How interesting is strategy at a Big 5 bank? Is it advisable to stay in this role long-term at the M, SM level?

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Assuming you are referring to M/SM in industry terms - TL;DR - great for SM/M (albeit less Ms in strategy teams), good for young Directors, start getting questionable afterwards

I’ve been in strategy roles across different lines of businesses at a big 5. What I observe is those who were always in ‘strategy’ teams get capped out at sr director levels (1 before VP), primarily because they don’t have P&L ownership/operator experience. Sure you get a ‘VP Strategy’ here and there but very few/still hard to keep moving up without what I mentioned

Personally I’m going to spend 1-2 more years doing strategy at director level, then I’m looking to join a product team for more operator experience. Thinking a retail credit or wealth management business line. If I do well, I’ll get promoted to Sr. Director relatively quicker vs my product peers without prior strategy experience

If you build the skillset in strategy on storytelling/selling an idea/laying out a roadmap/etc. those things propel you faster once you get into operator roles. Lot of operators/SMEs are very competent but dont have that strategic storytelling skill set to move up

Forget everything I said if you are happy being/retiring at Sr Dir. you’ll still earn $250K (early tenure) to $400K TC 🤷🏻

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What do the Director and SM role in big5 banks map back to consulting in your experience normally if they are looking to switch? SM and Manager?

Generally for strategy consultants…
- analyst > analyst/manager
- consultant/associate > manager/sr manager
- managers/EMs > sr manager/director (more so director)
- principals/APs > director/sr director

You’ll need to be partner to be considered joining directly as an executive. The only one I’ve personally seen is a tenured Kearney partner joining as an EVP (2nd promo after VP, 1 before being a group head reporting to ceo)

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You will do strategy > delivery which according me as an ex consultantnis far valuable than just doing strategy

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