Top Executives
Additional Information
Duties
Typical executive acts include:
- Decide on a course of action for your company's department.
- Manage a company's finances and budget.
- Manage all elements of product and service delivery.
- Discuss firm operations with other executives, employees, and board members.
- Contracts and agreements need to be negotiated.
- Appoint department leaders and managers.
- Examine the company's finances and sales numbers.
- Make a list of ways to save money while boosting policy and program effectiveness.
Senior executives have a variety of roles depending on the firm's size. Human resource management is often the responsibility of the owner or manager of small businesses, such as independent retail stores. In large corporations, general and operations managers frequently run the show while CEOs set policy and establish strategy.
Top executives can be any of the following:
Most companies and organizations have CEOs, often known as executive directors, managing directors, or presidents. The CEO is in charge of administering the company, formulating and enforcing rules, and achieving its goals. A board of directors generally approves and oversees these executives' actions.
Aside from the CEO, the corporation may have other chief executives in charge of certain divisions, such as the COO, CFO, or CHRO. These executives' abilities, knowledge, and duties vary depending on their department.
It is impossible to categorize general and operations managers under one umbrella of management or administration. All of these obligations are achievable. These managers plan their teams' work schedules, assign assignments, and track their success. At times, the roles of CEO and general manager may overlap.
Mayors, city managers, county administrators, and governors are government chief executives. They usually supervise finances, programs, and resources. Mayors and governors, unlike managers and administrators, are elected.
Superintendents and presidents are the highest-ranking officials in schools and universities. They are responsible for student achievement, budgeting and resource allocation, general operations, and interactions with government agencies and other stakeholders.
Education
A bachelor's or master's degree in business, engineering, or a related field is generally necessary. Government officials frequently major in business, public administration, law, or the liberal arts. Senior corporate leaders may need an MBA (MBA).
A PhD is occasionally required for college presidents and school superintendents.
Most mayors, governors, and other public sector officials have a bachelor's degree or higher, but no formal schooling requirements.
Expertise in a Related Field
Many great executives began their careers as lower-level managers or supervisors. But other companies seek to hire qualified employees from outside their ranks. Experience may be used instead of education to advance in an organization.
Typically, CEOs must have extensive managerial experience in their organization's specialty. Most firms search for applicants with previous supervisory or management experience at a lower level to hire as general or operations managers.
Some general managers progress to executive or management positions. Executive development programs often help managers and executives.
Licenses and certifications.
Some top executive positions may need a management license or qualification. Some firms, for example, may demand a CPA as CEO (CPA).
Importance Criteria
Language and communication skills. Executives must be able to successfully communicate and convince. They must also manage personnel and explain regulations and decisions to others within and outside the firm.
Making decisions. Executives must be able to weigh several options and choose the best course of action while creating regulations and running a corporation.
Capacity to lead. Top managers must coordinate policies, people, and resources.
Possessing problem-solving skills. Executives must identify and address organizational issues. A problem-solving ability is required.
Time management skills. Top executives multitask to finish their work and achieve the organization's goals.
Pay
In May 2020, the median annual salary for CEOs was $185,950. There are two extremes of earnings in each given occupation: those earning more than the median and those earning less. Ten percent of the workforce earned less than $62,780, while the top 10 percent earned more than $208,000.
Job Projections
The overall employment of top executives is expected to expand by 8% between 2020 and 2030, which is roughly the same rate as the average for all occupations over the same period.