Today’s job seekers know that undergraduate degrees alone are far less likely to land you a top job than they used to without serious employment credentials. Those looking to boost their potential for dream-job occupation need a means both to acquire and demonstrate knowledge of higher-order business skills. And, thus enters the Master in Management (MiM) degree—aka MSc in Business and Management, among other names. An MiM degree is seen by many recent undergraduates competing with a mix of seasoned professionals as a means to develop the higher-level business and workplace skills needed to secure more competitive employment positions.
Competition in the job market is such that MiM degree programs experienced a five-year high in applicant growth, with 69% of MiM programs reporting increased applicant volume for their incoming class of 2011–2012.
Skills & Job Outcomes
Practical and Technical Skills. Skill development is a driving factor in the growing appeal of MiM programs for all applicants. This is especially the case for nonbusiness undergrad majors seeking to broaden their practical and technical business skills and expertise.
Four out of five specialized master’s graduates from the class of 2011 cited general business knowledge, managing strategy and innovation, and managing decision-making processes as the top three areas improved through their graduate program.
Wide-Ranging Job Outcomes. Grads who complete an MiM program find their degrees are highly marketable to a wide variety of industries for a broad range of job functions. Companies that planned to hire MiM grads in 2011 sought these grads to fill positions in:
- Marketing and sales (40%)
- Operations (35%)
- General management (36%)
- Consulting (31%)
- Business development (31%)
Actual job search results for students who graduated in the Class of 2011 showed that 54% of those earning an MiM degree or other business master’s had received a job offer at the time we surveyed them shortly before graduation. And those seeking employment at that time received an average of 2.2 job offers.
Hiring Projections Up for 2012
Still more encouraging news on the hiring front for 2012 comes from employers surveyed last month, with 51% of companies planning to hire MiM graduates in 2012, up from 36% in 2011.
Plus, more than half (54%) of these employers also expect to offer paid internships next year to students enrolled in MiM programs, which is especially critical for any potential business school applicant coming fresh from an undergraduate program. As one employer told us, “If the students determine they will go straight into graduate programs, it is important that practical work experience is completed, at least through an internship or co-op work experience.” Our past research, which shows that students who participate in internships increase their chances of receiving a job offer by 26%, confirms this opinion.
Employers we polled last month who operate on a global scale indicated they look for certain qualities when hiring international candidates, including: cultural knowledge, strong language and communication skills, and ability to thrive in diverse cultures. MiM programs, which received 60% of their applications in 2011 from international students, can also present rich opportunities to learn in a multicultural environment, develop language skills, and build an international network of contacts that can lead to global job opportunities.
A Young Class Profile
The chart below shows that 72% of applicants to MiM programs in 2011 were younger than 25 years of age and 85% had less than three years of work experience (with 56% reporting less than one year of full-time work experience).
More to Explore
If you’re still deciding what type of graduate business program is right for you, check out the mba.com School Search Service, which can help you find programs that best fit your search criteria and your expected career outcomes. Or create an account with our Graduate Management Admissions Search Service, and let more than 400 schools and programs find you!