MBA in strategy is an MBA degree with a specialization in strategic management. The difference between an average MBA and strategic management is that this course prepares you to work in any firm in an executive position. Strategic management is a two-year post-graduation course that involves advanced learning of psychology, sociology, and economics to develop an analytical approach in students.
This course is divided into four semesters, every six months. This course helps you learn about various strategies the organization employs to understand the market forces and competition to devise its plan.
Most large organizations have beginning units, and their job is to orchestrate the planning process. Strategic management is aligning organizational assets to meet your corporate objectives through developing, implementing, and reviewing an organization’s strategy.
What is MBA in Strategy?
MBA in strategy is best for students who would love to initiate commercial adventure and modernize the existing business structure. This major provides students with a deep knowledge of leading businesses through adverse circumstances. Particularly MBA in Strategy is a way to become more efficient and creative.
Strategic management is mainly opted by professionals at top-level management where the strategic decisions about any situation in the company are required to sustain the business in the long run or by aspirants planning to move from middle-level management to top-level management.
Strategic management helps the students to understand the industry and environmental analysis. This program aims to develop expertise in a particular aspect of the business.
What is MBA in Strategy, & it is Best for whom:
- Analytical Thinkers: This course is best for students who can analyze the strengths and weaknesses of a company to assess the marketplace, compete, and solve the problems limiting a business’s growth and success. The aspirants also need to weigh business risks and opportunities and have a vision of a different approach’s long-term and short-term advantages.
- Problem Solvers: This course is best for students with a knack for creating creative solutions to business problems. A strategic manager must find solutions to problems by constructing an idea that is outside of the norm to accomplish the business objective using limited resources, adjusting to managerial actions, or changes to an ineffective company organizational culture.
- Leaders: This management requires teamwork and a great leader. Strategic managers need to be able to implement their innovative ideas through leadership from the top to the staff. Skills in leadership and communication are essential to implement their business’s vision to use on all levels.
- Flexible Persons: Strategic management isn’t an unchanging task, it is an ongoing process and those who work in strategic management should be able to react quickly to crises or changes in technology, economics, and market forces, as well as other factors in business. They must be able to review their plans on the basis of the performance of their teams and on feedback.
- Persons With Vision: Having a vision is the first step toward creativity. Having an idea for an organization is a crucial step for strategic management. Achieving a dream requires knowing what the business’s purpose is and being able to achieve certain goals that align with this goal.
Eligibility to opt for MBA in Strategy
MBA Strategic Management is a two-year postgraduate program designed to help students master managerial decisions that can enhance the performance of a business. Through this program, students are taught business analysis and strategies. Under this program, the students learn business analysis and strategy skills.
- Students who have completed their bachelor’s degree at a recognized university can take advantage of this course.
- Students who have completed their graduation in any stream can pursue this degree.
- Understudies should have scored a minimum of 55% in their graduation.
Admission to this program is entirely based on the performance in the entrance exam.
- The cut-off required for college admission will vary from college to college.
This course will ensure that students are familiar with business concepts about the factors that determine a firm’s success or failure in making strategic choices.
What is Career Prospect for MBA in Strategy
A student who has completed MBA in strategic management has various opportunities for fetching a good position in a company as:-
- Financial analyst
- Business analyst
- Research investigator
- Compliance officer
- Project analyst
- Product strategist
- Business development coordination
- Marketing consultant
- Consumers insight analyst
Competitive exam for MBA in Strategy
GMAT: – Graduate Management Aptitude Test evaluate the various skills of students. The exam results provide an overall analysis of the student’s capability in the field. GMAT Test or the Graduate Management Admission or GMAT Test is a test that uses computers which tests students who are analytical, writers verbal, quantitative, and reading abilities in written English for admission into graduate management programs, for example, an MBA program. The duration of the test is 3 hours and 7 minutes. Every year around two lakhs aspirants appear for the test, and only 6% score 700 or more.
CAT: – This is the most common entrance test he conducted for admission to Indian management Institutes throughout India for MBA programs. This test consists of three.
SECTIONS: – Comprehension of verbal abilities and reading, analysis of data and logical reasoning, and quantitative ability.
MAT: – It stands for Management Aptitude Test. This entrance test is conducted for admission to MBA-related programs in b-level institutions.
CMAT: – It stands for standard management admission test. This is an online mode computer-based test. This test is conducted for admission into all AICTE-approved management programs.
The subjects that you have to study for two years for MBA in strategic management are: –
- Modern business organization and management: This topic focuses on establishing an effective functioning and successful organization within political, social or religious, charitable, or business organizations. It efficiently and effectively instructs students to manage and utilize human and non-human resources and guides them towards the goals of an organization.
- Global business environment and economics: – This subject aims toward the environment in different sovereign countries and interactions with the global market for a company’s business success.
- Accounting and financial management: – This subject involves accounting information that helps track an organization’s income and expenditure and control its operations. Financial management deals with strategic planning, organizing, directing, and handling financial undertakings in an organization.
- HR & OB: – Ob stands for organizational behavior, and this subject deals with an insight into how employees should behave and perform in the workplace. It helps develop the aspects that can motivate employees, increase their performance and help the organization establish a solid and trustworthy bond with its employees. HR stands for human resources. This study mainly focuses on the principles, methods, and technologies used to improve an organization’s productivity.
- Business and corporate law: – Business law focuses on fundamental legalities required for an organization’s foundation, whereas corporate law deals with the activities, operations, and validities.
- Business research methodology:- This subject involves gathering information about an industry like its competition or opportunities relevant for conducting research.
- Modern marketing management:- This subject deals with discovering and dealing with potential customers and creating goods and services in such a way to fulfill their needs rather than simply providing them with what the seller has made.
- Information technology for business:- It deals with building a communication network for a company, safeguarding data and information, creating and administrating databases helping employers to troubleshoot their problems with the help of their mobile or computer devices.
- Production operations and SCM:- SCM stands for the supply chain management. This area covers manufacturing and service industries that require the products of material management, sourcing distribution planning, operations logistics, retail forecasting of demand, order fulfillment, and many more.
- Business communication skills:-Skills in Business Communication: This subject is concerned with the teaching of effective business communication and how management and employees collaborate to achieve organizational goals.
- Business policies and strategic management:-This subjects offer the students guidelines for managers to make appointment decisions.
- Introduction to strategic management:- The primary goal of this area is to address the continuous planning of monitoring, analysis, and evaluation of the various elements that an organization must meet its objectives and goals.
- Environment for strategic management:-This subject offers the systematic process for evaluating the environmental implications of a proposed policy.
- Strategic HRM:- Human resource management for strategic purposes is the process of establishing the link between the human resources of a company and its strategy, goals, and objectives.
- Business ethics and corporate governance: – This subject studies appropriate business policies and practices regarding corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities.
- Global strategic management: – These deal with the strategy that a company develops to expand into the global market.
- Strategic finance: – This subject deals with the study of finance with a long-term view considering the enterprise’s strategic goals.
- Implementation of strategies: – This refers to the study of executing plans and strategies to accomplish the organization’s long-term goals.
- Project work: – Students will be given some projects to work on practically.
Some subjects vary from college to college.
Top colleges to opt for MBA in Strategy
- Indian Institute of Management, Bengaluru
- Indian Institute of Management, Indore
- Indian School of Business, Hyderabad
- Indian Institute of Management, Kozhikode
- National Institute of Securities market, Navi Mumbai
- Indian Institute of Management, Ahmedabad
- Faculty of Management Studies, Delhi
- MICA, Ahmedabad
- Vidyasagar University, Midnapore
These are the most prestigious institutes for MBA in strategic management. However, there are many more institutes, and the best for an individual can vary depending upon various factors such as fee structure, relative closeness, campus, environment, fee structure, and placements.
How to fill out the Application Form for Admission to the Strategy?
To fill up the form for admission in MBA in strategy management, first of all, one needs to appear for competitive exams or entrance exams for various universities after filling out application forms from different private universities from their official sites. Or suppose the student is appearing for the national level after qualifying and shortlisting. In that case, they must fill out the application f on before appearing for the interview or counseling.
Top recruiting agencies for MBA in strategy managers, Some of the leading companies that hire strategic managers are:
•Universal collateral management Pvt ltd
•Efftronics system private limited
Average Salary after MBA in Strategy Management
Business Analyst: Business Analysts assist the business by helping businesses improve their products, processes, and software using analysis of data. The average annual salary of 6,50,00.
Business development coordinator: Someone who is responsible for managing all logistics necessary to run a business, by offering support to an organization in administrative tasks like filing buying, reporting as well as billing. The median annual wage is 450,000.
Marketing consultant: A person who provides marketing strategies and executes these strategies by monitoring progress and outcomes, identifying new market forces, etc. The average annual salary of a marketing consultant is around 6,40,000.
Consumer insights analysts: A person who helps the company to have an insight of consumers and understand their clients by performing research and data collection regarding sales collection, trends, and satisfaction of the clients. The average annual salary of a consumer insight analyst is around 5,00,000
Fees to study MBA in Strategy
The fee structure is entirely different in each University and each college. It also varies from private to government institutions. It can go from around 20 thousand for the whole course to 40 lacs full course fee.
- Private institutes- 20,000- 40 lakhs for two year
- Government institute- 30,000 to 1,00000 for one year.
FAQs for MBA in Strategy
Question: is a commerce background needed to pursue a degree in strategic management?
Answer-No, not a necessary thing. You can take up a career in MBA in strategy management without a background in the commerce field. Even while pursuing your postgraduate, you need not have a degree in commerce. A set will no doubt help you a lot more, though. You will have a better understanding if you know the subject. It is not compulsory to be a commerce student. Students from any field can pursue a degree in MBA in strategy management.
Question: Is there anything like strategy management in my bachelor’s?
Ans.- No such option is available presently. You will first have to complete a degree in any related field (or even other areas are accepted) for your under graduation. When you do your master’s and doctorate, you can opt for general management as your specialization there.
Question: What role can I expect as a strategy manager?
Ans.- As a strategy manager, you must analyze the major initiatives a company’s top management takes on behalf of owners involving resources in external and internal environments.
Question: By pursuing a course in strategic management, which fields are open for working for me
Ans.- Every field requires a strategy manager. Every company requires a manager for work analysis, assistance to the workers, and someone to look after crucial decisions with long-term implications. All companies must appoint strategy managers from the food sector to automobiles. You can look for your start-up also.