Are you thinking of a career as a chief strategy officer? Many great benefits come with the responsibility of being one. This little-known position has grown to be an integral part of any serious organization. Some thriving businesses today could quite possibly owe their success to chief strategy officers.
What is a Chief Strategy Officer, you may ask? A chief strategy officer (CSO), or chief strategist, is a senior executive who assists an organization’s CEO with developing, implementing, and upholding its strategic plans. As an executive post, the position of CSO comes with many benefits discussed below:
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Great career outlook
The CSO position is fairly new and is steadily becoming more widespread. Growth strategies for businesses are growing more complicated due to the changing business environment. This has created vast opportunities for those interested in careers as CSOs. Research has shown that about 50% of fortune 500 companies now have CSOs heading their strategic business planning.
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Fantastic salary
Chief strategy officers are handsomely paid. Did you know that surveys have revealed that a CSO receives an average of USD$185,539 per year? As a CSO, your work experience and your skills could influence your salary. The more experience you have, the higher your salary could get.
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In demand
As stated before, the position of CSO is relatively new in most companies. Because of the everchanging corporate landscape as well as the volatile economic, political, and technological business terrain, most CEOs have had limited capacity to focus on business strategy. This has increased the demand for CSOs. The high demand for CSOs results in significant job opportunities for qualified professionals.
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Direct authority
Chief strategic officers typically report to CEOs. They also work closely with CFOs, the senior leadership teams, and the board of directors to map the organization’s long- and short-term strategic goals. The CSOs’ close proximity to the CEOs could give them direct authority to plan and implement business processes that could benefit the organization.
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Interaction with everyone
The CSO position allows you to interact with the entire leadership of the organization. Depending on the project at hand, you may work with fellow executives, directors, departmental heads, and project managers. As CSO, you get to associate with almost any part of the organization to chart the right business policy or course of action for the organization.
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Diverse portfolio
Chief strategy officers deal with people and project management, business administration, marketing, and finance. This diversity gives CSOs the flexibility to cut across disciplines. In fact, to be a CSO, your first degree doesn’t need to be business-related. You can still be a CSO even with your bachelor of arts degree. You just need to do an MBA or any other business-related master’s degree to be on the right path for your career as a CSO.
Conclusion
Running a successful business has become more complex than ever. Today’s business climate is fast-paced, volatile, and digital. This has given rise to the important position of CSO in most organizations. If you were contemplating a career path, look no further. Landing a CSO post will give you significant business influence, direct authority, a possible seat on the board of directors, and, above all, financial autonomy.