What does a Masters in Management (MiM) involve?
A Master of Science in Management can, in some ways, be viewed as an MBA for those without additional years of managerial experience. Indeed, the average age of students on many MiM courses is around 23, meaning that many people take the course immediately after finishing their undergraduate degree. It is often held in the same regard as an MSc in Management, as different universities refer to the level in different ways. An MSc in General Management is another term that you may see used.
Qualifications for applying
First and foremost, applicants for a MiM must have an undergraduate degree under their belt, or be in their final year. A 2.1 classification is normally the minimum requirement. About one third of all MiM courses also require applicants to have studied economics or business at undergraduate level.
In terms of further testing, it is rare for MiM candidates to be required to take the GMAT (Graduate Management Assessment Test), although this is possible. The exam covers mathematical, logical and verbal reasoning on a multiple choice basis, and must be taken at an accredited test centre. There is also a 30-minute analytical reasoning section, which involves writing a critique of a given argument. However, normally an undergraduate degree is enough to qualify at this stage.
Occasionally, some MiM courses do require a couple of years’ work experience before applying. This is generally not the case, however; most MiM courses are aimed at students who have just completed their undergraduate studies.
As most courses are taught in English, international students also need to be able to prove their competency in the language. As such, institutions also set requirements in either TOEFL or IELTS courses as well.
MiM courses are focused on general management training, working on the basis that managers will be better suited to their role if they have a broad idea of the wider topics and issues facing businesses. It is important, therefore, to identify the differences between courses before applying, in order to gain the most in-depth knowledge. In many cases, the first year is dedicated to general management topics such as the broad fields of accounting, marketing and corporate law; the second year provides a number of more specific elective modules, such as entrepreneurship, media management and sustainable development.
A further difference to an MBA is that much of the training on a MiM course is theoretical, rather than practical. Whereas MBA students can usually draw on their managerial experience, the majority of MiM students do not have this background. As such, dissertations and seminar topics will tend to be viewed from a more research-based perspective.
Courses can be completed in either one or two years, depending upon the institution and whether the applicant wishes to study part-time. The majority of courses are run in English, though there are many campuses in Europe and beyond. Indeed, some of these MiM courses require students to take modules at different campuses in different countries, further emphasising the international exposure masters courses in business typically provide. This also opens up a number of international job opportunities once the course has been completed.
There will almost certainly be a longer project as part of your assessment, most commonly placing you in the role of a manager in a given scenario. This will be assessed alongside exams, with further professional training given in the form of internships with businesses that have ties to the business school and its courses. These internships often result in a student garnering as much as 16 months of work experience by the end of their course.
A number of employers may provide internships for your course. For example, JP Morgan, Goldman Sachs, ABN Amro, Ford, Volkswagen, Accenture, KPMG, L’Oreal, IBM, Google, Apple, Siemens, BP and Oxfam are just a selection of some of the businesses offering internships for the MiM course with ESCP Europe.
Fees and further costs
MiM fees are high, though not nearly so high as MBAs. MiM course fees will generally not exceed £27,500. As for a minimum fee, graduates will be looking at somewhere in the region of £9,000 for some courses.
Applicants also need to bear in mind that they will need to arrange visas/work permits as soon as possible. Part of the requirement for these, typically, is acceptance on the course, so little can be done before that stage. However, once accepted students would be wise to follow-up on the requirements for particular visas depending upon where they are applying to study as soon as possible. Indeed, certain costs for international students (such as non-EU citizens looking to study in Europe) will be higher. Living costs for all students will vary depending on where they will be based while taking their MiM course.
Scholarships are generally provided by the institutions delivering the MiM course. They will each have their own requirements, assessment methods and deadlines for awarding these to students.