Taking up a successful career in the management field is a strong desire for many people. It is not easy to get into business or entrepreneurship without the complete knowledge of management, analytical, and statistical skills. Moreover, to acquire a business knowledge MBA is the choice for a master’s degree. However, the recent trend shows up a similar course at a much cheaper price and with enormous benefits. Thus, MIM – Masters in Management is a great opportunity for freshers students to expand their knowledge in the said field.
On thinking about MIM, there are many questions arising in mind on what is MIM, why MIM, the admission procedures, the top universities, the fee structure, the career options, and average salary.
What is MIM?
MIM is a premium master’s degree in management for skilled young graduates, who are ambitious to kick start their careers. The degree focuses on varied business aspects providing complete knowledge of Entrepreneurship, Marketing, Consulting, Finance, and other business skills. Additionally, the course is otherwise called a Masters of Science in Management or Masters in International Management. Though this premium course has its origin in Europe, it is gaining attention in many American, Asian, and Canadian Universities.
Why Masters in Management?
- A predecessor and a cheaper alternative for an MBA.
- MIM helps students to develop managerial, leadership, and entrepreneurial skills.
- MIM is an internationally oriented course.
- The course requires little or no work experience.
- Young graduates interested in business and management can take up the course.
- Students interested in management with the non-management background can also take up this course.
- The course helps the students to experience versatile managerial skills development.
- MIM develops student’s skills using analytical modules and case studies.
As discussed above, MIM is open for young talents, and for non-management background students. Though the course is open for all, there are certain eligibility requirements as discussed below:
- Firstly, the average age of a person to apply for MIM is 23 years.
- Secondly, a student with good academic records, a bachelor’s degree, and language skills are essential.
- Most importantly, a GMAT score of 600 is a must for admission of MIM in top business schools. However, some schools accept either GRE or GMAT and some business schools conduct admission interviews and assigns 50% weightage to the interview performance.
- Lastly, the course requires no work experience and focuses on young business minds.
MIM Course Structure
The initial phase of the degree is for the core papers. The students train on the foundation of management, analytical skills, statistical skills, interpersonal skills, intercultural management, accounting, marketing, risk analysis, and corporate law.
To begin with, these topics provide in-depth knowledge of the business and serves as a great foundation to understand how a business works. The second phase consists of electives and specializations –
- Accounting and control
- International Business and Strategy
- Entrepreneurship and Family Enterprise
- Economics and Political Science
- Data Analytics
- Human Resources
- Media management
- Organizational behavior
- Sustainable development
- Decision Science and Technology
- Operations Management
Some business schools offer dual and exchange degree programs. HEC Paris has 15 dual degree programs. The exchange programs do not offer an extra degree. However, the students can go to another university where they can experience a different culture and professional life.
Masters in Management Course duration
The course has a flexible duration. Moreover, some business schools offer 1 year as the course period and some offer 2 years course duration – one year for core and one year for specialization and electives. Additionally, some business schools offer a period of extension for internships as in HEC Paris. On average, the course duration is 18 months which varies from school to school.
MIM Fee structure
The fee structure of MIM in the business schools is comparatively minimum when compared to other Management Master’s degrees. On top of that, the average cost of MIM ranges between $10,000 to $35,000 USD a year, which varies from school to school. While the German schools are cost-effective, the fee in American and European schools may not fit your budget.
On the other hand, scholarships allow fresh graduates to escape from their student debt. Moreover, after the course completion, the students set their dream career with top employers and their Return on Investment is comparatively higher than other master’s degrees. To conclude, Masters in Management is a prosperous career opportunity for young Management aspirants.