Strategy roles encompass a wide range of responsibilities focused on developing, executing, and managing an organization’s long-term plans and priorities. People in these roles take a high-level, big-picture view of the business to set objectives, allocate resources, and identify opportunities for growth and improvement. Some common questions about strategy roles include:
What are the main responsibilities of a strategy role?
Some key responsibilities typically include:
- Conducting market research and analysis to understand industry trends, competitive forces, and customer needs
- Performing internal analyses of the organization’s strengths, weaknesses, opportunities, and threats
- Developing, communicating, and executing strategic plans and priorities for the business
- Setting performance goals and identifying key business metrics to track progress
- Looking for growth opportunities through new products, services, partnerships, or other avenues
- Leading strategic projects and cross-functional initiatives
- Making recommendations for improving operational efficiency, processes, or organizational design
- Aligning business units and functional groups to work toward common strategic goals
What skills are required for strategy roles?
Essential skills for success in strategy include:
- Analytical skills – ability to gather, interpret, and analyze qualitative and quantitative information
- Critical thinking – identifying issues, patterns, and interrelationships that impact strategic decision-making
- Business acumen – understanding how all parts of the business work together to execute strategy
- Problem solving – creating solutions to complex, ambiguous problems that align to strategic goals
- Leadership – motivating and influencing stakeholders across the organization
- Communication – distilling complex concepts into clear messaging for various audiences
- Collaboration – partnering with business leaders and functional teams
- Project management – developing plans, coordinating resources, and tracking progress
What are some typical education and experience requirements?
Most strategy roles require:
- Bachelor’s degree in business administration, finance, economics, or related field
- MBA or other master’s degree preferred for senior level roles
- 5+ years experience in strategy, management consulting, finance, or related field
- Proven success developing strategic plans and leading implementation
- Experience presenting to and influencing executive stakeholders
- Strong knowledge of the industry and competitive environment
What industries and types of organizations employ strategy professionals?
Strategy roles exist across industries and in many types of organizations:
- Large corporations – Develop corporate strategy and provide oversight of business unit strategies
- Consulting firms – Advise clients on strategic planning, market analysis, and other services
- Investment banks – Analyze M&A deals and provide strategic advice on transactions
- Private equity/venture capital – Identify potential investments and add strategic value to portfolio companies
- Non-profits – Plan how to best fulfill the organization’s mission and allocate resources
- Government agencies – Strategic planning and policy making roles
- Healthcare systems – Manage strategy across clinical, operational, and financial areas
What are common job titles in strategy?
Some examples of job titles for strategy professionals include:
- Chief Strategy Officer
- VP, Corporate Strategy
- Head of Strategic Planning
- Strategy Director
- Strategic Planning Manager
- Senior Strategy Analyst
- Strategy Consultant
- Business Strategy Associate
What is the career path and progression for a strategy role?
A typical career path could progress as:
Role | Experience | Responsibilities |
---|---|---|
Associate/Analyst | 0-2 years | Conduct research and analysis, develop PowerPoint presentations, participate in strategy projects |
Senior Associate/Consultant | 2-5 years | Take on more responsibility for client management, lead project teams, draft strategic plans |
Manager/Senior Consultant | 5-8 years | Run large strategic initiatives, provide recommendations and decision support to executives, manage junior staff |
Director | 8+ years | Lead development of organization-wide strategy, oversee Strategic Planning department, present to board of directors |
VP/Partner | 10+ years | Accountable for strategic planning process, approve major strategic moves for organization/client |
Progression depends on factors like role, company size, and industry but generally moves from hands-on execution to more oversight and top-level strategic decision making.
What is the compensation range for strategy professionals?
Compensation can vary significantly based on role, experience, company size, industry, and location. Here are some rough salary ranges:
Role | Salary Range |
---|---|
Entry-level Analyst/Associate | $50,000 – $80,000 |
Senior Analyst/Associate | $65,000 – $110,000 |
Manager | $90,000 – $140,000 |
Senior Manager/Director | $120,000 – $180,000 |
VP | $150,000 – $250,000+ |
Chief Strategy Officer | $200,000 – $500,000+ |
Bonuses, equity compensation, and profit sharing may add significantly to total compensation at more senior levels.
What are the upsides and downsides of a career in strategy?
Some key pros and cons include:
Upsides:
- Variety – No two days look the same as you work on different projects and challenges
- Impact – Opportunity to shape the future direction of the company
- Visibility – Exposure to and influence with senior leaders
- Advancement – Valuable experience for aspiring managers, VPs, CFOs, or CEOs
- Pay – Compensation tends to be strong, especially at higher levels
Downsides:
- Scope – Broad nature of the role can mean lack of depth
- Work hours – Deadline-driven projects may require long hours
- Politics – Navigatingrelationships with multiple stakeholders can be difficult
- Travel – Frequent travel often required in consulting roles
- Job security – Strategic shifts may change job requirements
Conclusion
Strategy roles offer the opportunity to guide organizations toward their envisioned future state. Professionals in these roles need strong analytical, critical thinking, and leadership skills to evaluate the competitive landscape, identify opportunities, and successfully execute strategic plans. While demanding, a career in strategy provides high visibility and can be a stepping stone to executive-level positions. Those interested should be prepared to bring strong strategic thinking skills and adaptability to a dynamic, fast-paced environment.