A consultant mentioned to me during a recent interview that one of his pharmaceutical company clients had been trying unsuccessfully for months to fill an executive-level corporate development position—this despite a steady stream of talented candidates. The problem? The company hadn't yet found anyone with the right combination of managerial and technical skills.

The pharma company's problem is not uncommon and it certainly shouldn't come as a surprise. Leading a corporate development effort demands a unique and far-reaching set of skills, and the larger and more complex the organization, the more difficult it is.

It doesn't help that corporate development as a career track is a relatively new phenomenon. Sure, companies have been acquiring one another and collaborating for decades. But the degree to which companies are partnering up and the means by which they are doing so has shot up exponentially, as have the demands on executives leading those external growth initiatives.

Much depends on the organizational structure of the company, but it's not uncommon for a corporate development executive to be responsible for identifying potential targets for acquisitions, joint ventures or alliances; estimating synergies; defining metrics; establishing time tables and milestones; negotiating contracts; and on and on. You could argue that a well-rounded corporate development manager needs the strategic vision of a CEO and the hands-on technical capabilities of a CFO.

We've interviewed dozens of corporate development executives since we launched Corporate Dealmaker magazine two years ago, and the dearth of talent is an issue that pops up again and again. As a result, we've introduced a new Professional Development department in our March issue to highlight business school courses on topics that range from managing strategic alliances to synchronizing internal and external negotiations.

While executive education courses can play a role in nurturing a generation of corporate development executives, perhaps the larger responsibility lies within the corporations themselves to identify and nurture young talent within their own ranks. — Suzanne Stevens

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