This is a guest post by BusinessBecause member Thomas Graf, who runs Master in Management Compass, an information resource on Masters in Management degrees aroud the world.
For decades, graduate general management programs were associated with three letters: MBA. Recently, however, a new program type has emerged on the educational landscape and spreads rapidly: the Masters in Management (MIM). What’s the difference between an MIM and an MBA? Who is the typical MIM student? And what career impact do MIM programs provide?
International Master in Management (MIM) Survey
It was conducted by the platform Master in Management Compass
and consists of two parts. Part One explores 599 MIM programs worldwide according to four key program characteristics: geographical distribution, program length, teaching mode, academic entry requirements, and language.
Part Two explores 48 MIM programs in 18 countries in depth and answers three questions: What is the Masters in Management (MIM)? What is its career impact? And who is the typical MIM student?
What are Master in Management (MIM) programs?
Masters in Management are postgraduate programs in general management for graduates. “Postgraduate “means that they require a first academic degree. “General management” means that they provide an overview on the most important managerial functions – for instance, marketing, strategy and human resources management – and do not focus on one specific area only. “For graduates” means that they do not require work experience.
MIM programs are both emerging and proliferating. Of all the programs available, 76 per cent have been launched since 2000, and 50 per cent of them launched in the last six years, pushed by the shift of European higher education systems into the Anglo-Saxon Bachelor-Master model.
While 68 per cent of all MIM programs are offered in Europe about one third are offered outside of Europe.
About one third of all MIM programs require a first academic degree in business or economics. Another third are open to graduates from business areas and some other areas. A final third of all MIM programs are open to graduates from all academic disciplines and sometimes explicitly target graduates of non-business disciplines. Hence, the MIM is suited for graduates from all disciplines in general.
To avoid redundancies in the curriculum, however, graduates with a background in business or economics should choose a program that requires these undergraduate qualifications.
Who is the typical Master in Management student?
Master in Management programs are designed for graduates or recent graduates. 75 per cent of the MIM students have no work experience at all while 25 per cent do not have more than one year. On average, MIM students are 24 years old and some schools even have student cohorts with an average age of just 21 years.
The demand for MIM programs is increasing strongly: 83 per cent of institutions face an increasing number of applications. 63 per cent of applications come from European countries, 10 per cent from the Asia-Pacific region, 3 per cent from North America and 3 per cent from Latin America or Africa.
What‘s the career impact of MIM programs?
MIM programs are designed to support their students’ career entry. This goal appears to be being achieved: 90 per cent of MIM full-time students find a job within three months of graduating. MIM students face huge differences in terms of their starting salary, however: on average, they earn EUR 42,500 in their first year but wages range from EUR 10,000 to EUR 70,000.
Key drivers of a high salary are: if the school requires a first degree in business and requires the GMAT; if the school or program is accredited; and if the program offers a specialization opportunity. Moreover, most graduates start their career in the same country where they did their MIM degree.
Differences between MBA and MIM programs
The key difference is the target group. MBA programs target professionals whereas MIM programs are designed for graduates. Hence the MBA cohort is older and has work experience. MBA programs are more practical whereas MIM programs have a more theoretical content.
Also the purpose is different: MIM programs help to start a career while MBA programs help to develop a career. Finally, MIM programs are about 63 per cent cheaper than MBA programs.