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Many in Product Strategy view it as a destination not a launching pad. If you like it the career progression is pretty interesting. At its senior levels, it can be viewed like running a business. Product Strategy sits squarely between portfolio management and distribution. That means you work closely with both and are essentially responsible for production and success of an asset class (fund or funds). Meet with institutional clients or special accounts, understand what they need / want, work with PMs to build a fund (s) that satisfy those needs, work with sales to make sure those clients are supported and investing.
Part technical, part relationship. I think you'll find AM is pretty lucrative no matter which path you take. PM makes the most but some of these firms pay crazy bonuses to their senior people regardless. Product Strategy would be a great way to learn the business.
What’s comp like for roles like this?
It will vary by firm. I think most will pay 1st yr analyst close to IB base (perhaps a bit more with bonus but nothing like IB bonus). So good salary for a great start to the journey. I wouldn't be too concerned about what you earn initially. 10 yrs in you could be doing really well in AM outside of the PM role (which of course pays a lot). Go to Glassdoor and look up the company (s) you're considering and look for similar roles. Will give you a feel. Typically high earning industry.
Not just research or manage money, but actually learn the business. Developing meaningful product and satisfying customers is what any business is all about.
Personally I think its a backwater. You don't develop the skills to move into a PM role, you don't own the client relationships - where is your P&L? answer: you don't have one.
Only larger firms need this role, so you will be restricted with where you go, and because of your lack of P&L it will make it difficult to start your own firm ever.
I say this as someone who started my career in what was essentially a product strategy role and I have several friends continuing their careers in these roles at the large firms.
A lot of people do it pre-MBA and move to client/PM roles after MBA no?
you can definitely move to client roles. PM, if you can find somebody who has done it I'll believe it, but i think most PM teams would be highly skeptical you'd have the skills to contribute.
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