Strategic Management

As a strategic manager, you’ll develop, implement and review long term plans and policies for your company to gain competitive advantage and survive in the disruptive business environment.

What do strategic managers do?

A strategic manager is responsible for setting objectives that are based on the company’s vision and mission. They conduct organisational reviews to determine how the business needs to improve. They identify the strengths, weaknesses, opportunities and threats of an organisation.They also formulate actionable plans to achieve the objectives.

What does a typical day at work involve?

  • Checked Develop materials to support strategic decision making which includes problem definition, analysis of the situation, and evaluation of options and recommendations
  • Checked Consult with the stakeholders and develop the strategic direction to ensure organisational development
  • Checked Collaborate with other managers such as finance professionals to execute projects
  • Checked Identify the impact of the competitive industry movements and communicate insights with the management
  • Checked Develop strategic threat identification and evaluation processes for the organization
  • Checked Oversee activities related to risk management and change management
  • Checked Troubleshoot problems and design initiatives to reduce operational costs, defects or waste

What areas can a Strategic Manager specialise in?

Focuses on strategies to gain advantage over competitors.
Focuses on strategies that deals with consolidation of companies.
Focuses on plans and policies by which a business organisation is managed and controlled.
Focuses on strategies relating to use of technology in an organisation and assessing their value in business.
Focuses on strategies for creating better value for customers as well as shareholders.

How to become a Strategic Manager?

Step 1
Take any stream in 10+ 2

Candidate with any stream in plus two level is eligible for higher studies in any management subject. But plus two in commerce is always an added advantage.

Step 2
Take a Bachelor's’ Degree in any Management related discipline

To build a career in Strategic Management, you can take a bachelor's degree in any discipline. However choosing a management related degree like BBA/BMS/BBM/B.Com is advisable. The duration of this program is usually 3 years.

Step 3
Take an MBA/ M.Com/ MSc (Strategic Management)

More than the course, the institute plays a major role in management degree courses. Most common and recommendable pathway to this career is MBA in Strategic Management (IIMs, the top management institutes in the country, provides management courses in the name ‘Post graduate Programs’). MSc in Strategic Management is offered by some foreign universities as well. Masters in Management is usually a 2 years program.

Note:

You can also do Post Graduate Certificate course in Strategic Management offered by various institutes either online or offline.

Step 4
Take an MPhil/ a PhD

Mphil & PhD in strategic management are available in different institutes across the world. Mphil is a one-year program suitable for candidates who wish to pursue careers as academicians and researchers. PhD aspirants can do in-depth research works in different functional areas.


Note:FPM (Fellow Program in Management)

FPM is a 5 year full time Doctoral programme offered by the Indian Institutes of Management (IIMs).

Strategic Management Colleges

Name State District Type Website Course

Requirements for Masters in Strategic Management

Requirements for admission into a PG course in one of the top institutions to help you get an overall picture

India (from Indian Institute of Management, Ahmedabad for Post Graduate Program in Management)

  • A bachelor’s degree, with at least 50% marks or equivalent CGPA to be eligible for CAT.
  • CAT Score.
  • Written Ability Test and Personal Interview rounds, if minimum CAT score is secured.
  • Final Selection is done on the basis of CAT, WAT & PI, academic, co-curricular and extra-curricular achievements, work experience etc.

Foreign (from University of Sydney, Australia, Master in Management with specialization in Strategic Management)

  • Requires the completion of a bachelor's degree, or graduate diploma with minimum 65% aggregate score.
  • IELTS - Overall 7.0 or TOEFL - Overall 100
  • Essays and letters of recommendation.
  • A statement of motivation

To see the entrance exams, scholarships and UG admission details, click here

Skills Required

Interpersonal and Communication Skills

Managers need to effectively communicate with different people to get things done and to eliminate the gap between organizational goals and the work in progress.

Leadership

Managers are required to direct a team towards pre-set goals.

Problem solving and analytical skills

An essential skill required in this field as managers have to analyse situations and reports to provide solutions to complex problems.

Adaptability to change

According to the changing trends and needs of people, managers need to adopt new techniques and methods to deal with them.

Strategic thinking and planning abilities

It is required for them to know planning techniques and to apply them in practice.

Time management

Managers must plan tasks and make sure efficiency is maintained in the completion of them, thus management of time is highly important.

Industries

  • Checked Consulting & Professional Services
  • Checked Media
  • Checked Information Technology
  • Checked Banking & Finance
  • Checked Engineering
  • Checked Government
  • Checked Hospitality & Tourism
  • Checked Medical & Healthcare

Top Companies

  • Checked McKinsey & Company
  • Checked The Boston Consulting Group
  • Checked Accenture
  • Checked LinkedIn
  • Checked Deloitte Consulting
  • Checked KPMG (Consulting Practice)
  • Checked Shell