Masters in Management (MIM) in USA: Top Universities, Rankings, Fees, Eligibility & More

The Master’s in Management (MiM) in the USA, is a popular graduate degree option for recent graduates and early-career professionals. Unlike MBA programs, most MiM Programs in USA do not require prior work experience. This makes them an ideal choice for those looking to jumpstart their careers. An MS in MiM is also more affordable than an MBA, which makes many students prefer it. 

Hundreds of American universities of the MS in Management program via their business schools. Among the more popular ones are New York University (Stern), MIT (Sloan), and the University of Michigan (Ross). The curriculum of MiM programs varies across universities. However, students can expect a foundation in core business subjects like finance, marketing, and operations in all programs. Moreover, there is the option to shape your education the way you want by choosing elective subjects in leadership, strategy, and data analysis. You will also get the opportunity to work in internships and real-world corporate projects.

The career prospects for MiM graduates in the USA are bright. A 7% (per annum) growth in management jobs is projected to continue up to 2028. The median salary for management positions is around $105,660 annually. Also, many MiM Programs in USA have a STEM designation. 

Top universities for Master’s in Management in the USA

The USA is home to over 4,000 universities. Hundreds of these have business schools that offer Master’s in Management (MiM) programs. Among them, some stand out in the QS Global Rankings for their exceptional MiM programs. Here are the top universities for MiM in the USA, as per their QS Global ranking. 

Course Curriculum for Master’s in Management in the USA

Let’s take a look at the Stephen M. Ross School of Business at the University of Michigan, which is a top-ranked institution for Master’s in Management programs.

Michigan Ross offers core courses like “Evaluating Financial Performance,” “Positive Leadership and Organizing,” and “Applied Business Statistics and Analytics.” There is a wide range of elective subjects too. The consulting studio offers a practical, hands-on learning experience. 

However, each university has a unique curriculum for its MiM program. So, what can you generally expect from a Master’s in Management curriculum in the USA? Most programs feature a combination of:

• Core Business Courses: These cover the fundamentals like accounting, finance, marketing, organizational behavior, and economics.
• Management-Specific Courses: These focus on leadership, decision-making, communication, and team management.
• Electives: These let students study subjects they’re more inclined towards. 
• Practical Experience: These blend a real-world flavor to the academic experience. 

Here is a table that lists out some of the common core, management-specific, and elective courses

Eligibility for studying masters in management in USA

To study for a Master’s in Management (MiM) in the USA, you will need to understand the eligibility criteria of your preferred universiites. Let’s start with an example from Boston University’s Questrom School of Business. Their criteria are fairly liberal:

1. You should be a current undergraduate senior or a recent graduate (within the past two years) of a non-business bachelor’s program.
2. You need a good academic performance.
3. You need to submit video essays to demonstrate your skills and to make a case for your admission request. 

Now, let’s look at the general pattern of eligibility requirements for MiM across USA universities:

1. Educational Background: You’ll need a bachelor’s degree from an accredited university. Most programs look for a minimum GPA of 3.0 on a 4.0 scale.
2. Standardized Tests: Many universities require GRE or GMAT scores. A GMAT score of 500 is acceptable, though top schools prefer scores between 600-800.
3. English Proficiency: You’ll need to prove your English skills. This means scoring at least 6.5 on IELTS or 79-90 on TOEFL.
4. Work Experience: Most MiM programs don’t require prior work experience. This makes them ideal for fresh graduates.
5. Additional Documents: You’ll need to submit a Statement of Purpose, letters of recommendation (usually 2-5), and a resume.
6. Visa: International students will need to obtain an F1 student visa.

Note: These requirements can vary between universities. That’s why it’s crucial to check the specific MiM in USA requirements for each program you’re interested in.

GMAT/GRE requirements for studying masters in management in USA

To understand this, let’s revisit the Questrom School of Business at Boston University. 

It is not necessary to submit GMAT or GRE scores. However, students can still submit their scores to highlight their academic prowess. 

Of course, each university in the USA has different requirements for GMAT/GRE scores for their MiM programs. Some universities demand a minimum score. Others make the submission of these scores optional. Some do not require them at all. For instance, Duke University’s Fuqua School of Business requires GMAT scores for its management programs. On the other hand, Abilene Christian University and Adelphi University offer more flexibility. 

So,t is possible to pursue a Master’s in Management in the USA without GMAT scores. Some programs, like the Online Master of Science in Management Studies, exempt applicants from submitting GMAT/GRE scores altogether.

For specializations in fields like Accounting, Supply Chain Management, and Management Studies, GMAT/GRE submission is not mandatory.

Scholarships to study Master’s in management in the USA

Again, universities differ widely in terms of whether they offer any specific scholarships to students, and what procedure they expect the students to follow. Let’s consider another popular business school’s example. The Fuqua School of Business at Duke University offers merit scholarships to admitted students. You are automatically considered for a scholarship when you apply for admission.

Stanford University offers fully-funded scholarships for international students pursuing Master’s degrees. This scholarship covers tuition, travel, living expenses, and academic costs. 

Yale University also provides scholarships ranging from a few hundred dollars to over $70,000 per year.

Other university-specific scholarships include:

1. University of New Haven Scholarship: Covers 75% of tuition and provides an hourly wage.
2. University of Minnesota Fellowship: Offers full tuition coverage, living expenses, and health insurance.

However, not all universities offer scholarships, and the availability can vary widely.

Beyond university-sponsored scholarships,, there are general scholarships available, such as:

1. Fulbright Scholarships
2. Chevening Scholarships
3. Rotary Foundation Global Grants
4. AAUW International Fellowships
5. PEO International Peace Scholarship

Note: Scholarships are a great way to reduce financial stress. Another effective method is to secure a loan with the lowest possible interest rate. That’s where FundRight comes in. Here’s how it works:

1. Register and complete your profile.
2. Receive loan offers from 15 top banks and NBFCs in India and abroad.
3. Compare and negotiate with lenders for additional benefits, and get help from a financial expert.
4. Securely upload your documents and stay updated on your application status.
5. Get your loan approved in as few as 10 days.

Career Scope of Master’s in Management in USA

The career scope of a Master’s in Management (MiM) in the USA is impressive and diverse. Take the Stephen M. Ross School of Business at the University of Michigan as an example. Within six months of graduation, 90% of their graduates received job offers. Additionally, 56 companies hired MiM graduates from the Class of 2023, with a mean base salary of $70,000.

This success story isn’t unique. MiM graduates across the USA find themselves in a strong position to launch their careers. Here’s what you can expect:

1. Your MiM degree opens doors to various industries. You could find yourself working in finance, perhaps in investment banking or private equity. 
2. Many graduates also enter the consulting world and join prestigious firms like McKinsey or Bain. Companies like Google, Apple, and Amazon often hire MiM graduates for roles in product management or business development.
3. MiM programs equip you with a versatile skill set. You’ll develop business acumen, leadership skills, and strategic thinking abilities.
4. If you’re a recent graduate or early-career professional, an MiM can help you stand out in the job market.
5. While the Master’s in Management salary USA can vary depending on factors like location and industry, graduates from top programs often command competitive salaries.
6. Many MiM programs provide valuable networking opportunities that can boost your career prospects.

Top recruiters in USA for Master’s in Management

When it comes to top recruiters for MiM in the USA, several major companies across various industries actively seek graduates. These include:

• McKinseu
• Bain
• Boston Consulting Group (BCG)
• Google
• Apple
• Facebook
• Amazon
• Goldman Sachs
• L’Oreal
• KPMG
• Walmart
• Merck & Co.

Job prospects and salaries offered after studying Master’s in Management in USA

The job outlook for MiM in USA graduates is promising. According to the U.S. Bureau of Labor Statistics (BLS), management jobs are expected to grow by 5% from 2022 to 2032. This implies around 1.1 million openings each year. This growth rate is faster than the average for all occupations combined, which clearly indicates a strong demand for management professionals.

Average Salaries

Graduates holding a Master’s in Management (MiM) degree can expect competitive salaries. According to PayScale.com, the average salary for MiM graduates is approximately $75,000 per year. Here are some examples:

• Consulting: $150,000 average
• Finance/Accounting: $140,000 average
• Technology: $135,000 average
• Healthcare/Pharmaceuticals: $130,000 average

Common Roles

MiM graduates can pursue a variety of roles, including:

• Project Manager
• Management Analyst and Consultant
• Operations Manager
• Human Resources Manager
• Sports Manager
• Entertainment Manager
• Industrial Production Manager

Industries

Possible areas where MiM graduates can find opportunities include:

• Consulting
• Entrepreneurship
• Finance
• General Management
• Healthcare
• Marketing & Sales
• Media/Entertainment
• Operations
• Social Impact & Sustainability
• Technology

Factors Influencing Salary

Several factors can influence the salary of MiM graduates. For instance:

• Graduates from top-ranked universities often command higher salaries.
• Previous work experience can significantly impact salary offers.
• Salaries can vary widely between industries and companies.
• Salaries are generally higher in major cities.
• Specific skills and qualifications can also affect earning potential.

FAQs

1. What are the advantages of MiM over MBA?

The Master’s in Management (MiM) program is ideal for recent graduates or early-career professionals with little to no work experience. On the other hand, MBA is geared towards individuals with professional experience. This makes MiM programs a great option for those looking to enter the business world sooner and at a lower cost compared to MBA programs.

1. What additional certifications or skills can enhance the employability of MiM graduates?

MiM graduates can enhance their employability by obtaining certifications such as:

• project management (PMP)
• data analytics (Google Data Analytics Certificate)
• digital marketing (Google Analytics Certification)
• financial analysis (CFA Level 1)

Students can also invest efforts in developing skills in data analysis, coding (Python or R), advanced Excel, and business intelligence tools (like Tableau or Power BI).

1. What are the opportunities for industry experience during the course?

Many MiM programs integrate internships, consulting projects, and business practicums. Some programs also offer industry immersion programs or capstone projects where students can apply their learning in a practical setting.

1. Are MiM courses STEM designated?

Some MiM programs in the USA are STEM-designated. The designation depends on the curriculum focus of the program. Check with each university to confirm if their MiM program qualifies as STEM.

1. Can I get the opportunity to work on campus and earn part-time income?

Yes, many universities in the USA offer on-campus job opportunities, such as roles in the library, student centers, or administrative offices. These positions help students earn part-time income while studying.