Master of Science in Management

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Master of Science in Management, abbreviated MSc, MScM, MIM or MSM, is a Master of Science academic degree that is common throughout Europe and increasingly also in North America and Asia. In terms of content, it is similar to the MBA degree as it contains general management courses.

According to the Financial Times ranking, the University of St. Gallen in Switzerland, HEC Paris and ESSEC Business School in France offer the best Master in Management programmes in the world in 2014 and in 2015.

Video Master of Science in Management

Subjects

Graduates holding an MSc in Management have commonly studied the following subjects:

• Business Ethics
• Corporate and Business Strategy
• Economics
• Engineering management
• Entrepreneurship
• Finance
• Finance Management and managerial accounting
• Human Resources Management and organisational behaviour
• Management Information Systems
• Management Theory
• Marketing or Marketing Management
• Operations Management and supply chain management
• Protected Area Management
• Personal student dissertation (thesis)

In Canada, a highly specialized MSc in Management is also quite common (ex: MSc in Management in Finance and Accounting). These degrees are meant to provide students with a highly specialized set of skills for industry or for further academic study.

Maps Master of Science in Management

Comparison to MBA

As is the case with the more common MBA degree, as the number of school granting MSc in Management degrees has grown, so has the diversity of characteristics defining these programs. In most cases, the MSc in Management is an academic degree with no or some requirements for previous job experience, while the MBA is also a professional degree for persons with minimum 2-3 years job experience or 2nd class lower division honorers . However, there are also schools where the MSM degree is granted only to managers with extensive (typically 10 years or more) of work and managerial experience. Whereas MBA programs are open to people from all academic disciplines, about one third of the MSc in Management programs worldwide require a first degree in business or economics.

Some claim the MSc degree is more theory-oriented, and some programs do focus on specific skill set development for managers, while the MBA degree can be more practice-oriented and financially focused. In some schools, the MSc in Management degree studies the academic discipline of Management, while the MBA degree studies the academic discipline of Business Administration. Thus, some MSc degree programs focus on research in a specialized area, while the MBA degree would place more emphasis on strategy. According to one school, "While the MBA program focuses on the practical application of management theory, the M.Sc. in Management will provide for an advanced-level conceptual foundation in a student's chosen field, and allow for the pursuit of highly focused research through a master's level thesis."

This means that the MSc degree prepares students for entry into the academia and an MBA prepare them for managerial positions in the industry, in reality both degrees contain strong professional focus and are both very well suited for professionals wishing to improve positions in their respective industries. The MBA degree is based on established academic theory, and as such could be a stepping-stone for a career in the academia, i.e. a Ph.D. Most MSc in Management programs contain very directed content geared towards development of a particular set of leadership skills for the mid-career professional looking to improve their credentials. A typical degree MSc in Management, Strategy and Leadership can be completed in less than 2 years in an online accelerated program." Although, some can be "completed 100% online in as few as 12 months."

Persons admitted to the degree of MSc in Management are entitled to add the designation MSc or MSM after their names (e.g. Domeng Gomez MSc), while those holding an MBA can add the designation MBA (e.g. Domeng Gomez MBA). People reading curriculum vitae documents readily recognize the MBA designation, but the MSc designation may be assumed to be in a non-business area, e.g. in science or engineering, so holders of MSc in Management should make it clear that they have a business degree in the Education section of their CV.

While the MBA degree was started in the United States, the MSc in Management degree is of European origin. There seems to be a tendency that the demand for MBA is saturated whereas the demand for Masters in Management is increasing.

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Careers and further study

Holders of MSc in Management degrees are well-suited for managerial roles in any industry, but they face competition from MBA holders.

Holders of MSc in Management degrees can be accepted in PhD programmes, while those having an MBA would usually be better suited for a DBA (Doctorate in Business Administration).

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Rankings

[1]

src: www.bestvalueschools.com

See also

• MPhil
• CEMS (Global Network of Management Schools and International Companies)
• Master of Business Administration (MBA)
• Master of Management (MM)
• Master of Science in Finance
• Master of Commerce
• Doctor of Management

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References

Source of the article : Wikipedia

Self-directed IRA

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A self-directed Individual Retirement Account is an Individual Retirement Account (IRA), provided by some financial institutions in the United States, which allows alternative investments for retirement savings. Some examples of these alternative investments are: real estate, private mortgages, private company stock, oil and gas limited partnerships, precious metals, horses, and intellectual property. The complexity of the rules for self-directed IRA's prompted the SEC to issue a public notice in 2011 against an increased risk of fraud.

Internal Revenue Service (IRS) regulations require that a qualified trustee, or custodian, hold IRA assets on behalf of the IRA owner. The trustee/custodian provides custody of the assets, processes all transactions, maintains other records pertaining to them, files required IRS reports, issues client statements, helps clients understand the rules and regulations pertaining to certain prohibited transactions, and performs other administrative duties on behalf of the self-directed IRA owner.

The account owner for all IRAs chooses among the investment options allowed by the IRA custodian. For regular IRAs these options usually include stocks, bonds, and mutual funds, but with a self-directed IRA, the term "self-directed" refers to the significantly broader range of alternative investments available to the account owner. IRA custodians are allowed to restrict the types of assets they will handle in addition to Internal Revenue Code (IRC) restrictions.

Video Self-directed IRA

Prohibited asset types

Internal Revenue Code Section 408 prohibits IRA investments in life insurance and in collectibles such as artwork, rugs, antiques, metals (there are exceptions for certain kinds of bullion), gems, stamps, coins (there are exceptions for certain coins minted by the U.S. Treasury), alcoholic beverages, and certain other tangible personal property.

Maps Self-directed IRA

Prohibited transactions

IRS regulations prohibit transactions that are an improper use of the value in the account or annuity by the account owner, the account owner's beneficiary, or any other disqualified persons, as defined under Internal Revenue Code Section 4975. In essence, IRA prohibited transactions are transactions that Congress has deemed inappropriate between IRAs and certain people associated with those IRAs. The IRS prohibited transaction rules apply to all Individual Retirement Accounts, such as Traditional IRA, Roth IRA as well as SEP plans and SIMPLE IRA plans. These rules are generally designed to prevent self-dealing or conflict of interest transactions, which are transactions that directly or indirectly benefit the IRA holder or a disqualified person, and not the IRA or plan. Disqualified persons include the IRA holder, a fiduciary (e.g., the IRA holder or plan participant) and members of the IRA holder's family, such as the spouse, ancestor, lineal descendant (e.g.,, children), any spouse of a lineal descendant, and persons similarly financially related to the IRA holder.

The self-dealing and conflict of interest types of prohibited transactions, as outlined in IRC sections 4975(c)(1)(D) and 4975(c)(1)(E), are the broadest and most complex categories of prohibited transaction. To trigger a self-dealing or conflict of interest transaction, the IRS simply has to show that a disqualified person received some direct or indirect personal benefit. If the account owner or beneficiary engaged in a prohibited transaction, the account is treated as distributing all its assets to the IRA holder at their fair market values on the first day of the year in which the transaction occurred. The distribution would be subject to any taxes or penalties associated with an early distribution: generally, a 10% early withdrawal penalty and treatment of the distribution as ordinary income for the purposes of income taxes.

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Permitted investments

The Internal Revenue Code does not describe what a self-directed IRA can invest in, only what it cannot invest in. Internal Revenue Code Sections 408 and 4975 prohibit Disqualified Persons from engaging in certain types of transactions. Some of the investment options permitted under the regulations include real estate, stocks, mortgages, franchises, partnerships, precious metals, private equity, and tax liens. While the type of investment allowed in an IRA is broadly defined, the SEC has issued an investor alert explaining why using this type of IRA might present increased risk of fraud.

Business investments may include partnerships, joint ventures, and private stock. This can be a platform to fund a start-up business or other for-profit venture that is managed by someone other than the account owner of the IRA. However, using a self-directed IRA to invest in an active trade or business via a passthrough entity such as an LLC or partnership can trigger a tax as the income generated would be treated as Unrelated Business Income Tax (UBIT).

A self-directed IRA can hold precious metals, which are typically held by a third-party custodian. The regulations pertaining to investing in precious metals are in Section 408(m)(3) of the Internal Revenue Code. Some US government minted coins (American Eagles and American Buffalo) are permissible. Bullion is also permissible if it meets a standard level of fineness, and is produced by a COMEX or NYMEX approved refiner. In order for coins to be held inside an IRA, coins must satisfy a certain level of pureness in their mineral content so that they are not viewed as a type of collector's coin. As a result, Double Eagle gold coins (minted in the United States in the nineteenth and early twentieth centuries) and South African Krugerrands are disallowed because they do not meet this standard.

An IRA can purchase any type of real estate as long as the provider (aka custodian) of that IRA handles real estate. IRA providers that handle real estate are often called self-directed IRA providers. If the IRA does not have enough cash to pay the full purchase price, then the IRA can partner with a person, company/entity or another IRA, or it can secure a non-recourse loan to buy real estate. Whether the IRA is whole or part owner, IRA funds are used for purchase, maintenance, and expenses. When the property generates cash either with rental income or from sale, those funds go directly back to the IRA. The IRS prohibits certain actions. For example, neither the IRA holder nor any disqualified persons to that plan may live in or vacation in the property. The IRA holder makes the decisions about how the asset is maintained but cannot do the work themselves.

IRA funds are allowed to be invested in private companies. The IRA ownership of private equity is usually expressed as a percentage of ownership in the company or as a number of shares of stock. The IRS puts restrictions on private equity investments that can be made by an IRA. It cannot purchase stock that the IRA holder already owns. Earnings from the entity may be subject to UBIT if the company has earnings from debt or has earnings from the sale of products or services. In most cases, neither the IRA holder nor any disqualified persons to the plan can be employed by the company while the IRA has an equity position in that company. The IRA cannot be a general partner in a LP or LLP, and it cannot invest in an S-corporation. Unlike prohibited transactions that are rules governing IRAs, the restriction on IRA investment in an S-corporation is an S-corp rule. A entity is not eligible for Subchapter S taxation if it has IRA shareholdersand its S-corp election is terminated if an IRA becomes a shareholder.

The IRS allows IRAs and other retirement accounts to make loans. The IRA holder assumes the responsibility of choosing the borrower, the principal amount and interest rate, length of the term, payment frequency and amount of the loan. The holder also negotiates whether or not the note will be secured.

Other self-directed IRA investments are often chosen by the IRA holder's expertise in a certain area of investing.

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See also

• 403(b)
• Comparison of 401(k) and IRA accounts
• Roth 401(k)
• Rollovers as Business Start-Ups
• Self-invested personal pension in the United Kingdom

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References

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External links

• Self-Directed IRA (2017) Q&A
• IRS Publication 590 (2005), Individual Retirement Arrangements (IRAs)

Source of the article : Wikipedia