University graduates and young professionals who are at the start of their career increasingly prefer Master’s in Management (MiM) programmes to other business education options because they see the course as an affordable, faster route to an executive career, the Financial Times reported.
According to the latest data from the Graduate Management Admission Council, which administers the GMAT entrance exam for business schools, 58% of European MiM programmes saw growth in applications last year. About two-thirds of respondents to the 2017 survey of 1,000 prospective business school students by education research company CarringtonCrisp said they were applying to MiM courses rather than MBA programmes.
Ambitious twentysomethings, eager to accelerate their career trajectory, are choosing the cheaper one-year MiM over the more expensive MBA. CarringtonCrisp co-founder Andrew Crisp says:
About a third of GMAT test-takers now use their scores to apply for masters [degrees] rather than an MBA course, which wasn’t the case a decade ago.
Cost of living is also among the leading considerations of prospective students when they decide where to study, according to CarringtonCrisp, while their choice of programme is most influenced by academic reputation and teaching quality, the research found. Crisp told the FT:
Despite data suggesting the MBA is a good return on investment, the fees look expensive up front. As a prospective student, you may also think that if you need an MBA later, your employer might pay for some or part of it [or] that the future of personal development is more likely to be based around short-course non-degree programmes delivered online.
Prof Scott DeRue, dean of the University of Michigan’s Ross School of Business (US), notes that other US schools that offer MiMs, such as Kellogg School of Management (US) and Mendoza at the University of Notre Dame (US), are aping the content of an MBA in their MiM curriculum, so that those who want to go on and take an MBA can do so in one year rather than two. The future will see a more “fluid relationship” between MiM and MBA degrees, Prof DeRue says, with students dipping into business school several times at key points in their lives. He doesn’t expect the MiM degree to replace the MBA, suggesting that people will choose between the two depending on their experience at work.
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MiM programmes are riding a wave of globalisation in business education, where students from across the world vie for the best courses and value the ability to get ahead faster, according to Stefano Caselli, dean for international affairs at Bocconi University (Italy). Applications for Bocconi’s MiM have risen 10% a year for at least a decade. This year close to 900 people were chasing 150 places, Prof Caselli says. The MiM course has become a United Nations of students, he adds. Ten years ago fewer than 10% of recruits were from outside the EU; today the proportion is two-thirds. The other change is the quality of prospective students, with each of this year’s applicants hailing from the top 5% of their class in their undergraduate degree, he says.
The MBA is still valid for someone with work experience, but if you are a young high-flyer, the Master’s in Management is a gateway to giving your career a boost quickly, according to Caselli.
Source: The Financial Times