Strategic Management - Course, Eligibility, Careers, Subjects, Scope

What is Strategic Management

Strategic Management is a postgraduate course of two-years involving advanced lessons in psychology, sociology, and economics with the aim to develop an analytical approach in students which is an important factor of strategic issues management. The course is divided into four semesters, each for a period of six months.

The course teaches about how managers must employ the formal and informal relationships that exist between various organisations in an industry, originate solutions for various problems encountered by an organisation, and effectively formulate and implement an organization's key strategies, the results of which shapes the structure and functioning of an organization.

Strategic management trains the eligible candidates in developing functional and managerial skills, building relationships with organisations, providing the recruitments in corporate management and strategy along with providing a platform for students, teachers, and industry experts to exchange leadership and management concepts.

A strategic management student is required to use his/her knowledge from other domains and fields including business administration, finance and marketing, risk management, negotiation, statistics and human resource. There are various universities and colleges for business and economics which offer strategic management as specialization or a concentration track for a business management degree.

Eligibility Criteria (UG & PG) of Strategic Management

If the candidates meet the basic requirements mentioned above then they are required to clear the entrance examinations such as CAT, XAT, GMAT because the universities require entrance exam scores to analyse the capability of the student and the admission is granted on the basis of entrance exam.

Eligibility criteria can be defined as the minimum prerequisites prescribed by the government in order to be eligible for the admission to a particular course. Eligibility criteria for admission to MBA strategic management program is described below:

Candidates must hold a minimum 3-year bachelor’s degree in any discipline from a recognized university with a minimum of 60 percent aggregate.

The selection criteria not only involves the entrance exam scores but also academic qualification, work experience, interpersonal skills. Top institutes like IIM conduct personal interviews to judge the capability of the students.

Various universities across India offer admission to the MBA Strategic management programme. Students are required to follow the admission process for the university they are interested to apply in. Application process consists of a few important steps that are to be followed by the students in order to register themself for the admission.

The universities follow various selection criteria and the final list of selected students is released after the completion of the admission process. The fee structure for the programme varies according to the university and the geographical location of the college. The fees for the programme ranges from Rs. 2 lakhs to 17 lakhs annually.

Following is the general admission process for MBA strategic management programme in any university:

Candidates are required to fulfill the eligibility criteria as prescribed by the particular university.
Candidates should pass the required entrance examination as conducted by either the government or the individual university or college.
Candidates are required to fill the admission form and send it to the administration of the college or university.
After filling the application form, candidates are required to verify their documents by the college/university authorities. They need to make sure that the details mentioned on the documents match to the details mentioned in the application form.

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Scope of Strategic Management in India and Abroad

The scope for strategic managers is huge. There is an undeniable requirement of the post in each and every organization no matter what their work is. There is a huge advantage of the subjects taught and these help you excel in your career as a strategic manager.

A course on strategic management aims on how to advance and execute impactful business and corporate strategies. As a strategic management specialist one is required to determine the aspects accountable for formulation of the firm’s strategy keeping in mind the long term objectives and goals, SWOT analysis, critical approval of resources and the personal goals and ambitions of managers.

Strategic management processes must possess flexibility so that it can be adapted to environment and market capriciousness. A Strategic Management program enables one to absorb functional contemplations in industry decision making situations. It also teaches the individual to make a careful examination of situation, industry, competition, and cost.

The job scope and employment scale for Strategic Design Management is expanding with higher employment options. An individual can also excel selecting on cultural features or administration, as this domain covers both the niches.

A set of business specialists who can confidently, gently and creatively determine any challenge by preparing a unique strategy which will create a competitive space in the organizations, will be prioritized by the industries. Strategic management course has also annihilated major scope globally, which is building significance to the field of Strategic and Design Management in India.

To gain a higher position in the market or to be a successful business, the strategy applied in marketing any product, brand or industry will play an important role. An individual with a combination of various skills like creativity, administration, marketing, technology, arts and culture can grab good job opportunities in the domain of Strategy and Design Management. Also, a component that will add importance and weight to enhance their abilities is industry experience gained through internships.

Students with good command over the subject and appropriate knowledge about the strategy and management industry are given the first priority during the employment drive. In the present scenario, internships are considered an essential and important aspect in the career-building process. Also, the employers seek the students who possess industry experience exposure along with good academic performance.

Course Fees Strategic Management

	Minimum Fees		Maximum Fees
	Private	Government	Private	Government
UG	75.00 K B.A. in Strategic Management at Don Bosco College, Yelagiri	--- Data not available	15.00 Lakhs B.Sc. in Strategic Management at Vijay Patil School of Management, Navi Mumbai	--- Data not available
PG	16.00 K B.Com in Strategic Management at Municipal College Rourkela, Rourkela	45.02 K M.A. in Strategic Management at University of Madras, Chennai	14.60 Lakhs MBA in Strategic Management at BML Munjal University, Gurgaon	76.00 K MBA in Strategic Management at Devi Ahilya Vishwavidyalaya, Indore
DOCTORAL	1.58 Lakhs Ph.D in Strategic Management at Sankalchand Patel University, Visnagar	--- Data not available	6.00 Lakhs Ph.D in Strategic Management at DY Patil University, Pune	--- Data not available
DIPLOMA	15.90 K Diploma in Strategic Management at Nelson Business School, Hyderabad	--- Data not available	28.90 K Diploma in Strategic Management at Nelson Business School, Hyderabad	--- Data not available

Course Subjects

Semester 1:

Organizational behavior
Quantitative analysis
Managerial economics
Financial accounting
Marketing management
Business communication
Production and operation management
Computer application in management

Semester 2:

Human resource management
Financial management
Marketing research
Economic environment of business
Knowledge and technology management
Supply chain management
Information technology management

Semester 3:

Corporate evolution and strategic management
International business government
Elective 1
Project 1

Semester 4:

Corporate governance and business ethics
Project management
Project report
Elective 2

Careers in Strategic Management

As a strategic planner one can work as an internal conference within the industry. One may work on provisional assignments within a firm unit or on a long-term situation within a central strategic planning unit of a large organization. As an entry-level strategic planner candidates are required to work on assignments under the administration of a more senior member of the group.

Work of a strategic planner involves collecting and examining the information, preparing consequences for presentation to senior management. As a vice president of strategic planning one will work with members of the administrative board (the CEO, president, CFO, COO) on long term objectives of the industries. As a strategic management graduate, they are required to manage the development of strategic vision, setting out the aims and objectives, formulating and implementing strategies, and introducing correct measures and solutions for the deviation to reach the organization's strategic intent.

People employed for Strategic management are required to hold front roles in the procedure of decision generating and are also required to deal with specialized operations such as fixing company objectives, evaluating the methods through which the goals can be achieved, the formulation and implementation of plans and procedure or anticipation of the results. Graduates of strategic management specialization are offered a variety of career prospects which include administrator, organisational manager, marketing manager, business consultant, planning specialist, brand manager, corporate service manager, development manager, or executive assistant.

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Job Profiles and Top Recruiters

Graduates of strategic management specialization are offered a variety of career prospects which include administrator, organisational manager, marketing manager, business consultant, planning specialist, brand manager, corporate service manager, development manager, or executive assistant.

IT manager: IT Managers oversee a company’s computer systems, ensure that computer systems meet a company’s needs, and upgrade technology and keep the system secure, and manage IT personnel.

As IT Managers, candidates are required to oversee and supervise a company’s computer systems. In addition to the supervision, they are also responsible for ensuring the requirements of computer systems are met by the organization;s need. They are required to upgrade technology by being aware about the current technologies being used by the various competitor organizations and keep the system secure, and manage IT personnel.

Financial Manager: Financial Managers are responsible for the supervision of all economy-related transactions and issues occurring within the organization. As financial manager, they are required to oversee the company's financial condition, prepare or review financial reports. They are also responsible for analyzing the trends and advising the top management personnel on finances and economy for profitability and optimization.

Financial Advisor: Financial advisors are required to provide investment, retirement, tax and insurance-related guidance to the customers, including financial objectives or investment strategies. As a financial advisor, their main motive is to attract clients for their organization.

HR Manager: As an HR Manager, one is responsible for directing administrative actions for an entire industry. In addition to this, hs/she is also responsible for managing the work of the organization, recruiting and hiring for the various positions across various domains present in their organization.

Management Analyst: Management Analysts are responsible for recommending the improvement and scope of enhancements to companies on costs, personnel, finances, alternate practices and work on solving specific problems.

Top recruiters:

Accenture
Alibaba group
Amazon
Coca cola company
Deloitte
Google
L’Oreal
McKinsey & Company
Sia Partners
The Boston Consulting Group
Unilever

Average Salary

The average salary for candidates who have successfully completed strategic management as a post graduation course is somewhere around Rs. 20 lakhs per annum. For an entry-level candidate, with less than one year of experience, the average total compensation offered is somewhere around Rs. 7 lakhs per annum to Rs. 10 lakhs per annum approximately. After gaining some experience in the industry, candidates can expect an average salary of Rs. 20 lakhs per annum approximately which includes overtime pay, bonuses, and tips. After gaining a considerable amount of experience in the industry, candidates can expect a salary of somewhere between Rs. 40 lakhs per annum to Rs. 50 lakhs per annum approximately.

Experience level	Salary
Marketing manager	Rs. 7 lakhs p.a to Rs. 10 lakhs p.a approx.
Strategy manager	Rs. 20 lakhs p.a approx.
Chief executive officer	Rs. 40 lakhs p.a to Rs. 50 lakhs p.a approx.

Required Skillset for Strategic Management

Required Skill Sets for Strategic Management Course

Written and oral communication skills: Open communication and cooperating with your team are keys to success. Writing skills are necessary for clear and reasonable reports. A very wise business leader once said that he knew he didn’t really understand something until he could explain it concisely, in writing, to someone else. Working on presentations and conspiring on special projects with workers outside of your department will help you enhance this skill set.

Management and organizational skills: Managing your work isn’t simple when a stack of papers have been accumulated on your desk for the past three months. Organized workers have the most rationalized processes because they know where to find what they’re looking for, whether it be paper or digital. Arrange your digital filing system in a clear and continuous manner; make sure the files are properly backed up, and necessary schedules and documents are available to your colleagues in your absence.

Leadership quality: Leadership skills are necessary and significant for strategic managers at every level of an organization or workforce. Taking charge of your work and your team will demonstrate your advanced behaviour. A leader emerges when the group is introduced with a challenge, and one person demonstrates dedication and proficiency to make sure the team delivers.

Time management: Deadlines are a necessary part of your jobs as management accountants. You are required to complete what you have - administrative filing deadlines and ever-increasing constraint for a fast monthly close. Managing your time well decreases the tension of the deadline and allows you to prioritize your work. Simplifying the repeated work and completing it earlier in the month gives you more time to focus on new projects and targets.

Use of technology: In the age of digital offices and tele-conferencing, you are required to be one step ahead of the cyber swindlers. This means you’re consistently scrutinizing the perspective for improvised processes and accounting software and leading (or co-leading with the IT department) its execution.

Course Curriculum for Strategic Management

Organizational behavior
Quantitative analysis
Managerial economics
Financial accounting
Marketing management
Business communication
Production and operation management
Computer application in management
Human resource management
Financial management
Marketing research
Economic environment of business
Knowledge and technology management
Supply chain management
Information technology management
Corporate evolution and strategic management
International business government
Elective 1
Project 1
Corporate governance and business ethics
Project management
Project report
Elective 2