Strategy

The Ultimate Guide to Hiring a Former Consultant as Your Corporate Strategist

Corporate strategy encompasses a wide range of roles and career paths. Some positions will focus on a specific business unit or product, while others will encompass broader corporate strategy initiatives.

Larger organizations will sometimes employ a corporate strategy team that functions like an in-house consulting firm. Within this team, there will be a clear reporting structure, and depending on the level, an incoming strategist may handle a single workstream, or own full projects end to end.

In smaller organizations, especially private equity portfolios, strategists may serve as a team of one. In this instance, incoming hires will develop strategic initiatives with the C-suite, oversee its execution and be expected to work cross-functionally along the way as a “wearer of many hats.”

Strategic chief of staff positions have gained traction in the corporate world, especially in private equity portfolio companies where senior leaders benefit from having a right hand to communicate big initiatives, like go-to-market transformation.

Corporate strategy roles can make or break a business’s success, especially during periods of rapid growth or change. The ideal background for someone breaking into a strategy role varies, but former strategy consultants from the leading management consulting firms are highly sought after for these positions.

Why Hire a Former Strategy Consultant?

Management consultants (or “strategy consultants”) make up a highly coveted section of the talent market, especially those from the Big Three consultancies: McKinsey & Company, Bain & Company and the Boston Consulting Group.

A career path in consulting builds the “strategic toolkit” that has proven so successful in transforming businesses and driving value. This toolkit can be summed up in three categories: business analytics, problem solving and executive communication.

Organizations hiring strategy professionals often pursue candidates with a consulting background to utilize this toolkit in their own business.

The Typical Career Path for a Management Consultant

One common path for consultants is to serve as an analyst for 2-3 years and leave consulting before earning their MBA to join private equity or more junior industry roles. Additionally, individuals with pre-MBA industry experience will sometimes join consulting as an associate after earning their MBA. Their typical exit comes 2-3 years into post-MBA consulting.

Other times, consultants will complete their undergraduate degree at a top business school, join a consulting firm as an analyst, depart to earn their MBA, rejoin their firm as an associate and decide whether to continue their career as a consultant or exit and take the strategic toolkit to their industry of choice.

One notable development is the rise of “direct promotes.” This refers to top-performing analysts who move directly to the manager level without completing their MBA. Every consulting firm does this over a different timeframe.

While a long-term career in consulting is compelling for some, it’s not a great fit for everyone, which is why many choose to exit once certain they do not want to become a partner at their current firm.

What to Consider When Selling a Career Opportunity to a Top Consultant

Ex-consultants represent an in-demand talent pool, so it’s crucial to “sell” your opportunity when attempting to land a high-caliber candidate.

This is especially true for those consultants who are passive (as opposed to active). At any given time, these individuals are likely employed by a great company, spend time with some of the smartest people in the world and are headed for a promotion. That’s why knowing how to sell your organization’s career opportunity is critical.

To effectively share what makes your company special and why someone should leave their current role for yours, you must frame the interview process around the four reasons people change jobs: the company, the people, the job and the opportunity.

Use these four reasons during the interview process to find out exactly what motivates the candidate. Maybe they have an impactful job right now but want a better culture. Maybe they love their culture, but their role’s trajectory is unclear. Any information like this can help you understand them as a person and better formulate your pitch for them to leave their current role or turn down competing offers and come work for you.

The Impact of Hiring the Right Strategist at the Right Time

Companies often seek ex-consultant talent during transformations, integrations or when preparing to hit their next stage of growth, where they need someone to apply structure to a turbulent moment in their business.

Ex-consultants are prone to becoming a “sounding board” for the CEO or operating partner. When the team faces tough decisions, they can help break things down and move them forward without losing sight of the broader goal.

Management consultants get dropped into unfamiliar spaces all the time. They’re taught to take in information quickly, find the patterns and come back with a plan. That kind of training pays off when a company needs to rethink how it brings a product to market, change its pricing model or merge business processes.

Even if your business isn’t ready to engage in a transformation, an ex-consultant can evaluate your business and set the stage for when you are ready.