EducationSpecial
www.sptimes.ru | Wednesday, February 26, 2014
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MiM Offers an Alternative for the Ambitious By Lana Matafonov With the effects of globalization creating a volatile and ever-changing business environment, it’s no surprise that this in turn has affected business education, in terms of both the value and popularity of certain qualifications. While the Master of Business Administration, or MBA, still remains the most recognized management credential, the number of students applying for the program has fallen in recent years in favor of a more accessible and affordable option — the Masters in Management, or MiM, degree.
program are highly valued and are perceived as young professionals who possess a sufficient set of skills to start their career,” she said. According to Siegers, it’s this type of opportunity for overseas study and exposure to other business cultures that makes the program especially appealing for Russian graduates. “This was one of the reasons why the MiM was a success right from the start in Russia — this generation of students want to gain international experience. The CEMS MiM guarantees not only that, but is also a seal of quality and
‘Employers are increasingly looking for emotional intelligence and social leadership potential.’
Chances for studying overseas and exposure to other business cultures are part of the program’s appeal.
The recent surge in popularity for the MiM is especially evident in Europe. From the number of students who sat the Graduate Management Admissions Test, or GMAT, last year, 44 percent applied to MiM programs — an upswing of 23 percent from 2008. In Russia, growth last year was just as significant with 32 percent of GMAT applicants looking to complete a MiM — up from 17 percent in 2008. Roland Siegers, executive director of CEMS, a global alliance in management education that runs its own MiM programs around the world, is not surprised by the figures. He believes that the MiM is on track to replace the MBA as the management degree of choice. “Beyond excellent grades and proven intellectual capacities, which remain a must, employers are increasingly looking for emotional intelligence and social leadership potential,” he said, speaking to The St. Petersburg Times. “The MiM’s young graduates are increasingly being seen as an asset as they are not only university-trained generalists in management but are more willing to accept change and better deal with the evolving business market.” The major difference between the two programs is the entry requirements. The MiM is immediately available to
[proof of] company interaction,“ he said. However, he added that Russian students face additional barriers compared to their European colleagues. “The peculiarities of the Russian job market do make a difference in career prospects and choices,” he said. According to Siegers, visa restrictions make it hard for Russian graduates to get jobs, and even internships, in the EU. “On the opportunities side, management salaries and career prospects are currently so good in Russia that ‘domestic’ careers look very attractive,” said Siegers, before adding that most students typically secure jobs before they graduate, many with CEMS Corporate Partners. Having joined the CEMS network in 2008, GMOS will also get a chance to showcase both the best of its program as well as the city when it hosts the CEMS Annual Events, a yearly gathering which brings together the entire CEMS community, and sees the graduation of up to 1,000 CEMS students. “We believe that the November 2015 CEMS Annual Events at GSOM will be an excellent opportunity to showcase Russia’s increased prestige and reputation in management education,” said Siegers.
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A Masters in Management offers a fast track to business success for those unable or unwilling to pursue an MBA. Bachelor graduates with little or no work experience whereas the MBA can only be undertaken after at least five to six years of experience. There is also a substantial difference in cost. The MiM is similarly priced to a Bachelor’s program whereas an MBA can cost up to twice that amount. “MBA’s are relatively expensive and to pay your tuition debt you will need to aim for middle to higher management positions, which are by nature limited,” said Siegers. “MiMs are much cheaper in comparison. Additionally, they answer the immediate need to differentiate oneself from other job candidates and provide a quicker ‘return on investment’ to those families in emerging markets that have pooled their resources to support the education of one ‘family champion,’” he said.
Founded in 1988, CEMS run a 28school global partnership to deliver its MiM program, which includes the Graduate School of Management, or GSOM, at St. Petersburg State University. The university currently has 40 students graduating from its MiM program every year, each having had the opportunity to study abroad. “There are a number of additional components to the curriculum, such as the requirement to learn a second language, skills seminars, business projects and an international internship which all make the program very interesting and valuable,” said Anton Remnyov, a current GSOM MiM student. “I completed my summer internship at an IT company working in the area of safe and smart city solutions in Berlin, Germany,” said Remnyov. “As we were assigned tasks that required managerial
knowledge and skills, including teamwork, and analytical and communication skills that we’d all gained on CEMS MiM projects, the results of the internship were beneficial for both students and the company.” “The MiM is providing me with very similar skills and knowledge as an MBA program would. That is why, most probably, I will not need to complete an MBA program in the future,” he added. Anna Rogozina, another GSOM MiM student, also completed an overseas internship last summer. She was required to apply for positions in several companies which allowed her to experience firsthand the attitude employers have towards the MiM . “Overall, the reaction from employers to the MiM was positive. I had the impression that students and recent graduates of this
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Licenses of 69 Education Institutions Revoked T H E S T. P E T E R S B U R G T I M E S
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Sixty-nine educational institutions have had their licenses revoked, following an investigation by the Federal Inspection Service for Education and Science and the Prosecutor General’s Office. “In total, 69 licensed educational organizations have been struck off the register. Among them are: the Institute for Socio-Economic Development, the Stavropol Institute of Economics, the International Academy of Education, and numerous branches of the Modern University for the Humanities,” a statement posted on the inspection service’s website said. Since Sept. 1, six independent universities, 17 branches of state universities and 44 branches of private educational institutions have been excluded from the register. The announcement about revocations came a day after Prime Minister Dmitry Medvedev signed a
measure changing the way the inspection service will handle violations from educational organizations, like admitting students who have not taken the Unified State Exam. The decree allows the service to automatically terminate the licenses of organizations who are found in violation if the decision is supported by a court and the educational institution does not correct its problems, reported Rossiiskaya Gazeta. The state of Russian higher education has recently been criticized for poor placements in the latest worldwide university rankings. The Modern University for the Humanities, headquartered in Moscow, said that none of its branches have been closed by the inspection service. A statement said that the branches’ licenses were revoked automatically due to a lack of necessity, given the university’s use of distance educational technologies.