How transferable is corporate strategy experience across different industries?

Hi,

First of all, congratulations on the corporate strategy role! It sounds exciting. 

Your concerns are totally understandable and I am sharing a few points for you to consider when you are ready to make the career change:

Skill Set Transferability: While your current role is in a niche field, many aspects of strategy and business skills are transferable across industries. Skills like strategic thinking, data analysis, project management, and problem-solving are highly valued in strategy consulting and any other industries for that matter.

Networking and Learning: Consider using your time in your current role to build a strong professional network. Attend industry events, join associations, and connect with professionals outside your niche. This can help you bridge the gap when transitioning to a different industry by leveraging your network.

Professional Branding: Build a personal brand (maybe  LinkedIn is a good place to place) as an adaptable and versatile strategist. Share your insights, thoughts, and expertise through writing, speaking engagements, or online presence. This can help potential employers see your value beyond your current niche. Personally I don’t do it but I have seen many people being successful at it and helping them land their dream job.

Consult a Career Coach: Consider consulting a career coach or mentor who has experience in switching industries. They can provide guidance and help you create a plan for your career transition. I had never thought of having one before I turned 35 years old this year, and it turned out to be incredibly helpful.

Last but not least, and this is coming from someone who has been a consultant in the financial services industry, a digital transformation manager in the beauty industry and then built her own coffee shop…don’t worry too much about what makes sense and having a “normal” career path. Be happy and fulfilled in your job, learn as much as you can and have fun!

Hope this is helpful!

Aude Augias

Hi there,

It all depends on how you spin your own story and chose to position yourself. The same set of experiences and acquired skills can be presented very differently.

EXAMPLE: I worked as a specialist in O&G, as a McKinsey consultant, in business development and strategy, and currently corporate finance in a leadership role. Depending on what I'm trying to achieve, I can position myself in many different ways by emphasizing and deemphasizing certain aspects of my background.

YOUR SITUATION: What you're doing by assuming the new role is essentially developing the generalist toolkit, which is applicable across industries and generalist roles. 

→ If you believe that, too, and can communicate it convincingly, then that is how it is. 

→ If you don't believe it and/or fail to communicate it, others will have doubts, too.

Hope the above helps a bit. Best of luck!

Moritz

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Yes, skills are transferrable. But the more you specialize in a field the more you are likely to be narrowing your opportunities to that field.

To be honest, this applies to any company you work for. You will always be specializing in something.

Of course, this doesn't mean you will be “stuck” in “publishing/database” companies forever, but that more opportunities will come to you from companies in that business/industry or in businesses and industries adjacent to that one.

Hi there,

You posted a great question with no direct answer. A few thoughts to reflect on:

• Moving across industries in strategic roles is easier at the beginning of your career. Once you start becoming more senior and expert in specific industries, it becomes more difficult to switch to other industry.
• While the skillset for strategic positions is pretty similar, dynamics are totally different across industries.
• Reading the summary of your case, my hypothesis is you should consider strategic role in a consulting firm to (1) accelerate the development of your skillset and (2) learn from different industries quicker and be able to jump from one to another easier once you leave consulting.

I hope this helps!

Alberto

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Check out my latest case based on a real MBB interview: Sierra Springs

There are a lot of transferable skills that you should be able to take to your next role in the industry.

The functional and analytical knowledge should be transferable. So will be the deck and story boarding piece. You will also have a good understanding of the general work culture in such roles - example, urgency, accountability, work life balance, expectations etc.

What will not be transferable is the industry knowledge which is an integral part of being successful in any corporate strategy role.

To bridge that gap, you will need to rely strongly on networking and self-learning. I am assuming you may already know which industries you are inetrested in, so consider taking the role and also start networking in parallel. You can leverage linkedin, your school alumni as well as your previous company alumnis to network. You can also join meetups. Additionally, you will be better off picking an industry which has some commonlity to the corporate strategy experience you are considering now, for an easier switch.

At the end, keep two things in mind:

1. Most people have  only 60%-70% of the experience required in a new role. So if you really want to work in corporate strategy, then this is a good opportunity to get the transferable skills to make your next move in a different industry later.

2. Sometimes you may have to jump through a few hoops to reach your destination. Keep your end goal in mind but have a plan on how you want to reach there.

Hi there,

In general, the strategy skillset is inherently transferable across all industries. When I say industry, I mean mining, manufacturing, healthcare etc.

If you're talking roles (product manager, consultant, doctor, dentist, physio, etc.), well then, it truly depends!

If you're in the right firm and work hard, many of the skills are transferable to similar roles (strategic thinking, business acument, presentation skills, communication, etc.)

Hi there, ping me a DM and happy to have a free coffee chat with you on this one, as others mentioned you can't generalize here. Warm regards, Frederic 

Hi,

Definitely the skills and abilities are transferrable, however in reality industry experience will not be transferrable.

If i can broadly generalize based on my region and the peers/alumni that I've seen move to corporate strategy

• If you are starting in the most junior role in corporate strategy, I have seen more people switch at this stage (~1-5 years)
• If you are at a manager level, then switching after >5 to a different industry becomes more rare
  • It is possible but typically at this time you are rather senior so the positions available are also less

Just to give a sense based on what I've observed. 

Hi there,

Q: Assuming I want to exit to another strategy role in a different industry (such as retail) after a few years, would the strategy skill set still be valued, assuming I have conducted similar project types that the position requires?

The skillset could still be valued in other industries. The degree to which this will happen depends on what exactly you will do in the first company, how many years you will spend there (the longer, the more difficult), and the position you will target (the more senior, the more difficult).

To get specific data, the best thing would be to check on LinkedIn where the alumni of your company have ended up - this should provide some information on possible exits.

If there aren't enough data points for your company, I would suggest expanding the search to include direct competitors.

If you find there are no common paths to the industries that could be interesting to you in the future, you could still pursue an MBA and apply after that.

Best,

Francesco

That's a great question. 

In the end, it's about the difference between KNOWLEDGE and SKILLS. 

It sounds like with your current offer you could develop the sort of skills that could be used in other industries as well. But you won't be able to develop the knowledge that other industries might be recruiting for. 

Typically, SKILLs are what matter when you make the transfer into or out of consulting. 

Between industry companies however (especially when crossing industries), then knowledge can matter even more than skills. 

Practically, if long-term you're planning on moving to a different industry, I'd recommend that you try to focus on roles / work that really develops your transferable skills. This way you're elevating your value proposition regardless of the industry you actually work in.

If you want to understand in more depth the sort of skills that are crucial for consulting in particular, check out the following guide:

• Expert Guide: What Do Management Consultants Do? 

Best,
Cristian

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