Baldauf graduated as a Master of Economics from Helsinki School of Economics in 1979 and joined Nokia in 1983. She was selected into Nokia's Group Executive Board in 1994.
Baldauf was selected as the most influential female executive in the year 1998 by Fortune. In 2002 Wall Street Journal named Baldauf as the Europe's most successful female executive.
On December 3, 2004 Baldauf announced to resign from Nokia on account of personal reasons. She is currently a member of a number of executive boards of Finnish and international companies including Fortum, Capman, F-Secure, Hewlett-Packard and Daimler. In 2011, she replaced Matti Lehti as chairman of the board at the major electrical utility company in Finland, Fortum. This made her the first female chairman of a major Finnish company.