A brief overview of executive management and the various positions under it
You might get into an executive management position once you succeed as a front-line manager. Executive management is a more of a general term that is used for several combinations of top-level management positions in an organization.
An executive manager refers to a person who has the authority to act on behalf of a company or business management. The size and the scope of the company defines the magnitude of the role as an executive manager.
It depends on the size and scope of the company that decides how many executive managerial roles the company would comprise. Some of the common executive management posts include chief executive office, chief operating officer, chief finance officer, and general manager. All these duties somewhat vary in responsibilities and skill sets but are commonly categorized under the executive manager position.
Here are some common responsibilities of a chief executive officer
Executive management posts support operations and administrations of the company by advising and interfacing between them. It takes care of design, marketing, promotion, and ensures delivery of quality of programs, products, and services.
Managers at executive positions decide the yearly budget and manages the organization’s resources prudently under the budget guidelines that are based on current laws and regulations.
It manages human resources as per the authorized personnel policies and procedures, and ensures that its programs, products, and services present a strong, consistent, and a positive image to the relevant stakeholders of their company.
Specifically for non-profit companies, a manager at an executive post in a non-profit company or an organization takes care of fundraising planning and implementation. It involves identification of resource requirements. The post also requires one to take care of strategy establishment, approaching funders by submitting proposals, and keeping a track on fundraising through records and documentation.
Following are the general skills required to be an executive manager
An executive management post requires a bachelor’s degree and a master’s degree in management.
The person applying for an executive management post should have a minimum of 5 to 10 years of managerial experience in a particular field.
The person should have excellent communication skills and public relations.
The post requires good written communication ability and should be able to work under pressure. The person should be an excellent team player and have a good knowledge about the recent development in business world and otherwise.
As mentioned earlier, executive management positions are different for different sectors of the industry. If you are looking for different executive management positions, the following are some of your options.
Chief Executive Officer (CEO) or the President
Often referred to as the face of the company, the Chief Executive Officer or the President is the top post of any for-profit businesses. This post is usually referred to as the owner of the company as it requires the most required knowledge about the company product and the general build in of the company. The CEO of the company takes care of the product development and manages functions such as finance, marketing, and human resources.
Chief Operating Officer (COO)
A COO or the Chief Operating Officer of a business is the main administrator of the business that takes care and works closely with each department of the company. The major responsibility of this post is to keep the business profitable. A COO has the right to approve departmental budget and audits them as well. It also requires expertise in evaluating and making suggestions for a better business plan for better performance. Unlike the CEO of the company, the COO might have very little or no knowledge about the company as its responsibilities are not to increase the market shares or sales.
Chief Financial Officer
This executive management position takes care of the company’s fiscal operations. It sets the budget and analyzes prices and profit margins. A Chief Financial Officer keeps the cost under control and handles the investments of the business. The requires to project quarterly and year end revenues, expenses, profits, and losses. People applying for this post should have an accounting or a finance degree and should be certified public accountants.
The Vice President’s post is also referred to as chief or director. In many companies, you can rise through a coordinator who starts as a manager. The post helps in setting the direction of the department. A vice president coordinates and handles administrative tasks. Several departments such as marketing, finance, advertising, public relations, human resources, IT, and sales department have directors which are usually referred to as “chief.”
This title is generally used by non-profit organizations to refer to top positions. Irrespective of the type of business, an executive director is usually included in the board of directors. An executive director often has same responsibilities and functions of a president or a CEO. The difference is they need to get approval for large projects from the board.