The path to owning a P&L: how to get promoted in corporate strategy

Management consulting is one of the best career path openers.

On one hand, you can work your way through the consulting promotion structure all the way to partner level. On the other, you can exit consulting and take the highly desired strategic toolkit to a variety of industries and roles where you will be certain to make a measurable impact.

While following the consulting promotion structure all the way to partner level is a desirable path for some, most consultants expect to exit their consulting firm after 2-4 years, or when they feel they’ve developed the strategic toolkit.

When planning for a post-consulting career, many candidates tell us their overall goal is to one day own a profit and loss (P&L) statement, or in other words be responsible for business outcomes. P&L ownership typically translates to a chief executive, president or general manager role, but the path to get there can be opaque.

In this article, we share common consulting exit strategies to affect change in your company and work your way toward P&L ownership.

Transitioning out of consulting

What is the typical career path for an ex-consultant? You guessed it: there is none.

Consultants are the Swiss Army Knives of corporate leadership, meaning they can succeed in a wide variety of key roles. Former consultants can find success as product managers, strategic finance or transformation experts, to name a few, but most find an industry they align with and join a role under the umbrella of “corporate strategist.”

Related: How to find your ideal exit opportunity from consulting

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.”

In both instances, these roles are typically viewed as a “talent magnet” for a business, intended to springboard into line/operating roles in the future. However, there are steps you can take to move closer to P&L ownership if that is your ultimate career goal.

The path to a P&L

Just as there are many paths an ex-consultant can take in their career overall, there are a multitude of ways to move closer to P&L ownership within a specific company. The most tried and true strategy is to seek out companies with a history of hiring consultants and putting them on a path toward leadership. Otherwise, you may need to self-advocate on your way up.

Related: How to find and land an executive-level career opportunity

In either scenario, the experience needed for P&L ownership includes organizational leadership, operational oversight, strategic execution and results-driven performance. Former consultants excel in these areas because of the crossover between these skills and those gained in consulting, but there are several key areas where ex-consultants can focus on to ensure they’re developing in the right way:

Become execution oriented: This means collaborating closely with operational teams on strategic projects that deliver measurable outcomes. By proving they can turn plans into profit, strategists showcase their readiness for broader business oversight.

Expand cross-functional skills: Strategists can elevate their profile by volunteering to manage initiatives that span multiple departments, such as product launches or process-optimization efforts that involve finance, sales/marketing and operations.

Develop financial acumen: While strategists typically excel in analytics, a deep understanding of financial forecasting, margin analysis and cost structures is what sets future P&L owners apart.

The takeaway:

Ex-consultants have a wide range of options to excel in their careers. If the goal is to own a P&L, these individuals can successfully climb this career ladder by embracing roles that emphasize action and measurable outcomes, seeking opportunities that offer operational responsibility and enhancing their financial and cross-functional expertise.

To learn more about life after consulting, contact Jacob Watkins at (336) 217-9151 or jacob.watkins@charlesaris.com.