MIM stands for Masters in Management. Typically, MIM lasts for two years, depending on the country and the institution that confers the degree.
In this in-depth analysis, we cover:
Fulbright Scholarships are offered by almost 165 nations worldwide and accepted by ten schools from the top US MBA programs.
The scholarship is awarded on the academic strength of the students.
Before writing your essays, have a look at your life with an unbiased perspective.
F1GMAT: what advice would you give an MBA candidate who is much older than the average class? Which age group has the least probability of getting into a premier Business School?
Find out the answer given by Stacy Blackman
MBA recommendation letter tips to keep in mind.
EMBA programs are targeted for experienced managers or for professionals in senior leadership position while Part-time MBA program is targeted for professionals, who want to continue working while completing their MBA program. Apart from that, there are a few distinct differences between the two programs.
Average Age: of the EMBA program is much higher than that of part-time MBA. For example, the average age of Wharton EMBA class of 2013 is 34 compared to 30 years for Michigan Ross part-time Evening MBA program (class entering Jan 2012). The age of most EMBA class ranges between 34-38 while that of part-time program are between 29 and 33.
Cost of MBA: The cost of an EMBA program is much higher than part-time MBA programs. For example, the tuition fee of Wharton EMBA program (class entering May 2012) ranges between $171,360 and $175,678 while that of Michigan Ross part-time MBA program ranges between $95,000 and $105,00. That is a sizable difference. Majority of the tuition fee are often sponsored by companies (provided the participants work with them for 3-5 years after the program). Why the cost difference? EMBA fees typically include lodging and meal charges. Part-time MBA fee does not cover that.
According to the annual international surveys released on May 10th by Graduate Management Admission Council (GMAC), job opportunities for MBA graduates have improved in 2011. This increase in post-MBA job employment is expected to continue for this year. The survey shows that more Business School graduates were able to find jobs before finishing their studies this year, compared to 2010.
Post-MBA Job Opportunities
This trend is attributed to the increased optimism shown by companies with regards to their growth plan. More and more companies are focusing on growing their Business and bringing on new employees after three years of poor economic conditions. The GMAC Survey showed that more than 54 percent of MBA graduates, responding to the survey, has at least one job in their hands. This was 22 percent up compared to previous year's trends.
Increase in Salary
Graduates from two-year Full-time MBA Program reported a 73 percent increase in their salary compared to their Pre-MBA remuneration. This is 9 Percent increase when compared to previous year's Average Salary increase. New hires in the US is expected to earn an average base salary of $91,433 up from $89,141 last year and $86,299 in 2009.
Employer Confidence
Compared to 42.1% of Ph.D.’s, 37.3% of those with less than a high school education become entrepreneurs. MBA Programs are not among the largest producers of entrepreneurs. So what this means for you if you are targeting entrepreneurship after Business School?
Location is a factor: A university may have top-notch facilities and highly renowned academic staff and still be the wrong choice for you. Research shows that location is a prime factor when it comes down to picking a business school. Make sure that you are comfortable with the geographic area in which the university is located. For example, if you are bound by family or otherwise you may opt for a school that is closer to home. If, on the other hand, you are looking for an international and diverse milieu as well as new cultural experiences, an overseas MBA may be a good option.
The industry you want to work for may also determine your choice of university location. If finance and investments are your prime interests, then you’ll be advised to choose a university in one of the cities where the markets are based – New York, London, Frankfurt, Paris and Tokyo. It is important that you pick the geographic area that best fits your needs as you are likely to spend longer than two years there – a large number of MBA graduates decide to stay and pursue their career within the area of their alma mater.
Your reasons for pursuing an MBA may differ – a change of professional venue, gaining an advantage in a rather tough market, a bigger salary or a better job placement. Yet, before you get down to filling out those applications, there is one important question that you should ask yourself. What qualifications do you want to acquire? Making a realistic and a clear-sighted assessment of the professional skills that you want to develop or improve will help you gain a clearer vision of your future career track.
Boosting your Career with an MBA: The MBA is a gateway even during a gritty recession when the bursting of the mortgage bubble and the bank collapse in the US, for example, tipped the scale of the work/life balance. In the business world, obtaining an MBA degree still gives you a chance to move to a higher job position as you acquire a different level of management skills.
Prospective MBA students have indeed been knocking on the doors of international business schools, continuing a trend that started in 2008. The pay-off has been quite tangible.“Recent MBA participants have gone on to work for over 300 companies in more than 60 countries,” says Jake Cohen, Dean of the MBA programme at INSEAD, while 10% of the students at IE Business School (ranked 3rd in Europe and 8th worldwide by the Financial Times) start a new venture after graduation.
“I personally decided to go to IE Business School because it was always a dream of mine to found my own company, and as IE has a very strong focus on entrepreneurship, it was the ideal choice for me,” says 2007 MBA graduate Bernard Niener.
"According to a Graduate Management Admission Council (GMAC) study, enhanced skills is a top reason applicants pursue the business degree"
Many students are opting to pursue their MBA abroad, sometimes traveling halfway around the world. Though programs outside of the United States may not prove the best option for each and every student, there are many reasons to consider this opportunity.
Going abroad for your MBA education does not require a sacrifice in quality. There are many top-ranked and highly selective business schools outside the United States. Learn more about top Business Schools outside US.
F1GMAT: How do you go about finding the right MBA Program?
Lee Milligan(Copenhagen Business School) : The answer can be found in one word “research”. You will be investing a huge amount in an MBA program; financially, time-wise and career-wise. It is therefore vital for you to do as much personal research as possible to make the right choice for you. In the MBA industry this is often know as the correct “fit”.
Kavita Singh: Thanks for the question! Recently more top universities have started to offer a Masters in Management program, and so this question is now becoming a more popular question amongst potential applicants.
As most of you know, if you are looking to get an MBA abroad from a leading institution then you need, on average, about 4-5 years of work experience. Of course, you can still go ahead and apply if you have 2-3 years of work experience – and if you are a strong applicant you will be successful. Some Business Schools, such as Harvard, are also encouraging younger applicants. However, few MBA programs accept applicants with no work experience
Read the Complete Answer
Networking more Important than Academics
The most frequent reason that potential MBA applicants cite for wanting to pursue an MBA is gaining an academic grounding in business skills. They are invariably surprised when I tell them that if that’s the only reason they are going to Business School then they are wasting their money. When I then go on to tell them that I don’t really believe in campus placements, they start looking at me like I have suddenly grown two heads ....... until I explain why.
Entrepreneurs use MBA to: Network, Refine Business Plan and for Seed Funding
I have seen several people start companies while at Business School or immediately after they graduated. They use their time at school to develop and refine their plan through discussions with classmates, professors and by the feedback they gain through entering Business Plan competitions. Not only do they get feedback from such competitions but often also the opportunity to network with potential investors and the money they won from these competitions often serve as seed money for them to develop their idea further.
According to “Cultural
Appropriateness of American Based MBA Leadership Topics, Service
Learning and Instruction Style in a Kuwait University Program” by Terry
Rodriguez from American University of the Middle East in Kuwait, there
are significant differences between students from the Arab World and
from the US
On average, about 4-5 years of work experience. Of course, you can still go ahead and apply if you have 2-3 years of work experience - and if you are a strong applicant you will be successful. Some Business Schools, such as Harvard, are also encouraging younger applicants. However, few MBA programs accept applicants with no work experience. There a few programs though that are designed for applications with no work experience and also a few university that are open to accepting a limited number of applicants with no full-time work experience. So what are your options?
Your MBA candidacy does
not boil down to concrete career achievement, GMAT scores, and academic
pedigree. MBA programs across the U.S. and the world are looking to
build student bodies that are diverse in the broadest sense of the word.
So, before you have your candidacy assessed and regression analyses run
on your chances of admission, take a more humanistic, critical self-appraisal of your application.
Take greater risks in articulating
your values and exploring the forces that really drive you.
Strive to be more authentic.