It’s that time of the year again, only for a new batch, like always.
The haunting time has come when one must make a choice regarding future endeavors. In all the chaos and confusion of what to do next with constant expert advice being imparted by friends and family, many students have found out to be unaware or inadequately aware about a course in management: MIM.
What is this MIM?
MIM is Masters In Management, also known as MSM: Masters of Science in Management. An academic degree, common in Europe, North America and Asia draw on the disciplines of business, economics, psychology, sociology and strategy. Masters in Management (MIM) degrees allow candidates to develop their understanding of business operations and organizational behavior from multiple perspectives. Ultimately, the goal is for students to graduate with a solid foundation of ineffective management practice in their chosen industry, with an eye towards an eventual leadership role.
The duration of the degree can last from one year to two years, depending on the country, course and institution. Many programs are also offered in distance learning, part-time or accelerated formats.
The first part of the MIM degree is spent in taking a set of basic courses, covering topics such as analysis in business culture, business management, business strategy and entrepreneurship, the foundation of management, leadership and motivational, public relations, organizational and research skills.
After completing the basic set of courses, students then get to select their fields of specialization according to their respective interests. Possible specializations include accounting, corporate communications, economics, finance, human resources, information systems, international business, logistics, marketing management, operations management, statistics, strategic management and sustainability and social responsibility.
How to get into the MIM Institutions?
Unlike MBA degree, wherein the basic requirements (mostly) involve a minimum of two-year work experiences, MIM degree is open for freshly graduated students without any such pre-requisite. Candidates need to be equipped with limited business knowledge, strong communication and analytical abilities. Applicants may also be asked to attend an interview testing their theoretical knowledge, personal skills and general business knowledge.
While the formal study of quantitative subjects (such as accounting, finance and statistics) may not be required, applicants are expected to be prepared to engage in those topics. Candidates might also be asked to provide the results of an admissions test such as the GMAT, GRE, IELTS or TOEFL. Along with this, some programs also ask for students to write a personal statement or ‘letter of motivation’. This will typically mean writing 550-700 words answering questions such as why you have selected the particular program, which parts of the course you find most interesting, what contributions you feel you can make to this course, how it will add values to your career and how much research you have already done in the field. MIM is also an opportunity to outline any relevant job experience, any international experience and details of extracurricular activities.
What are the areas of expertise offered in MIM?
Roughly, there are 11 dimensions of expertise that can be chosen by a candidate in MIM degree, namely:
• Financial resources management
• Entrepreneurship management
• Organizational behavior
• Strategic management
• International business management
• Marketing management
• Managerial economics
• Quantitative methods for business
• General manager
• Management consultancy
• Academic management careers
Some of the top universities which offer MIM degree are:
• University of St Gallen, Switzerland
• HEC Paris, France
• Essec Business School, France
• London School of Business, UK
• Imperial College Business School, UK
• Duke University, USA