Masters In Strategic Management
What is Strategic Management?
Strategic Management is the process of formulating and implementing major initiatives and plans by the top management of an organization to achieve the organizational goals.
It provides a basic direction to the organization and involves specifying the organization’s objectives, analyzing both the internal as well as competitive environment, developing and evaluating policies and plans to achieve those objectives, and then allocating resources to implement the plans.
Strategic Management is a sub-discipline which coordinates all the resources and manpower within an organization as it utilizes the knowledge from all the other departments to make an informed decision.
Masters in Strategic Management is a course which is structured specifically to enable students with the appropriate knowledge and skills which are required for them to design and implement effective strategies in both the public as well as private sector.
It trains the students to handle the complexities of strategic management and face the problems of modern business’ all over the world. It prepares the student for the future role of an organizational leader or senior manager.
Why Masters in Strategic Management?
A Masters in Strategic Management degree is a specialized, marketable and broadly applicable degree which provides its students with an insight into the business world and prepares them for a job in both a corporate and a startup.
- International Orientation: In almost every University, this programme has an international orientation in terms of the faculty, the students, the course content in terms of geographic diversity, global management and internationalization strategies, and ultimately, the career prospects of students too are at an international level after graduation.
- Practice rooted in scientific knowledge: For successful management in both profit and non-profit organizations, the programme provides the students with concepts and tools rooted in theory with practical experience to frame, analyse and solve challenges in complex organizations.
- Little to no work experience: One of the greatest advantages of this programme is that you can immediately continue your studies after completing your graduation, meaning that you do need a minimum work experience to be eligible for the course, as is the case in an MBA.
- Capture insights from business leaders worldwide: Due to worldwide partnerships between universities and corporations, some Masters in Strategic Management programmes will provide the students with the opportunity to gain international experience and travel to several different countries to gain insights from leading global experts.
- Open to all: More than half of these programmes offered do not require a degree in business or economics, so this is a good opportunity for those who are looking to change their career and have completed their Bachelors.
Duration of the Program
The duration of the Masters of Strategic Management is generally 10-12 months (full time). It differs from school to schools, some have a longer duration because there it is mandatory to do an internship, with a company project and/or a professional dissertation where you will get practical experience and an opportunity to tackle real-life business problems. Similarly, if the masters is done on a part-time basis, it can span 2-3 years.
This Masters of Strategic Management curriculum has both core and elective courses which combined helps the students to understand:
- The basic concept of Strategic Management.
- The role of innovation in the growth of an organization.
- The process of resource analysis, management, and implementation.
- The logic of opportunity based, innovation-based and resource-based thinking strategy.
While the core courses will consist of the basic concepts of strategies, its methodologies, its analysis and formulation in both business and corporate and international business strategies; the elective courses will cover the issues with offshoring strategies, managing global complexity, digital transformation, concepts of merger and acquisitions, corporate venturing, corporate governance, leadership, and many more.
The admission eligibility for Masters in Strategic Management varies from university to university but there are no restrictions on the nationality of a candidate, some common criteria are mentioned below:
- Candidates are required to have a minimum educational qualification of 16 years, the ones with 3-year undergraduate degrees will be considered for admission based on a holistic review.
- An undergraduate GPA of 3.0 for either all 4 years or for the last 2 years is necessary.
- A GMAT or GRE score is crucial as they are required by almost every university. Even though the criteria differs you should target a good score (700+ for GMAT and 300+ for GRE) to get into a top university.
- TOEFL and IELTS score differ according to universities but they do want to know your proficiency in the English language, so a good score again is really important.
Here are some averages which can be of help:
- Average Age: 23
- Average International Students: 70%
- Average GMAT: 710
- Average IELTS: 7.5 Bands
- Average Employment Rate: 95% (6 months after graduation)
After completing a Masters degree in Strategic Management, a candidate is able to find a paid job with an average salary of 65,000 Euros within the first six months with the positions varying from business analyst, risk modeling consultant and strategy consultant to management trainee, account and project manager, business engineer, and many more.
Top Schools providing Masters in Strategic Management
With Masters in Strategic Management, the students will have the opportunity to learn from the most experienced people in the field while surrounding themselves with like-minded people from all around the world. It enables them to understand the detailed theory behind why a particular step needs to be taken to achieve an organization’s visions or goals along with its practical implementation. Being able to provide international exposure with first hand experience is why this specialized degree is becoming more and more in demand every day.
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