WHAT DOES IT TAKE TO WORK IN A CORPORATE STRATEGY ROLE?
Have you ever noticed how Hewlett Packard (HP), Microsoft, and Apple operate in the same PC market, while still being able to grow? How?
Apart from their offerings, these companies differ in business strategy that empower them to grow while in a healthy competition. Corporate strategy function at these companies lead the business strategy. Inevitably, roles in corporate strategy are challenging.
Corporate strategy is one of the top career choices among MBA graduates and for good reasons. Jobs in corporate strategy are lucrative option but challenging too. The roles in corporate strategy can take various forms including requiring experience in consulting or investment banking. Some roles even require knowledge of coding and understanding of data-driven business analysis.
What are the most popular strategy roles?
Some of the most sophisticated strategy roles are non-technical. According to the findings of Upscored, the following three are the major strategy roles.
- Finance & Strategy Manager at ZocDoc
- Vice President of Corporate Strategy at Viacom
- Strategy Analyst at Square Space
All three strategy roles acquire a sophisticated level of analytics. However, the descriptions for the jobs vary completely. The Strategy Analyst role at Squarespace requires experience with programming languages like Python, C++, and Java. The finance and strategy role at ZocDoc, however, requires experience in financial planning and operations. Understandably, strategy roles vary across sectors and require a unique skill set to deliver to the expectations of the company.
What skill do you need to work in corporate strategy?
Focus is the most important skill for anyone to thrive in a corporate strategy role. The ability to focus is underrated across most roles. However, it is a fundamental skill that can help incumbent thrive in the corporate strategy function. In a strategy role, you come across a lot of challenges and opportunities related to competitors, potential partners, product marketing, etc. Best people in the corporate strategy are able to see above the noise and focus on issues that most and least critical. Finally, they make targeted recommendations on the right next steps.
Corporate strategy roles can vary widely across sectors. Therefore, it is important to consider what the strategy position entails. Anyone considering a corporate strategy role must know what is expected in the role. A strategy role can encompass many different types of work depending on business function including finance, business development, strategy planning among others.
If you’re expecting to do one type of work and then find you find yourself working on completely different things, the work will become a chore, causing stress and unwillingness to work. Before you take up a strategic position, probe into the role, and learn what is expected to deliver. Further, to get a better understanding of the role, a question about the projects you will be handling, learn about the background of the teammates you will be working with, and know the daily day-to-day tasks of the job.
Corporate strategy roles are multi-faceted, meaning roles require a diverse set of skills. So firms are open to hiring candidates who have a passion and relevant skills along with strategy experience. Some of the brilliant corporate strategists come from law and operations background. A strategy isn’t only for professionals with a consulting background. Your perspective can be incredibly valuable irrespective of your consulting background.
How useful is the finance background for strategy roles?
Having a strong finance background can be incredibly valuable in a corporate strategy role. The role sometimes requires analyzing financial statements and building forecasting, models. Irrespective of financial background, an analytical approach toward work is commended by strategy teams.
Strategy teams analyze business and offer insights to senior business leaders about the future of the organization and provide recommendations around choices that the company needs to make. The recommendation is made on the basis of the company’s value proposition, resources, and competition. The suggestions must be backed by data as well as theory. The ability to work with data and an inclination to answer questions are crucial for any strategy role.
Are our business strategy certifications valuable?
Strategy roles require a unique set of skills. Irrespective of the background you come from, these skills are mandatory to thrive in strategy environment. Business strategy certification equip you with the right set of skills that enable you to help companies take appropriate decisions for their growth. A certification is especially valuable if you want to transition or embark on a career in strategy after working in a different role or are graduating from business school respectively.
Overall, strategy roles are lucrative and challenging. Anyone with business strategy skills and skills relevant to one business function can get in a corporate strategy role. Certifications can further help to develop required skills.
