A Masters in Strategic Management will prepare you for multiple occupations in the business world. Most masters programs would require one year of full-time study to complete, though timelines may vary from school to school.
A typical masters in strategic management program would teach students the basic concepts of the field, the role of innovation in the growth of a company, the process of analyzing resources and implementing strategies and the idea of opportunity-based thinking strategy.
The following is a detailed information guide for students aspiring to get into a masters in strategic management program.
What Is Strategic Management?
Strategic management is the process of creating and implementing large-scale plans by the top management of an organization, to achieve the goals of a company. The idea is to provide a basic direction to the organization, including specifying the organization’s objectives, analyzing the internal environment as well as the competitive atmosphere, developing and evaluating relevant policies to achieve objectives and then allocating resources to implement these plans.
What Can You Do with a Master’s in Strategic Management?
After completing a masters degree in strategic management, students can go for a variety of career options. For instance, graduates can go on to become financial analysts, research investigators, business analysts, market research analysts, project management coordinators, compliance officers, strategic initiatives associate or consumer insight analysts.
Strategic management occupations typically offer high salaries, since they are top level management positions. Let’s take a look at the salary data for a few potential occupations in this field to get a better idea:
Financial Analysts provide advice and guidance to individuals and businesses making investment decisions.
Median Annual Salary, 2018: $85,660 per year
Projected Growth Rate, 2018-28: 6%
Average Mean Income, 2018: $100,990 per year
State with the Highest Salary, 2018: Wyoming - $139,660
State with the Highest Employment Level, 2018: New York – 53,520
Management Analysts carry out organizational studies, evaluations and design systems to assist employees in operating more effectively and efficiently.
Median Annual Salary, 2018: $83,610 per year
Projected Growth Rate, 2018-28: 14%
Average Mean Income, 2018: $94,390 per year
State with the Highest Salary, 2018: New York - $111,040
State with the Highest Employment Level, 2018: California – 104,020
Budget Analysts examine estimates for budgets for accuracy, conformance and completeness, in regards to the proper regulations and procedures. These individuals help public and private institutes organize their finances.
Median Annual Salary, 2018: $76,220 per year
Projected Growth Rate, 2018-28: 4%
Average Mean Income, 2018: $79,830 per year
State with the Highest Salary, 2018: District of Columbia - $100,510
State with the Highest Employment Level, 2018: California – 6,870
Note: The figures have been obtained from the US Bureau of Labor Statistics.
What to Expect in a Strategic Management Program?
A master’s program in strategic management would expose you to a variety of courses in business management studies, varying slightly with the specific major you choose. Options for majors include Strategic Business Development, Strategic Management, Strategy and Management of International Business, Global Strategic Management and Strategic Innovation Management.
The course structure would include both core courses and elective courses, which will help students understand the basic concepts of strategies. Potential courses can be Business Analysis, Change Management, Competitive Strategy, International Business, Leadership, Project Management, Time Management, Ecommerce and Business Ethics etc.
How to Choose a Strategic Management Program?
When looking for a master’s program in strategic management, students ought to consider factors such as curriculum, program length, location, cost and specialization options available. Some online strategic management programs offer fast-track options that allow you to take multiple classes simultaneously. You are advised to research the program’s curriculum at each school, including looking at the requirements for the final project, accreditation and experience opportunities.
Accreditation should be one of the most important factors when choosing a strategic management program. Masters degrees in strategic management are typically accredited by the Chartered Management Institute (CMI).
Master’s in Strategic Management Admission Requirements
Requirements for admission into a Masters in Strategic Management program would vary from school to school. Most colleges require students to have at least an undergraduate GPA of 3.0, along with completion of certain prerequisite courses. In addition to that, students will be required to submit their GRE scores, official transcripts, letters of recommendation and the application fee.