A compact program length, comparative low-cost, and low level of required experience make the Master in Management (MiM) degree an appealing alternative to the traditional MBA. But what, actually, is a Master in Management?
In this article, we will outline the components that commonly feature in MiMs, explain how they differ from MBAs, and dive into some of the best Master in Management programs in the US. Read on to find out more!
How Does the MiM Differ from the MBA?
The Master in Management covers very similar ground to an MBA—looking at business strategy, leadership skills, financial management, and more. The key difference between the two is the level at which they are taught.
While an MBA is aimed at students who have already completed several years of work experience (usually around five), an MiM is designed for students at the beginning of their career. The MiM requires no work experience from its students. In fact, some programs discourage applications from students who have completed an undergraduate degree in business. The MiM is well-suited to students who have recently graduated and are looking to launch their business career.
The second key difference between the two programs is duration. While the MBA usually takes two years to complete, the MiM tends to take just 10 months to a year. The third is the application process; many MBAs require a GMAT or GRE from its applicants, while some MiM programs will waive this requirement for students with demonstrably good academic history.
Master in Management Overview
Flexible Curriculums
A Master in Management is a generalist degree. That said, the programs allow students to gain deeper insight into and understanding of specific areas through elective courses.
Some MiM programs allow students to specialize further, focusing on a particular industry or area of interest. HEC Paris, for example, offers a Master in Strategic Management, focusing specifically on “building strong analytical and problem-solving skills” in students who choose it.
Compact Program Structure
The majority of Master in Management programs offer a full-time, in-person, on-campus course. The programs usually last around 10 months or one year.
Some business schools, like HEC Paris, offer a two-year Master in Management program instead of the usual one-year format. These programs allow students to use their second year to complete an internship, specialize in a particular area, or gain work experience.
Some online Master in Management programs also exist, though these are less common than their MBA equivalent.
Tuition Averages for Master in Management
Master in Management programs are much more affordable than MBAs. They are, for a start, half the duration, which cuts tuition and living costs by 50 percent.
In the US, for example, the total cost for attending a top MiM program (including both tuition and living costs) is usually around about $95k – $100k. Of this number, $55-70k is attributed to tuition costs. The total cost of attending top MBA programs in the US regularly exceeds $200k.
This number is lower in the EU. There, tuition costs under S$20k for lower ranked programs and $50k for higher ranked ones. EU students pay much less than international students at these programs.
Career Opportunities for Masters in Management Graduates
Masters in Management graduates are keenly sought after by employers. GMAC reported that 67% percent of companies planned to hire MiM grads in 2024, up from 54% in 2021.
This was strongest in the manufacturing industry, where 69% of employers planned to hire MiM graduates in 2024. Other industries which planned to hire MiM graduates included finance, technology, and products and services.
The MiM popularity is reflected in the salaries offered to its graduates. GMAC projected the mean starting salary for Master in Management graduates to be $80,000 in 2024. For MBA graduates, it was $120,000; it is worth comparing the two starting salaries alongside the different costs of these two programs.
Master in Management Curriculum Topics
Business Fundamentals
Since most of the students taking a Master in Management program will have less than two years of work experience and have not yet completed a business degree, the MiM is designed to help its students gain a solid understanding of foundational skills and of the fundamentals of business. The program introduces students to accounting, finance, marketing, data analysis, and strategy.
Leadership Skills
Master in Management graduates tend to enter the workforce at entry- or mid-level positions when they have completed their degree. From there, they are able to climb up the ranks to higher levels. To enable this, Master in Management programs teach their students the necessary skills to effectively occupy leadership positions.
Many business schools teach their students these skills via practical or interactive methods. Cornell Johnson, for example, leads a series of discussions between students and C-suite-level speakers, platforming successful leaders and allowing students to learn from them directly.
Strategy
Strategic thinking is a cornerstone of the business world—a tool by which management professionals prioritize, monitor, grow, and improve the organizations in which they work. It’s no surprise, then, that strategy forms an integral part of Master in Management program curriculums.
It’s common to find strategy listed amongst both the core and the elective courses on an MiM program. Many business schools teach this skill via practical challenges. In this way, they enable students to apply their knowledge to real-life business situations.
Global Perspectives
Today’s business industry is a global one. Graduates who can fit into this world—possessing knowledge of international markets, cultural understanding, and experience abroad—stand out amongst the crowd. Master in Management programs regularly offer their students opportunities to gain this experience.
STEM Designations
A STEM- (Science, Technology, Engineering, and Mathematics) designated Master in Management program is one that offers its students a STEM education. This means that, alongside the core concepts of the MiM, courses that cover STEM aspects of business are included.
The STEM-designation is pertinent for students for two main reasons. First, students engaging in STEM courses during their MiM are gaining skills that are desperately needed in the US workforce. Since STEM skills are in high-demand, students who possess them may find job offers and high salaries easier to find.
Second, the OPT (Optional Practice Training) visa that is offered to international students in the US is extended from 12 to 36 months for graduates from STEM designated programs.
Leading Master in Management Programs
Chicago Booth: Masters in Management
Chicago Booth’s Master in Management spans 10 months. It’s an in-person, full-time program, aimed at recent college graduates who are keen to launch a career in business. The school stipulates that the program is not for students who have already completed a graduate degree in business, or who have gained more than two years of work experience. The Booth Master in Management (MiM) is STEM designated, so is a great choice for international students who are hoping to secure a work visa for the US.
Five of the courses Booth MiM students take are core—Data Analytics, Financial Accounting, Microeconomics, Managerial Decision Modeling, and Behavioral Foundations of Management. Another four are in a specialization, at least one is an elective, and one is titled “Succeeding in the Workplace.” Unique to Booth’s MiM is its two-week “Boothcamp,” an introductory segment spanning academic concepts as well as professional and workplace skill development.
As well as the Boothcamp and Succeeding in the Workplace courses, the school also supports students with networking, applying, interviewing, resume building and LinkedIn.
Cornell Johnson: MPS in Management Degree
Cornell’s MPS in Management is a ten-month, full-time, in-person program, aimed at recent graduates. While the business school discourages applicants who have completed an undergraduate business degree, it does require that applicants have completed a business minor or equivalent course such as introductory courses in accounting, finance, statistics or economics. The Cornell MPS in Management program is STEM designated.
Students on Cornell’s program must complete 30 credits in order to graduate. These credits are split into four modules over two semesters. Each module contains five courses, which together make up the 30 credits and cover topics such as Managerial Economics, Negotiations, Investments, and Marketing Strategy. Students can also pick electives such as Finance, Accounting, General Management, and Business Law.
All MPS in Management students at Cornell get access to one-on-one career coaching and career workshops. As well as these features, Cornell Johnson provides extensive career support to its MPS in Management students in the form of three Career Practicums. These Practicums aim to sharpen students’ career readiness skills, and cover topics such as consulting frameworks and case studies via a series of events, reflections, guest speakers and discussions.
Duke Fuqua: Master of Management Studies
Duke Fuqua’s Master of Management Studies is a ten-month, full-time, in-person program. The Master of Management Studies (MMS) is designed for students who have very little career experience—no more than two years—and aims to build entry-level business skills in its students. The Duke MMS program is STEM designated.
The Duke Fuqua MMS is taught over five terms, consists of 15 courses, and contains a total of 43 credits. The 15 courses can be grouped into four categories:
- Accounting;
- Economics and Finance;
- Analytics and Critical Thinking;
- Communication and Leadership.
Duke Fuqua conducts teaching through a mixture of lectures, case studies, and corporate visits.
While completing Duke’s MMS, students are supported by one-on-one career coaching, career fairs, professional clubs, corporate visits and more. Duke’s career support extends beyond students’ time at the school, with their thriving alumni network and database offering support and opportunities throughout graduates’ lifetimes.
Michigan Ross: Master of Management
Michigan’s Ross Master of Management is a ten-month, full-time, in-person program. The program is designed for students who have no more than two years of work experience and who have not completed an undergraduate degree in business. If you’re an international student, it’s worth bearing in mind that Michigan Ross’s Master of Management (MM) program is not STEM designated.
The Ross MM program lays strong foundations in the business fundamentals of accounting, marketing, operations, and strategy. Ross combines its core content with action-based learning, global opportunities, and innovative teaching styles. The MM program is split into a summer, fall, and winter segment. The curriculum is divided up between these three segments as follows:
- Summer: introductory workshops in Business Immersion, Applied Business Statistics and Analytics, as well as Applied Microeconomics.
- Fall: core courses such as Evaluating Financial Performance, Marketing Management, and Cost Measurement & Control.
- Winter: core courses such as Legal and Ethical Environment of Business and World Economy. This segment also contains electives such as Global Supply Chain Management, Corporate Restructuring, and Financial Trading.
In the winter term, students can also participate in a Short-Term Global Experience. Through this experience, they immerse themselves in a business opportunity abroad.
The Career Development Office at Michigan Ross offers its students support in the form of industry-specific career coaching, workshops, career clubs and more. The Career Development Office focuses particularly on improving networking, resume writing, and cover letter writing skills.
Northwestern Kellogg: Master in Management
Northwestern Kellogg’s Master in Management program is a ten-month, full-time, in-person program. The program is designed for applicants with under two years work experience and without an undergraduate business degree. Kellogg’s Master in Management (MiM) program is STEM designated.
The Kellogg MiM program is highly customizable, blending compulsory seminar courses (taught as a full cohort) with specific electives. Electives include Business Analytics, Marketing Research, Negotiations, and Managerial Accounting.
As well as these electives, students on Kellogg’s MiM program can participate in a Global Initiatives in Management course. Through this course, they can travel abroad to gain experience of international business trends and issues.
To support its students to secure fantastic jobs, Kellogg’s Career Management Center offers resume and cover letter coaching, interview skill development, and support to navigate job offers. The Career Management Center runs networking and job search workshops that are open to both current students and graduates.
Carnegie Mellon Tepper: Master of Science in Management
Carnegie Mellon Tepper’s Master of Science in Management is a nine-month, full-time, in-person program. The program is STEM designated, and aims to prepare recent college graduates for a data driven career by getting to grips with the fundamentals of business.
The Tepper Master of Science in Management (MSM) program is split over two semesters and is highly flexible, allowing students to specialize in five different areas—Entrepreneurship, Finance, Marketing, Operations or Strategy. Each specialization is open only to students who have completed a minimum of three elective courses that are related to that specialization.
Each semester is further divided into two Mini Semesters. The first and second Mini Semesters are primarily made up of required core courses (such as Finance, Operations Management, and Accounting). The final two Mini Semesters consist mostly of electives.
The Masters Career Center at Tepper offers its students interview preparation advice, career guidance, and the opportunity to develop leadership skills with an executive coach.
Georgetown McDonough: Master of Science in Management
McDonough’s MS in Management is a ten-month, full-time, in-person program. The program is designed for recent graduates with up to three years of work experience. It is STEM-designated.
Students on the Georgetown McDonough MS in Management (MiM) program complete modules which each consist of three or four courses. The first three modules are made up of core courses—such as Leadership, Communication, and International Business—while the fourth includes an elective. Over the course of the program, students also participate in a Global Business Experience. Here, they spend a week tackling a problem with an international business.
Georgetown’s MiM Career Office provides support for students looking to sharpen their job applications, to develop professionally, or to find companies that align with their interests and ambitions.
Indiana Kelley: Master of Science in Management
Indiana Kelley’s Master of Science in Management is a year-long, full-time program. The program is designed for recent college graduates and requires no work experience from its applicants. Kelley’s Master of Science in Management (MSM) aims to prepare students for careers across a broad range of management roles across varied industries.
The Kelley MSM program kicks off with a Management Launch program: a week-long experience that introduces students to—and immerses them in—business study at a graduate level. The Management Launch offers a packed program of guest speakers, workshops, business cases and more.
The remainder of Kelley’s MSM is a blend of the Core curriculum and one of—students can choose—Kelley’s MSM specializations: leadership and human resources, strategy, and entrepreneurship. Students can further personalize their curriculum via various electives, a Networking Week, and the international consulting project GLOBASE.
Throughout students’ time on the MSM program, they are able to engage with Kelley’s employer partners and expansive alumni network. Both provide students with opportunities to gain job-search support and employment opportunities. Kelley’s Graduate Career Services also support Kelley’s MSM students, aiding with interview preparation, networking practice, and career coaching.
