Are you a student looking for ways to gain an entry into the business world or are you a working professional who wants to pivot and change gears to a that allows you to work with global corporate conglomerates, travel abroad, and build an international network of colleagues and friends? Or do you simply wish to improve your management skills? Whatever the reason, earning a Master’s in Management (MiM) degree can help you broaden your viewpoint, scale new heights in your career, and make a difference in the world!
With prestigious universities like Duke Fuqua, London Business School, HEC Paris, ESCP Europe, London School of Economics, and Bocconi offering it as one of their flagship degrees, the Masters in Management, or MiM as it is commonly referred to by its abbreviation, is a top degree offered around the world. It is also known as a Masters of International Management (MIM) or a Master of Science in Management (MSc). Depending on the university or country one wishes to attend as well as the area of expertise, this intensive postgraduate program lasts 1 or 2 years.
An MiM degree is especially beneficial for professionals in the initial phases of their careers who want to enter the business domain because it provides them with a unique blend of theoretical and practical expertise that can help mold them into talented managers and enable them to use their business sense and advanced knowledge to find solutions to practical managerial issues.
If going the traditional path is not an option due to your hectic job schedule, consider enrolling in a business management course online. There are numerous digital platforms that provide outstanding MiM programs, which are usually delivered in collaboration with prestigious business schools or colleges and have tie-ups with top global firms.
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What are the benefits of a Masters in Management degree?
There are numerous reasons to pursue a master’s degree in management, some of which are given below:
1. Provides foundational knowledge
An MiM course equips students of all educational backgrounds—regardless of whether they have degrees in business-related fields—fundamental business skills with a focus on management through various theoretical and practical avenues. Although the broad curriculum differs from university to university, a vast array of core disciplines and skills are included in the MIM program framework which are as follows:
- Corporate and Business Strategy
- International Marketing
- Entrepreneurship
- Finance and Accounting
- Financial Management
- IT Management
- Big Data Management
- Digital Marketing
- Business Analysis
2. Increased job opportunities
With an MiM degree, professionals can work as social media managers, bank managers, business consultants, accountants, risk managers, project managers, finance managers, and many other positions. The most common and lucrative employment choice for those applying to the MiM program is still consulting. To maximize resource usage and collaborate with management-specific teams or divisions, large businesses and organizations employ consultants. Due to the high expectations and comprehensive responsibilities of the post, candidates are paid well.
3. Little to no work experience required
One of the biggest benefits of taking up a Masters in Management program is that admittance to an MiM program requires little to no work experience. This is especially a boon for students and professionals in the very early phases of their career who are looking to transition into the business world.
4. Affordability factor
MiM programs are relatively new degrees compared to standard MBAs, and they also serve as a more inexpensive choice for students and professionals in the early phases of their careers who want to obtain advanced business skills at an affordable rate. A Master’s in Management certification program can cost anything from a few hundred thousand rupees to over a million rupees, depending on the university, course duration, and specialization.
5. Work in world’s leading companies
Organizations are on the lookout for knowledgeable and skilled professionals with a degree in management from top business schools around the world who can add value to their company. Most of the business schools/universities offering the MiM program do so in partnership with hiring companies that are top in their game. Moreover, most top-rated MiM programs boast of an alumni network that include world’s top global brands that spans across various industries giving young professionals access to these global conglomerates like Facebook, Google, Intel, Lufthansa, PwC and so on. Additionally, career aid teams support you by providing individualized coaching, assistance with résumé and interview preparation, and engage in efforts to get you noticed by potential employers.
6. Wide array of specializations
Although a Masters in Management is a generalist degree, what it does is lay groundwork by building a strong foundational knowledge that leaves students and professionals great opportunities to explore new fields of interests and subjects that they can choose to specialize in. An MiM degree gives one option to choose a wide range of core specializations such as IT Management, Finance, International Marketing, International Business And Strategy, Entrepreneurship, Big Data, And Leadership.
7. Gain a diverse cultural experience
With the world becoming a more connected and smaller place as a result of globalization, organizations are seeking employees with global experience. Most universities that offer the MiM program do so in collaboration with leading businesses and corporations, students have the fantastic once-in-a-lifetime opportunity to learn from world-class experts and participate in exchange programs that take them to other nations, where they gain invaluable insights. An MiM curriculum program usually includes students working diligently on consulting projects for companies in emerging and developed markets around the world. Thus, an MiM degree can help you embark on a journey towards becoming a global citizen by providing opportunities to study and work abroad thus broadening your horizons and setting you on a trailblazing cultural experience.
8. International networking
The MiM program can put the young professionals in position for forging new connections that can create new career paths for them which would otherwise be unavailable to them as well as help them expand their social as well as professional circle. By participating in an MiM degree you get to interact with many bussing and aspiring like-minded business enthusiasts and future business leaders at a single place making an MiM program the best place to build a close professional network that can open doors to future business perspectives. Moreover, participating in the program helps you to be part of the college’s alumni network, thus giving you access to connect with some of the world’s leading business experts.
9. Learn new skills and advanced cutting-edge technology
We have surpassed the pinnacle of digital revolution and are currently embarking on the dawn of the fourth industrial revolution, where advanced technology like Artificial Intelligence, machine learning, Big Data are all getting integrated with our physical senses and reality faster than ever. Therefore, as future business leaders, it is important for any young professional to stay abreast and knowledgeable of the latest cutting-edge technology, so that they can take up managerial roles spanning several industries and different sectors. along with acquiring additional skill sets such as digital marketing, business analysis, design thinking, and digital transformation, current MiM programs boast of providing lessons using augmented and virtual reality tools.
10. Increased salary prospects
An MIM graduate can earn a substantial amount of money in his career because of the likelihood of being hired by top international firms worldwide. In India, the average pay for a MiM graduate is around 15 LPA, however Indeed reports that the average salary for MiM graduates from US colleges is up to 80,000$.
11. Dual degree option
Most MiM programs present themselves with the opportunity of earning a dual degree from the parent universities’ partner school and taking part in exchange programs. For example, Simplilearn’s digital platform serves as a platform for an exceptional Master in Management program from the IU, International University of Applied Sciences, Germany, which also allows students to acquire a Dual degree with London South Bank University.
12. Learn a new language
The majority of MIM programs offer the opportunity for you to complete projects overseas and provide the opportunity to learn a new foreign language, which is required as part of their curriculum framework. Learning a foreign language bestows upon you to have a deeper cultural understanding and helps you to connect with people from all over the world.