You are young and want to conquer the world of business. You want to use the Master in Management (MiM) as a springboard into a business career. That sounds good, but do you know exactly what your MiM career opportunities will look like if you get the degree?
MiM talent is indeed sought for a variety of roles at different types of companies. But before we examine the possible career paths in more detail, let’s get one thing straight – the MiM is not a substitute for Master in Business Administration (MBA) – the highly reputable management degree.
Master in Management ≠ MBA
Don’t be fooled into thinking that MiM is a lighter and cheaper version of the MBA. They are both postgraduate degrees in general management, but they differ considerably in their students, teaching methods and, yes, career outcomes.
MBA applicants need to have several years of work experience and demonstrate leadership potential, while MiM programmes are open to admitting aspirants with little or no work experience. Besides, MIM students are younger than MBA students. The typical MBA student is around 30, while MiM students are between 22 and 24.
MiM and MBA participants also learn in different ways. The MBA classroom brings together business professionals from various educational and professional backgrounds. One of the best things about being an MBA student is that you can learn a lot from your classmates. MiM students, on the other hand, are often fresh Bachelor’s degree graduates with no, or still minimal, work experience. So they gain knowledge and skills mainly through classroom teaching and case studies, and not so much from peers.
The hard facts
Ok, let’s crunch some numbers. The good news is that MiM graduates are in demand around the world. Nearly 70% of Asia-Pacific and European companies and 33% of US companies declared they plan to hire MiM graduates in 2019, according to the Corporate Recruiters Survey 2019 released by GMAC.
One of the report’s most interesting findings is that Fortune Global 500 and companies with 10,000 or more employees are most likely to hire MiMs in 2019. Another curious finding suggests that small companies tend to seek MiM talent for consulting roles, while larger companies more often hire them for finance.
Globally, MiM graduates typically find jobs in the consulting, products/services, manufacturing, technology, healthcare and finance industries. Demand varies across different continents, though. If you have a Master in Management degree in the US, you are most likely to find a job in project management and strategy management. However, if you live in Europe, chances are you will end up in consulting, finance, or sales.
Consulting and finance are obviously popular choices among MiM graduates in Europe. At HEC Paris (France), for example, nearly 40% of graduates choose consulting and about a third went to financial services. At IE (Spain), marketing, consulting, and finance are the top career choices of alumni.
What about pay?
Now you are probably thinking: well, it’s great that companies want to hire me, but how much are they going to pay me? Well, it depends. Corporate Recruiters Survey data shows that US companies plan to offer a median annual base starting salary of USD 80,000 to MiM new hires. European employers are less generous. They plan to offer a median starting salary of USD 35,000.
When talking about starting salaries, especially for Master in Management graduates, we need to take into account one very important aspect. Considering their limited work experience, MiM graduates are not exactly preoccupied with pay. “MiM students are less concerned about getting a highly paid job than finding a position in the first place,” Gregg Schoenfeld, GMAC research director, told the Financial Times.
Let your entrepreneurial spirit thrive
Corporate jobs are not what you are looking for as you are rather drawn to entrepreneurship? The MiM has got you covered. Just ask Quentin Le Gall, a Neoma Business School (France) MiM student who founded a company while studying for the degree. The firm, called Mustard, turns restaurants into working spaces during less busy hours.
“The MiM courses were valuable, but the best thing I got from the degree was working in groups and expanding my network,” Le Gall told mim-guide.com. At Neoma, he learnt how to create a business plan and won a startup competition together with other classmates. “We won EUR 6,000 and in 2019, we will raise more funds, and I will use all of what I have learnt on the MiM programme.”
If you have clear career goals that you want to pursue no matter what, that’s great. But know that business school students are no strangers to changing their career plans during their studies. Just think about the new ideas, knowledge, and experiences you will be exposed to. You need to simply accept that a change of heart is possible. And there is nothing wrong with that.
In fact, it is advisable that students visit the business school’s career services office, where they will have career assumptions tested and get help in setting appropriate professional goals. This is not to suggest that your initial career plan is wrong. Not at all. But at your business school career department you can find experienced staff who can point out skill gaps and address them.
Your career services office can do much more than tell you where you can find a job. It can help you prepare a professional development plan using methods such as the 360-degree feedback, personality assessment, and career coaching. You will understand better how others perceive you, but more importantly, you will know your strengths, interests and development areas. It is much easier to set career goals if you know these things.
The Master in Management can be a great choice if you want to learn about the core areas of business. And even a greater one if you want to choose from many jobs in management. Think about the possibility of getting an MiM degree. It may be the ideal launchpad for your global career.