“A vision without a strategy remains an illusion.” Lee Bolman
Since the conditions outside and inside an organization keep changing, achieving long-term success calls for a well thought out strategy.
The right strategic management mindset requires pulling back from day-to-day work and addressing the bigger picture.
In today’s dynamic and fast-changing business environment, professionals who are capable of grasping a broad perspective and bringing the company’s goals within reach are now in demand more than ever.
Bring value in the corporate world with sound decision making and strategic insight across a wide range of industries by gaining an MBA strategic management online.
The sound proof of this credential’s value is the fact that an MBA in strategic management is among the 10 most in-demand MBA specializations.
An online strategic management MBA program focuses on the principles behind smart business planning and efficient operations. By obtaining this marketable knowledge along with advanced technical skills, graduates become fully prepared to take on a variety of high-level roles in any industry.
What is an MBA in Strategic Management?
A strategic management MBA is a study program that provides learners with a deep understanding of competitive dynamics, teaching them how to shape a business plan based on sound principles and solid information. Other benefits include developing solid decision-making skills and gaining insights about the best positioning of a company within a competitive environment.
Upon graduating from an online MBA strategic management program you can work at established enterprises, as well as consulting firms.
What Are The Qualities of a Good Strategic Manager?
To be a strategic management expert, one must possess a tactical mindset and a varied skill set to efficiently develop and manage business plans. The following are the main qualities of a successful strategic manager:
- Analytical thinking: To assess the marketplace and the competition, strategic managers must be capable of analyzing the key strengths and weaknesses of a company to mitigate factors that are limiting a business’s success. Their other duties include calculating business risks versus opportunities and weighing long and short term benefits of various approaches.
- Vision: Having a big picture vision is a must in strategic management. You need to understand a business’ mission to envision specific goals that will align with that purpose.
- Problem-solving: Thinking outside the box is a highly valued trait in strategic management as on numerous occasions you’ll need to come up with creative solutions to business problems.
- Leadership: To implement their strategic plans, strategic managers must have authority and communication skills to lead everyone from management to staff.
- Flexibility: As strategic management is an ongoing process, you must be able to timely respond to changes in economics, regulations, market forces, technology, and other business factors. Another important trait is being able to evaluate your business plan after it has been deployed and adapt it according to the feedback.
What Can You do With an MBA in Management Strategy?
As being well versed in various business strategies is essential for all types of organizations, specialists in this field can seize various job opportunities.
Besides being able to find employment across all sectors of the business world, MBA strategic management graduates can secure a prominent pay as careers in this field often bring great financial rewards.
Common strategic management jobs include roles such as:
- Business Analyst
- Chief Operating Officer
- Finance Manager
- Management Consultant
- Marketing Consultant
- Operations Manager
- Senior Strategy Manager
- Senior Product Manager
What Are The Advantages And Disadvantages of a Strategic Management MBA?
Even though a strategic management MBA has several excellent selling points, it must be taken into account that this career path may not be suitable for everyone.
Before making up your mind and opting for this specialization, it’s useful to explore its pros and cons and weigh your priorities accordingly. So, let’s look into it:
Advantages of a Strategic Management MBA
- It’s versatile: You get to acquire skills that have broad applications across the range of industries such as decision-making, analysis, and entrepreneurial thinking. This way you can improve your employment standing and qualify for flexible career options.
- It’s associated with lucrative job positions: The average annual MBA strategic management salary is around $117,000. Median salary can go up even higher for mid career professionals and those employed at major corporations: Professionals with 10-19 years’ experience can earn $132,129 on average, while those with 20 years experience or more can make around $170,000 per year, according to Payscale.
- You can make a prestigious career: Being responsible for a business’ strategy has the benefit of working in high-level positions with a great degree of both authority and prestige, along with the potential for obtaining a c-suite role.
Disadvantages of a Strategic Management MBA
- It’s less technical: The versatility of an MBA in strategic management may not be suitable for people looking to develop focused experience in a specific department.
- It’s demanding: The strategic management career path is challenging and can get stressful at times as these professionals are held responsible for making decisions in complex situations such as stiff marketplace competition, tight budgets, and limited resources.
- It requires leadership: As tackling an organization strategy takes managing larger groups of people, an MBA in strategic management may not be the best fit for those who would rather work more closely with smaller teams.
In conclusion, strategic management careers are well-suited for analytical thinkers who are capable of seeing the big picture, solving complex problems, and making tough decisions.
If you have a knack for making big plans and the persistence to see them through, an online MBA in strategic management would be an excellent choice.
Mastering marketable strategic management techniques and tools creates tremendous possibilities in business. You have an opportunity to learn from the experts in the field by enrolling in the 100% online MBA in Management Strategy program from the University of Zambia.
Earning your mba strategic management online allows you to gain the valuable knowledge and experience needed to thrive in business strategy at your pace without having to sacrifice your current commitments of job and family.
Are you interested in getting your degree while on the job? We made upskilling easy.
Download Prospectus to find out more about the program and get in touch here.
Thanks for sharing this, I found the guide quite informative