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) Survey 2013 provides to answer these questions. Unlike rankings, it aggregates data and provides an overview of an emerging field of management education.
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Masters in Management are: Postgraduate programs in general management for recent graduates.
- Professional experience: On average, MIM students have six months of work experience when they start the program.
- A new phenomenon: 81 percent of fulltime MIM programs have been launched since 2000 and more than half in the last six years.
- A global phenomenon: Although MIM programs are originally a European phenomenon, about half of the students come from countries outside of Europe and nearly one third of the programs are offered outside of Europe.
- For students from all academic disciplines: MIM programs are open to graduates from all academic disciplines. 22 percent require a first degree in business or economics. 24 percent are also open to graduates from a few other areas, such as social sciences. 49 percent are open to graduates from all disciplines, and 5 percent explicitly target graduates from non-business areas. Taking the last three groups together means that 78 percent of the MIM programs are not restricted to graduates from business disciplines.
Strongly increasing global demand: 76 percent of the participating schools report increasing demand for Masters in Management.
- The strongest increase comes from European and Asian students, followed by North American and Latin American students. Still, 36 percent also reported a growing demand from Africa and 22 percent from Australia.
86 percent find a job: On average, 86 percent of MIM graduates find a job within three months of graduating. They are particularly successful in finding a job when they study a program that requires the GMAT, is accredited, or offers many career services.
- Main jobs are consulting, financial services, and entrepreneurship: MIM graduates find jobs in all areas – this corresponds to the general approach of Masters in Management. The main industries, however, are consulting and financial service firms. Also, many MIM graduates start their own business after graduating.
Starting salary from EUR 21,600 to EUR 62,500: MIM graduates earn EUR 38,400 on average in their first job after graduating. The level of the salary is higher, if the program has an accreditation and particularly an internationally recognized accreditation, or if it requires the GMAT.
- Graduates from accredited programs earn more: Graduates from MIM programs with any accreditation (excluding AACSB, EQUIS, and AMBA) earn EUR 31,700 on average – 32 percent more than graduates from non-accredited programs. Graduates from programs with AACSB, EQUIS, or AMBA earn EUR 43,700 on average – 82 percent more than non-accredited programs.
Masters in Management (MIM) vs. MBA: In contrast to the MBA,Masters in Management are for recent graduates. As a rule, MIM students have six months of professional experience and are 23 years of age. Furthermore, MIM programs cost only half of the tuition fees of an MBA program and overlap only by 21 percent with MBA programs in terms of content.
- Schools offer both – MBA and MIM: Since MBA and MIM programs serve different target groups (professionals vs. graduates) with different needs (advancing a career vs. starting a career), three out of four schools offer both types of program.