If you’ve been considering business school, you’ll already know that a Master’s in Management (MiM) program is one of your best options.
The Master’s in Management was originally developed in Europe, to help early career professionals propel their career forward. Despite being less well-known than the MBA—in America at least—the MiM is gaining popularity.
In 2018, a Graduate Management Admission Council (GMAC) survey found that almost half of business school applicants consider both MiM and MBA programs. 19% of applicants only consider MiM programs.
Here are five reasons why you should do a Master’s in Management:
1. A diverse experience
When you join an MiM program, you’ll typically study with a diverse group of peers.
Many MiM programs don’t require their students to have a background in business, so you will typically encounter graduates from many different educational and professional backgrounds.
Top MiM programs also tend to attract students from all around the world. On the Strategy and International Management (SIM) program at the University of St Gallen, for instance, 23 different nationalities are represented.
Ranked as the best Master’s in Management program globally by the Financial Times, the SIM attracts students of diverse experience levels too. Ages of SIM students range from 20 to 36.
Finally, MiM programs are more gender balanced than the typical MBA. On the St Gallen SIM, for instance, each cohort of around 50 students is evenly split between men and women.
In the US, too, while just 36% of MBA graduates were women in 2017, women accounted for 52% of MiM graduates, according to a report by Concordia University St Paul.
2. Quick return on investment
With the business insights offered by MiM programs, you can expect to land a job after graduation that helps recoup your tuition fees much more quickly than you would with an MBA.
This is partly due to the fact that MiM programs have considerably lower fees than their MBA counterparts.
At the University of St Gallen, for instance, international students pay just under $10,000 in fees for the SIM, while two year MBA programs in the US often creep up to the $100,000 mark.
3. Employer recognition
The business school market is shifting, and MiMs are becoming more popular with both students and employers. Once you graduate from an MiM, you are very likely to land a well-paid job.
In 2018, a GMAC study found that more than half of the non-US companies surveyed planned to hire MiM graduates. In the US, 39% of companies plan to hire these MiM alumni.
A more recent survey revealed that more companies plan to hire MiM graduates in 2019 than they did a year ago.
Although the MiM program has its roots in Europe, a growing number of US business schools are embracing the qualification, too.
As MiM alumni continue to enter the workforce, employers are cottoning on to the degree’s benefits.
Today, many international employers recruit directly from MiM programs. At St Gallen’s SIM program, for instance, regular employers include Google, the Boston Consulting Group (BCG), Allianz, and UBS Bank.
4. A blend of theory and practice
On a good MiM program, you can benefit from a blend of theoretical learning and practical experience.
Students on St Gallen’s SIM program, for instance, have the chance to delve deep into topics ranging from strategic leadership to financial management in the classroom.
Here, SIM students have the chance to specialize in their areas of interest through elective modules like marketing or organizational behavior.
Most MiM programs also give you the chance to put your new learning into practice, with business trips, real life case studies, or internship opportunities.
On the St Gallen SIM program, for example, students are required to undertake the ‘SIMagination Challenge' course.
On this course, students plan, execute, and reflect upon a challenging project that aims to leave a positive—and sustainable—impact on society.
5. Career boosting connections
Business school provides a safe space to practice networking, and build your connections. MiM programs are no exception.
Studying an MiM will give you access to like-minded peers from all around the globe, through various business trips and exchange programs.
At St Gallen, students can undertake the SIM-MBA Double Degree, studying their first year at St Gallen, and their second at INCAE (Central America), or Nanyang Business School (Singapore).
St Gallen is also part of the CEMS network, so students can opt to study abroad at partner schools for a semester or more.