London In-House Strategy transition - salary, WLB, progression?
Thinking about my future in the holidays as you do and I was wondering about a transition to strategy in-house.
May I ask how much salary is typical in-house strategy and whats the growth like? E.g Strategy Associate => Manager => Head of team => head of revenue teams => c-suite? I wouldnt make the jump until from manager / senior manager level at my consulting firm which pays ~£120k a year. What position would a manager / senior manager expect to move to at a FTSE100 firm for example? How much would they expect?
Also generally what is WLB like? Whats progression like within the firm? Do you have to work in some form of revenue generating team if you want to get into c-suite? is it better to transition into a smaller firm like FTSE 250 as opposed to FTSE 100? Is C-suite more likely achieved by transitioning to other companies rather than staying in one and going up the ladder, so it would be wiser to start off at a smaller firm?
Thanks in advance! :)
Based on the most helpful WSO content, transitioning from a management consulting firm to an in-house strategy role can be a strategic career move. Here's a breakdown of what you might expect in terms of salary, progression, and work-life balance (WLB):
Salary: The salary for in-house strategy roles can vary widely depending on the company and the industry. For someone transitioning from a manager or senior manager role in consulting, you could expect to enter at a similar level in a corporate strategy team. In the UK, particularly for a FTSE 100 company, salaries could range from £70,000 to £120,000 or more, depending on the level of seniority and specific role. For a manager or senior manager level, you might look at the higher end of this range or potentially more, especially with bonuses and other compensation considered.
Growth/Progression: The typical progression within in-house strategy might look like Strategy Associate -> Manager -> Senior Manager -> Director -> VP -> C-suite. However, this can vary greatly by company. The progression can be slower in larger firms due to the size and structure but can offer more stability and resources. Smaller firms, like those in the FTSE 250, might offer faster progression due to less hierarchy and more visibility but might come with increased risk.
Work-Life Balance (WLB): Generally, in-house strategy roles are known to have better WLB compared to consulting, with fewer hours and less travel. However, this can vary by company and specific role. Some roles may still require long hours, especially during critical business cycles or major projects.
C-suite Aspirations: To reach the C-suite, it's often necessary to have experience in roles that directly impact revenue and profit. This doesn't mean you have to start in a revenue-generating team, but you will likely need to transition into one at some point. It's also common for executives to have experience in multiple functions and business units.
Company Size: Whether to join a FTSE 100 or FTSE 250 company depends on your career goals. Larger companies might offer more resources and structured programs for development, while smaller companies might provide more rapid advancement opportunities.
Transitioning Companies: It's not uncommon for professionals to move between companies to climb the ladder, as sometimes the fastest way to move up is to move out. However, building a strong network and reputation within one company can also lead to promotions and opportunities.
Remember, these are general guidelines and actual experiences can vary. It's important to research specific companies and industries to get a clearer picture of what to expect.
Sources: Q&A: Corporate Strategy, Q&A: Corporate Strategy Manager at F100 Entertainment Company (came from Non-MBB Management Consulting), Salary progression for F500, Q&A: Alternative Path to F100 Corporate Strategy w/ Exit Details, Strategy vs Management Consulting
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