CEO Duties & Responsibilities
The job duties of a chief executive officer (CEO) in a company or organization vary depending on the organization’s mission, product, goals, and operational needs. Duties also vary depending on the size of the organization and the number of employees, among other factors. In general, these responsibilities include:
Creating, communicating, and implementing the organization’s vision, mission, and overall directionLeading the development and implementation of the overall organization’s strategySoliciting advice and guidance, when appropriate, from a board of directorsFormulating and implementing the strategic plan that guides the direction of the business or organizationOverseeing the complete operation of an organizationEvaluating the success of the organization in reaching its goalsLooking at potential acquisitions or the sale of the company under circumstances that will enhance shareholder valueRepresenting the organization for civic and professional association responsibilities and activities in the local community, the state, and at the national levelParticipating in industry-related events or associations that will enhance the CEO’s leadership skills, the organization’s reputation, and the organization’s potential for success
The job also includes leading, guiding, directing, and evaluating the work of other executive leaders, including presidents, vice presidents, and directors, depending on the organization’s reporting structure. In the process of leading these senior leaders, the CEO makes certain that the strategic direction the CEO filters down through the organization to ensure its achievement. Additionally, the CEO must ensure that the organization’s leaders experience the consequences of their actions whether through reward and recognition or performance coaching and disciplinary actions. Without responsibility and accountability that are actively expected and reinforced, the CEO will fail to attain desired success and profitability.
CEO Salary
A CEO’s salary can vary greatly depending on the industry, location, experience, and employer. The U.S. Bureau of Labor Statistics (BLS) collects salary data for CEOs across the country. In 2021:
Median Annual Salary: $179,520Top 10% Annual Salary: Greater than $208,000 Bottom 10% Annual Salary: $60,300
Education, Training, & Certification
Education and training requirements vary greatly by employer and industry. Most employers prefer to hire CEOs with at least a bachelor’s degree and a considerable amount of work experience. Many companies prefer to hire from within the company rather than outside.
Experience: CEOs usually need extensive experience in management, usually with a progressive amount of responsibility with each new position. In addition, companies often expect CEOs to have experience in the industry that the company is in.Training: Some companies require CEOs to complete training programs for executive development and leadership, as well as ongoing professional development.
CEO Skills & Competencies
To be successful in this role, you’ll generally need the following skills and qualifications:
Interpersonal skills: CEOs need to form good relationships with other leaders in the company and get significant input from the organization so that there is little pushback regarding strategic decisions and direction.Analytical skills: CEOs must participate in evaluating the success of the organization in reaching its goals. They must make sure that each strategic goal is measurable.Leadership skills: CEOs must demonstrate the leadership necessary to make the organization’s mission a success. This includes providing vision, direction, attracting followers, and all other aspects of successful leadership.Management skills: The CEO is responsible for creating a culture of learning to help enhance and grow the skills and abilities of employees. When significant players continue to learn and grow the organization truly succeeds.
Job Outlook
The U.S. Bureau of Labor Statistics projects that employment for top executives will grow 8% by 2030, which is about as fast as all occupations in the country.
Work Environment
Top executives work in nearly every industry in big and small companies. Regardless of company industry or size, the job of a CEO can be one of high stress and pressure because they’re essentially responsible for the performance of a company—both good and bad.
Work Schedule
CEOs often work more than 40 hours per week, including on evenings and weekends. They also usually travel often for work.
How To Get the Job
The path to becoming a CEO is not usually an easy one, and there is not a single, well-defined path However, completing an executive development program can help ensure you get there. Here are three of the top-ranked executive development programs in the U.S. The Kellogg Executive MBA Program: This program is offered by the Kellogg School of Management at Northwestern University. Chicago Booth Executive MBA: The University of Chicago Booth School of Business offers this program, which it claims is the world’s first executive program. The Duke Global Executive MBA: The Fuqua School of Business at Duke University offers this program.
