INSEAD today announces the launch of it’s new Master in Management programme (MiM). Like the INSEAD MBA, it follows an intense one year format, but unlike the MBA, it targets candidates coming out of undergraduate programs, before they enter the job market. This rounds out INSEAD’s portfolio of programs, which to date has only addressed candidates with demonstrated professional accomplishments, whether it be young professionals 3 to 8 years into their career considering the full-time MBA, or executives 10 years or more into their careers looking at the EMBA and a range of executive courses to accompany their senior leadership roles.
Pre-experience masters programs have been a rising trend at business schools, and among top European schools INSEAD is quite late to the game. With students eager to gain a business education at the beginning of their career, there has been a rapid increase in demand for masters programs. As my colleague Matt Symonds noted in his Forbes article on the Rise and Rise of the Masters in Management, European business schools responded to this demand and quickly grew to dominate the MiM market. For example the CEMS programme, offered by a consortium of institutions including HEC, ESADE, LSE and Bocconi, mints over 1,000 new graduates each year. Such programs are still quite limited in the US, however it is a growing market: Duke, Ross and Kellogg now all offer MiM programs, and 2+2 programs at top business schools such as HBS, Stanford GSB, Wharton and MIT Sloan, amongst others, are another mechanism for attracting the “young and bright” candidate pool.
INSEAD initially assessed the MiM market when I was Director of Admissions at the school; at that time, we decided not to pursue this opportunity as price points were very low versus full time MBA programs, and the market was still nascent. Now that the market has developed and there are increasing volumes of young people looking to prepare themselves effectively to enter the increasingly competitive global job market, the school is confident that they can attract a cohort of young people from around the world who are a good match for the quality of the wider INSEAD community. However it is notable that the MiM is considerably cheaper than the school’s MBA – MiM fees will be 47,500 euros for the class starting in 2020; MBA fees currently stand at 85,500 euros, for a programme of the same duration. The school is looking to avoid cannibalisation of the MBA by targeting MiM at candidates with no or very limited work experience (up to 2 years including internships), while the MBA remains firmly focused on attracting candidates with a very minimum of 2 years full time work experience (post undergrad), and ideally 3-5 years.
The school is also no doubt mindful of the fact that this new program will give it a further boost in the FT ranking of European Business Schools, which is a composite ranking that includes the MiM ranking. Currently ranked 3, INSEAD could quickly leapfrog LBS and HEC Paris to claim the top spot. They will have to be patient however, as it will be 5 years before this data can be taken into account (the ranking includes an evaluation of salaries 3 years after graduation).
If you would like to discuss your suitability for a Masters in Management program, the Fortuna team of former Admissions Directors and senior admissions staff from INSEAD, LBS, IE and other top schools will be happy to help, and guide you through the application process. Explore our MiM services here, and you can sign up for a free consultation here.