By Thomas Graf
Masters in Management (MIM) are postgraduate programs in general management. In contrast to MBA programs, however, they do not require professional experience. Where are they offered? How are they structured? Who is the typical MIM student? And what impact do they have on careers? The Global Master in Management (MIM) Study 2012 is the first study to answer these questions. Unlike rankings, it aggregates data and provides an overview of an emerging field of management education.
- Global Master in Management (MIM) Study: Report 2012
- Search for Masters in Management (MIM) in our database
Master in Management Study: MAIN FINDINGS
- A new phenomenon: 76 percent of fulltime Master in Management (MIM) programs were launched since 2000 and about half in the last six years.
- Europe as a trend-setter: 68 percent of the MIM programs are offered in Europe and 63 percent of the fulltime students come from Europe. However, MIM programs are increasingly offered also in North America, Asia-Pacific, and Latin America; 10 percent of the MIM students come from Asia-Pacific, and 5 percent come from North America, Latin America, and Africa.
- A growing phenomenon: 83 percent of institutions that offer MIM programs face an increasing number of applications.
- A general management program for graduates: One quarter of the MIM fulltime students has no professional experience at all and three quarters have not more than one year. On average, they are 24 years old and in some programs the average age is as low as 21. Thus, MIM programs target recent graduates and professionals with little work experience.
- For students from all academic disciplines: MIM programs are options for graduates from all academic disciplines. About a third of all fulltime MIM programs require a first degree in business or economics. Two thirds are open to graduates from other academic areas – either from a limited number of other disciplines (21 percent) or from all academic disciplines (50 percent). Graduates with a degree in business or economics should choose an MIM program that requires such prior knowledge. In doing so, they avoid potential redundancies between the curricula of their graduate and undergraduate studies.
- 63 percent cheaper than the MBA: On average, a fulltime MIM program costs EUR 12,550 in tuition fees. The most expensive program is about EUR 30,000. In contrast, MBA programs offered by the same institutions cost EUR 33,750 on average and a maximum of EUR 70,700. Hence, on average, MIM programs tend to be about 63 percent cheaper than MBA programs.
- Studying without the GMAT: Only 40 percent of the MIM fulltime programs require the GMAT and the average GMAT score of MIM students is 610.
- MIM graduates are wanted: 90 percent of the MIM fulltime graduates find a job within three months after graduation. On average, they earn 42,500 EUR per year in their first job – with a range from 10,000 to 70,000 EUR – and about 2.4 times more than the average tuition fees.
- Career advantages for consecutive students: Students from MIM programs that require a first degree in business or economics (“consecutive students”) profit from stronger career impacts than students from MIM programs that are open to graduates from other disciplines. On average they receive a 76 percent higher salary after graduation and the number of students who found a job within three months from graduation is 12 percent higher than in programs open to other disciplines.
- Career start in the “campus country”: Most MIM graduates (89 percent) start their career in the country where they studied.
- Drivers for a fast job entry: Finding a job within three months after graduation is more likely if MIM students’ schools or programs require the GMAT and a first degree in business or economics and if they offer specialization opportunities, internships or in-company projects, and career services.
- Drivers for a high salary: MIM students receive a higher salary after graduation if their schools or programs are accredited and even more with an EQUIS, AACSB, or AMBA accreditation, require the GMAT, offer specialization opportunities, and accept only students with an academic degree in business or economics.