Many International MS aspirants may not be knowing about MEM master’s degree program, so lets us know first what is MEM?
What is a MEM?
Master of Engineering Management (MEM) is a professional master’s degree program that link the gap between the field of technology or engineering and the field of business management.
Engineering Management is a multidisciplinary field that involves the application of business process, management expertise, products or engineering process etc.
It may also called with different names like MSEM (Master of Science in Engineering Management), SDM (System Design & Management) or Master’s in Technology Management.
After analysis or survey, it was found that many engineering background candidates are applying in Management or Business Development Master’s program i.e MBA. If your getting confused in choosing right course between MEM and MBA then read on. We have provided insights into what each of these programs has to offer so that you would be better equipped to decide which one would suit your long-term career goals.
MEM or MBA
There are few major aspects considered on comparing with MEM or MBA, lets us see what they are:
1. Educational Background
The MEM degree is mainly for those with their graduation in Science, Technology, Engineering and Math background degree. It offers as a good post-graduate degree choice for engineers or those wishing to take their career higher in the technology area. The MEM course also offers management and entrepreneur or leadership skills with a focus on technical disciplines.
On the other hand, MBA is a good option for graduates from any background, though we’d see an overload of engineering background graduates crashing the party here as well.
2. Work Experience
If your applying to do post-graduation without any work experience, there are several MEM programs including the few German universities do not require candidates to have any work experience. There are others universities that do have a minimum work experience criteria.
On the other hand, for applying to MBA degree program, you would need to demonstrate good work experience of at least 2-3 years in order to get into a good universities.
3. Course Content
The MEM degree is an engineering degree offered in close collaboration with the associated management or business school. The curriculum is designed to provide students the right blend of advanced engineering courses with core management and business courses. These include among others operations and supply chain management, product design and development, technology strategy, product marketing, entrepreneurship along with finance and management related topics.
The MBA program provides a wide variety of topics and does not particularly concentrate on technology or any particular area. The curriculum include finance, accounting, operations management, marketing, organisational behaviour, economics, corporate finance, strategy and leadership. You can opt for electives of your choice to specialise and explore a particular subject of your interest.
4. Duration and Cost
Most of the MEM programs can be completed within a period of 12-15 months i.e one to one and half year. The cost of this course depends upon the universities, there are several universities charges minimal tuition fee and few universities have no tuition fee
However, MBA program can be completed in within a period of two years and cost of this course is again depends on the universities.
5. Career Scope
The MEM’s is a multidisciplinary curriculum aims at providing a technology focus related with the management perspective. This helps you develop skills that will facilitate a well-integrated approach so that you can use your acquired business skills along with your engineering background to lead projects and take the right decisions mainly in the technology area.
You need to choose and explore where your long-term interest and comfort zone lies. If the technical area is where you see yourself, then this course is for you.
You can choose to work in a wide variety of industries and functions including technology, energy, healthcare/pharma, financial services, consumer goods, database engineering, manufacturing and design, quality assurance, research and development, systems engineering, staff systems, project management and in a variety of roles including that of an analyst (systems analyst, data analyst, business analyst), associate positions (rotational leadership associate, risk management associate) or you may start your own venture.
On the other hand, MBA gives you a wide variety of areas including technology, finance, marketing, strategy, operations or human resources. You can take up a job in a new functional role within the same industry or make a complete change to take up a role in a new industry after completing your MBA.
The salaries would depend on numerous factors after completion of MBA or MEM, most importantly, your work experience in the field. In general, students pursuing MEM tend to be younger whereas MBA graduates have a greater work experience, so the salaries would vary accordingly.
The average salary for MEM graduate ranges from $75,000 to $110,000. For MBA graduates, the post-MBA salary would be highly variable and can start from $46,000 for junior positions like financial analyst and could go upto $224,000 for senior positions like CFO. (Source: payscale.com)
In case you’re passionate about continuing to work in the technology area, go ahead with the MEM as you can leverage the knowledge and experience gained through this program for the years to come.