Best Masters in Management (MiM) programs to pursue in the USA
Previously, MiM or Masters in Management has mostly been a predominant phenomenon in Europe. However, over the last 5-6 years, a lot of top-notch American business schools have introduced this rapidly growing program in their portfolio. In the USA, Duke and Thunderbird (Arizona State University) were some of the first B-Schools to offer MiM programs, followed by Harvard Extension, Boston University, the University of Buffalo who have also adapted it to suit the needs of the specific applicants and molded it accordingly.
The USA is home to several top business schools that are globally recognized and hence there are several colleges for MiM in USA which interested candidates can look at targeting.
In this article, we discuss the top-notch B-Schools in the US that offer globally recognized Masters in Management degrees. This will explore everything from the curriculum, deadlines, scholarships, and class profiles at these programs. So, stay tuned!
MiM programs have become an ideal choice for international students to learn leadership and management experience through numerous internships. This is attributable to the fact that MiM programs enable students in their last year of undergraduate studies or people with lesser years of work experience than a typical MBA would require to experience B-School. Further, most of these programs do not require prior knowledge or experience in business and economics. As a result of the growing popularity, now over 50 schools across the world are offering this degree under various names.
Here is the Snapshot of the article:
REQUIREMENTS FOR APPLYING TO MiM PROGRAMS IN THE USA
The USA is a destination for some of the top universities such as Harvard, MIT, Boston University and also comprises the largest chunk of international students. With MiM being a predominant phenomenon in Europe, the US is continually developing MiM courses to influence leadership and creativity experience in students, with the aim of eventually attracting students who would otherwise prefer more renowned programs for the MiM. Let us discuss some vital points to consider before filing an application for a MiM program in the USA.
Academic & Professional requirements
- Resume: Candidates require a well-drafted resume with extracurriculars, internships, or part-time/full-time work experience as well as academic and professional accolades.
- Essay Questions: Each MiM program has its own set of essay questions; however, the questions are generally built around a similar theme of post-MiM goals, the need for MiM and how would a MiM degree from the respective school will help the applicant attain their goals.
- Letters of Recommendation: Issued by your supervisor at work (whether a job/ internship) or a professor at college under who the applicant has studied/ worked with on research projects, etc. This is a significant part of the application and acts proof of your skill-set and work experience.
- Academic Records: While academic accolades need to be mentioned on your resume, specific schools would also be requesting for copies of transcripts demonstrating your performance at the undergraduate degree level (or graduate degree, if you have directly gone to graduate school after completing the undergraduate degree).
- Video Questions (1 or 2): Many B-Schools issue video questions as part of their application process. These are crucial aspects of the B-School application as they offer the closest opportunity to the candidates to show themselves and how applicants fare at the program in-person.
- GRE or GMAT scores: A good score is required for an applicant to be considered in the program. This is crucial for MiM candidates since the AdComs do not have a lot of other aspects to demonstrate the candidate’s academic, critical thinking and analytical abilities.
- TOEFL or IELTS score: This is a requirement more specifically for candidates whose native language is not English and who have not studied in English. Usually, if the applicant comes from an undergraduate degree where education has taken place entirely in English, the TOEFL/ IELTS is not required.
Typically, international candidates who aim to enter the US for a full-time degree, or an academic program at any university need to apply for an F1 visa once they are admitted.
F1 is a nonimmigrant visa that could be issued by applying for SEVIS (Student Exchange Visitors Information System) generated I-20 form which is received from the school that a candidate intends to attend.
Next, the candidate needs to make an appointment for an interview after paying the requisite fees, followed by filling the DS-160 form online, and then finally appearing for the interview.
FEES FOR MIM PROGRAMS IN THE USA
The average tuition fees for an MiM program at a B-school in the US normally range between $44,000 – $50,000. Moreover, excluding the tuition fees, and insurance there are other factors that add up to your cost of living like:
- Food and necessities
- Books and stationery Supplies
- Personal expenses, etc.
In general, the housing cost is economical in New York and is around $1,440 per month in comparison to California and San Francisco ($1,956 per month). Hence, the average annual cost of living in the USA for international students is around $10,000 – $18,800 including food and other daily expenses.
TOP MIM PROGRAMS IN USA
1) New York University (NYU) – Stern School of Business
Stern School of Business is one of the most glorious, oldest and first B-schools in the USA, founded back in 1900. A part of New York University, Stern is one of the top-notch undergraduate B-Schools in the USA. Being a top B-School, Stern has a very low admission rate of about 8%.
The school offers several UG courses with about 12,500 candidates submitted each year for slots spread between distinct UG programs. Let us look at some of the Masters’s programs offered by the university listed in the table below!
2) MIT Sloan School of Management
Founded in 1914, the Massachusetts Institute of Technology (MIT) is located in Cambridge, Massachusetts and is among the most influential B-schools in the U.S.
The school provides an exponentially growing entrepreneurship community, with around 30,200 participating alumni-funded firms. In addition, the admission rate is just 11.5%, making it a highly competitive institution to get into.
The school offers numerous degree programs for:
- Graduate degrees; and
- Executive leadership programs.
Moreover, MIT Sloan admits foreign student populations of up to 85% respectively for the Master of Finance program. Along with it, the university also offers other Master’s programs as mentioned in the table below.
- Essay Question
- 3 LOR’s
- Academic Records
- Video Question 1
- Video Question 2
- GRE or GMAT scores:
- TOEFL or IELTS score
- Application fee
- Tuition and Fees
3) Stanford University – Stanford Graduate School of Business (GSB)
One of the premier B-Schools of the world, California’s Stanford Graduate School of Business is always featured on top in many of the prominent rankings from various forums & publications and is part of the famous HWS (Harvard, Wharton, Stanford) trio. Established in 1925, the school offers a range of business programs, including one of the world’s best two-year MBAs and also a full-time Masters’s MSx program.
The Stanford MSx
Over the course of 12 months, half of the MSx Program’s curriculum is customizable for candidates, so that they get a chance to be a part of a program that brings experience, leadership, engagement, and diversity. However, it is to be noted that while this program is in the nature of a MiM program, eligible candidates usually possess 8-12 years of experience.
4) Kellogg School of Management, Northwestern University
Kellogg offers an MS in Management Studies Program which helps candidates get equipped with the necessary business skills.
5) Columbia Business School (CBS), Columbia University
CBS is regarded as one of the world’s most prestigious graduate B-schools with over 44,000 alumni and students from various countries to pursue their studies here.
The school offers some of the highly-rated business programs apart from an MBA such as:
- MS in Accounting and Fundamental Research
- MS in Financial Economics
- MS in Marketing Science
At CBS, admissions are offered on a rotating basis during the year with students enrolling mostly in August or January at the institute. More than 6,000 candidates submit entries to the institute each year, and 18% of them are accepted with the percentage of international students being around 40-60% (depending on the semester).
6) The University of Michigan – Ross School of Business
The University of Michigan in Ann Arbor, Michigan was founded in 1924, also known as the Ross School of Business ranked first in the US for its Master in Management program according to the QS World University Rankings, 2020. The school offers various bachelors, masters, and doctoral degree admissions.
In the summer term, candidates get a series of workshops to introduce them to critical areas:
- Financial Management,
- Marketing Management,
- Business Communication for Managers.
7) Duke Fuqua School of Business
Duke Fuqua, established in 1969, remains one of the most sought-after B-Schools in the world.
They offer two highly regarded programs under the ‘Master of Management Studies’ name: the MMS: Foundations of Business Program (which is a STEM course) and the MMS: Duke Kunshan University Program. The short duration of the program is packed tightly over 5 terms spanning a total of 10 months.
IS IT POSSIBLE TO PURSUE MIM IN USA WITHOUT WORK EXPERIENCE?
Yes, similar to other MiM programs across Europe, most of the MiM programs in the US, for example, the Master of Management Programs at Michigan Ross, Duke Fuqua, and Kellogg do not require prior work experience in order to be eligible to apply. In fact, there are schools that even restrict applicants who have had more than one year of experience from applying, such as Kellogg’s MSMS.
So, yes, the MiM programs are aimed at students who have recently graduated or have less than 1-2 years of experience and are looking to broaden their horizons and chances of securing work opportunities in the US post-graduation.
MIM IN USA SCOPE
The USA is home to several top-flight B-Schools offering Masters of Management degrees that are globally recognized and valued. The program aims to develop the business skills needed to compete in an ever-changing competitive job market. Moreover, beyond providing extensive career preparation, the MiM program includes high-impact leadership development components, for the candidates to be well-equipped to hit the ground running.
MiM programs also incorporate both theoretical and valuable practical knowledge to prepare graduates to work in the competitive world of business as business managers.
With that said, look at some other reasons why foreign internationals can choose to study a MiM in the USA.
- Firstly, candidates don’t need any prior job experience to succeed in the field (unlike the MBA) in the USA (with some exceptions like Stanford).
- Moreover, it projected that from 2018 – to 2028, management occupations in the US are going to rise by 7%, hence broadening the scope of opportunities for MiM graduates. An estimated 706,900 new positions in the management sector are expected to be generated by 2028.
- Also, as per a 2019 economic report, in the area of administration, about 12.5 % of positions are open to international/ foreign graduates. In addition, the median annual income for administration professions is about USD 105,660 and is one of the largest pay grades.
Graduates in MiM programs in the US go on to pursue management careers, in companies like Google, Amazon, BCG, Accenture, Ford, and General Mills, among others.
In conclusion, the requirements to apply for an MiM in the US are similar to the typical requirements for MiM programs in Europe. While the MiM programs have been around for much longer in Europe, US Programs such as those offered by Duke and Michigan Ross are gaining popularity as an entryway for young graduates wishing to pursue opportunities in entry level management positions.
In fact, surveys have been conducted whereby a major chunk of MiM graduates opine that they don’t feel the need to pursue an MBA post the MiM, even though an EMBA 8-10 years down the line is something that they may be interested in pursuing. MiM programs in the US also do not require any prior work experience and are substantially cheaper as compared to the typical MBA program.
Frequently Asked Questions
Is MiM recognized in USA?
Yes, the MiM degree, which has typically been popular across European schools, is rapidly gaining traction across the top US B-Schools as well. Hence, it is a well-recognized degree in the US. Some specific MiM programs that are STEM-enabled offer the benefit of staying in the OPT status for an additional period of 24 months for the candidates in such programs – this gives candidates more time to look for career opportunities on their areas of choice.
Is getting an MiM from USA worth it?
Definitely so. With the boom in the requirement for management graduates, the focus for the biggest companies across the world has shifted to hiring the top management talent at the beginner- mid-level roles as well. MiM graduates are a natural choice for such organizations, since they are well trained in business fundamentals and are able to benefit from the wide breadth of learning during their MiM programs.
Considering the short duration of these programs (most of the programs are approximately 10 months long), they end up costing lesser as compared to MBA programs and allow candidates to attend a top-notch B-School, develop their skills and networks, and grab opportunities at the leading organizations.
In the summer term, candidates get a series of workshops to introduce them to critical areas
- Financial Management,
- Marketing Management,
- Business Communication for Managers.