The Masters in Management (MiM) Degree – A Guide

A Masters in Management (MiM) offers you an excellent grounding in the skills and knowledge you need to succeed as a business leader.

Unlike an MBA (Masters in Business Administration), the MiM is aimed at recent graduates (many programmes are only open to candidates that have graduated in the past few years). The qualification is designed to rapidly develop the business acumen sought after by big corporations and SMEs alike. 

If you’re unsure whether an MiM (also known as an MSc Management) is for you, we’ve written a guide to the essentials, covering course structure, entry requirements and fees. We’ve also explained the key differences between an MiM and an MBA.

Once you’ve made up your mind, we’re the perfect place to begin your search for an MiM.

What is a Masters in Management?

A Masters in Management gives fresh graduates the opportunity to form and hone the professional skills they need to become an exceptional businessperson.

Covering a broad range of topics – economics, accounting and organisational theory, to give a few examples – these courses will help you excel in business, even if your undergraduate degree was in an unrelated subject.

MiMs take a year of full-time study to complete, so you can expect an intensive programme ahead of you. But this rigorousness is what makes a MiM such a prestigious qualification. Increasing numbers of students are choosing a Masters in Management over the Master of Business Administration (MBA), seeing it as a cheaper (relatively speaking) and faster route to employment.

Where can I study an MiM?

The MiM originated in Europe in the late 1980s, but its growing popularity has seen universities across the world start to offer their own versions of the programme. Even North American universities, the birthplace of the MBA, have recognised the MiM’s appeal and reacted accordingly.

The upshot of this is that an MiM is an extremely international qualification, making it a prime candidate for study abroad.

If you’re interested in studying an MiM at one of Europe’s most prestigious institutions, take a look at our guides to Masters study in Europe. MiMs in Asia, the Americas and Australasia are also increasing in number.

What are the entry requirements for a Masters in Management?

Typically, institutions ask for at least a 2:1 at undergraduate level in any discipline. This means that even if you come from an Arts or Social Sciences background, you can apply for a MiM. Whichever subject you studied for your Bachelors degree, you’ll need to prove that you’re highly numerate and business-savvy.

The fact that MiMs are open to undergraduates from all areas is partly why some providers suggest that candidates complete the Graduate Management Admission Test (GMAT) to boost their application. Used by many business schools, the GMAT is designed to measure quantitative, analytical and reasoning skills.

Another common MiM entry requirement is that applicants have graduated in the past few years. These programmes aren’t necessarily geared towards people with a lot of work experience, and are instead aimed at recent, ambitious graduates who want to kick-start their careers.

How much does a Masters in Management cost?

There’s no standard tuition fee for an MiM, but courses are typically more expensive than the average Masters degree. By contrast, you will likely pay at least £10,000 for a MiM if you’re a UK/EU student. Meanwhile, the most prestigious and competitive courses charge fees in the region of £30,000 for both UK/EU and international students.

These fees may seem high, but it’s worth bearing in mind that MiMs are often much cheaper than the MBAs offered by each university. For example, an institution may charge around £13,000 for its MiM, but as much as £40,000 for its MBA.

What funding is available for Masters in Management?

Many universities offer generous scholarship programmes for successful applicants, so it’s always worth checking if you’re eligible for these.

UK students can also apply for a government-backed postgraduate loan to help with your tuition fees and living costs. For more information, read our guide to postgraduate funding.

What’s the difference between a Masters in Management and an MBA?

First appearing in the United States at the start of the twentieth century, the MBA has established itself as one of the world’s most prestigious and competitive qualifications. The MiM is comparatively young, emerging in European business schools at the end of the 1980s.

But more and more universities across the globe are beginning to offer the MiM, recognising its attractiveness to ambitious, recent graduates who want to accelerate their career. This appeal stems from the fact that an MiM generally takes one year to complete, rather than the MBA’s two years. Similarly, the tuition fees for an MiM are much lower than those for an MBA, making it a more appealing prospect for those at the beginning of their career.

As such, the main difference between an MiM and an MBA is the target audience:

• MiMs are primarily aimed at young graduates who have little to no business experience.
• MBAs are designed for experienced professionals who already have several years of employment experience at a senior level.

These contrasting student profiles are reflected by the course content and curriculum of the programmes:

• MiMs usually have a more theoretical focus than MBAs, using analytical modules and case studies to develop students’ commercial skills.
• MBAs, meanwhile, concentrate on the practical application of theory, taking a more vocational approach.

Whether you choose an MiM or an MBA, you can be sure that you’re studying a well-respected, established qualification. MBAs might be more recognised worldwide, but MiMs are increasingly sought-after in their own right.

For more information, check out our guide to MBAs or visit our sister site, FindAnMBA.com.

What’s the difference between a Masters in Management and an MSc Management?

A Masters in Management and an MSc Management follow the same broad curriculum and course structure. Generally speaking, they are equivalent qualifications.

Compared to an MBA, both kinds of course are intended for recent graduates without significant work experience. In some cases, an MSc Management might be aimed at graduates with a more technical academic background, but there are always exceptions to this. 

What’s it like to study a Masters in Management?

A Masters in Management is an intense, one-year course – you can expect to be challenged by the programme, whatever your academic background.

MiMs typically offer pre-qualification courses in subjects like accounts and finance that are designed to get you up to scratch with the analytical demands of the programme. These are especially useful if your bachelor’s degree was in an Arts-related subject, for example.

You’ll then study core modules covering areas like:

• Strategic managements
• Economics
• Risk analysis
• Marketing

On top of these core topics, you’ll have the chance to follow your own interests and specialise in a certain aspect of the course.

Many institutions also offer the opportunity to take part in field trips and exchange programmes abroad, emphasising the global nature of the modern business landscape. Work placements are another important part of MiMs, providing a way for you to apply the commercial skills you’ve learned in a real-life, business environment.