With the increased enthusiasm for more flexible part-time MBA programmes comes an increased demand for the Masters in Management, a one-year programme that limits the absence from the workforce and that has proven a successful, new offer for many business schools.
The Masters in Management or MiM is a version of an MBA for younger students. The “MiM-trend” has initially originated in the European market with a growing demand in Asia-Pacific, South America, Africa and even the US. Renowned business schools like Fuqua, Kellogg, Michigan Ross, MIT Sloan and Notre Dame – are among the approximately 50 US business schools that offer MiMs. The London Business School together with Kellogg and Duke in the US and IE in Spain have even set up the International Masters in Management Association, to help promote the degree as it is still not widely accepted by US recruiters and employers. The MiM degree aims to develop increasingly sophisticated students who can handle the world markets and can function in different countries. Language skills have therefore proven critical for the degree, as many recruiters nowadays look for graduates who speak at least three different languages.
For this reason some business schools offer double-degree programmes: Fudan University in China and London Business School have an arrangement where students spend one year in London and one year in Shanghai and MIT Sloan has a similar setup with several partner schools, such as ESCP Europe. Offering students more flexibility and a variety of degrees and programmes will be a decisive key factor for a school’s success. For many business schools the MiM has therefore proven a valuable addition to their offerings in an increasingly competitive market where some business schools had to stop their MBA programmes like Thunderbird for example, whilst others face job losses currently due to funding cuts.
One of these cases is the Copenhagen Business School which is affected by changes in the funding system in Denmark and is considering considerable job cuts. Other business schools in Europe face similar situations with several rushing into mergers to make ends meet.