Master’s in Management: What Should an Enrollee Know
Master’s in Management is a degree, which provides great knowledge and skills required for becoming a business leader.
If you have doubts about choosing this degree, you should continue reading this article. Below, you will find the information about the course structure, requirements for enrollees and tuition fees. Besides, the main differences between MM and MBA are explained here.
What does MM cover?
This degree provides graduates with a chance to get professional skills required for becoming successful businesspersons. It covers multiple topics, such as economics, organizational theory and accounting and helps graduates succeed in business.
It takes a year of full-time study to complete this degree. The MM program is very intensive. Multiple students prefer the MM to the MBA, considering it as a much cheaper and faster way to employment.
Where to get the MM degree?
The MM, including master’s in project management, master’s in sports management, master’s in engineering management, master’s in healthcare management, master’s in business management, master’s in human resource management, and master’s in technology management, originated in Europe about 40 years ago, but due to its increasing popularity, many universities all over the world provide their own versions of the degree. Even in North America, where the MBA was born, many institutions have recognized the demand for the MM and reacted accordingly. Thus, the MM has become an international qualification.
If you want to get this degree in the most prestigious institutions of Europe, consider one of the following universities:
- University of St Gallen
- HEC Paris
- Essec Business School
- Rotterdam School of Management, Erasmus University
- London Business School
- WHU Beisheim
- Universita Bocconi
- IE Business School
What are the entry requirements?
As a rule, most universities ask for not less than 2:1 at undergraduate level in any discipline. This means, even if you have a degree in Arts, you can still apply for the MM. However, you will have to prove that you have solid understanding of disciplines connected to business.
Because a master’s in management is available to almost every graduate, some institutions offer candidates to complete the Graduate Management Admission Test, which can boost their application. This test is designed to measure analytical, quantitative and reasoning skills of an applicant.
Among the requirements for getting master’s in management, there is one that applicants have graduated in the past several years, as MM programs are designed for ambitious graduates, who have a desire to kick-start their careers.
What is the cost of education?
There is no standard tuition fee for master’s in management, but education is usually more expensive than for the average Master’s degree. For example, one has to pay not less than £10,000 for the MM in any European university. The most competitive and prestigious courses cost about £30,000.
Such fees may seem too expensive, but keep in mind that most MMs are much cheaper than MBAs. For instance, an institution may charge about £15,000 for the MM, but about £45,000 for the MBA.
Is there any funding available for the MM?
Many institutions suggest generous scholarship programs for successful applicants, so you should always check whether you are eligible for these.
If you are a UK student, you have an opportunity to apply for a government-backed postgraduate loan that provides help with tuition fees as well as living cost.
What is the difference between the MM and the MBA?
When the MBA first appeared in the USA at the beginning of the previous century, it established itself as one of the most prestigious qualifications in the world. The degree of master in human resource management and some other kinds of management are comparatively young. However, more and more universities in the world are beginning to suggest the MM, recognizing its attractiveness to young graduates who strive to succeed in their career. One important reason for this is that the MM takes one year to complete, while the MBA requires two years. Moreover, the MM tuition fees are lower than those for the MBA.
Therefore, the major difference between these two degrees is the target audience:
- MMs are targeted at young graduates with no or little experience in business field.
- MBAs are designed for people with professional experience.
The course content and curriculum of the programs also differ:
- the MM is typically more theoretically focused than the MBA.
- the MBA concentrates on the practical application of theoretical knowledge.
Whether a student chooses the master’s in management degree or the MBA degree, he or she can be sure that he/she will study a respected and demanded qualification. MBAs are still more recognized in most countries, but the popularity of MMs is constantly increasing.
To make a conclusion, the MM is an intense course that takes one year of full-time study. The degree usually provides pre-qualification courses in subjects like finance and accounts. During the course, you will study core modules that cover areas like economics, marketing, strategic managements and risk analysis. Besides, you will have an opportunity to specialize in certain aspects of the course. Moreover, some universities provide a chance to participate in field trips and exchange programs.