What is a Master in Management?

How does it help in career growth?

Masters in Management or MiM is a high-end post-graduate degree that is aimed at students who have just completed graduation or have just got into their first jobs. This degree provides them with 360-degree knowledge about the various Management streams, such as Marketing, Finance, Consulting, Entrepreneurship and others.

If you want to switch streams early in your career, or get into mainstream Management, you should go in for an MiM degree. Let’s get to know Masters in Management better.

MiM vs. MBA

Barely 20 years old, MiM is young, compared to its older counterpart, the MBA. Yet, it is a premium class degree. So, each one has its own strengths. It is taught in prestigious colleges such as London School of Economics, London Business School, ESCP Europe, HEC Paris and Duke Fuqua & Bocconi.

However, it is not restricted to Europe alone, but is taught in several colleges of the USA too. Here, it is known as Masters of Science in Management (MSc) or Masters in International Management. In India, the IIMs offer a PGDM course that matches the MiM degree.

MiM Program

MiM programs range between 10 months and two years. It offers several electives so that you tailor your course to study the subjects you’re interested in. It is aimed at students with about 2 years’ work experience who want to enter the field of Management.

Career Progression

With the emergence of the MiM, there are several job openings in the Management field. Some of the reasons why it has grown in demand are: it does not need to be accompanied by relevant work experience; and it isn’t as expensive as the MBA.

Job Opportunities

With an MiM degree, several opportunities open for you in the Management field, particularly if you don’t want to get a few years’ work experience before getting into a Management career. An MiM opens up jobs in areas such as Finance and Data Analytics, among others.

Since positions that attract the MiM degree-holder require very little work experience, they usually get entry level jobs. Due to differences between MBA and MiM students in terms of age, work experience and curriculum, employers see both types of management students as different.

Being younger, MiM graduates get jobs far easier rather than their MBA counterparts. They also get more opportunities and are often employed in bulk. On the other hand, MBA graduates are hired individually, and cater to a specific company need. However, when pitted against each other for the same job, MiM graduates do face some amount of competition from MBA graduates.

What You Can Do with an MiM Degree?

An MiM degree can lead you to a job or career in Marketing, Finance, Strategy, Entrepreneurship, Accounting, etc. You are offered an internship during your course which gives you a better chance at securing a job. This gives you an overview of the industry and you can use this to find out your real interests.

An MiM career usually begins with you being a Management Trainee, Financial Services Analyst, Graduate research analyst, etc. in mainly Consulting, Finance/Accounting, Sales/Marketing, Operations/Logistics. As a graduate, you can enter the fields of Consumer Goods, Consulting or Financial Services/Banking Industry.

MiM graduates, with sufficient experience, also rise to supervisory positions. With experience, one can rise to become a Managing Director, President or CEO of the company.

5 Top Careers You Can Choose from With an MiM Degree
With a degree in MiM, you can certainly pursue any of these five top careers:

Project Manager

If you have strong organizing, communication and negotiation skills, are a leader, and are a good decision-maker under pressure, this is the right job for you. It is common to find Project Managers in healthcare, construction and marketing, apart from IT, so there’s no dearth of jobs for you with an MiM degree.

Social Media Manager

With the popularity of social media in the digital marketing space, the demand for jobs in this sector is also rising. If you are interested in being a Social Media Manager, you’ll need to have a good knowledge of web development strategy and web design. You’ll also need to know how multimedia content can boost a company’s online visibility and reputation.

Overall, a good knowledge of how social media works and managing campaigns, creating and planning multimedia content are also essential.

Business Development Manager

If you have an innate flair for rendering the right support to businesses, you should seriously consider a career in Business Development. You can find openings in Business, Marketing, Manufacturing, Telecommunications, IT, Management, Finance and in other fields too. You might even like to work as a business consultant.

Apart from the above, a good knowledge of technology will give you a competitive advantage. A combination of analytical and communication skills will help you have good working relations with all your suppliers and clients.

Entrepreneur

If you have an entrepreneurial streak, you can use all that you learn in the MiM course with your personal interests to develop your own business venture. This degree will go a long way in helping you in all the aspects of business development.

Conclusion
Although there may be many differences between the MiM and MBA, yet the former has its own solid space in Education and Industry. It would certainly help a young student to find his or her career and draw on everything taught here in the real world.