Executives are involved in developing a strategy and policy in order to reach business goals. The goals and policies of a corporation are laid down by the corporate executive officer (CEO), with the assistance of other top executives and input from the board of directors. The CEO will frequently meet with other executives such as the chief financial officer (CFO), chief operating officer (COO), the chief information officer (CIO), and chief technology officer (CTO). Other executive positions include controllers and general managers. The term president may be used to refer to the COO, or the chairperson of the board of directors.
The CEO has the highest accountability, but the COO is often given nearly the same level of control. A publicly held corporation is led by the board of directors. Executives are also responsible for the financial responsibility of the business, especially the CFO.
The nature of the work and the amount of responsibility depends on the size of the business. In smaller businesses partners, owners, and managers may be responsible for daily supervision, purchasing, hiring, quality control, and training. Executives at larger businesses delegate these responsibilities to others, and set an overall business strategy.
CEOs make the most broad level decisions. COOs, or presidents, are more involved in the daily operation of the business. CFOs control the investments and debts of the company. CIOs or CTOs are becoming more important, because they are responsible for the information and technology of the business.
Executives typically work in the most spacious offices in a business, and have a very large support staff. They also tend to work very long hours, although they also often have a very flexible work schedule. Executives often work in a highly competitive, high pressure work environment. Those who manage departments or businesses which are functioning poorly are often under the threat of losing their job.
School & Education Typical of Executives:
Most executives have a bachelor's or master's degree in business, although many many have a background in the arts or may be specialized in the field of the company. The type of education often depends just as much on the company as on the job title. Many top executives are recruited from lower level managerial positions if they show promise.
Personality traits of executives include the ability to interact with others confidently, comfortably, and effectively. Having a highly analytical mind, and the ability to see how several factors influence one another, is important for the job.
Job Prospects for Executives:
There are over two million top executives in the United States. The change in employment is not expected to change in the near future. Entry into the field is difficult because most executives who leave their job immediately fill another executive position. Executives with an understanding of global economics and marketing, information systems, and multiple languages will likely have the most success.
Half of executives earn more than ninety thousand dollars a year. The middle half earn between $63,000 and $140,000. Earnings can vary quite drastically depending on the size and field of the business.