Exit options for manager at MBB : internal strategy unit role vs general management role. What is better and why?

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One is a cost center, one generates revenue. You do the math.

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Based on my experience, I would say general management. At the companies I've worked with, people in general management roles seem to have more effect on the strategy that their business units actually employ than the strategy department. Depends heavily on company, though.

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GM role - I hear there's some distaste towards internal strategy units and over time may be phased out, as "strategy" should be imbedded everywhere, not in its own section.

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Not sure I would characterize cost-center vs. profit-center. Comes down to company, role and interest. I am personally not overtly interested in internal strategy because you tend to become a pmo for external consultants. Biz Dev, Ops, marketing or prod management jobs are more interesting, but could also fall under the "cost center" classification if you will

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It depends on the company. Though you will find plenty of companies that use internal consultants as PMO, there are also some out there that don't even hire external consultants and use their internal group (comprised of former "top tier" consultants) for everything. And some companies go one step further and use their strategy groups to feed into director+ placements in the business units. I've been doing some research and it seems like a strategy group at a multi-brand holding company wouldn't be bad at all

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