Corporate strategy roles offer a unique path to develop strategic skills within a company. Often called “internal consulting,” these roles involve acting as an in-house consultant, working on high-impact, strategic projects across departments based on executive priorities.
With close collaboration with leadership, you’ll tackle critical business challenges and build the analytical and problem-solving skills highly valued by the company’s executive team and in consulting.
In this article, we’ll discuss:
- What corporate strategy careers entail
- Comparing corporate strategy careers vs. management consulting
- Key skills needed to succeed in corporate strategy careers
- Career progression and opportunities within corporate strategy
- 3 tips on how to decide if pursuing corporate strategy is for you
Let’s get started!
What is Corporate Strategy?
Corporate strategy focuses on defining a company’s overarching vision for the future of its business and determining how to best align resources to achieve long-term goals. While business unit strategies operate at the level of individual products or markets, corporate strategy asks fundamental questions about the company’s purpose and priorities.
Imagine working for a multinational technology company. As part of the corporate strategy team, you might analyze global trends to decide whether the company should expand into emerging markets or double down on its core geographies. You could be responsible for shaping decisions about acquiring technology from startups, spinning off unprofitable divisions, or forming strategic partnerships.
Corporate strategy roles exist in all industries, from technology to retail, healthcare, financial services, manufacturing, and beyond. In every industry, the core function of corporate strategy roles is the same – crafting high-level strategies that balance market opportunities, internal capabilities, and stakeholder expectations. This work requires understanding industry dynamics and crafting strategies that align with both market realities and the company’s competitive advantages. For example, a corporate strategist at a renewable energy firm might focus on capitalizing on subsidies for solar installations, while one at a financial institution might develop strategies to adapt to rising interest rates.
Corporate strategy teams are required to constantly interact with other departments. Unlike consultants, who work externally with clients, corporate strategists often execute these strategies within their organization. For example, when deciding whether to expand into a new geographic market, the corporate strategy team must gather input from the sales teams about customer demand, the operations team on logistical feasibility, and the finance team to model profitability. These cross-functional interactions deepen understanding of how businesses operate holistically, fostering skills that are highly valued in any strategic role.
Due to the similarities of the work, corporate strategy is a strong entry point into consulting and a compelling exit option for those transitioning out of consulting. For early-career professionals, it offers exposure to the strategic problem-solving frameworks and high-level business decisions that consulting roles demand. Conversely, experienced consultants often transition into a corporate strategy role to enjoy a more predictable schedule or deepen their expertise in a specific industry.
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Similarities and Differences Between Corporate Strategy Careers and Management Consulting
While corporate strategy and management consulting are closely linked, there are significant differences too. Let’s look at the key similarities and differences:
Similarities:
- Structured Problem-Solving: Both corporate strategy and management consulting revolve around identifying problems, analyzing relevant data, and proposing actionable solutions. Whether you’re on a corporate strategy team addressing declining profitability within your company or a consultant crafting a market entry strategy for a client, the work demands a structured approach to problem-solving.
- Proficiency in Data Analysis: Both roles require skills in data analysis, modeling, and deriving insights that drive decision-making. Whether it’s evaluating the financial viability of a merger in a corporate setting or conducting market analysis for a consulting project, analytical thinking is a key skill exhibited by professionals in both fields.
- Business Acumen: Both fields demand a deep understanding of business fundamentals. Corporate strategists and consultants must quickly grasp industry dynamics, competitive landscapes, and organizational structures.
Differences:
- Nature of Client: One of the most significant distinctions lies in the nature of the “client.” Corporate strategists serve their internal client, which is the company itself. This fosters a deeper understanding of organizational dynamics and long-term goals. Management consultants work externally, serving various organizations on a project-by-project basis.
- Project Duration: Corporate strategy projects tend to have a longer timeline compared to consulting engagements. Corporate strategists often stay involved throughout the implementation phase, tracking results and modifying their strategies depending on the situation. On the other hand, consultants often deliver a recommendation and do not see the results and implementation phase. For example, if a consultant suggests a digital transformation initiative, they may move on once the recommendation is accepted. A corporate strategist overseeing the same initiative would guide its rollout, monitor its adoption, and adjust the approach based on feedback.
- Depth vs. Variety: Corporate strategy allows individuals to develop deep expertise within a single industry or company. Whereas consulting exposes professionals to a wide array of industries and challenges, often switching focus every 3 to 6 months.
- Work-Life Balance: Corporate strategy roles are widely regarded as offering a better work-life balance compared to consulting. While 60 to 70-hour work weeks are common in consulting, corporate strategy roles typically have fixed 50 to 60-hour work weeks. Corporate strategy careers also have less travel, more predictable hours, and greater flexibility in their schedules.
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Key Skills Required for Corporate Strategy Careers
Corporate strategy and management consulting may differ in their environments, but the core skills required for both are similar. Both roles require strong analytical, problem-solving, and communication skills. Professionals in these fields must collaborate effectively with teams, adapt to challenges, and craft strategic solutions that drive business success.
To better understand the skills required for corporate strategy, let’s take a look at a project example and understand how skills apply:
Let’s say you are working at Walmart, a global retail company, on their corporate strategy team. Your current project is to evaluate if Walmart should enter the grocery market in Canada. This is a common problem in geographic market entry and product launches. Here are some skills you need:
- Analytical Thinking: Identifying key insights from data, and building models that support decision-making.
- Project Example: Analyze internal data on current product performance, historical market trends, and customer insights to evaluate the product’s market potential. Develop financial forecasts and profitability metrics to ensure alignment with global goals.
- Problem Solving: Break down complex challenges into manageable pieces and propose actionable solutions.
- Project Example: Address the challenge of balancing the risks of entering a new market with the need to innovate and grow by exploring scenarios such as partnerships, government regulations, or launching a pilot, to determine the best approach.
- Communication: Present complex ideas in a simple, compelling manner through both verbal and written communication.
- Project Example: Present findings to the executive leadership, focusing on internal goals and priorities, balancing depth with clarity, and ensuring leadership understands the recommendations and their implications.
- Interpersonal Skills: Manage diverse stakeholders, build trust, and navigate different priorities.
- Project Example: Work closely with department heads from marketing, finance, and operations to align strategies and ensure the feasibility of entering Canada.
Corporate Strategy Careers: Path and Progression
Corporate strategy, much like management consulting, offers a structured career path, with roles that evolve in responsibility over time. The general corporate strategy career path is:
- Analyst/Associate: This is the entry point into corporate strategy. Analysts focus on research, data analysis, and supporting senior strategists. Their work involves building financial models, preparing presentations, and synthesizing market data to inform strategic decisions.
- Manager/Senior Manager: Managers are responsible for leading projects, overseeing a team of analysts/associates, and acting as a liaison between senior leadership and the operations team to ensure the execution of the strategy. Managers are more directly involved in influencing a company’s strategic direction through interactions with the senior leadership.
- Director/Vice-President of Strategy: Responsible for overseeing the entire strategy team, implementing major strategic initiatives, and collaborating with other members of the senior leadership team to make high-stakes decisions. At this level, you are in direct communication with the CEOs and other C-suite members, thus shaping the company’s future direction.
- Chief Strategy Officer: Works directly with the CEO and other C-suite members to define the strategic goals and direction for the company. Responsible for strategy formulation and management.
While the tenure at each role varies by company, professionals typically spend between 1 to 4 years at each position.
What’s Next After Corporate Strategy Careers?
Corporate strategy careers open doors to many rewarding opportunities, allowing professionals to leverage their strategic expertise in diverse roles and industries.
Some potential exit opportunities include:
- Management Consulting: Transition to management consulting, leveraging the overlap in skills required for both fields. Corporate strategists bring valuable experience in long-term project execution, industry specialization, and cross-functional collaboration, which can make transitioning to consulting quite seamless.
- General Business Management: Move to leadership roles such as head of a business unit to apply strategic insights to drive day-to-day operations, manage teams, and deliver results.
- Corporate Development: Leverage experience in evaluating markets, assessing strategic fit, and financial modeling to focus on mergers and acquisitions.
- Transition to Other Functions: Move into functional leadership roles in marketing, finance, operations, or product management within the current industry, combining functional and strategic expertise.
- Entrepreneurship: Leverage strategic thinking, market knowledge, and problem-solving skills to identify market gaps and create innovative products or services.
- Graduate Education: Pursue graduate education such as an MBA or a specialized master’s degree to broaden skill sets and deepen industry expertise.
3 Tips on How to Decide if Corporate Strategy Careers is For You
1. Evaluate Your Interests
Do you enjoy deep dives into a specific industry or company? Corporate strategy allows you to specialize and build expertise in one area, whereas consulting offers a broader spectrum of experiences. Reflect on whether you are interested in diving into one industry or getting exposure to a variety of topics.
2. Consider Your Work-Life Balance Preferences
Corporate strategy often comes with more predictable hours and less travel compared to consulting. If maintaining a work-life balance is important to you, corporate strategy may be a more suitable choice.
3. Define Your Long-Term Goals
Think about where you see yourself in the next 5 to 10 years. Corporate strategy careers provide pathways to operational leadership, entrepreneurship, and even consulting. If these align with your ambitions, this could be the right fit for you.
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In this article, we’ve covered:
- What corporate strategy careers involve
- Similarities and differences between corporate strategy and management consulting
- Essential skills for a successful corporate strategy career
- Corporate strategy career paths and progression
- Top 3 insights to help you decide if you want to pursue corporate strategy careers
Still have questions?
If you have more questions about corporate strategy careers, leave them in the comments below. One of My Consulting Offer’s recruiters will answer them.
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