DANOS SAYS A MIM WILL NOT CANNIBALIZE A TWO-YEAR MBA PROGRAM
Would a one-year Masters in Management program siphon off a chunk of candidates who would otherwise go to a full-time MBA program? Danos doesn’t think so. “I see no cannibalization for the top programs,” he says. “Let’s say half of the graduate students that go into business take it right out of college. There still will be a ton of people who will not make that decision right away, including people with degrees in engineering and the sciences. We don’t make the market. We would just be taking a few hundred out of it. I don’t think it will affect the full-time MBA market very much. I still think they will have the appetite to come back and take the full two-year MBA.”
What’s in a typical MIM curriculum? At Kellogg, students are taken through nine required courses in lockstep as a cohort. Then, students choose three of four courses to finish up the degree in a ten-month run between mid-July and mid-May the following year. The required curriculum is fairly basic business essentials, from Accounting for Decision Making and Business Analytics to Leadership in Organizations and Business Strategy.
MIM DEGREES AT TOP SCHOOLS DON’T COME CHEAP
The school also puts significant emphasis on career development, assigning students career coaches to help them define a career path and connect with potential employers. The initial program is open only to Northwestern undergraduates and recent alumni, but is expected to be expanded to allow others to participate as the school gains experience with the program. The program also qualifies graduates for Kellogg’s one-year MBA program which is available to those who already have an undergraduate degree in business.
Duke’s latest class of Master of Management students numbers 110 with an average age of 23. Compared to regular MBA programs, a higher percentage of the class tends to be female, at 43%. The class has an average GMAT of 660 and an average undergraduate grade point average of 3.4. Duke actually has two Master of Management programs: one that is entirely domestic and another with the final two terms and graduation at Duke Kunshan University in China. At the front end of the program, all the students are blended together in a single cohort and spend the first three terms on the university’s main campus in Durham, N.C.
Ross has priced its ten-month Master of Management program at $46,000 for non-residents and $41,000 for residents. Ross is telling applicants that their GMAT score should range between 650 and 720 to get into the program. Though there is no minimum GPA, Michigan says that it expects most admitted students to have GPAs of 3.2 or above.
The actual costs of the programs can run quite high at prestige schools. Notre Dame’s Mendoza School charges tuition of $42,600, but tells students to budget another $12,335 for room and board and $2,400 for books and supplies. Once you tote up all the extra fees, the cost of its Master of Science in Business comes to $67,650.
Over the past five years, the biggest percentage increases in specialized master’s programs have occurred in Europe. AACSB says enrollment has grown 49%–roughly by 13,079 students–while the number of candidates studying for an MBA degree has also grown in Europe by 7%, or 2,646 students. In Asia, where MBA enrollment is up 19% in the past five years, students in specialized master’s programs have risen by 21%, or 1,460 students.
A Sample of U.S. Schools Now Taking Applicants For MIM Programs
|School||MIM Programs||Tuition||Start Date||End Date|
|Northwestern (Kellogg)||Russell Fellows Program||$45,000||July||May|
|Duke (Fuqua)||Master of Management Foundations of Business||$47,200||July||May|
|Michigan (Ross)||Master of Management||$46,000||July||April|
|Notre Dame (Mendoza)||MS in Business||$42.600||NA||NA|
|Babson College (Olin)||MS in Management||$46,500||September||June|
|Arizona State (Carey)||Masters In Management||$38,310||NA||NA|