This article provides an overview of the masters in strategic management degree program, some of the subjects and courses that it covers, and why the degree may help you to advance your career. It also presents an online masters in strategic management program that you may want to consider.
What Is a Masters in Strategic Management?
The field of strategic management is a sub-discipline of business management that focuses on how human resources and materials in an organization are coordinated. The aim of strategic management is to ensure that long-term strategic business goals are met. Generally, graduates will hold a front line management position, making decisions in relation to specialized operations. These include setting objectives for the company, evaluating how these can be met, creating and implementing plans, and anticipating future developments.
A strategic manager is usually someone who has a background in other business-related fields, such as finance, marketing, administration, negotiation, risk management, human resources, or statistics. Many schools offer the degree as a concentration of a master of business administration program. This is also why the degree is usually offered in business schools. Strategic managers understand entrepreneurship and the modern business environment. Subjects include:
- Corporate Responsibility and Ethics
- Theories and Models
- Competitive Strategies
- Risk Management
- Marketing Management
Why Earn a Masters in Strategic Management?
By completing a master’s in strategic management, you will be able to enter a high-growth field of work. This is because all businesses require people who can set strategic direction and who understand the various administrative tasks of a business, including human resources management, records and information management, logistics, and more.
Interestingly, there will likely to be a strong focus on energy efficiency and the environmental impact of businesses. This will create a particular demand for those who have an increased understanding of these types of strategies, according to the U.S. Bureau of Labor Statistics (BLS). When business leaders are able to improve energy efficiency, they will be able to reduce costs as well as meet federal regulations. For instance, business managers are needed to address environmental efficiency improvements in areas such as roofing and HVAC systems. Furthermore, they have to be ready to plan for issues such as natural disasters, ensuring that businesses are able to avoid or at least minimize damage so that business operations are not interrupted for a long period of time.
Another area of importance is that of technology. More and more buildings now use “smart technology” that provide detailed and timely information on issues, such as maintenance performance, equipment failure, and more. This allows businesses to be more efficient. The downside of this, according to the BLS, however, is that smart technology may lead to a smaller requirement for strategic managers because much of their work will already be done through such technology.
Another role often taken on by someone with a master’s in strategic management is that of contract administration, for issues, such as equipment repair, grounds maintenance, janitorial services, and food services. Alternatively, they may find work in records and information services, where significant growth is expected. This is particularly true for those who work in what the BLS recognizes as “information governance”. This includes the legal and privacy aspects of how records are stored and managed. With new and emerging technologies such as mobile devices and cloud computing becoming more widespread, there is a critical requirement for strategic leaders who can minimize the impact of this type of technology on how records and information are stored.
The BLS has reported that administrative services managers had a median salary of $90,050 per year as of May 2016. However, this is at the bachelor’s degree level. Those who have a master’s degree, particularly a Master in Business Administration (MBA), are more likely to find themselves in the top 10% of earners, who can expect annual earnings of $159,330 or more. Meanwhile, the BLS has also estimated that there will be an 8% increase in demand for administrative services managers, which equates to 23,500 new jobs from 2014 to 2024.
Online Option for Masters in Strategic Management
Liberty University
If you are interested in obtaining a masters in strategic management degree, you may be interested in the Master of Business Administration in Strategic Management offered by Liberty University. This degree is ACBSP accredited, which is the gold standard for business degrees. It is offered 100% online and graduates are expected to be able to help organizations create paths that lead to future, long-term, growth and success. Graduates are respected for having enhanced skills in strategic development, setting long-term goals, and implementing and reviewing plans to achieve these objectives. They are in high demand in different companies for their enhanced leadership skills.
During the program, students are encouraged to explore such areas as:
- Executive Leadership and Management
- Organizational Design and Structure
- Ethical Leadership
- Workforce Planning and Employment
The program takes 45 credit hours to complete. Meanwhile, if allowable and approved, up to 50% of these program hours may be transferred.
The core courses of the degree include:
- Strategic Marketing Management
- Managerial Finance
- Legal Issues in Business
- Business Research Methods
- Accounting for Decision Making
- International Business
- Organizational Design and Structure
- Global Economic Environment
- Contemporary Issues in Human Resource Management
- Operations Management
- Policy and Strategy in Global Competition
Furthermore, students must complete the strategic management cognate, which includes the following courses:
- Ethical Leadership
- Workforce Planning and Employment
- Executive Leadership and Management
Those who complete this degree program that is offered by Liberty University can take on a wealth of potential careers. These include:
- Senior manager of a company
- Recruitment specialist
- Mediator
- Training and development manager
- Organizational manager
- Business consultant
- Marketing manager
- Brand manager
- Planning specialist
- Development manager
- Corporate service manager
- Executive assistant
These roles can be taken on in virtually any industry, as there is always a requirement for strategic leadership, whether that is in government, the public sector, or nonprofit organizations.
Summary
It is apparent from the above discussion that by completing a masters in strategic management, you can greatly accelerate your career in just about any field. You can choose to work in any industry, across any sector, where you will have the skills and knowledge to lead the organization towards success, setting long term goals and ensuring those are met appropriately. Mainly, you will be able to have a great deal of professional pride in taking on such a position and taking on such tremendous responsibilities.
References
- Administrative Services Managers. (2015, Dec. 17). Retrieved from https://www.bls.gov/ooh/management/administrative-services-managers.htm
- Master of Business Administration in Strategic Management. (n.d.). Retrieved from http://www.liberty.edu/online/index.cfm?PID=37409
