Master’s in Management (MiM) programs have been increasing in popularity recently. But are they a better alternative to an MBA? Discover the best path forward for aspiring managers as we explore Miriam Dreyer’s transformative journey at ESMT Berlin’s Master in Global Management and dive into the differences between both programs.
So you aspire to become a manager one day.
That’s excellent news. The world needs more leaders, change-makers, and action-takers. People who are passionate to inspire, push great ideas forward, and use business for the betterment of society.
There are generally master’s programs to level up your management skill set: a Master’s in Business Administration (MBA) or a Master’s in Management (MiM). Both paths offer advanced management knowledge but have slightly different entry requirements, structure, and focus.
Some institutions, like ESMT Berlin, have transitioned from the MiM designation to the Master in Global Management (MGM) to better emphasize its global focus.
To provide a real-world perspective on these degrees, let’s delve into the story of Miriam Dreyer. After completing her bachelor’s in management, Miriam embarked on a rewarding learning journey at ESMT Berlin’s MGM program.
MBA programs are usually for professionals who have already progressed beyond entry-level jobs and have several years of work experience. Those joining MBA programs often want to switch industries, accelerate their careers, or climb the ladder.
Master’s in Management programs, on the other hand, are ideal for fresh graduates moving directly from a bachelor’s degree.
As mentioned above, MBA programs usually require students to have two to five years of work experience. Whereas the barrier to entry for MiMs is much lower, not only because there is typically no work experience required but also when it comes to your pocket.
MBA programs are generally more expensive than MiM programs, partly due to the recognition and authority linked to them.
MiM graduates usually start in roles slightly above entry-level. They have advanced academic insights but need hands-on experience. With their added experience, MBA graduates often secure senior managerial or executive positions.
Both programs can get you into similar fields and industries, such as finance, accounting, consulting, or marketing.
Both programs have all the foundational courses you would expect from a business degree. They cover finance, marketing, and leadership, among other general business disciplines.
However, MBA programs are more practical and hands-on, teaching through real-life business cases, while MiMs are more theoretical.
But not all MiMs are made equal. If there’s something that ESMT Berlin’s MGM stands out for, it’s the strong practical focus.
“You are not only learning theory, but you really learn how to apply it in the practical environment. For instance, we have to do an internship, so we can really learn how to apply the skill set we’ve learned in the real world and gain valuable insights,” Miriam explains. (04:15)
Renowned for its excellence in management education, ESMT Berlin was recently ranked as the #1 school in Germany and 10th in the world by the Financial Times Masters in Management ranking.
But why is it so highly rated? Let’s look at some of its Master in Global Management’s stand-out features.
It successfully balances academic insights and theory with highly practical experiences. For example, all students complete a Social Impact Project with real organizations. While select students can join the Portfolio Management Program and manage a real portfolio of one million euros.
Miriam did her Social Impact Project with a Puerto Rico-based non-profit organization. “This is a very great part of their curriculum, and I believe it sets ESMT apart from other schools,” she tells us. (07:33)
“We work for a couple of months as pro bono consultants for an NGO of our choice,” she explains. “Towards the end, we even get a couple of weeks to actually travel there and work there on site.” (07:46)
Additionally, throughout the program, ESMT Berlin also offers soft skill workshops, such as building high-performance teams, SCRUM methodology, and storytelling.
“If you want to become a manager, it’s very essential to have these hard skills from different kinds of subject areas, such as finance, marketing, or operations. But you also have to have soft skills. So the program teaches you the necessary leadership skills, and also how to interact with people in general,” Miriam explains. (01:20)
Due to its intensive nature, the Master in Global Management is a learning journey that requires hard work and dedication from its students. However, the value that it provides in return is truly unparalleled.
“Be open to challenge yourself, because it’s also a very demanding program, but you won’t regret it in the end,” Miriam says. (11:42)
Overall, the program offers a powerful combination of internationality, soft skills, and valuable hands-on experience that gives students an insider’s perspective.
Although MBAs have always seemed like the obvious choice for those aspiring to become business executives, Master’s in Management programs have grown in popularity in recent years.
Their softer entry requirements and lower cost make MiMs attractive for those who want to gain knowledge quickly. Moreover, the Master in Global Management is emerging as a compelling alternative to the traditional MiM, offering a global perspective on management practices. Therefore, if you’ve just finished your bachelor’s degree and want to further your education, consider a MiM or an MGM.
Reflect on your journey and select the program that aligns best with your ambitions.
If Miriam’s journey resonates with you, reach out to her and other ESMT Berlin student ambassadors.
