Masters in Management is also known as MLM. It is a post-graduate course, especially for individuals who are passionate about various management streams such as finance, market, consulting, entrepreneurship, etc.
Masters in Management are perfectly suited for young professionals and those who have recently been graduated. Masters in Management is a new course compared to an MBA whose concept is not only old but also tested. Many established institutions like London Business School, HEC Paris, ESCP Europe, London School of Economics, Duke Fuqua, and Bocconi is offering MiM.
MLM is mostly popular in Europe, but now it is rapidly spreading throughout the USA. In the USA, established colleges like Duke Fuqua, Michigan, and Kellog are offering MiM in the name of Masters of Science in Management and Masters in International Management. In India, the MiM course is available under the name of PGDM provided by the established institution “IIM.” The duration of Masters in Management varies according to the institution.
The minimum duration provided is ten months, and it exceeds max until 2 years.
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Masters in Management is always a good option for further studies and job perspectives. After graduation from MiM, one can pursue Ph.D. Too though most prefer to get employed. The average salary of a graduate Masters in Management is €50,000 per year in Europe. The job positions available for MiM graduates are all of entrepreneurial nature, such as finance, consulting, marketing, business development, corporate strategy, business intelligence, accounting, sales, sustainability, etc.
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Why choose Masters in Management?
- Internationally oriented – MiM is available in Europe, Asia, Australia, and Canada. Around 85 percent of Masters in Management is offered in Europe only. The Bologna process implements it. It is mainly designed for the benefit of international students. As per the 2016 GMAC Applications Trends Survey, it was found that there was a 58 percent increase in applications for MiM programs. It is also found that 29 percent of the total students are from China, Italy, India, and Germany.
- No work experience – There is no prior work experience needed for a Master in Management. This criterion makes MiM a preferable choice over an MBA. It is also a way of advancing business knowledge. The eligibility criteria for MBA colleges mainly includes work experience of around 3-5 years. This factor plays an important role in decision making between MBA and MiM.
- Lower fees than MBA – Masters in Management is usually cheaper than most of the MBA Colleges. The average fee of Masters in Management is around 2,000 – 30,000 euros depending on the location, university, and it’s specialization. The MiM courses provided in the U.K. and U.S. are gradually expensive than the ones provided in other countries. Though, still, the cost of MiM in the U.S. and U.K. is half the price of an MBA in an average college.
- No requirement of a business degree – In business programs such as MBA, a candidate has to possess a bachelor’s degree in economics or business administration, but this is not the case of Masters in Management. Most of the MiM colleges provide do not require a degree in business or economics. This makes Masters in Management suitable for those who are planning to have a career change.
Structure of Master in Management
The MM structure differs from program to program yet regularly clings to the thoroughness of Management science. The mode conveyance of the program can be full-time, low maintenance, separation learning, quickened, or chief.
- The MM program for more youthful experts with restricted proficient experience frequently looks like an MBA program.
- It regularly gets ready understudies to deal with the executive’s issues in every aspect of business with the alternative to move or spend significant time in one zone.
- Most projects start with a lot of required courses and afterward offer more particular courses 66% of the route through the program.
- Themes in the MM program frequently incorporate those recorded aside, while fixations may concentrate on bookkeeping, money, business organization, worldwide business/worldwide administration, advertising the executives, gracefully chain the board, HR, philanthropic administration, and enterprise.
- The MM program for senior experts with administrative experience (ordinarily 10+ years) regularly looks like an Executive MBA (EMBA) program.
- It ordinarily plans understudies to deal with the errands related to interdisciplinary business-related subjects, for example, moral dynamic, business law, worldwide business esteems, working environment security, corporate wrongdoing, and worker inspiration.
- These projects centers around helping passage and mid-level directors improve their administration practice with a social ability that empower them to work across England, Canada, India, China, and Brazil.
Admission for Master in Management
Business college entrance advisory boards ordinarily assess candidates dependent on a four-year college education and GPA score (and graduate GPA if appropriate), nitty-gritty resume, letters of proposal, papers, and individual meetings.
In view of these pointers, the council chooses if the candidate is reasonable for the scholarly profile of the program, can exhibit significant initiative potential, and contribute emphatically to the understudy body of the school all in all.
List of top colleges in India for Master in Management
- Indian Institute of Management, Ahmadabad
- Indian Institute of Management, Bangalore
- ITM Business School Kharghar, Mumbai
- Indian Institute of Management, Kolkata
- Symbiosis International University, Pune
- Indian School of Business, Hyderabad
- School of Inspired Leadership, Gurugram
- Indian Institute of Management, Lucknow
- Amrita Vishwa Vidyapeetham, Coimbatore
- University of Delhi
- Indian Institute of Management, Kozhikode
List of top colleges in Abroad for Master in Management
- HEC Paris School of Management, France
- London Business School, UK
- Esade Ramon Llull University, Spain
- ESSEC Business School, France
- Imperial College Business School, UK
- IE Business School, Spain
- The London School of Economics and Political Science (LSE), UK
- CEMS The Global Alliance in Management Education, France
- ESCP Business School – London, UK
- University of St. Gallen (HSG), Switzerland
- Bocconi University, Italy
Ans- The principle distinction between a Master of Business Administration and a Master in Management is that an MBA degree typically targets individuals who are as of now in the business condition and have quite a while of experience.
Ans- A Master in Management, or MIM, is a postgraduate program that gives propelled general administration information to Business Bachelor’s alumni.
Ans- The board trains you to see how individuals act in associations, and the idea of intensity, impact, and authority. Investigate the issues confronting people and associations in the working environment today.
Ans- You get the enthusiasm for the board by encountering it – regardless of whether through current or past positions or even in tangential circumstances (charitable effort, sports exercises where you deal with a group, and so on) – Using the experience, you manufacture a story or two about certifiable circumstances where you had the option to sparkle in an administrative job.