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While demand for many business degrees around the world is in decline, interest in the masters in management (MiM) remains strong.
Long-standing European business school providers, observing lasting appetite, are investing in new facilities; other institutions are also entering the field. Recent arrivals, such as Insead, in France, have already established successful MiMs. And Chicago Booth School of Business is one of the latest high-profile US institutions to launch the degree.
While graduates of masters in finance and other specialist qualifications, such as data analytics, are paid more on average, salaries and career progression among those with MiMs from the leading schools remain good.
The MiM is relatively short — typically one year — and comparatively cheap. It offers growing flexibility, with some schools now making it “stackable” — providing credits towards other degrees such as an MBA and shortening the additional study time required.
One striking theme reflected in several articles in this magazine — which carries the 20th annual MiM ranking by the FT — is the value of the soft skills the degree can provide. Current and past students describe insights into empathy, cultural intelligence, communication, leadership and team working. They discuss support for mental health and help fostering self-confidence — a particular concern for many Generation Z students. And they offer advice on the importance of prioritising particular activities and options among the many choices on offer.
Not all is perfect with the MiM: there remain significant gender imbalances in classes and faculty, and in careers and pay for graduates; and alumni assessments of the different specialisms taught vary widely.
Alongside more traditional courses, such as finance, we describe how a number of schools are embracing topics such as geopolitics, human rights and complex “wicked problems” that the leaders of the future face.
The new head of London Business School stresses the importance of such issues, highlighting the pressures of climate change, social media extremism, authoritarianism and conflict. But he also offers grounds for optimism: poverty is falling, democracy is far from defeated, and business innovation can help tackle many problems.
Despite rising nationalism, a shift away from globalisation and a clampdown in some countries on immigration and even student visas, those we interview on MiM courses highlight the importance of diversity. They stress the value in the classroom of gender balance, and varied nationalities and professional backgrounds to enrich insights, shared experiences and networks.
Many students are drawn to MiM specialisms and careers with societal impact rather than simply pursuing money-making careers — a trend of “humanistic management” that we explore, focusing on the interest in both secular schools and many with religious traditions.
And, while a growing number of students express interest in — and sometimes experience of — entrepreneurship, a number of past participants also highlight the reality check that a MiM can provide to over-optimism around start-ups.
We offer our latest teaching case study, giving a taste of discussions in the classroom, with an exploration of the challenges for the executives of the South African electricity utility Eskom. The group’s new leadership needs to tackle long-standing power cuts caused by a legacy of corruption, under-investment and poor management, and balance competitive and regulatory pressures with calls for more climate-sensitive power generation and affordability.
Our latest annual ranking, itself, places a spotlight on 100 leading MiM providers. All offer good quality courses, and a smaller number — 16 this year — are in the top tier, drawn primarily from across Europe but also from China.
Prospective students, as well as faculty, recruiters and alumni, may use the ranking as a tool to find schools that match their interests, and to benchmark and track evolutions over time and in comparison with others. The methodology is clearly disclosed, and has evolved over time to include factors such as a focus on environmental issues and the value of alumni networks.
As with any ranking, the aggregate position only captures some details. It is not comprehensive, since participation is voluntary, and we only include the top 100 accredited schools. We encourage readers to download the data online, and explore different factors in the ranking relevant to each user: duration, location, diversity, class size, commitment to the environment, and more (rankings.ft.com). Furthermore, many aspects of MiM programmes defy easy quantification. That is why we also publish deeper reported profiles and trends here and in our wider business education coverage.
Readers should supplement the rankings with other sources of information, by discussing with schools themselves and talking to current or past students directly.
As always, we welcome your feedback and suggestions on themes to cover in the future and data points to capture in our rankings and broader reporting on the topic.
Andrew Jack is the FT’s global education editor