of the MiM training, especially if the duration of the degree allows for sufficient time to accommodate one.
Students are either mandated to take up internship opportunities in a set scheduled period, during the degree, or are given a flexible option to opt for a gap year/semester, for interning in one or many organizations, and specializations, if they so choose.
What are the job prospects after MiM?
Here is a snippet of the hiring projections, among MiM graduates, as per GMAC Corporate Recruiters Survey from 2017. The survey, which was based on nearly 1,000 employers representing about 630 companies, including 22% Fortune Global 500s, across 51 countries, shows a very positive response to these Master’s graduates.
Through their years of surveys, GMAC found that the MiM hiring projections were up from 49% in 2012 to 59% in 2017. Though slightly subdued in the US, at 48%, as compared to the other continents – Asia Pacific (86%), Europe (74%) and Latin America (76%) – the trend is in the right direction.
Breaking down further, as expected, larger companies (with greater than 1,000 employees) are more likely to hire (73%) MiM graduates as compared to smaller (36%). Even Start-ups are showing an increased interest in these young and vibrant business wizards. The table below sums up the industry wise hiring scenario, as per the survey.
| Industry | Hiring Projection |
| Consulting | 64% |
| Finance | 43% |
| Health Care | 55% |
| Technology | 59% |
| Manufacturing | 70% |
| Product & Services | 55% |
As far as internships are concerned, US companies are less likely to offer internship positions to Business Master’s students, including MiM. They stood at about 24% in the USA as compared to 32% in Asia Pacific and 52% in Europe, in 2017.
This is not surprising as Europe is the pioneering continent in Masters in Management, with the rest of the world now slowly realizing its value and playing a bit of catch up. As with jobs, larger companies are more likely to offer internships and also more likely to hire interns full-time.
As mentioned before, the cohort of students, their age and experience, accounts for the job level grads are usually hired into. For instance, MBAs, with experience, are usually hired into mid-level positions.
In comparison, the average age of MiM classes is about 22 years and they usually have none to less than a couple of years of work experience. It is typically noted that MiM grads find entry-level positions albeit in reputable companies and with competitive salaries.
Average MiM Salaries
According to the GMAC recruiter survey, the median starting salary of MBA grads is about $110,000 whereas for MiM grads it is $92,500. Of course, the salaries are dependent on the role and industry with Consulting and Finance typically being the highest payers.
According to Financial Times’ Master in Management rankings, MiM graduates from the top business schools can fetch up to nearly $110,000 a year.
What are the top Master in Management programs in the world?
| Best MIM Programs in the world 2021 | ||
| Top MIM Colleges | World Ranking | Average Starting Salary |
| HEC Paris
MSc in Strategic Management |
1 | $58,000 |
| London School of Management
Masters in Management |
2 | $50,631 |
| ESSEC
MSc in Strategy & Management |
3 | $52,100-$65,410 |
| ESADE
MSc in International Management |
4 | $49,909 |
| Imperial College London
MSc in Management |
5 | $63,000 |
| IE Business School
Masters in Management |
6 | $54,920 |
| London School of Economics
MSc in Management & Strategy |
7 | $43,588 |
| CEMS
Masters in Management |
8 | $56,515 |
| Copenhagen
Masters in International Management |
9 | N/A |
| ESCP Europe Business School
Masters in Management |
9 | $63,408 |
| ESADE Business School
MSc in Global Strategic Management |
11 | $49,909 |
| Bocconi
MSc in International Management |
12 | N/A |
| WHU (Otto Beisheim)
MSc in Management |
13 | $72,148 |
| EMLyon Business School
MSc in Management |
14 | $59,645 |
| EDHEC Business School, France
MSc in Global & Sustainable Business |
15 | N/A |
| St.Gallen, Switzerland
Master in Business Management |
16 | N/A |
| WU Vienna
MSc in Strategy & Management |
17 | $41,137 |
| Erasmus (RSM)
MSc in Strategic Management |
18 | $54,865 |
| Michigan Ross
Master of Management |
19 | $67,000* |
| TUM School of Management
Masters in Management |
20 | $57,920 |
Master in Management Scholarships in the Top Programs
| B-School | Tuition | Scholarships |
| University of St. Gallen (HSG)
(Switzerland) |
$3,300/semester | – Starr International Foundation Scholarship Fund, for international students completing Masters in English, at HSG
– HSG Foundation Global Shapers Scholarship, for members of the Global Shapers community – Kistefos St. Gallen Masterclass Scholarship, for exceptional candidates from/linked to Norway |
| HEC Paris
(France) |
$45,000 | – HEC Foundation Excellence Scholarships, for international students
– The Eiffel Excellence Scholarship, for international candidates under 30 years ($1400 allowance/month, one international trip, social security, etc) – Local Scholarships by country are listed here |
| IE Business School
(Spain) |
$44,000 | – Fulbright/IE Business School Master’s in Management Award, for 1 award for candidates with up to 2-years work experience (~$43,000)
– Queen Rania Foundation Scholarships for Women Leaders from Jordan for any Master’s (excluding dual degree) (40% tuition) – IE AIESEC Scholarship for 5 fellowships for candidates pursuing MiM and other programs (25% tuition) – IE Foundation Scholarship (up to 40% tuition) – IE Women’s Leadership Scholarship – IE Talent Scholarship – IE Women’s Scholarship – IE Scholarship for Eastern Europe and Central Asia (25% tuition) – IE Excellence Scholarship (40% tuition) – Beta Gamma Sigma, for 5 candidates pursuing MiM and other programs (25% tuition) – IE Entrepreneurial Scholarship for candidates pursuing MiM as a complement to their previous entrepreneurial experience – IE Fellow Scholarship (Master’s) (40% tuition) – Africa Talent Fellowship (20-30% tuition) – The Middle East & Africa Scholarship with preference to women |
| London Business School
(UK) |
$43,000 | – Masters in Management Merit Scholarship (~$11,000)
– Masters in Management Merit Scholarship for Women (~$11,000) – Early Careers Legacy Award for candidates related to an LBS alumnus (~$11,000) – LBS 50th Anniversary Scholarship for 1 candidate (full tuition) – LBS Fellowship for candidates with financial need (up to ~$16,000) – The Santander Scholarships for country residents within the Santander Universidades scheme (~$7,000) – The Monica &Navin Valrani Scholarship for Indian women (~$27,000) – LIFE Scholarship for Lebanese nationals ($12,000) – Huckleberry Scholarship Thailand for Thai nationals (~$13,500) – The GREAT Scholarship India for two Indian nationals (~$13,500) – The Stolyarenko Scholarship Russia for 1 Russian national (~$23,500) – David and MollyPyott Foundation Scholarship (2 awards of $27,000) |
| ESSEC Business School
(France/Singapore) |
$47,300 | – EIFFEL Excellence Scholarship, for international candidates under 30 years ($1400 allowance/month, one international trip, social security, etc)
– ESSEC Academic Excellence Scholarship for international candidates (75% tuition) – CROUS Scholarship for French nationals, based on financial need – Serge Bellanger for American students joining ESSEC and French students attending a US program ($10,000) – Phillippe Mathe Scholarship for graduates from USA/Canada with work experience in USA/Canada ($6,000) |
| ESCP Europe | $47,000 | – ESCP Europe Scholarship for EU citizens (25%, 50% or 100% first year tuition)
– ESCP Europe Foundation for financial need students – CROUS for French nationals (100% first year tuition) – Local scholarships based on country (contact relevant opportunities) |
| WHU Otto Beisheim School of Management
(Germany) |
$32,000 | – e-Fellows Master Scholarship for exceptional e-fellows Master Days Business & Economics participant, e-fellows.net scholar, or alumnus (one semester tuition)
– In Praxi Diversity Scholarship to international financial need students (one semester tuition) – In Praxi Women in Business Scholarship for international women (one semester tuition) – Reduced Tuition though BAföG application for EU citizens (one semester tuition) – Deutschlandstipendium ($355/month for 12 months) – WHU Brain Capital GmbH for students with financial need – More scholarships here |
| ESADE Business School
(Spain) |
$47,000 | – The MSc Scholarship for Excellence for high GMAT scorers and outstanding applicants
– The MSc for Global Leaders Scholarship – The Women in Management Scholarship More Talent Scholarships here – The MSc Graduate Fund: Leadership Scholarship – Women in Management Scholarship – The Asian/African/Eastern European/American Scholarships – The Unity in Diversity Scholarship More need based scholarships here
– FUNDACIÓN Carolina (30% tuition) – CLADEA Full Scholarship for Latin Americans who graduated from a CLADEA member school |
| University of Bocconi
(Italy) |
$32,000 | – ISU Bocconi Scholarship for need based applicants
– Bocconi Graduate Merit Award (full tuition for the first year) – Bocconi International Award Graduate for outstanding international applicants (50% first year tuition) |
| Rotterdam Erasmus
(Netherlands) |
$27,500 for non-EU | – India Orange Tulip Scholarship Program for Indian students ($13,500)
– China Scholarship Council – Orange Tulip Program for Brazil, Indonesia, Korea, Mexico, Russia, Thailand, and Vietnam – RSM non-EEA Scholarship of Excellence (100% tuition) – Holland Scholarship for non-EEA students – G&D Europe Scholarship – Russia The Global Education Program for Russian students More info here |
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