Masters in Management or MIM is a comparatively new degree for which students consider going overseas and enrolling themselves into the best colleges and universities. Masters in Management is often seen as an alternative for popular MBA programmes. However, there is no saying that one is better than the other. MIM covers management studies in various fields like marketing, finance, administration, consulting, etc. Let’s do deep dive into knowing more about MIM. Read further to find out the best colleges, the cost of studying, the syllabus, prerequisites, etc. and figure out if it’s a course for you to consider.
To know about the differences between MIM and MBA check out this video. The video also talks about what makes MIM a popular choice amongst young individuals in today’s date.
Why Choose MIM?
Most business students opt to get into a MIM course after graduation. There isn’t just one reason behind this but many. First of all, it makes you more employable. It also opens a number of managerial employment opportunities for students fresh out of their master’s programme. Additionally, the degree is recognised all over the world today and can be held in high regard in a number of fields.
*Also Read – 5 Reasons to Study MIM in the UK
MIM in India Vs. Abroad
Indian students who want to pursue this course often wonder how is it like to take the course in India as compared to a foreign country. The difference is drawn based on
- the quality of education,
- the exposure,
- post-study opportunities,
- and the experience they get.
Potential employers often prefer candidates with international exposure over those who don’t have it. It is also possible that you might not find the best faculty for the specialisation of your choice nearby. The curriculum and approach towards teaching can also be slightly different from country to country. You also get to experience a whole new culture when you move abroad for any higher education degree. Students in India consider these a good enough reason to fly overseas for this course.
Best Countries to Study Masters in Management
Once you have made your mind about getting a MIM degree abroad, you would want to know which countries are the best to do so. This can be determined on the basis of tuition cost, world rankings of colleges/ universities in that country, cost of living as a student, quality of life, and post-graduation job opportunities.
The top countries to study MIM have proven to be Germany, the UK, France, etc. MIM in UK, particularly, is a very agile programme. It allows students to handle actual management projects and that too on relatively affordable tuition.
*Also Read – MIM in India or MIM in the UK?
Best Universities to Study MIM
According to the QS World University Rankings: Masters in Management Rankings 2021, the best university in the world to study MIM is HEC Paris. They provide at least 20 specialisations and 20 dual degree programmes for international students. Their career centre organises frequent career fairs and coaching workshops to nudge their students in the direction of successful work life. Studying MIM in HEC Paris can also be an extraordinary experience culturally.
Top MIM colleges in the world after HEC Paris are as follows –
- London Business School, UK
- ESSEC Business School, Paris, Singapore, France
- Copenhagen Business School, Copenhagen, Milan, London, Denmark
- IE Business School, Madrid Spain
- ESCP Business School, Paris, Berlin, Madrid, Torino, London, France
- Imperial College Business School, London, UK
- Bocconi University, Milan, Italy
- EMlyon Business Schoo, Lyon, Munich, France
- WU Vienna, Vienna, Austria
*Also Read – Top 10 Colleges for MIM in the USA
Are You Eligible to Study MIM Abroad?
Academically speaking, you need an undergraduate degree in any field to study MIM in a foreign country. Apart from that, you are also supposed to have some work experience. Most students have one or two years of experience but less than that is also acceptable. There are various universities that do not require any work experience at all.
Points to Remember Before Applying for a Management Degree Abroad
Consider the following points while researching the application process –
- Once you have selected the university/ college, find out if they require any specific work experience. It might be the case that they do not require it at all.
- You will have to take a language proficiency test. Similar to the work experience requirement, look up if the university accepts any specific tests.
- Make sure you score the qualifying marks in the language proficiency test.
- Check if you need take exams like GMAT and GRE.
- Get finances in order.
Exams to Take for MIM Programmes
There are essentially 3 exams to take to enter a MIM course in UK, France, Germany, Italy, Canada or any country of your choice.
- GMAT – The Graduate Management Admission Test or GMAT is a computer based examination with multiple choice questions. It is designed to test potential management students in a standardised manner. And to do so, it tests candidates for their arithmetic, algebra, geometry, multi-source data analysis, and grammar knowledge. Usually a GMAT score of over 650 and 700 is preferred by the top universities that offer the degree course.
- GRE – Graduate Record Examination or GRE has a similar format to GMAT. Your GRE score is valid for a period of 5 years. You have the freedom to retake GRE at least 5 times within a period of 12 months. The required GRE score varies from university to university. However, 320+ is what the top universities expect. You also have a fair chance of admission with a GRE score of 310-315.
- Language Profieciency Tests – You are supposed to take a language profiuciency test in order to study in any foreign country. The most common LPT is IELTS or International English Language Testing System. Usually, an IELTS score of 6.5 and 7 is accepted by the top universities offering MIM.
Cost of Studying MIM Abroad
The tuition fee for MIM programmes varies from country to country. It also depends on the university that you have selected. There are various other expenses that you will be covering over the course of your MIM degree. The average cost of living in a country like the USA can be $10,000 to $18,000 per year. While tuition costs anywhere between $56,800 to $150,000 approximately. Keeping all of this in mind, you will be spending your money on –
- College application fee
- Visa application fee
- Exam fee for GMAT, IELTS, etc.
- Flight tickets out of the country
- Food and groceries
- Miscellaneous items
Approximate Cost of Living & Studying in Different Countries
|Average MIM Tuition (per year)||Average Cost of Living (per month)|
|Cost of MIM in UK,||Rs. 10 to 30 Lakhs||Rs. 1 Lakh|
|France,||Rs. 12 to 20 Lakhs||Rs. 70,000 to 80,000|
|Italy,||Rs. 4 to 15 Lakhs||Rs. 70,000 to 1.25 Lakhs|
|Germany,||Rs. 45,000 to 5.2 Lakhs||Rs. 65,000 to 1 Lakh|
|USA||Rs. 41 Lakhs to a Crore||Rs. 75,000 to 1.25 Lakhs|
*Also Read – Fee Waiver for MIM in UK
Getting into a management course includes the evaluation of your profile under a microscope by universities. Because of this, you need to make sure that you have the right experience and qualifications to study MIM abroad. Ascertaining that you acquire some skills and knowledge not only improves the chance of admission but also helps your work life later on. Profile building is a must since admission offices deem it important. Also, the earlier that you start, the better.
Some of the things that help build your profile are –
- Improving your writing skills
- Getting involved in activities other than academics
- Taking SATs
- Research work
- Getting an internship
- Taking up leadership positions at school or work
MIM Curriculum & Course Duration
The duration of a MIM course is specified by universities individually. Usually, it is 10 to 24 months long. In a broader sense, the course is either 1 year long or 2 years long. Ross School of Business (University of Michigan), London Business School, MIT Sloan School of Management, Smit School of Business (Queen’s University), etc. provide one-year MIM degree courses. While Mannheim Business School (Germany), TUM School of Management, ESCP Europe, SSE Stockholm School of Economics, etc. 2-year long courses.
*Check which is better, 1 year or 2 years of MIM?
The course includes subjects pertaining to the management aspect of various fields. Some common subjects in MIM courses across various universities are
- Operations Management
- Performance Management
- Business Management
- Corporate Strategy
- Decision Analytics
- Economics and more
Job Prospects After Masters in Management
Just as the name suggests, MIM graduates get numerous opportunities at the managerial level. There are many openings for these graduates. Because of which, the employment rate becomes ideal. On average, they get a starting salary of $50,000 to $60,000. However, the starting salary can also go up to $95,000. Also, the starting package depends on multiple things like the university, skill level, previous work experience and personal profile. Some popular and recurrent job titles for MIM students are –
- Project Manager
- Marketing Manager
- HR Manager
- Social Media Manager
- Busniess Manager
- Development Manager
- Training Manager
- Sales Manager
- Operartions Manager, etc.
Ques – How much work experience do I need to pursue Masters in Management?
Ans – Unlike most MBA programmes, you need not have any work experience to enrol into a MIM course. However, some schools do ask for it. It is advised that the students check for the same with their respective admission offices.
Ques – Is it possible to study MIM without appearing for GMAT?
Ans – There are many universities that consider students for MIM without GMAT. Some universities provide conditional GMAT waivers while others do not require GMAT scores at all. However, aspiring students must be able to prove similar skillsets that are tested by GMAT in some other ways.
Ques – What are the best universities/ colleges to study MIM in the USA?
Ans – Some of the best universities and colleges to study MIM in USA are MIT Sloan, Kellogg School of Management, Columbia Business School, Stanford University, and Questrom School of Business at Boston University.
Ques – When can I apply for Masters in Management in Canada?
Ans – Most Canadian universities, accept applications from October to January each year.
Ques – Can I opt for MIM in UK after graduation?
Ans – Yes, a lot of business, commerce and even science students choose to move to the UK after graduation to pursue MIM. Doing so not only ensures better entry-level job opportunities but also opens many doorways to work in a foreign country.
Ques – How much does it cost to study MIM in Canada?
Ans – The tuition fee to study MIM in Canada can be anywhere from $14,000 to $30,000 (CAD) per year. The tuition fee varies across universities. However, there are many scholarship options.