Master of Science in Management

Master of Science in Management, abbreviated MSc, MIM or MSM, is a Master of Science academic degree that is common throughout Europe and increasingly also in North America and Asia. In terms of content, it is similar to the MBA degree as it contains general management courses. With some exceptions, however, the MSM targets recent graduates whereas the MBA generally targets professionals with at least two years of work experience.

According to the Financial Times ranking,[1] the University of St. Gallen in Switzerland, HEC Paris and ESSEC Business School in France offer the best Master in Management programmes in the world in 2014 and in 2015.

Subjects

Graduates holding an MSc in Management have commonly studied the following subjects:

In Canada, a highly specialized MSc in Management is also quite common (ex: MSc in Management in Finance and Accounting). These degrees are meant to provide students with a highly specialized set of skills for industry or for further academic study.

Comparison to MBA

As is the case with the more common MBA degree, as the number of school granting MSc in Management degrees has grown, so has the diversity of characteristics defining these programs. In most cases, the MSc in Management is an academic degree with no or some requirements for previous job experience, while the MBA is also a professional degree for persons with minimum 2–3 years job experience or 2nd class lower division honorers . However, there are also schools where the MSM degree is granted only to managers with extensive (typically 10 years or more) of work and managerial experience. Whereas MBA programs are open to people from all academic disciplines, about one third of the MSc in Management programs worldwide require a first degree in business or economics.[2]

Some claim the MSc degree is more theory-oriented, and some programs do focus on specific skill set development for managers, while the MBA degree can be more practice-oriented and financially focused. In some schools, the MSc in Management degree studies the academic discipline of Management, while the MBA degree studies the academic discipline of Business Administration. Thus, some MSc degree programs focus on research in a specialized area, while the MBA degree would place more emphasis on strategy. According to one school, "While the MBA program focuses on the practical application of management theory, the M.Sc. in Management will provide for an advanced-level conceptual foundation in a student’s chosen field, and allow for the pursuit of highly focused research through a master’s level thesis."[3]

This means that the MSc degree prepares students for entry into the academia and an MBA prepare them for managerial positions in the industry, in reality both degrees contain strong professional focus and are both very well suited for professionals wishing to improve positions in their respective industries. The MBA degree is based on established academic theory, and as such could be a stepping-stone for a career in the academia, i.e. a PH.D. Most MSc in Management programs contain very directed content geared towards development of a particular set of leadership skills for the mid-career professional looking to improve their credentials. A typical degree MSc in Management, Strategy and Leadership can be completed in less than 2 years in an online accelerated program."[4]

Persons admitted to the degree of MSc in Management are entitled to add the designation MSc or MSM after their names (e.g. Domeng Gomez MSc), while those holding an MBA can add the designation MBA (e.g. Domeng Gomez MBA). People reading curriculum vitae documents readily recognize the MBA designation, but the MSc designation may be assumed to be in a non-business area, e.g. in science or engineering, so holders of MSc in Management should make it clear that they have a business degree in the Education section of their CV.

While the MBA degree was started in the United States, the MSc in Management degree is of European origin. There seems to be a tendency that the demand for MBA is saturated whereas the demand for Masters in Management is increasing.[5]

Careers and further study

Holders of MSc in Management degrees are well-suited for managerial roles in any industry, but they face competition from MBA holders.

Holders of MSc in Management degrees can be accepted in PhD programmes, while those having an MBA would usually be better suited for a DBA (Doctorate in Business Administration).

Rankings

Financial Times MiM-Compass

See also

References

  1. ↑ http://rankings.ft.com/businessschoolrankings/masters-in-management-2014
  2. ↑ Thomas Graf. "Global MIM Survey 2012" (PDF). Master in Management Compass. Retrieved 2012-07-01.
  3. ↑ "Master of Science in Management | Brock University". Bus.brocku.ca. 2009-10-08. Retrieved 2012-09-16.
  4. ↑ "Master of Science in Management, Strategy and Leadership". MSUOnline.com. 2014-10-23. Retrieved 2014-10-23.
  5. ↑ McCormack, Steve (2010-11-25). "Special attention: The rising demand for Masters in management courses - Higher - Education". The Independent. Retrieved 2012-09-16.
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