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.