Today, management positions are appealing to both young aspirants and working professionals. In addition to offering a variety of rewarding and exciting job opportunities, a career in management enables you to take on people-focused positions, executive roles in the workplace, and earn huge remuneration.
An MBA programme is one entry point into the business side of the corporate world that we are all aware of, and the majority of us believe it to be the only one. However, it has been decades since new emerging courses like MIM and other management specialisations are coming up, which is an alternative to MBA.
MBA OR MIM?
With a concentration on case studies and actual examples from the business world, an MBA is more hands-on learning-oriented. After earning a few years of full-time job experience following their undergraduate degree, professionals wishing to gain a broader understanding of business basics have typically been the target audience for MBA programmes. Candidates gain the ability to analytically assess and research diverse business scenarios through experiential learning.
The MBA degree is a prestigious and well-liked management degree that lasts between one and two years and is also the most popular course across any discipline.
However, Masters in Management (MIM) is a closely related programme that places a greater emphasis on the theoretical side of applications. It’s a quick-paced management programme that aims to give students the abilities they need to enter the job market more quickly.
MiM programmes are aimed at candidates who want to learn in-depth about various business disciplines or even change their career from a different field to one that is more management-oriented but do not want to wait a long time to do so. The average class experience ranges from zero to two years.
ALTERNATIVES TO MBA DEGREE
Masters in Finance – The foundation of the corporate world is finance. Every firm needs a competent financial team in this developing sector. The objective of this specialisation is to provide qualified and experienced financial undergraduates an opportunity to assist companies/individuals by interpreting financial markets, economic trends followed by long term financial planning.
Salary – $83,760 – $121,750
Job Prospects –
Masters in Data Science – This course focuses on data storage, analysis, and its documentation for future forecasts. It facilitates the identification of patterns in unprocessed data that can be applied to the formulation of critical business decisions. Applicants with a background in mathematics, engineering (cs centred) are advised to take up this as one of their choices.
Salary – $80,000 – $126,000
Job Prospects –
Masters in International Business – This specialisation focuses on the study of worldwide transfer of products and services, capital, technology, and information across international borders. The formation and operation of manufacturing, sales, R&D, and distribution facilities in foreign markets, as well as the commercial operations that support the transfer of goods from one country to another, are all topics included in this domain.
Salary – $79,000 – $123,750
Job Prospects –
International Marketing Manager
International Brand Manager
International Supply Chain Manager
Is the GMAT truly necessary?
The emphasis is placed more on an overall evaluation of the applicants. Which includes –
- Good academic history
- Work history and abilities
- Extracurricular pursuits and community service
- International recognition
- Standardised Test score – GMAT/GRE
Although many universities advise students to take the GMAT, not all B- schools require it. There are several colleges available that you can opt for without having to take the GMAT/GRE.
Hence, the options are –
University of Maryland
University of Illinois – Gies College of Business
Arizona State University
Loyola Marymount University
University of Rochester
UNITED KINGDOM /EUROPE
University of Manchester
Cass Business School
Queen Mary University London
University of warwick
IE Business School
University of Melbourne
University of Adelaide
La Trobe University
However, even if business schools let you enrol, the option gets a little restricted, especially if you lack major components in profile.
Written by Ms. Diva Kohli – Jitin Chawla Team