Strategic Management is basically a process where the top management takes decisions to formulate and implement various initiatives to achieve organizational objectives. The objective is to develop and implement strategies that can help in achieving organizational goals. An MSc course in Strategic Management is an excellent choice for students who wish to enhance their abilities in designing and implementing effective strategies in both public as well as private sector organizations.
What is Strategic Management?
The term “strategic management” refers to the process that top management uses to set objectives, develop strategies, and allocate resources to achieve the goals of an organization. Strategic management is a broader term than strategy and is a process that includes top management’s analysis of the environment in which the organization operates prior to formulating a strategy, as well as the plan for implementation and control of the strategy. The strategic management process begins with environmental scanning and continues through formulation, implementation, evaluation and control.
Also Read: Career in Strategic Management
Why Msc in Strategic Management?
Here are some of the reasons why students choose to pursue an MSc in Strategic Management:
- With the changing political, economic and social environment in the country, strategic management has become a crucial function of the business.
- The MSc (Strategic Management) is a course for students to provide them the opportunity to develop a cadre of strategic thinkers, decision makers and managers in the global corporate environment which also enables students with certain skills like critical thinking, problem solving, analysis of information etc., which are required for formulating sound strategies.
- The course focuses on all the major aspects of Strategic Management, such as strategic planning and competitive advantage of the organization, mergers and acquisitions, innovation strategies etc.
- Further, it enables them with the ability to integrate knowledge from all other disciplines like Marketing, Finance, Operations Management, Human Resource Management etc. in order to make informed strategic decisions.
- You will learn to analyze business issues through a rigorous approach based on economic fundamentals as well as on strategic thinking.
Also Read: MBA Strategic Management
Program Structure for MSc Strategic Management
The MSc in Strategic Management course is structured in 3 interrelated phases as follows.
Foundations of Management and Leadership. You will acquire the conceptual frameworks to analyze a firm’s environment, understand its internal organization, and evaluate its financial situation. This phase includes an optional course in the French language and culture.
New Perspectives on Management. You will learn about new paradigms, trends, and research that are reshaping the business world and discover how leading organizations are implementing them through case studies, simulations, videos, guest lectures, and field trips.
Mastering Business Challenges. You will apply what you have learned through a variety of field projects, culminating in the capstone project where you can put your new skills to work by developing a strategic action plan for an actual company.
Also Read: MSc Marketing and Brand Management
The Top 10 Universities for Masters in Strategic Management Degrees 2023
Here are the top universities for Strategic Management that has been ranked under the QS Global Ranking.
|1||HEC Paris||MSc Strategic Management|
|2||London Business School||Masters in Management|
|3||ESSEC Business School||MSc in Strategy & Management of International Business|
|4||ESADE Business School||MSc in International Management|
|5||Imperial College Business School||MSc in Management|
|6||IE Business School||Master in Management|
|7||London School of Economics and Political Science (LSE)||MSc Management and Strategy|
|8||CEMS||Master in International Management|
|9||Copenhagen Business School||Master in International Management|
|10||ESCP Europe Business School||Master in Management (Grande Ecole)|
On the basis of the chosen university and respective department here are some of the most followed eligibility criteria for an MSc in Strategic Management.
- Students should have a second-class Bachelor’s degree from a recognized university or an overseas qualification of an equivalent standard.
- A minimum of 2 years experience in project-based work or project-based organization..
- IELTS or TOEFL scores for those Students whose official language is not English.
- Candidates with significant relevant experience and impact in their industry may be exempted from this requirement.
Indian Students Eligibility
- Students hold a Bachelor’s degree with a minimum overall CGPA of 6.75 or 55% where a GPA scale is not there.
- The overall mark required is dependent on the subject and the ranking of the institution at which the degree has been taken.
Required Document List
Following are the required documents you may need if you are interested in enrolling for this course at any reputed university. There can be slight variations in the list respective to the university you choose.
- Higher Secondary School Certificate – The declaration given by the instruction board after fulfillment of the Higher auxiliary training.
- Resume/CV – This gives an outline of an understudy’s insight and abilities.
- Letter of Recommendation(LOR)
- Mission statement – This is a paper or any composed assertion composed by the understudy while applying.
- English Language Requirement – This shows the grade of English Proficiency Exams like IELTS, TOEFL, or PTE, and so forth
- GMAT or GRE is required for all applicants,
Also Read: MSc Management in the UK
Career Prospects after Strategic Management
Due to the rising number of companies and international organizations, there has been an increase in the demand for candidates who have advanced qualifications in Strategic Management. The MSc in Strategic Development degree works best to fulfill all these needs from both the private and public sectors. Taking this into context, here are some of the most common designations candidates may choose after their graduation.
- Organizational manager
- Marketing Manager
- Business Consultant
- Planning specialist
- Brand manager
- Corporate service manager
- Development Manager
- Executive Assistant
Ans: The MSc in Strategic Management provides students with the skills and knowledge needed to successfully manage a business in today’s complex, digital environment, where start-ups and MNCs collaborate and compete to address pressing issues.
Ans: The purpose is to create and put into action strategies that can aid in the accomplishment of organizational objectives. Students who want to improve their skills in developing and executing successful strategies in both public and private sector businesses can take an MSc degree in strategic management.
Ans: Students who want to strengthen their business skills and have limited professional experience generally enroll in MSM programs. MBA programs are intended for business professionals seeking to further their careers and often need several years of professional work experience.
Earning a master’s degree in strategic management (MSM) will enhance your business strategy skills and make you more attractive to employers. An MSM can be a great career move for those interested in learning about how to develop and implement effective business strategies, including finance and marketing. If you are interested in pursuing this course from a foreign university, then our experts at Leverage Edu can help you get to your dream university. To know more about our services call us anytime at 1800 572 000 for a free consultancy session.