I'm thinking of doing a master's in management. Is it worth paying a lot to go to one of the top 3 schools or pay very little and go to a top 10?
Asked by Mamta Rao about 1 year ago
It's really a matter of choice. You can pay a lot for one of the top 3 or pay less for top 10 schools for a masters in management.. It depends where your priorities are. Like what things do you consider more important. For example, if my major concern was budget, I would go for the top 10. At the same time, if I'm leaning toward a bigger degree, I’ll try to gather finance for the top 3.
I know that answers like; it depends, you should think and decide, consider your options, doesn’t really help. So I’ll give you a general answer here. Overall, it's better to pay a higher amount to aim for 3 schools for a masters in management program. The reason being; you can later pay off the debts after graduation. But if you go for a cheaper way, you will never get your time back.
Plus, programs like MIM are mostly relevant to recognition. Getting a degree from a top b school will present its value. Do you know that an average MIM degree holder in the USA earns around $70,000 (around 53 lakhs). If you get some experience, you can expect something around 65 lakhs for an annual mid-career salary. In Europe these numbers are even higher by like 5-10 lakh difference (numbers by Payscale).
See if it was an academic program, I wouldn't have said the same thing. Master in Management (MIM) is a business program. The name of the school matters equally as education in this situation. When you present your MIM or an MBA degree to your employer, they will immediately see the school name. For example even getting a Harvard degree from the most average program there is a thing. Because b schools are symbols of acknowledgement.
Basically, with a bigger school, you will get a bigger network as well. I believe you know how much network means for a career in business and management. It basically controls your career development. As a general point of view, I would always suggest going for a bigger b school for a MIM degree. The only logical reason I can see not to do so is incapability to arrange finance.
Having said so much, like it or not it does come down to your preference. Because even if you go to the top 3 schools, it's you that has to manage the finances. The scholarships and bank loan can help you but the ultimate decision will be yours to make. These decisions have to be made early. Do not hesitate to ask anything from this side. Just leave a comment. It will be too bad if you miss your chance because of this.
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