A brief overview on the types of executive posts to plan your career in a better way
Executive positions are one of the most prestigious and sought-after job profiles. However, these jobs also require demanding work schedules and the responsibility of taking critical decisions so that the business could flawlessly function. If you are aspiring to work as a top executive in the future, then you should be aware of the common types of high ranking profiles. Having a fair gist of each one of these will help you plan your career in a better way.
- Chief executive officer (CEO) – This is one of the highest executive positions in an organization. The CEO is the head when the company is smaller, and he/she has the final say in all the major decisions. So, whether it is product unveilings, human resources, finance, promotion, etc. any chief concern has to be approved by the CEO. In cases of the bigger entities, his/her tasks might vary because the organizational structure will be a little more complicated. Their responsibilities will be more focused on company policy, the vision of the organization, strategies for various departments, crafting specific goals, and maintaining coordination. Additionally, the CEO is also one of the leading spokespeople for the company, its employees, shareholders, and consumers.
- President – Like a CEO, a company president is one of the most important high ranking officials. Typically, most presidents are the CEOs of the company, but this might not be true for all cases. Unlike a CEO, who is more focused on the long-term goals of the organization, a president’s tasks are principally inclined towards the routine activities. There is only one president of the company, but separate presidents might be appointed to every division.
- Vice president – The vice president also manages the daily tasks in close collaboration with the heads or managers of every department. In a few words, their duties are more about ensuring that all the given everyday responsibilities are executed smoothly.
- Chief financial officer (CFO) – The CFO oversees the company’s finances. This senior executive takes care of the annual budgets, investments, purchase, sales, taxes, and also mentors the team which helps in executing the tasks. A CFO’s job is to mainly help the company perform better by maximizing the profits and reducing losses. They are required to have several years of experience in handling accounts as well as should have excellent leadership skills.
- Chairman of the board – Managing the board of directors, the Chairman is responsible for handling the discussions pertaining to the issues, goals, and operations of the company. He/she is usually elected by the primary shareholders to safeguard the investors’ interests. They don’t play a significant role in deciding the daily goals and targets of the company. However, they are mainly involved in making active decisions about company agendas, annual roadmaps, and even appointing new high-ranking executives.
Academic prerequisites and work experience needed for executive positions
Usually, individuals who are offered executive positions have an impressive work portfolio in the industry, and at the same time, most of them have advanced degrees too. The minimum educational qualification for an executive’s post is a bachelor’s degree coupled with the right work experience. When it comes to the experience duration, it varies from industry to industry. For instance, most corporate brands will require at least 10 to 20 years of legit working experience. So, if a person has recently completed business school, they will have to start their journey by taking up a management job meant for beginners. Then they can gradually move to upward ranks. Moreover, to become an executive chef, a high school degree might just be enough, as your culinary skills are primarily in play. Likewise, you will only need an experience of 7 to 10 years to land executive positions in a restaurant or hotel.
Today, you can also see several young professionals without any prior experience heading startups, such as Elizabeth Holmes, Mark Zuckerberg, Brian Chesky, Evan Spiegel, Hilary Rowland, etc. However, since startups are increasingly becoming popular, its market has also become fiercely competitive. Therefore, one needs to have unique ideas, a fair amount of experience, as well as a decent funding to support their operations.
Skills required for executive positions
Executive positions demand a lot of practical skills. Some of the common but important ones are excellent verbal and written communication, brilliant leadership qualities, analytical and quick problem-solving, and negotiation skills. Apart from these, they should also be acquainted with the changing trends of the market, and have the ability to delegate work and resources smartly to get the best outcomes.
Important things to keep in mind for landing the best executive positions
Unless you are a founder of your own startup company, it will be tough to land executive positions at a young age and little experience. So, the best way is to start is by gaining experience by working for entry-level management jobs. If you wish, you can also complete your MBA to gain additional insight into administrative operations. This degree might even help you secure better employment opportunities. As you climb the rank hierarchy, your work experience will give you the time to decide what you actually want to do and also hone your interpersonal skills which are mostly at play in an executive level. Many organizations also offer training programs which can help you achieve your goals more efficiently. At the same time, such interactive space can be a great space to share ideas with colleagues and seniors.
Tag – Executive positions