collageMany working professionals and new college graduates could benefit from a Master’s in Management – they just don’t know it yet. Unlike the MBA (which is designed for students who have an undergraduate degree in business and several years of work experience), the Master’s in Management is perfect for just about anyone – even those who don’t think of themselves as businesspeople. You can get an MS in Management as:
- A new graduate with no work experience
- A working adult in a non-business field
- A non-business professional moving into management
- Professionals transitioning to independent entrepreneurship
An MBA may not work for any of these people, but Master’s in Management jobs are plentiful. In fact, a Master’s in Management can help prepare you for managerial positions in just about any field (and with an online MIM program, you can keep working while getting your degree). So is Master’s in Management worth it? If you want to manage people and projects, it sure is.
Master of Science in Management Jobs
The best part of an MSM program is that it provides all of the knowledge and understanding of management that an MBA would, without the emphasis on finance and economics. It’s strictly leadership. That means everything you learn in a Master’s in Management – business analytics, marketing, consulting, communication – will be directly applicable in pretty much any leadership setting, from education to healthcare to construction. On average, the length of the master’s in Management program is eighteen months. However, it can be as short as one year or as long as two or three years, depending on whether you take an accelerated, full-time, or part-time program.
So what are some master’s in management jobs? Virtually anything in management – operations manager, production supervisor, project management coordinator, human resources manager, director of public relations, advertising/marketing director, or training and development manager. With a master’s in management, you can take what you already know (education and experience in your field) and add the skills necessary to move into management and administration. Master of science in management jobs are the next step in your career path – not a complete shift.
Master’s vs MBA Salary
It’s become conventional wisdom to think an MBA is where the money’s at, but it’s not the degree that matters – it’s the job you get with the degree. With that in mind, it’s obvious that MIM vs MBA salary are virtually the same. Any job you could get with an MBA, you can get with a Master’s in Management. Professionals with a master’s degree increase their salary potential significantly, not because they have a degree, but because their degree qualifies them for high-paying master’s in management jobs.
The biggest advantage the master’s in management has over the MBA, in fact, is that the MBA traps you in corporate or financial sector, while the MIM brings you to the managerial level in any sector. According to the BLS, managerial salaries are high across the board:
- Architectural and Engineering Managers: $137,720
- Construction Managers: $91,370
- Human Resources Managers: $110,120
- Medical and Health Services Managers: $98,350
- Sales Managers: $121,060
- Training and Development Managers: $108,250
Of course, master’s in management salary varies for each applicant, and is determined by how much experience the graduate has acquired between going to school and on the job experience.
So is Master’s in Management worth it? Yes, and its huge flexibility is exactly what makes it worth it. No matter which field a graduate student ventures into, the Master’s in Management degree will provide the means to become a great leader and demonstrate strong communication skills in the workplace.
Is a Masters in Management Degree Worth It?
The Economist highlights an ongoing shift in graduate business programs: more students are deciding to earn a Master of Science in Management (MSM), to the point where this degree is now growing at a faster rate than the Master of Business Administration (MBA). Although the MBA has long been considered the ticket to advancing into the realm of management, the Masters in Management touts a shorter completion time while emphasizing essential leadership and business skills.
The MSM’s proliferation can be traced back to two trends. One, degrees, like marketplaces and corporate structures, are seeing the effects of globalization. Specifically, European universities introduced the Masters in Management close to two decades ago, and since then, its shorter structure and emphasis on flexible, advanced business skills caught on in US and Asia-Pacific universities. Two, as business schools have started developing shorter, more specialized graduate degrees, the MSM reflects the demand for a higher-level, market-ready credential that can benefit the career of a specialist looking to move up into management.
Yet, in today’s world, the MSM—also called an MiM and an MMgt—stands apart from the traditional MBA, although curriculum and subjects appear to overlap at points. As a professional thinking about advancing your career, is earning a Masters in Management worth it? Before you commit to a program, think about the following points.
Who is the Masters in Management for?
The Graduate Management Admission Council’s 2017 white paper “Understanding the Role of the Master in Management in Global Business Education” defines the MSM student as someone with minimal professional experience—perhaps less than two years in the workforce—who’s thinking about building upon their existing bachelor’s degree to improve their marketability. The typical MBA candidate, by contrast, is someone who likely earned a business degree, has been in the corporate world for four to seven years, and is thinking about or appears primed for a management position.
Recently graduated students or professionals who haven’t yet built up this experience find themselves in a difficult spot. For reputable MBA programs, these individuals don’t have the same experience and connections under their belt, and their bachelor’s degree has only taken them so far. Or, following graduation, they’ve encountered more limited opportunities for advancement potential.
The MSM serves as a ladder for such professionals and recent graduates. Reflecting this demand, particularly in a marketplace that requires entry-level candidates to have multiple credentials right out of the gate, GMAC’s report found that, based on GMAT score reports from 2007 through 2016, the number of business schools offering MSM degrees grew from 102 to 195.
In thinking about this particular individual, Masters in Management programs:
- devote more time toward leadership and management skills;
- enhance a candidate’s existing knowledge and experience;
- can pave the way into an entry-level business or management role;
- attract candidates from a more diverse range of backgrounds; and
- tend to lean younger, as the average MSM student, according to GMAC’s figures, is just under 24 years old.
Boosting Your Career with Broadly Applicable Business Knowledge
Many business schools gear their MBA degrees toward professionals with finance and economics backgrounds. Although the MSM covers these areas, its curriculum delivers a broader, more high-level perspective of general business knowledge—one that’s essential for advancing in a range of fields. Whether you seek to work in a nonprofit, in a creative occupation, in a field like marketing or project management, or to start your own business as an entrepreneur, the principles still apply and provide a thorough understanding of key business functionalities.
The MSM curriculum ultimately expands upon what you’ve acquired through school and in the workplace, balancing your concentrated skills with knowledge of marketing, finance, leadership, management, data analysis, and more. Collectively, this combination paints you as a business generalist with a thorough breadth of business skills to provide for success in many fields or industries.
Greater Career Flexibility
It’s no understatement to say that all industries benefit from stronger leaders, managers, and communicators—the essence of the MSM curriculum and one that complements your existing undergraduate degree.
GMAC’s white paper found that following graduation, MSM students primarily found careers in products and services, consulting, marketing, and sales. Possible roles include:
- Production Supervisor;
- Operations Manager;
- Project Manager;
- Human Resources Manager;
- Public Relations Manager;
- Marketing Director; and
- Training and Development Manager.
A One-Year Timeframe
What if you could advance your career in just one year? Spending significant time away from the workforce often proves to be detrimental, and for this reason , many newer graduate business degrees, including the Masters in Management, are structured to be completed in 12 or fewer months. In turn, attending a full-time program, perhaps while continuing to work on a part-time or contractual basis, ends up opening additional career opportunities without cutting off the current path you’ve been on.
Wake Forest University has structured our MSM degree to be completed in just 10 months.
Career Advancement
The Masters in Management already serves as a stepping stone. Yet, in the business world, you may find yourself needing additional credentials down the line to advance into a senior or leadership role. Thinking about this possibility, many MSM earners eventually return to school to complete an MBA. According to GMAC’s white paper, twice as many MSM earners compared to MBA degree-holders plan to finish a second graduate degree at some point.
Subject area commonalities often shorten the MBA’s typical two-year time frame. In fact, Wake Forest enhances our Masters in Management with the MBA Advantage, allowing you to complete this second graduate business degree in just 12 months. In the process, you benefit from the cohort experience and all the networking opportunities and professional insight that structure brings.
Increase Your Marketability with a Masters in Management from Wake Forest
The Economist ranks our Masters in Management program No. 1 in the U.S. for Career Opportunities, and No. 3 overall. Whether you majored in liberal arts, communications, or another specialized field, an MSM degree helps broaden your skill set. To take the next step, request more information today.
Key differences between MBA and MiM degrees
There are plenty of similarities between MBA and MiM degrees. They’re both graduate-level courses in business. They both offer career growth, the opportunity for international experience, develop business networks, and the content significantly overlaps.
Within the differences between the degrees, it’s easier to spot the pros and cons.
Age –Masters in Management candidates tend to be younger than MBA students. Generally speaking, MBAs tend to be closer to 30 than 20, though it’s not a rule. The average age of MiM students is around 23 years of age. If you’re older than 26 or 27, you might want to start thinking about the MBA rather than the MiM.
Work experience –As you would guess from the average age of MiMs, work experience is less important for these programmes. MBAs typically call for several years in a job (or jobs, as the case may be) and the MBA curriculum relies heavily on students’ career experiences, whereas MiMs often complete their undergraduate degree and move straight onto grad school. If you’re already at a mid-point in your career, an MBA or another Masters degree may be more suitable given your experience.
Goals and expectations– Age and work experiences go hand-in-hand with post-graduate goals. The MiM degree is seen as a way to kick-start a business career. Grads often take entry-level positions while MBAs, who tend to have more experience beforehand, are usually recruited into mid-level positions. Either way, companies are excited to hire talented candidates from the pool of MiM and MBA graduates.
Admissions process– If you were waiting for good news – you may not need to take the GMAT. Top schools will require it, as competition is fierce; but there are still plenty of programmes that don’t require it. But no matter what graduate-level programme you apply to, you’ll need to put together a stellar application; there’s no skirting the work there. Also read MiM Essay Review Services and MiM in Canada admissions experience.
Curriculum – The Masters in Management degree is technically a Masters of Science degree as opposed to the MBA which is a professional business degree. Since MBA students have longer work experience, MBA programmes are more geared towards practical experience.
Masters in Management: Cost of attendance
Perhaps the biggest difference between the MBA and the MiM – at least from the university’s perspective – is the cost of attendance. Whether it’s because the MiM attracts younger students (without much in the way of savings) or because the degree is still growing in popularity, these programmes are often significantly cheaper than an MBA.
- At London Business School, the current tuition for the MBA is £75,100 for 18, 21 or 24 months. Compare that to the cost of the MiM, which is £29,900 for 1 year. That’s an enormous difference.
- IE Business School in Spain reports a similarity in costs. Their international MBA costs €69,200 and the fees for the MiM are €35,200.
- The difference is a little lower at Michigan Ross where the (out of state) tuition for MBAs is $64,350, and the tuition for the MiM is $50,223.
Of course, tuition is hardly the only factor in the total cost of attendance, but it would be tough for the other variables to cost significantly more than they do for MBAs.
Imagine for a moment that all other costs are equal between post-grad business degrees, that £45,200 educational price tag difference for a London Business School education might just sway you towards that MiM.
Read List of MiM Scholarships
Is the Masters in Management a good degree for you?
The cost of education is a huge factor when considering an international education, but it’s not the only one.
Everything from age to career goals should play a role in the degree you choose. If you’re working on your undergraduate degree, your options are wide open. You can consider whether you want to head back to school or get into the work game first. You’ll need to weigh those pros and cons yourself – and the easiest way to do that is to work through the return on investment (ROI) across several different paths.
Just to make things a little more complicated, however, you should probably not limit yourself to thinking about the differences between MBA and MiM degrees. There are plenty of other options available at schools across Europe and North America. There are also Masters in Finance, Masters in Business Analytics, and similar programmes to consider.
What are the top questions that you should ask yourself to determine if it is the right degree for you?
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