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I'm already the SM/partner's lackey anyways so...
They can be pretty good in terms of exposure, but you are basically their lackey.
I ran a CXOs pet project for about 2 years. I wouldn't say that I was chief of anything besides researching things my boss thought was interesting.
That said it was an awesome experience. Plus you'll like feeling powerful. It is always fun to copy your boss when some partner won't cooperate with something and see an immediate change in attitude.
In terms of exposure I regularly read in to the CEO, had access to other CEO/CFOs, published papers, built software, budgets (e.g. travel, per diem) didn't exist in any meaningful way, etc.
That said these guys/gals work at a different pace. I know everyone feels like they are battle tested on client engagements, but in my experience even CDD projects were a cake walk compared to my boss. So be prepared for that if your future boss is is anything like mine was.
I worked really closely with his chief of staff. She was a Rockstar and also send to be constantly working as she ran a strategy group on top of CoS duties. She landed very well post CoS.
If you do it, just do it for a year or so. It’ll be intense and annoying but you will learn a lot. Any longer than a year and you will forget how to be your own person. You want your own political power, budget, people, projects, etc
How is it viewed as experience on the resume vs a strategy and ops role?