This one-to-two year program is aimed at recent graduates, covering the fundamentals of business while helping you connect with future employers and build the basis of a strong professional network.
But enrolling in a Master in Management can be a significant investment. Top programs like the HEC Paris MiM will set you back around $50k in tuition fees, and you also have to consider that you'll be delaying starting your career whilst studying.
With such a big investment of time, effort, and money on the line, is a Master in Management worth it?
Master in Management tuition
Typically, you can expect to pay between $30,000 and $50,000 for a highly ranked MiM program.
85% of Master in Management programs are based in Europe—at schools like HEC Paris, the University of St Gallen, and London Business School—but good quality Master in Management programs can be found all over the world.
The most expensive European MiMs include HEC Paris at $52,300, INSEAD which will set you back $53k, and IESE Business School which costs $47,200.
However, there are also more affordable programs too. The University of St Gallen Master in Management is ranked first in the Financial Times Master in Management ranking 2022, and offers one of the most affordable MiMs costing $4,600 for domestic students and $10,800 for international students.
You could also study your Master in Management in the US, at institutions like Duke University's Fuqua School of Business and Michigan Ross School of Business. Although, expect to pay more.
At Michigan Ross, MiM tuition costs $55,000, while Fuqua's program costs $59,300.
Meanwhile, programs in Asia tend to be more affordable. Tsinghua University's MiM, ranked by the Financial Times as the best program in Asia, costs $13,300 for international students.
Wherever you choose to study, it's important to bear in mind that most schools offer scholarship opportunities that can dramatically reduce your tuition fees. For instance, London Business School offers MiM scholarships for women in business, future leaders, and students who've demonstrated academic merit.
Master in Management salaries
As well as a broad range of career options, Master in Management grads can also expect to earn large salaries and see a strong return on their financial investment.
According to the Graduate Management Admission Council’s (GMAC) 2022 Corporate Recruiters’ Survey, the median salary for MiM graduates currently sits at $95,000.
If you graduate from a top-ranked program, this can be much higher. According to Financial Times data, graduates from the Indian Institute of Management Bangalore achieve an average weighted salary of $144,178. That's a 36% increase compared to their pre-MiM salaries.
In Europe, recent alumni from top programs can also command these six-figure salaries. HEC Paris MiM graduates earn an average of $118,999, while London Business School graduates can expect an average of $103,489.
Master in Management jobs
Because it’s a generalist degree, a MiM can act as a gateway to a wide range of career paths. Some of the most popular industries for MiM graduates include finance, tech, and consulting.
With a MiM, you’ll also be well-positioned to join some of the world’s leading companies. For example, graduates from the University of St Gallen Master’s in Strategy and International Management (SIM)—ranked as the world’s best MiM by the Financial Times in 2022—go on to join employers like Bain and Company, Google, Deloitte, Credit Suisse, and gsk.
Equally, there are ample opportunities for MiM grads outside of Europe. After completing the MiM program at China’s Tsinghua University, 41.9% of students enter consulting roles, and 32.6% land jobs in media, tech, and telecommunications.
In the US, consulting and tech are also popular industries. Among grads from Hult International Business School, which has US campuses in San Francisco and New York, 8% go into consulting, 16% into tech, and 19% into financial services. Other popular industries include consumer goods and entrepreneurship.
MiM success stories
After graduating from IESE Business School, Alejo Artagaveytia has launched a career with Big Three management consulting firm Boston Consulting Group (BCG).
He says it was the connections he built during the MiM that showed him what career paths were open to him.
“I was surrounded by classmates with big goals, which was such an enriching experience. It was a community of everyone pushing one another and this helped me to see my own potential,” Alejo says.
Because of its broad curriculum, a Master in Management opens the door to a wide range of careers.
That’s exactly what happened for Zenan He who is now working as a project manager at Dior in Paris after studying the MiM at ESCP Business School.
The two-year degree gave Zenan a wealth of international experience and helped developed her business acumen so she was ready to take on this role.
“I felt like I started to fall in love with what I was learning there, and that’s why I decided to pursue a career in business,” she says.
Andrea Mannori studied the Master in International Management and Strategy at Vlerick Business School. Whilst studying, he gained global experiences travelling to Germany and the US to work with big companies such as DHL, Microsoft, and PwC.
He's now launched a global career with fashion company, H&M.
“There’s always this environment of innovative, stimulating ideas that have interesting results, which is exactly why I wanted to launch a global career after business school,” he says.
If you want to build a solid grounding in business that can set you up for long-term success in a variety of industries, a Master in Management is worth the investment.
Although you’ll have to take a year out of the workforce, you can develop your business acumen, grow a strong international network, receive career advice, and connect with recruiters.
The strong salaries that MiM grads command also mean you’ll be able to recoup your financial investment in a relatively short period—particularly if you make sure to explore the scholarship opportunities open to you before applying. Although the MiM has its roots in Europe, you can also find strong programs around the world.