Millions of fresh graduates dream of getting a global management education. However, all of the prominent global MBA programs require serious work experience- the minimum requirement is typically two years and the class average is five years. MS degrees do not require work experience but these degrees are only for conventional, non-management disciplines. As most Indian business schools accept candidates who have no work experience, these students feel that they are their only option.
However, this is not entirely true. The truth is that there are indeed several, promising options for global management education that are available to those without work experience. These include…
Master in Management (MiM, MM, MScM, MSM):
Several of the world’s most prestigious universities offer a Master degree in management. These 12-18-month long degrees are quite similar to MBA degrees; in the scope, structure, and content of the education. Similar to MBA degrees, the concentrations for Master in Management include the cornerstones of business management. These degrees cover Marketing, Finance, Strategy, Operations, Human Resources, Information Systems, and International Business, just as MBAs do.
Comparing these degrees to MBA programs
The pedagogy of MiM programs is much more theoretical than that of the MBA programs. In an MBA program, the student is expected to already have a basic level of professional maturity. Thus, there is a greater focus on learning the practical applications of management principals. In MiM programs, the student is assumed to be a fresh graduate, thus the emphasis is on developing those core principals. Another point of difference is that MBA degrees are about gaining a comprehensive understanding of management, while focusing on one or two specialties, by contrast MiMs are about developing very specific skill sets in any one discipline. To illustrate, a student concentrating in Marketing Management in an MBA program shall study Marketing in around 30% of the overall curriculum but a student concentrating in the same in an MiM program shall study Marketing related electives in more than 50% of the curriculum. The MBA is a generalist, strategic degree while MiM is a more specific, academic degree. The nature of job opportunities that the two degrees offer is quite similar. The difference between the two is that MBA graduates are hired in comparatively higher designations, while MiM graduates are hired for entry level positions. As per 2014, the average salary for the world’s top 50 MBA Programs is approximately $125,000 while the figure for the top 25 MiM Programs is around $70,000.
Generally speaking, a graduate degree in any field is acceptable for admissions into the MiM programs. About 30% of the programs, specifically, require a bachelor degree in Management or Economics.
The selection process for MiMs is identical to the selection process for global MBAs. GMAT score, academic transcripts, a set of essays with a detailed application form, 2-3 recommendation letters, and a resume will be required. Many schools will waive the TOEFL or IELETS requirements, if the student’s undergraduate medium of instruction was English, but many other schools will not. Most schools have interview requirements, as part of the process. Generally, an invitation for the interview will only be extended if the aforementioned credentials are competitive enough.
Most Prestigious Programs
This degree is primarily found in Europe, where MBA degrees require less time but more experience. Lately, universities in other parts of the world have also started introducing similar programs. This includes North American universities, as well. A few of the most prominent Master Programs in Management are: St Gallen (Switzerland), HEC (France), Essec (Spain), WHU (Germany), Esade (Spain), Rotterdam (Netherlands), IE (Spain), London Business School (UK), Leipzig (Germany), Bocconi (Italy), EBS (Germany), Grenoble (France), Edhec (France), Manheim (Germany), Imperial (UK), EM Lyon (France), Ieseg (France), WU (Austria), ESC (France), Cass (UK), Sauder (Canada).
Master in Finance (MSF, MScF, MFe, MFin)
The Master in Finance degree is a great option, for those who have decided to pursue a career in finance. These 12-16-month programs are focused solely on Finance and provide concrete technical, mathematical, engineering Finance skills. The skill-based nature of the program goes a long way towards improving the student’s employment prospects. The degree is quite common, throughout the world, with the most prominent programs being in Europe and the USA. Students with bachelor degree in analytical disciplines such as Economics, Engineering, Mathematics, and Business Management are preferred for this degree. The selection process for these programs is similar to that of the MBA and MiM. GMAT and GRE scores are widely accepted, although there is one big difference. For these programs’ admissions process, the performance in the Quantitate section has greater significance.
Some of the world’s most prominent programs for Master in Finance are: HEC (France), Oxford (UK), LSE (UK), MIT (USA), Carroll (USA), IIT Stuart (USA), St Gallen (Switzerland), Warwick (UK), IE (Spain), Edhec (France), Cass (UK).
There are a few other options for, specifically for students who wish to study specific management domains. Such programs include MS in Human Resources, MS in Information Systems, MSc in Marketing, MS in Supply Chain Management, and MSc in Economics. The application process for these programs is, more or less, similar to that of the GMAT. One thing to bear in mind, however, is that while most schools will accept both GMAT and GRE scores, some may only accept one of the two.
One of the most important takeaways here is that admission to a good global MBA program is not possible, without work experience. Freshers must avoid the third-tier universities, their degrees do not have much value and do not lead to good employment opportunities. The options suggested in this article are genuine, premier options that will provide globally recognized degrees and lead to robust employment opportunities.
Which option, among these, is best for you depends on your own goals.
Those who want to explore all facets of management should pick the Master in Management
Those who wish to pursue a career in Finance should pick the Master of Finance.
Those who wish to pursue a career in any particular facet of management should pick an MS degree in that field.
The above article has been inspired by the thoughts of Mr. Mayank Srivastava. He is the Founder of Experts’ Global, one of the world’s leading EdTech firms in the field of GMAT prep and MBA admission consulting