Certified psychologist Martina Beermann, Director of Employer Relations and the Career Service at HHL Leipzig Graduate School of Management, talks about the Master in Management (M.Sc.) as well as its benefits with regard to career and income in this interview. Beermann is a certified process consultant with over 25 years of professional experience in the fields of human resource development, recruiting and career service. At HHL, she works in the fields of career development (suitability diagnostics, career strategies, application methods, advancement competency) for future executives.
Why would you as a career expert advise people to complete a Master of Science program?
At first glance, a Bachelor’s degree also seems attractive. It is more and more widely recognized among employers. At second glance, however, you notice enormous differences with the starting salaries of Bachelor graduates. In many cases, they do not even out over the course of the career. Furthermore, the career prospects with a Bachelor’s degree become limited at a certain stage; particularly for those seeking leadership positions. This requires a broader, more in-depth knowledge.
So does the Bachelor’s degree lead to a dead end?
Those choosing to start a career after obtaining a Bachelor’s degree, which may definitely be an attractive path, and wanting to complete a Master’s degree later on can do so, ideally even on a part-time basis. Due to the dynamic nature of our environment and the half-life of our knowledge, the idea of life-long learning will move into the spotlight more and more.
How do graduates with a Master in Management stand out?
Due to their age, the Master in Management or M.Sc. graduates come with a certain maturity for their career entry level. This leads to a completely different, positive acceptance among clients. Many of those who obtained a Master’s degree from HHL choose the sure-fire path by starting out in a consulting firm. In this context, the clients are mainly experienced managers, often at board level. The Master in Management provides students not only with specialized knowledge – particularly in the fields of strategy, finance and entrepreneurship – but also with soft skills.
Why are soft skills required?
We often find that graduates do not have any problems on a professional level. According to the companies, they tend to have deficits in communication in everyday life. This is where the Master’s program comes in. HHL offers classes such as ‘Problem Solving and Communication’ and ‘Negotiation’ to cover these areas.
And how does the M.Sc. pay off with regard to income?
While the initial salary for employees with a Bachelor’s degree in economics averages EUR 36,000, graduates with a Master’s degree in business administration from a state university receive EUR 42,000. The initial salary of an HHL M.Sc. graduate, however, amounts to EUR 60,000. If you look at the salary figures three years after graduation, HHL graduates come in second in Europe according to the latest Financial Times ranking and fifth in comparison of business schools worldwide.
» read more “Moving up into the Board Room – But how?”