Masters in Management

The Master’s in Management (MiM) is a postgraduate degree that is common throughout the UK, USA and Europe.

It is similar to an MBA degree and is designed to develop business acumen, and get candidates up to the standard demanded by the top employers.

After a year of study, students graduate from the MiM with either a Master of Science (MSc) or a Master of Arts (MA) degree.

Depending on the curriculum studied and the institution running the course, the Master’s in Management can also be referred to as: MSc in Management, MSc in International Business, Master in Business and Economics, or Master in International Management.

Where Can I Study for a Master's in Management?

The MiM originated in Europe but is now widely available to study worldwide. It's a great choice for those wanting to study abroad, and has even become popular in regions that typically prefer the MBA, eg North America.

You might find that tuition fees are slightly higher at UK and US institutions.

Most institutions require candidates to have achieved a 2:1 or above at degree level to secure a place on a MiM course.

Many providers also require candidates to have graduated recently – in the last two or three years – as this qualification is designed for new graduates who have little or no job experience.

Candidates with non-business-related undergraduate degrees are widely accepted onto MiM courses but, if this is the case, you will need to work harder to prove your understanding of business and your ability to work with numbers.

Some institutions advise that candidates complete the GMAT – the Graduate Management Admission Test – to have a better chance of securing a place on the course.

Often, candidates will be required to submit a CV with two references (academic and/or employer) and provide a personal statement.

In some instances, graduates with a decade or more of experience in the workplace will be accepted onto a MiM course; in these cases, the course is tailored to their expertise and is structured more like an MBA.

Make sure you check the accreditation of the course. A mark of quality in the form of certification from AMBA, AACSB or EQUIS is a good place to start.

What Will It Be like to Study?

A MiM is usually a one year, full-time course. In some cases, the course runs for two years and alternative study structures might be available – like part-time study or even distance learning.

Those with a non-business background will have the opportunity to complete free courses before starting a MiM course. These are designed to help you think more analytically and be ready for the demands of the course.

Students on a Master’s in Management course will commonly study the following subjects:

• Business ethics
• Corporate and business strategy
• Engineering management
• Entrepreneurship
• Finance
• Finance management and managerial accounting
• Human resources management and organisational behaviour
• Management theory
• Marketing and branding
• Marketing or marketing management
• Operations management and supply chain management
• Personal student dissertation (thesis)

Aside from the main topics, candidates can focus on their specific interests (economics, communications, human resources, marketing, etc.) and this can lead to specialising in a certain area.

Some MiM courses require a second language to be learned as part of the programme.

There are many opportunities to travel with the MiM – this could be in the form of research field trips, work placements or exchanges.

Historically, MiMs have been case-study-based and focused on theory; however, in recent years, they are becoming much more like MBAs.

Therefore, you might find you are offered practical experience in the form of an internship, have guest lecturers from top organisations, have the opportunity to take part in a Personal Development Programme (PDP), or take part in company-sponsored projects.

Why Take a Master's in Management Course?

The MiM course covers a diverse set of topics helping candidates to develop their understanding of business and organisational behaviour.

Students will graduate with a strong basis in management and an excellent understanding of how a business operates.

During your MiM course, you will:

• Analyse the latest trends and theories in management
  
  
• Critically assess how social, political and economic factors impact on organisations globally
  
  
• Develop practical skills in management – learn how to manage people and be an effective leader

In some instances, candidates use a MiM as a precursor to an MBA; some institutions even allow the MiM to take the place of the first year of the MBA.

In terms of future prospects, it’s likely that MiM students intend to secure a role in management once they have graduated. The nature of that role, however, can vary vastly.

This is a huge positive for MiM graduates, since it means that they can either specialise and focus on being a manager in one specific area, or they can develop their skills by moving across different sectors.

Here are a few different sector roles you might want to consider once you have gained your MiM:

• General Manager. Oversees operations in a company and is usually in charge of one or more departments – or, in a small company, is in charge of the whole organisation. General managers need to ensure that the company is working in unison and goals are being met. This role requires strong leadership skills and the ability to manage a group (or groups) of people. The role will involve overseeing company finances, ensuring targets are met and making decisions about the daily running of the business.
  
  
• Academic Management. Involves research in the theory of management. In this position, you would evaluate existing management strategies and techniques, as well as developing new ones. The theories you have studied in your MiM were originally devised by someone and, as an academic in management, it would now be you devising new theories alongside your peers.
  
  
• Management Consultancy. Here your role would be to offer management advice and guidance to organisations. Using the expertise and skills of its managers, a management consultancy can help clients add value, maximise growth, streamline operations and improve performance. Often, it will be your responsibility to provide support in the form of evaluation to ensure the new strategy and structure, etc. you have implemented is effective.

How Does a MiM Differ from an MBA?

The key differences between a MiM and an MBA are:

• A MiM degree studies the academic discipline of Management, while the MBA degree studies the academic discipline of Business Administration. Thus, the MiM focuses on research in a specialised area, while the MBA degree places more emphasis on strategy.
  
  
• A MiM is an academic degree with no requirements for previous job experience, while the MBA is a professional degree for persons with a minimum of two to three years of job experience.
  
  
• A MiM is theory-oriented and tends to focus on the use of case studies, while the MBA degree is more vocational and practice-oriented. In a sense this means that the MiM prepares students for entry into academia, whereas the MBA prepares them for managerial positions in the industry. In reality, both degrees contain a strong professional focus and are both very well suited for students wishing to gain positions in the industry.
  
  
• You don’t have to be a business graduate to get onto a MIM degree.
  
  
• The MiM was designed to be a cheaper alternative to the MBA and remains a low-cost option. An MBA might set you back £40,000 to £50,000, whilst a MiM at the same university could be as little as £15,000.
  
  
• The MiM is best suited to new graduates (holders of a Bachelor's degree in any discipline with no work experience). An MBA degree is best suited to experienced professionals or graduates who have worked in industry for a number of years.
  
  
• The MiM takes a year to complete, whereas the MBA is two years and, as mentioned, that’s after the two years of job experience needed to secure the MBA in the first place.

Final Thoughts

It wasn’t very long ago that a respected qualification in management was only accessible to those who could afford to spend tens of thousands on the coveted MBA.

Times are changing, and the Master’s in Management is now recognised as a qualification that helps individuals become exceptional managers.

The MiM arms its candidates with a critical understanding of business and the leadership skills to be able to command a group of people. It is a great option for new graduates wanting a career in management.